SBI Home Loan Interest Rates

Currently SBI Home Loan interest rates for online applications start at 8.85% for women borrowers and 8.80% 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.

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.

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.

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.

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.

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.

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.

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. 

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.

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. 

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

Currently SBI EBLR for Term Home Loans under Rs 30 Lakh start from 8.85% 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.

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.

SBI home loan interest ranges from 8.85% - 9.65% p.a. and HDFC home loan interest ranges from 8.50% - 9.00% 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.

You can check the EMI using SBI Home Loan EMI Calculator. The EMI for a home loan of Rs. 20 lakhs at 8.85% for a period of 15 years is Rs. 20,107/-

 SBI Home Loan Interest Rate 2022 for Rs. 30.00 lakhs is 8.85% for salaried individuals and 8.85% for non-salaried individuals. A concession of 0.05% for women borrowers will be provided.

 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/-

 To calculate SBI moratorium interest, you should use the moratorium EMI calculator and provide the following inputs:

• The originally sanctioned loan amount.
• The current rate of interest 
• The tenure as per the existing schedule
• The number of EMIs paid up to March 2020
• No of months of moratorium taken March to May 2020
• Number of months of moratorium required from June 2020 to August 2020
• Click on the drop-down button to the right. To keep the EMI unchanged, choose  ‘No change in EMI’ and keep the unchanged tenure. Choose ‘No change in tenure.’
• Your monthly EMI, loan tenure and the number of EMI post moratorium will be shown depending on your input.