SBI Home Loan Interest Rates 2021

SBI Home Loans interest rates 2021 are as low as 6.70 % 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 2021. With up to 30 years of tenure, be sure to enjoy the lowest EMI.

SBI Home Loan Interest Rates for All Schemes in India - 2021 

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:

Types of SBI Home LoanInterest Rates 
 Up to  30 lakh30 lakh to 75 lakhAbove  75 lakh
SBI Repo Rate Linked Loan- Term Loan6.80%7.05%7.15%
SBI Maxgain7.15%7.40%7.50%
SBI Tribal Plus6.90%7.15%7.25%
Home loan Scheme for Employees of Kerala Government6.80%6.80%6.80%
Commercial Real Estate (CRE) Home Loan7.30%7.55%7.65%
SBI Privilege & Shaurya Home Loan6.75%7.00%7.10%
SBI Realty Loans7.50%7.60%7.70%
More Products
SBI Bridge Loan

9.50% for 1st year

10.50% for 2nd year

Earned Money Deposit (EMD) SCHEME

EBR + 380 bps

ER: 10.45%

SBI Reverse Mortgage Home Loan

9. 05% for public

8.05 % for SBI pensioners

These are minimum card rates 
*Your SBI home loan interest rate today depends on the current card rate. 
*Premiums/ concession applicable on card rates

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.

SBI Home Loan Interest Rate for Salaried and Self-employed

Salaried and Self-employed borrowers have to bear different interest rates for the SBI Home Loan. An additional variance of 15bps is stipulated for the self-employed on the Regular SBI  Home Loan Interest Rates. The details of the home loan interest rates for 2021 is given below. SBI Bank home loan interest rate is linked to EBR, and the present EBR is 6.65%.

Loan AmountSalariedSelf-employed
Up to Rs. 30.00 lakhs

Term Loan: EBLR + 15 bps=6.80%

MaxGain: EBLR + 50bps=7.15%

Term Loan: EBLR +15bps+15bps premium=6.95%

MaxGain: EBLR + 50bps+ 15bps premium=7.30%

Rs. 30.00 lakhs to Rs. 75.00 lakhs

Term Loan: EBLR + 40bps=7.05%

MaxGain: EBLR + 75bps=7.40%

Term Loan: EBLR + 40bps+ 15bps premium=7.20%

MaxGain: EBLR + 75bps+15 bps premium=7.55%

Above Rs. 75.00 lakhs

Term Loan: EBLR +50bps=7.15%

MaxGain: EBLR + 85 bps=7.50%

Term  Loan: EBLR + 50bps + 15 bps premium=7.30%

MaxGain: EBLR + 50 bps + 15 bps premium=7.65%

If the LTV Ratio is between 80% and 90%, then there will be an additional variance of 10bps.for a loan amount up to Rs. 30 Lakhs.

For borrowers whose risk rating is between 4 and 6, there will be an additional variance of 10bps.

A concession of 5 bps will be extended for women borrowers and for those who apply for the loan digitally through the YONO app.

Home Loan Interest Rates for Balance Transfer, Top Up & Overdraft

SBI brings complete flexibility and ease of application to new as well as existing home loan borrowers. Existing home loan customers can avail of affordable home loan refinancing or balance transfer options. One can also apply for home loan top up or overdraft facility along with their existing SBI Home Loan or while transferring their other bank home loan to the SBI. 

SBI Home Top Up Interest Rate Card Structure (Floating):

 Term LoanOverdraft
Up to Rs. 20 lakhEBR + 85 bps
ER: 7.50%
NA
Rs.20 lakh to Rs.1 croreEBR + 105 bps
ER: 7.70%
EBR + 175 bps
ER: 8.40%
Rs.1 crore to Rs.2croreEBR + 125 bps
ER: 7.90 %
EBR + 200 bps
ER: 8.65 %
Rs.2 Crore to Rs.5 croreEBR + 170 bps
ER: 8.35%
NA
Above Rs.5 croreEBR + 290 bps
ER: 9.55%
NA

*15 bps added to card rate for non-salaried customers.

*10 bps premium added to card rate for customers under risk grade 04 to 06.

Insta Home Top Up Loan

(Rs 1 Lakh to Rs 5 Lakh)
155 bps above EBR, ER = 8.20% 

(for borrowers with all risk grades, gender & occupations)
Smart Home Top Up Loan
(TERM LOAN)
Salaried:
EBR + 140bps; ER: 8.05%

Non Salaried:
EBR + 190 bps; ER: 8.55%
Smart Home Top Up Loan
(OVERDRAFT)
Salaried:
EBR + 190 bps; ER: 8.55%

Non Salaried:
EBR + 240 bps; ER: 9.05%

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 Loan6.75% - 8.05%Up to 0.40% + GST
ICICI Bank Home Loan6.80% - 7.55%0.50% - 2% + GST
HDFC Home Loan6.75% - 7.65%Up to 1.50% + applicable taxes
Axis Bank Home Loan6.90%-8.40%Up to 1% +GST
Bank of Baroda Home Loan6.75% - 8.60%Up to 0.50% +GST

SBI Home Loan Interest Rates for Existing Customers

Floating Rate Home Loans prior October 2019 were linked to Marginal Cost of funds based Lending Rate (MCLR). However Home Loans offered now are linked to external benchmarks such as repo rate. So, if you are an existing SBI customer serving a home loan linked to MCLR, your home loan EMI will change as on switch date of the loan each calendar year. 

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 June, 2021:

TenorRevised MCLR (In %)*
Over night6.65
One Month6.65
Three Month6.65
Six Month6.95
One Year7.00
Two Years7.20
Three Years7.30

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.

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.

Anther 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 lakhRs.11,482Rs.7,604Rs.6,486
Rs.20 lakhRs.22,965Rs.15,207Rs.12,972
Rs.30 lakhRs.34,447Rs.22,811Rs.19,458
Rs.40 lakhRs.45,930Rs.30,415Rs.25,944
Rs.50 lakhRs.57,412Rs.38,018Rs.32,430
Rs.60 lakhRs.68,894Rs.45,622Rs.38,916

*For purpose of EMI calculation, flat rate of Interest @ 6.75% p.a. is considered. The calculation is indicative only and will change as per effective rate of interest offered to you

Kotak Mahindra Home Loan @6.50% p.a for all amounts

Ahead of festival season, Kotak Mahindra Bank has announced the best home loan offer, starting at 6.50% for all loan amounts. The offer is valid till Nov 8, 2021. Both salaried as well self-employed customers can avail of the benefit of the lowest home loan interest rate offer for fresh as well as balance transfer/ refinancing of home loans. Check eligibility & get instant approval here.

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SBI Home Loan Interest Rates FAQs

✅ What is Current SBI Home Loan rate?

Currently SBI Home Loan interest rates for online applications start at 6.70% for women borrowers and 6.75% 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 6.80% p.a. while for SBI Maxgain Home Loans interest rate starts from 7.15% 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 22192 and Rs 22681 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 6.80% to 7.50% p.a.and HDFC home loan interest ranges from 6.80% to 7.65% 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. 20.00 lakhs at 6.80% for a period of 15 years is 17754/-

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

 SBI Home Loan Interest Rate 2021 for Rs. 30.00 lakhs is 6.80% for salaried individuals and 6.95% 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 0.40% of the loan amount with a minimum of 

 Rs. 10000/- and a maximum of Rs. 30000/-

✅How is SBI moratorium interest calculated?

 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.