SBI Home Loan Interest Rates
Interest Rate

Starting @ 8.20%

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Processing Fee

Upto 2000

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 748 for 30 years

Prepayment Charges

Nil charges for floating rates loans

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About SBI Home Loan

Being India's largest public sector bank and a Fortune 500 company, State Bank of India (SBI) has developed a strong sense of confidence and trust among its customers with its attractive Home Loans at affordable rates of interest. It was titled as 'The Most Preferred Home Loan Provider' by Awaaz Consumer Awards and the 'Most Preferred Bank' award in a research survey conducted by TV 18 along with AC Nielsen - ORG Marg spread in 21 cities across the country.

SBI offers its customers with a variety of Housing Loan schemes, which will support and encourage them to build the house they have dreamt of. Home Loans are offered to all the types of individuals who match the specified eligibility criteria, which also include rural customers and other categories, which fall under different products that are designed for various requirements.

SBI Home Loan Highlights

Interest Rate

8.60% onwards for women borrowers and 8.65% for others 

Maximum Loan Tenure

Up to 30 years

Eligibility Age

Minimum 18 years at the time of loan application and maximum 70 years at loan maturity

Prepayment Charges

NIL charges for floating interest rate loans

Lowest EMI

776 per lakh @8.60% interest rate for 30 years tenure

Processing Fee

Up to 0.50%; Min 1,000, Max 10,000

Benefits of SBI Home Loans

  • The housing loans by SBI are offered at a low processing fee which makes them affordable for the borrowers.
  • The SBI Home Loans do not have any hidden costs or administrative fees that increase the burden on the borrower and also the structure of the same is very reasonable.
  • The rates of interest are also low for SBI Home Loans, starting at 8.60% p.a., when compared to the other lending agencies. Interest is charged on a daily reducing balance methodology in which it takes into account the balance at the end of the day for the computation of interest.
  • There are around 15,969 branches of the bank that makes it easier for the borrowers to avail a housing loan from SBI through its nearest branch that is available for the customer
  • In case the customer makes a pre-payment of the Home Loan then there are no specific charges or penalty (for floating rate loans) for the same so that it helps the customer to reduce the liability and also the quantum of interest that is charged.

SBI Home Loan Interest Rates

The State Bank of India offers Home Loans to its customers at low-interest rates that ranging from 8.65% to 9.80% with specific discounts for special categories of customers like women borrowers for whom the bank offers Home Loans at a starring interest rate of 8.60%.

The current SBI housing loan interest rates are based on the 1-year MCLR (Marginal Cost of Funds based Lending Rate). In case there is any change in the bank's benchmark then the 1 year MCLR rate will witness a similar change affecting the bank's housing loan interest rates too.

The current MCLR of SBI Bank (updated on 10.04.2019) is 8.50%.

Here are the details of SBI Home Loans Interest Rates (as on 10.04.2019):

Loan Type Loan Amount Interest Rates for Women Interest Rates for Others

Home Loans (Term Loan)

Up to 30 Lakhs

8.60% - 8.85%

8.65% - 8.90%

Above 30 Lakhs Up to 75 Lakhs

8.85% - 9.10%

8.90% - 9.15%

Above 75 Lakhs

8.95% - 9.20%

9% - 9.30%

Maxgain - Floating Interest Card Rate

Above 20 Lakhs Up to 30 Lakhs

8.65% - 8.95%

8.70% - 9%

Above 30 Lakhs Up to 75 Lakhs

8.95% - 9.25%

9% - 9.30%

Above 75 Lakhs Up to 3 Crores

9.10% - 9.40%

9.15% - 9.45%

Above 3 Crores

9.45% - 9.75%

9.50% - 9.80%

Insta Home Top Up Loan

1 Lakhs Up to 5 Lakhs

9.50% (irrespective of Risk Grades, occupation, and gender)

9.50% (irrespective of Risk Grades, occupation, and gender)

Home Top Up Loans (Except Insta Home Top Up Loans) Without Extension of Mortgage on House Property

Up to 5 Lakhs

9.50% - 10%

9.50% - 10%

Home Top Up Loans (Except Insta Home Top Up Loans) Without Extension of Mortgage on House Property

Above 5 Lakhs Up to 20 Lakhs

8.95% - 9.10%: (Risk Grade 1,2,3)

 

9.05% - 9.20%: (Risk Grade 4,5,6)

8.95% - 9.10%: (Risk Grade 1,2,3)

 

9.05% - 9.20%: (Risk Grade 4,5,6)

Above 20 Lakhs Up to 1 Crore

9.15% - 9.30%: (Risk Grade 1,2,3)

 

9.25% - 9.40%: (Risk Grade 4,5,6)

9.15% - 9.30%: (Risk Grade 1,2,3)

 

9.25% - 9.40%: (Risk Grade 4,5,6)

Above 1 Crore Up to 2 Crores

9.35% - 9.50%: (Risk Grade 1,2,3)

 

9.45% - 9.60%: (Risk Grade 4,5,6)

9.35% - 9.50%: (Risk Grade 1,2,3)

 

9.45% - 9.60%: (Risk Grade 4,5,6)

Above 2 Crores Up to 5 Crores

9.80% - 9.95%: (Risk Grade 1,2,3)

 

9.90% - 10.05%: (Risk Grade 4,5,6)

9.80% - 9.95%: (Risk Grade 1,2,3)

 

9.90% - 10.05%: (Risk Grade 4,5,6)

Above 5 Crores

11% - 11.25%: (Risk Grade 1,2,3)

 

11.50% - 11.75%: (Risk Grade 4,5,6)

11% - 11.25%: (Risk Grade 1,2,3)

 

11.50% - 11.75%: (Risk Grade 4,5,6)

Home Top Up Term Loans (Except Insta Home Top Up Loan) With Extension of Mortgage on House Property of Above 5 Crores

Overdraft Above 20 Lakhs Up to 1 Crore

9.85% - 10%: (Risk Grade 1,2,3)

 

9.95% - 10.10%: (Risk Grade 4,5,6)

9.85% - 10%: (Risk Grade 1,2,3)

 

9.95% - 10.10%: (Risk Grade 4,5,6)

Overdraft Above 1 Crore Up to 2 Crores

10.10% - 10.25%: (Risk Grade 1,2,3)

 

10.20% - 10.35%: (Risk Grade 4,5,6)

10.10% - 10.25%: (Risk Grade 1,2,3)

 

10.20% - 10.35%: (Risk Grade 4,5,6)

Overdraft Above 2 Crores

10.20% - 10.35%: (Risk Grade 1,2,3)

 

10.30% - 10.40%: (Risk Grade 4,5,6)

10.20% - 10.35%: (Risk Grade 1,2,3)

 

10.30% - 10.40%: (Risk Grade 4,5,6)

Home Top Up Term Loans (Except Insta Home Top Up Loan) With Extension of Mortgage on House Property of Above 2 Crores - for the first 5 years

Up to 30 Lakhs

9.20% - 9.30%

9.25% - 9.35%

Above 30 Lakhs Up to 75 Lakhs

9.30% - 9.40%: (Risk Grade 1,2,3)

 

9.35% - 9.45%: (Risk Grade 4,5,6)

9.35% - 9.45%: (Risk Grade 1,2,3)

 

9.40% - 9.50%: (Risk Grade 4,5,6)

Above 75 Lakhs

9.40% - 9.50%: (Risk Grade 1,2,3)

 

9.45% - 9.55%: (Risk Grade 4,5,6)

9.45% - 9.55%: (Risk Grade 1,2,3)

 

9.50% - 9.60%: (Risk Grade 4,5,6)

The Factors That Affect SBI Home Loan Interest Rates

  • Type of loan scheme:The State Bank of India offers differential interest rates for different Home Loan schemes.
  • Loan amount:One of the major factors that affect the interest rate for a housing loan is the principal loan amount that you apply for. The more the loan amount, the lower will be the rate of interest.
  • Existing bank account holders: SBI has special schemes and discounts for their existing customers in order to maintain a cordial relationship with them.
  • Salary:The income level or the salary earned by the individual also affects the interest rate on a Home Loan. Hence the bank's rate of interest varies on the basis of monthly income earned by the applicant. The more the income of a person, the lower will be the rate of interest.

How to Apply SBI Home Loan Online?

The process to get a Home Loan from SBI Bank is simple and instant. All you need to do is apply for a housing loan at MyMoneyMantra online. Your application for Home Loan will be processed online and an SBI Bank's representative will get in touch with you in order to start the procedure of getting a housing loan.

You will be assisted and directed by MyMoneyMantra's personal housing loan advisor also in order to ensure that all the loan process is smooth and you get the best Home Loan deal.

The Documents Required for SBI Home Loan

Documents Required for Salaried Applicants

KYC Documents

  • Employer ID Card
  • Duly filled loan application form affixed with 3 recent passport-sized photographs
  • Identity Proof (any one): Passport/ PAN Card/ Driving License/ Voter's ID card
  • Proof of Residence (any one): Recent copy of Electricity Bill/ Water Bill/ Telephone Bill/ Piped Gas Bill/ Passport/ Driving License/ Aadhaar Card

Property Papers

  • Permission for construction (if applicable)
  • Registered Agreement for Sale (for Maharashtra only)/ Stamped Agreement for Sale/ Allotment Letter.
  • Occupancy Certificate (for ready to move property)
  • Share Certificate (for Maharashtra only), Electricity Bill, Maintenance Bill, Property Tax Receipt
  • Xerox copy of Approved Plan and builder's Registered Development Agreement, Conveyance Deed (if the property is new).
  • Bank Account Statement or Payment Receipts showing payments made to Builder or Seller

Account Statement

  • Bank Account Statements of last 6 months for all Bank Accounts of the applicant(s)
  • Loan Account Statement for the last 1 year if any previous loan(s) from another lender(s)

Income Proof

  • Last 3 months' Salary Slips or Salary Certificate
  • Last 2 years' copy of Form 16 or IT acknowledged by IT Department

Documents Required for Non-Salaried Applicants

KYC Documents

  • Employer ID Card
  • Duly filled loan application form affixed with 3 recent passport-sized photographs
  • Identity Proof (any one): Passport/ PAN Card/ Driving License/ Voter's ID card
  • Proof of Residence (any one): Recent copy of Electricity Bill/ Water Bill/ Telephone Bill/ Piped Gas Bill/ Passport/ Driving License/ Aadhaar Card

Property Papers

  • Permission for construction (if applicable)
  • Registered Agreement for Sale (for Maharashtra only)/ Stamped Agreement for Sale/ Allotment Letter.
  • Occupancy Certificate (for ready to move property)
  • Share Certificate (for Maharashtra only), Electricity Bill, Maintenance Bill, Property Tax Receipt
  • Xerox copy of Approved Plan and builder's Registered Development Agreement, Conveyance Deed (if the property is new).
  • Bank Account Statement or Payment Receipts showing payments made to Builder or Seller

Account Statement

  • Bank Account Statements of last 6 months for all Bank Accounts of the applicant(s)
  • Loan Account Statement for the last 1 year if any previous loan(s) from another lender(s)

Income Proof

  • Proof of business address
  • Last 3 years' IT/li>
  • Last 3 years' Balance Sheet and Profit & Loss Account
  • Business License Details (or equivalent)
  • TDS Certificate (and Form 16A, if applicable)
  • Qualification Certificate (for C.A., Doctor, and other professionals)

Documents Required for NRI/PIO Applicants

KYC Documents

  • Employer ID Card
  • Duly filled loan application form affixed with 3 recent passport-sized photographs
  • Attested copy of applicant's valid Passport & visa
  • Address proof showing the current overseas address
  • Copy of Continuous Discharge Certificate (if the applicant is employed in the merchant navy)
  • The Government of India issued PIO Card (for PIO applicants)
  • Documents may be attested by FOs/ Rep. Offices/ Indian Embassy/ Consulate/ Overseas Notary Public/ officials of Branch/ Sourcing outfits based in India.
  • Proof of Identity (any one): Passport/ Driving License/ PAN Card/ Voter's ID card
  • Residence Proof (any one): Copy of recent Electricity Bill/ Telephone Bill/ Water Bill/ Piped Gas Bill/ Driving License/ Passport/ Aadhaar Card.

Property Documents

  • Permission for construction (if applicable)
  • Registered Agreement for Sale (for Maharashtra only)/ Stamped Agreement for Sale/ Allotment Letter.
  • Occupancy Certificate (for ready to move property)
  • Share Certificate (for Maharashtra only), Electricity Bill, Maintenance Bill, Property Tax Receipt
  • Xerox copy of Approved Plan and builder's Registered Development Agreement, Conveyance Deed (if the property is new).
  • Bank Account Statement or Payment Receipts showing payments made to Builder or Seller

Account Statement

  • Last 6 months' details for overseas bank account(s) showing salary credits and savings and Indian account (if any).
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant

  • Valid work permit
  • An English translated Employment Contract duly attested by employer/ consulate/ foreign office / Embassy if it's in any other language.
  • Last 3 months' Salary Slips/ Salary Certificate
  • Last 6 months' Bank Account Statement showing salary credit
  • Latest Salary Slip/ Salary Certificate in original & copy of ID card issued by the current employer
  • Acknowledged copy of last year's Individual ITR (except for NRIs or PIOs located in Middle East countries & Merchant Navy employees).

Income Proof for Non-Salaried Applicant

  • Proof of business address
  • Income proof in case of businessmen and self-employed professionals
  • Last 2 years' Audited/ C.A. certified Balance Sheet & P&L accounts
  • Last 2 years' Individual ITR (except for NRIs or PIOs located in Middle East countries)
  • Last 6 months' Statements of the Overseas Bank Account(s) in the name of individual and company/ unit.

SBI Home Loan Processing Fee and Other Charges

  • Processing Fee: In order to compensate for the expenses that are incurred in conducting a credit appraisal and completing the loan process, SBI charges a processing fee of 0.50% of the sanctioned loan amount.
  • Prepayment Charges:  As per the RBI guidelines, the banks are not allowed to charge prepayment penalty or fees on floating rate housing loans. Thus, you can prepay the housing loan with SBI at nil charges.
  • CERSAI Registration Fee: 50 + GST for loan up to 5 Lakhs and 100 + GST for loan above 5 Lakhs.

The bank also charges advocate's fee for property search & title investigation report, Valuer's fee for valuation report, Stamp duty for Loan agreement & mortgage, and property insurance premium (as applicable).

Types of SBI Home Loan Schemes

There are various types of housing loans that are available for borrowers with SBI. Some of the Home Loan schemes are as below:

SBI Regular Home Loan

Purpose

To buy a new/ resale house

Who is Eligible

Profession: Salaried employees, self-employed individuals, and businessmen

Age: 18 years to 70 years

Loan Amount

Up to 3 Crores

Tenure

Up to 30 years

SBI Realty Home Loan

Purpose

Loan to buy a plot and build a dream home on the same.

Who is Eligible

Profession: Salaried employees, self-employed individuals, and businessmen

Age: 18 years to 65 years

Loan Amount

Up to 15 Crores

Tenure

Up to 10 years

SBI Privilege Home Loan

Purpose

Loan for central or state government employees for buying or constructing or repair and renovation of the house.

Who is Eligible

Profession: Employees of Central/ State Governments like PSUs of Central Government, PSBs, and other individuals with pensionable service

Age: 18 years to 75 years

Loan Amount

Up to 50 Crores

Tenure

Up to 30 years


SBI Flexipay Home Loan

Purpose

This scheme offers a higher loan amount to salaried employees.

Who is Eligible

Profession: Salaried employees who require a higher loan amount

Age: 21 years to 45 years to apply for the loan and up to 70 years at loan maturity

Loan Amount

Up to 15 Crores

Tenure

Up to 30 years

SBI Balance Transfer of Home Loan

Purpose

This scheme enables borrowers to transfer their existing Home Loan from Scheduled Commercial Banks, Private & Foreign Banks, and Housing Finance Companies registered with National Housing Bank to SBI.

Who is Eligible

Profession: Salaried employees, self-employed individuals, and businessmen

Age: 18 years to 70 years

Loan Amount

Up to 3 Crores

Tenure

Up to 30 years

SBI NRI Home Loan

Purpose

Home Loans for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to purchase properties in India.

Who is Eligible

Profession: Salaried employees, self-employed individuals, and businessmen (NRIs and PIOs)

Age: 18 years to 60 years

Loan Amount

Up to 3 Crores

Tenure

Up to 30 years

SBI Shaurya Home Loan

Purpose Home Loans for only defence employees
Who is Eligible Profession: Army and Defence Personnel of India
Age: 18 years to 75 years
Loan Amount Up to 50 Crores
Tenure Up to 30 years

SBI Pre-approved Home Loan

Purpose SBI offers pre-approved Home Loans to select individuals before they select their property.
Who is Eligible Profession: Salaried employees, self-employed individuals, and businessmen
Age: 18 years to 70 years
Loan Amount Up to 3 Crores
Tenure Up to 30 years

SBI Home Top Up Loan

Purpose A top up loan is an additional loan amount which can be availed on your existing Home Loan amount when you are in need of additional funds in order to meet your requirements whether professional or personal.
Who is Eligible Profession: Salaried employees, self-employed individuals, and businessmen who have an existing Home Loan/ Home Extension Loan/ Home Improvement Loan
Age: 18 years to 70 years
Loan Amount Up to 5 Crores
Tenure Up to 30 years

SBI Bridge Home Loan

Purpose SBI offers Bridge Home Loan to all the homeowners who wish to upgrade their homes, by selling off their existing homes.
Who is Eligible Profession: Salaried employees, self-employed individuals, and businessmen
Age: 18 years to 70 years
Loan Amount 20 Lakhs Up to 2 Crores
Tenure Up to 2 years

SBI Smart Home Top Up Loan

Purpose Get a top up loan within minutes by simply visiting your nearest SBI Branch/ RACPC. No documents required for this loan.
Who is Eligible Profession: Salaried employees, self-employed individuals, and businessmen who have an existing Home Loan/ Home Extension Loan/ Home Improvement Loan
Age: 18 years to 70 years
Loan Amount Up to 5 Lakhs
Tenure Up to 20 years

SBI Insta Home Top Up Loan

Purpose It is a top-up facility for SBI's pre-selected Home Loan customers on their internet banking platform.
Who is Eligible Profession: Salaried employees, self-employed individuals, and businessmen who have an existing Home Loan/ Home Extension Loan/ Home Improvement Loan Existing Home Loan of minimum limit of 20 Lakhs with INB facility
Age: 18 years to 70 years
Loan Amount 1 Lakh Up to 5 Lakhs
Tenure Up to 5 years

SBI Corporate Home Loan

Purpose Home Loans for Corporate Entities (Public and Pvt. Ltd. Companies) for constructing/ acquiring Residential Units in Company's name to be used by their Directors/ Promoters/ Employees, and for balance transfer of Home Loans in Company's name from other Banks/ HFCs to SBI.
Who is Eligible Profession: Existing borrower/ a debt free Company in the business for at least 3 years
Age: 18 years to 60 years

Home Loan to Non-Salaried - Differential Offerings

Purpose Home Loan for Non-Salaried Individuals for construction/ acquisition of residential house or flat, takeover of existing Home Loans from other Banks/ HFCs, and repair or renovation of existing house/ flat.
Who is Eligible Profession: Non-salaried individuals
Age: 18 years to 70 years
Loan Amount 50,000 Up to 50 Crores
Tenure Up to 30 years

SBI Tribal Plus

Purpose Home Loan for hilly or tribal areas to purchase/ construct a new house/ flat (without mortgaging the land), purchase an existing house/ flat (not more than 10 years old), and repair/ renovation/ extension of an existing house/ flat
Who is Eligible Profession: People residing in Hilly/ Tribal areas of India
Age: 21 years to 60 years
Loan Amount Up to 10 Lakhs
Tenure Up to 15 years

SBI CRE (Commercial Real Estate) Home Loan

Purpose Home Loan for individuals who already own 2 houses or more, and want a loan for owning their next home. A maximum number of houses/ flats/ residential plots should not be more than 3 and the maximum number of housing loans, including the existing ones and the proposed one should not be above 5 in the name of an individual.
Who is Eligible Profession: Salaried/ Self-employed/ Businessmen who already own 2 houses or more, and want a loan for their next home.
Age: 18 years to 70 years
Loan Amount Up to 3 Crores
Tenure Up to 30 years

Frequently Asked Questions

Why should I opt for a balance transfer to SBI Home Loan?

When compared to other banks, SBI offers very affordable and competitive Home Loan interest rates with the lowest EMI of 776 per lakh at an interest rate of 8.60% for a maximum period of 30 years. In case you are paying an EMI which is higher than this, then you should opt for a balance transfer to SBI.

What is the procedure to avail an SBI Home Loan?

The process to get a Home Loan from SBI is simple and hassle-free. You can apply for it online at MyMoneyMantra and your application for Home Loan will be processed online, after which our Mortgage Specialists will get in touch with you in order to start the process of getting the loan. Our housing loan advisor will assist and direct you to ensure that all the loan process is smooth and you get the best deal. They will collect your documents to submit them at SBI and will guide you during the entire loan process. To apply instantly, visit MyMoneyMantra, go to the Home Loan section mentioned under Loans tab and fill in the online application form.

What is the maximum loan repayment period one can opt under SBI Home Loan?

The maximum tenure for SBI Home Loans can be up to 30 years. The tenure may vary depending on the housing loan scheme.

Can I transfer my Home Loan from another bank to SBI?

Yes, you can transfer your existing housing loan from other bank or financial institution to SBI easily. SBI's Balance Transfer of Home Loan scheme makes the whole process instant and easy.

Can I foreclose my housing loan with SBI? What are the charges or the fees that are applicable?

Yes, you can foreclose the housing loan with SBI at NIL charges.

What is the lowest interest rate charged by SBI on Home Loans?

SBI Home Loan interest rate starts at 8.60% (for women borrowers) and 8.65% (for others).

The interest rates are linked to its 1-year MCLR, which is currently 8.50% (as updated on 10.04.2019).

What is the standard benchmark that is applicable for a Home Loan?

The standard benchmark that is applicable for a housing loan from SBI is 1-year MCLR, which is currently 8.50% (as updated on 10.04.2019).

How do part pre-payments affect the SBI housing loan EMI?

One of the major effects of part pre-payments of SBI Home Loans is that it helps you in reducing the outstanding amount of Home Loan which will in turn reduce the interest amount that is due.

How to increase my eligibility to avail an SBI Home Loan?

In case your spouse or any close family member are earning well then you can make them as a co-applicant for the SBI Home Loan. The combined earnings will increase your eligibility.

Am I eligible for a top up on my existing Home Loan from SBI?

Yes, SBI allows you for a top up on your current housing loan. SBI offers three types of top up loans:

  • Home Top Up Loan
  • Smart Home Top Up Loan
  • Insta Home Top Up Loan

SBI Housing Loan Latest News

2018-12-19:The SBI waives off its processing fee on Housing Loans

The SBI has waived off its processing fee which was levied on housing loans. Earlier, SBI used to charge 10,000 on Home Loans as a processing fee but presently it is offering the services at zero processing fees to its borrowers at the time of availing the loans.

2018-12-31: SBI YONO app helps its customers to apply for Home Loans

This is the latest app that is launched by SBI which offers banking services as well as lifestyle choices for its customers. YONO stands for You Only Need One. It supports the customers to apply for a housing loan and auto loan and also receive an instant in-principle approval after the credit score and credential verification.

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