SBI Home Loan Interest Rates

SBI Home Loans interest rates 2024 are as low as 8.50% - 10.05% p.a. Choose from over 20 customized home loan schemes. Whether you are salaried or self-employed, SBI home loan eligibility includes all. Female applicants enjoy special discounts on SBI Home Loans interest rates for 2024. With up to 30 years of tenure, be sure to enjoy the lowest EMI.

Best Home Loan Offers Starting @8.50% p.a.


You are just a few clicks away from the best Home Loan offer in your city. Currently home loan interest rate starts at 8.50% p.a for all loan amounts. Share your name, mobile number & email to check your eligibility and get a list of most affordable home loan schemes.

Best Home Loan Offers Starting @8.50% p.a.


SBI Home Loan Interest Rates - 2024

Rate of interest8.50% - 10.05%
Loan amountUp to 90% of Property Value
TenureUp to 30 years
Processing feeUp to 0.35% of the loan amount
Foreclosure ChargesNil for floating rates

SBI Home Loan Interest Rates for All Schemes in India 2024

The EMIs for all SBI Home Loans are calculated at reducing balance method. Thus, monthly interest component is charged on the balance principal amount and your liability reduces as the tenure of the loan grows.    

Latest interest rates for different types of SBI Home Loans are:

Regular Home Loans

Credit ScoreTerm LoanMaxGain
NTC/ NO CIBIL Score8.60%9%

Top-Up Home Loans

Credit ScoreTerm LoanOverdraft
NTC/ NO CIBIL Score9.05%9.35%

Tribal Plus Home Loans

Credit ScoreTerm Loan
NTC/ NO CIBIL Score8.60%

Realty Home Loans

Credit ScoreTerm LoanCRE Term Loan
NTC/ NO CIBIL Score8.95%9.15%

SBI offers diversified home loans to cater varied customer needs. For instance, bridge loan is a short term loan options that can be availed of by borrowers as a short term loan for meeting cash gap faced during selling and buying of property consecutively. These are ideal for home borrowers who want loan for buying a new home and also want to sell their existing property. As the name suggests Bridge Loans help borrowers buy time. These loans also offer option to convert the loan into a term Home Loan.

You can take advantage of taking SBI Bank Loan Against Property Online.

Compare SBI Bank Home Loan Interest Rate with Top Banks

Before applying for SBI Home Loan do take a quick overview of SBI Bank home loan interest rates offered by leading lenders in the country.

Bank/NBFCInterest RateProcessing Fee
SBI Home Loan8.50% - 10.05%Up to 0.35% + GST
HDFC Home Loan8.75% - 9.65%Up to 0.50% + applicable taxes
Kotak Home Loan8.70%Up to 0.50% + applicable taxes
HSBC Home Loan8.45%Up to 1% + applicable taxes
ICICI Bank Home Loan8.75%0.50% - 2% + GST
Bank of Baroda Home Loan8.40% - 10.60%Up to 0.50% +GST
Axis Bank Home Loan8.75% - 9.10%Up to 1% +GST

SBI Home Loan MCLR Interest Rates for Existing an Revised Customers

The borrowers have option to switch to repo linked home loan regime on payment of one-time nominal fee. 

Tenor-wise SBI Home Loan MCLR interest rate, effective from 15th Apr, 2024:

TenureExisting MCLR (in %)Revised MCLR (in %)
1 Month8.208.20
3 Month8.208.20
6 Month8.558.55
1 Year8.658.65
2 Years8.758.75
3 Years8.858.85

On the other hand, SBI Home Loan Interest Rates for existing customers who opted for repo linked product will change as per the change in repo rate. The rate changes on the first day of every quarter.

Also Read - Documents Required for SBI Home Loan

Factors affecting SBI Home Loan Interest Rates

The loan amount and interest rate for your SBI Home Loan application is determined considering factors such as age, income, debt to income ratio, number of dependents, assets and liabilities, LTV ratio & cost of house or flat in discussion. Furthermore, the rate of interest will also vary as per the loan variant chosen. For example, SBI Maxgain offers low OD facility and its benefits outweigh the rate differential with SBI Term Home Loan.

Interest rate also vary on the basis of credit score, person with having good credit score will get loan on low interest rate.

Another factor that helps you lock the best rate of interest for home loan is the existing relationship with the SBI bank. The lender offers special schemes, preapproved offers and rate discounts to SBI existing customers with good history. 

The online applications sourced through YONO apps are also eligible for rate concession. So, use professional advice & factor in all these points before applying for SBI Home Loan

How to Calculate SBI Home Loan Interest Rate?

SBI Home Loan Interest amount can be calculated instantly using the Home Loan EMI calculator or manually using the formula:

Interest Amount = Principal Loan Amount x Interest Rate x Time 

To calculate using an online calculator, fill the loan details like loan amount, interest rate and tenure and click on submit. Instantly you will get loan EMI, total repayment and total interest amount.

You can also access loan amortization schedule using the home loan calculator. 

SBI Bank Home Loan EMI Calculation

Let’s use EMI Calculator and find out EMI for SBI Home Loans with different combinations of Home Loan Amount and tenor. Below we have calculated EMI for 10 Lakh, 20 Lakh, 30 Lakh, 40 Lakh, 50 Lakh SBI Home Loans for 10, 20 & 30 years respectively.

Loan Amount10 years20 years30 years
Rs. 10 Lakh Home Loan EMIRs. 12,399Rs. 8,678Rs. 7,689
Rs. 20 Lakh Home Loan EMIRs. 24,797Rs. 17,356Rs. 15,378
Rs. 30 Lakh Home Loan EMIRs. 37,196Rs. 26,035Rs. 23,067
Rs. 40 Lakh Home Loan EMIRs. 49,594Rs. 34,713Rs. 30,757
Rs. 50 Lakh Home Loan EMIRs. 61,993Rs. 43,391Rs. 38446
Rs. 60 Lakh Home Loan EMIRs. 74,391Rs. 52,069Rs. 46,135

*For purpose of EMI calculation, flat rate of Interest @ 8.50% - 10.05% p.a. is considered. The calculation is indicative only and will change as per effective rate of interest offered to you.

Apply for Lowest Home Loan Online @ Rs. 769/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

SBI Home Loan Interest Rates FAQs

✅ What is Current SBI Home Loan rate?


Currently SBI Home Loan interest rates for online applications start at 8.50% - 10.05% for all other applicants. All new SBI Home Loan products are linked to repo rates and thus rate of interest will change each quarter as per the latest benchmark rates.

✅ How to switch interest rate for existing SBI Home Loan?


To switch your existing SBI Home Loan linked to MCLR or base rate to external benchmark rate or repo linked home loan, you need to visit any the nearest branch and submit an application. It will cost you one time service charge of Rs 5,000 plus GST. Switching home loan to MCLR can help you save substantial amount during the tenure of loan.

✅ Do SBI offer concessional SBI Loan interest rate to women borrowers?


Yes, SBI offers a concession of 5 bps to women borrowers. A home loan with a woman as main applicant or co-applicant will be eligible for this rate reduction. 

✅ How do I benefit with daily reducing calculation of SBI Home Loans?


SBI uses daily reducing balance method for calculating loan repayments and it is most beneficial for the customers. As the principal amount is deducted with each repayment, the effective interest amount substantially reduces with each EMI payment.

✅ How fixed SBI rates are different from floating rates of interest?


In the fixed interest rate home loans the rate of interest remains the same throughout the loan tenure thus your EMI remains fixed during the loan life. On the other hand, in the floating rate of interest or variable regime, the rate of interest changes as per the change in benchmark lending rates. Currently SBI Home Loan fixed interest rates are not available. You can only apply for floating rate variant.

✅ How is SBI interest rate calculated?


SBI Home Loan interest is calculated on monthly reducing, yearly reducing or daily reducing balance by the Bank. The same will be communicated to you before the loan agreement. The EMI charged at daily reducing balance method will be lower than one calculated by monthly reducing or annually reducing method.

✅ Can I foreclose my SBI housing loan? Is there a penalty or fee?


Yes you can foreclose or part-prepay your SBI Home Loan any time during the loan term. There is no foreclosure fee or charge applicable on SBI Home Loans on floating rates.

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


One of the major benefits of part pre-payments is reducing the outstanding amount of Home Loan which cuts down your interest payout. Thus it saves you on interest component. 

✅ When will interest rate for my repo linked SBI Home Loan change?


The SBI Bank Home Loan interest rate will change quarterly on 1st day of calendar quarter. The change is effectuated basis change in the Repo Rate as governed by RBI.

✅ Can existing SBI borrowers enjoy fall in interest rates?


Yes, floating rate home loans change as per market fluctuations and thus as per the switch over rate of your loan you will enjoy the latest rate. 

✅ What is EBLR?


EBLR stands for External Benchmark Lending Rate. Since Oct 1, 2019, SBI is offering home loans linked to external benchmark (repo rates).

✅ What is SBI home loan interest rate for Rs 25 Lakh drawn for 15 years?


Currently SBI EBLR for Term Home Loans under Rs 30 Lakh start from 8.50% - 10.05% p.a. while for SBI Maxgain Home Loans interest rate starts from 9.55% p.a. The final rate will vary as per LTV% and your repayment capacity. The minimum EMI for Rs 25 Lakh home loan for 15 years for term loan and maxgain will be Rs 25,134 and Rs 26,181 respectively.

✅ What are the interest rates for Home Improvement Loans in SBI?


The interest rates for SBI Home Improvement Loan will depend on the card rates. You can apply for Home Loan OD or home loan top up for home repair or modification purpose or apply for separate home improvement loan. If you avail of unsecured home renovation loan, the rate of interest will be as per current personal loan rates. So basis loan category the rate will change.

✅Which is better: SBI or HDFC for home loans?


SBI home loan interest ranges from 8.50% - 10.05% p.a. and HDFC home loan interest ranges from 8.75% - 9.65% p.a. The interest rates are at par for lower amounts, but HDFC interest rates increase for higher amounts.  The advantage with SBI Home Loans is the various tailor-made schemes to meet individual requirements apart from the lower interest rates.

✅What is the EMI for a 20 lakh home loan?


You can check the EMI using SBI Home Loan EMI Calculator. The EMI for a home loan of Rs. 20 lakhs at 8.50% for a period of 15 years is Rs. 19,695/-

✅What is the interest rate for Rs. 30.00 lakh in SBI?


 SBI Home Loan Interest Rate 2024 for Rs. 30.00 lakhs is 8.50% for salaried individuals and11.15% for non-salaried individuals. A concession of 0.05% for women borrowers will be provided.

✅What are the processing charges for SBI Home Loan?


 The processing charges for SBI Home Loan is 0.35% of the loan amount with a minimum of Rs.2000/- and a maximum of Rs. 10000/-