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SBI Home Loan Interest Rates

SBI Home Loans interest rates 2022 are as low as {{SBI_HL_INTEREST_RATE}} 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 2022. With up to 30 years of tenure, be sure to enjoy the lowest EMI.

Let’s find the best home loan for you.

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You are just a few clicks away from the best Home Loan offer in your city. Currently home loan interest rate starts at 7.45% 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.

Let’s find the best home loan for you.

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Updated:

SBI Home Loan Interest Rates for All Schemes in India - 2022 

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:

SBI Home Loan Interest Rates: Regular Home Loans

Credit ScoreTerm LoanMaxGain
>=8007.55%7.95%
750-7997.65%8.05%
700-7497.75%8.15%
650-6997.85%8.25%
550-6498.05%8.45%
NTC/ NO CIBIL Score7.75%8.15%

SBI Home Loan Interest Rates: Top-Up Home Loans

Credit ScoreTerm LoanMaxGain
>=8007.95%8.25%
750-7998.05%8.35%
700-7498.15%8.45%
650-6998.25%8.55%
550-6498.55%8.85%
NTC/ NO CIBIL Score8.15%8.45%

SBI Home Loan Interest Rates: Tribal Plus Home Loans

Credit ScoreTerm Loan
>=8007.65%
750-7997.75%
700-7497.85%
650-6997.95%
550-6498.15%
NTC/ NO CIBIL Score7.85%

SBI Home Loan Interest Rates: Realty Home Loans

Credit ScoreTerm LoanMaxGain
>=8007.85%8.05%
750-7997.95%8.15%
700-7498.05%8.25%
650-6998.15%8.35%
550-6498.25%8.45%
NTC/ NO CIBIL Score8.05%8.25%

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.

Also Read - Home Loan Tax Benefits

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 Loan7.55% - 8.25%Up to 0.40% + GST
ICICI Bank Home Loan7.60% - 8.45%0.50% - 2% + GST
HDFC Home Loan7.55% - 8.05%Up to 1.50% + applicable taxes
Axis Bank Home Loan7.60%-8.05%Up to 1% +GST
Bank of Baroda Home Loan7.45% - 8.80%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, 2022:

TenorRevised MCLR (In %)*
Over night6.85
One Month6.85
Three Month6.85
Six Month7.15
One Year7.20
Two Years7.40
Three Years7.50

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

Also Read - How to Download SBI Home Loan Provisional Interest Certificate

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.11,896Rs.8.087Rs.7,026
Rs.20 lakhRs.23,793Rs.16,173Rs.14,053
Rs.30 lakhRs.35,689Rs.24,260Rs.21,079
Rs.40 lakhRs.47,585Rs.32,346Rs.28.106
Rs.50 lakhRs.59,481Rs.40,433Rs.35,132
Rs.60 lakhRs.71,378Rs.48,519Rs.42,158

*For purpose of EMI calculation, flat rate of Interest @ 7.55% p.a. is considered. The calculation is indicative only and will change as per effective rate of interest offered to you.

Apply for Home Loan Online @ Rs. 696/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 7.45% p.a. Pay EMI of just Rs. 696 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.

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SBI Home Loan Interest Rates FAQs

✅ What is Current SBI Home Loan rate?

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Currently SBI Home Loan interest rates for online applications start at 7.55% for women borrowers and 8.25% 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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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Currently SBI EBLR for Term Home Loans under Rs 30 Lakh start from 7.55% p.a. while for SBI Maxgain Home Loans interest rate starts from 7.95% 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 23,246 and Rs 23,819 respectively.

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

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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?

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SBI home loan interest ranges from 7.55% to 8.25% p.a. and HDFC home loan interest ranges from 7.55% to 8.05% 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?

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You can check the EMI using SBI Home Loan EMI Calculator. The EMI for a home loan of   Rs. 20 lakhs at 7.55% for a period of 15 years is 18597/-

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

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 SBI Home Loan Interest Rate 2021 for Rs. 30.00 lakhs is 7.55% for salaried individuals and 7.95% for non-salaried individuals. A concession of 0.05% for women borrowers will be provided.

✅What are the processing charges for SBI Home Loan?

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 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?

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 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.