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Types Of SBI Home Loan

SBI offers multiple personal loan products including SBI Xpress Credit, SBI Quick Personal Loan, SBI Kavach Personal Loan, SBI Pension Loan, SBI Pre-approved Personal Loan to meet the financial requirements of everyone. You can get loan up to Rs. 20 Lakhs for tenure up to 6 years

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About SBI Home Loans

SBI has a separate department known as SBI Home Loans to deal exclusively with Home Loans and mortgage loans. SBI has the distinction of being the largest mortgage lender in India. It has helped more than 3 million families achieve their long-cherished dream of owning a house.

SBI Home Loans - Features

SBI has the most extensive variety of Home Loans amongst all banks and housing finance institutions in India.

SBI provides excellent value to customers by offering these critical benefits:

  • Extensive range of products to suit every requirement
  • Calculation of Home Loan interest on daily reducing balance method
  • Overdraft facility allowed on the Home Loan
  • One of the lowest interest rates in the country
  • Low processing fees
  • Transparent processing with no hidden costs
  • No penalty on pre-payment of the Home Loan

SBI Home Loans - At a Glance

Loan Product
Ideal forMaximum LoanRate of InterestMaximum Tenure
SBI Regular Home LoanAll housing Loan requirementsNo limit8.20% to 8.70%30 years
SBI Balance Transfer of Home LoanTransfer existing Home Loan balances to SBINo limit8.20% to 8.70%30 years
SBI NRI Home LoanHousing loan requirements of NRI communityNo limit8.20% to 8.70%30 years
SBI Flexipay Home LoanSalaried employees and young earnersNo limit8.20% to 8.70%30 years
SBI Privilege Home LoanHome Loan requirements of government employeesNo limit8.20% to 8.55%30 years
SBI Shaurya Home LoanHome Loans for the Armed ForcesNo limit8.20% to 8.55%30 years
SBI Pre-approved Home LoanLoan facility before finalisation of propertyNo limit8.20% to 8.70%30 years
SBI Realty Home LoanPurchase a plot of residential land 15 Crores8.90% to 9.10%10 years
SBI Home Top Up LoanExisting Home Loan borrowersNo limit8.60% to 10.65%30 years
SBI Bridge Home LoanMeet the liquidity mismatch between the sale of existing property and purchase of a new houseMinimum loan is 20 Lakhs, and the maximum amount is 2 Crores10.35% to 11.60%2 years
SBI Smart Home Top Up LoanExisting customers to enable to meet personal expenses 5 Lakhs9.15% to 10.15%20 years
SBI Insta Home Top Up LoanOnline top up loan to existing customersMinimum loan is 1 Lakh, and the maximum amount is 5 Lakhs9.30%5 years
SBI Corporate Home LoanHome Loans to corporate entitiesNo limit8.20% to 8.70%30 years
SBI Home Loan to Non-salaried - Differential OfferingsHome Loans to non-salaried individualsMinimum amount is 50,000, and the maximum loan is 50 Crores8.35% to 8.70%30 years
SBI Tribal PlusHome Loans in tribal areas 10 Lakhs8.20% to 8.70%15 years
SBI Earnest Money Deposit EMDMeet Earnest money deposit requirements100% of application money with a maximum of 10 Lakhs11.55%1 year
SBI Commercial Real Estate Home LoanFinance the requirement of a third homeNo limit8.20% to 8.70%30 years
SBI MaxgainHome Loan as an OD facilityNo limit8.45% to 8.80%30 years
SBI Green Home LoansHome Loans to people who opt for green projectsNo limit8.20% to 8.70%30 years
Pre-EMI Interest by Builders SchemeAllow customers to capitalise the difference between the contracted pre-EMI amount and the pre-EMI portion paid by the builderNo limit8.20% to 8.70%30 years
SBI SurakshaInsurance Component of Home Loan insurance100% of the Insurance premium amount8.20% to 8.70%30 years
Pradhan Mantri Awas YojanaMeet Home Loan requirements of eligible first-time homebuyersNo limit8.20% to 8.70%30 years

SBI Home Loans - How to Apply

  • SBI offers the facility to existing and new customers to apply for a Home Loan online. Access the SBI Home Loan webpage and click on the Apply Now option. Complete the details asked for and get the provisional loan offer letter. SBI officials will call you to complete the formalities.
  • Approach any branch of SBI (preferably the office nearest to your home) and contact the branch manager to complete the Home Loan application formalities.
  • Existing customers can apply for specific Home Loan products using their SBI YONO app  
    Approach the Retail Asset Credit Processing Centre (RACPC) and contact the relationship manager to complete the Home Loan application.
  • Avail the services of Direct Selling Associates (DSA) who will help you with the compilation of the Home Loan documents and complete the loan application.

SBI Home Loans - Details

Here are the details of each of the Home Loan on offer by SBI:

SBI Regular Home Loan

Purpose

  • Purchase of ready built property including houses and flats
  • Purchase of a property under construction
  • Purchase of pre-owned homes or apartments
  • Constructing a house on their own land
  • Extension of the existing land
  • Repairs and renovations to existing homes/flats

Specific features

  • Overdraft facility available
  • Interest concession available to women borrowers

Eligibility

Resident Indians between 18 and 70 years

Maximum loan amount

No limit depends on the LTV ratio

Maximum loan tenure

Up to 30 years

Rate of interest

Loan Amount SlabSalariedSelf-Employed
Up to 30 Lakhs8.20%8.35%
More than 30 Lakhs and up to 75 Lakhs8.45%8.60%
More than 75 Lakhs8.55%8.70%

Special conditions for interest rates

  • If LTV > 80% and <= 90% - 0.10% more for loans up to  30 Lakhs.
  • If the customer falls in Risk Grade 4 to 6 - 0.10% more than the card rate.
  • Women beneficiaries get 0.50% for all slabs
  • Overdraft Facility - As applicable to SBI Maxgain

Documents required

KYC, income proof, and property-related documents

SBI Balance Transfer of Home Loan
PurposeA takeover of existing Home Loan balances from other banks and Housing Finance Companies.
Specific features
  • Home Loans available as an overdraft facility
  • Women borrowers get concession in interest rates
EligibilityResident Indians 18 years and above up to 70 years
Maximum loan amount100% of the balance outstanding in the existing Home Loan subject to satisfying LTV ratio.
Maximum loan tenureUp to 30 years
Rate of interestSame as that applicable to SBI Regular Home Loan
Documents requiredApart from the KYC, Income proof, and property-related documents, the applicant should submit additional documents related to the BT application.
SBI NRI Home Loan
PurposeSatisfying the Home Loan requirements of non-resident Indians
Specific features

Overdraft facilities available on the Home Loan

Women borrowers get the benefit of 0.05% on the interest rate

EligibilityNon-resident Indians, Persons of Indian origin between the ages of 18 and 60 years.
Maximum loan amountNo limit, as the loan amount depends on the demand and the repaying capacity of the individuals.
Maximum loan tenureMaximum of 30 years
Rate of interestSame as that applicable to resident Home Loans under the SBI Regular Home Loan product.
Documents requiredSpecific documents to prove the non-resident status, apart from the regular KYC, income, and property documents.
SBI Flexipay Home Loan
Purpose
  • A variant of the SBI Regular Home Loan product where you pay the interest alone during the pre-EMI period.
  • Exclusive product for salaried class, as it allows payment of moderated EMIs in the initial years that increases gradually along with your income.
  • Ideal product for young earners
Specific features
  • 20% higher Home Loan eligibility as compared to the regular Home Loan
  • Facility to pay telescopic EMIs
  • Interest concessions to women borrowers
Eligibility
  • Resident Indians between 21 and 45 years of age are eligible to apply for this Home Loan product.
  • The maximum age of the borrower at the maturity of the Home Loan can extend up to 70 years.
Maximum loan amountNo upper limit, as the loan amount depends on the repaying capacity of the borrower subject to the satisfaction of LTV ratio.
Maximum loan tenureThe maximum repayment tenure can go up to 30 years
Rate of interest8.20% to 8.55%
Documents requiredThe regular KYC documents, income proof documents and property documents
SBI Privilege Home Loan
PurposeExclusive Home Loan product for Government employees, PSBs, PSUs, and other salaried individuals with pensionable service.
Specific features
  • No processing fee
  • Interest concessions are available if check-off is provided
  • Women borrowers get the benefit of 0.05% in the interest rate
EligibilityResident Indian between 18 years and 75 years employed in Government service or other eligible organisations mentioned above.
Maximum loan amountNo ceiling on the loan amount
Maximum loan tenureCan go up to 30 years beyond the age of retirement of the employee
Rate of interestAs applicable to salaried employees - 8.20% to 8.55%
Documents requiredRegular documents to prove identity, address, income, and property-related documents.
SBI Shaurya Home Loan
PurposeExclusive Home Loan product for the Armed Forces and Defence Personnel in the service of the nation.
Specific features
  • Zero processing fee
  • Interest rate benefits if check-off provided
  • Rate of interest concession to women
EligibilityResident Indian between 18 and 75 years of age and employed in the Armed Forces (all types of defence establishments).
Maximum loan amountNo upper limit on the Home Loan amount
Maximum loan tenureUp to 30 years, even beyond the age of retirement of the employee
Rate of interestSame as that applicable to salaried employees
Documents requiredStandard KYC documents, proof of income, and documents concerning the property to be financed by the bank.
SBI Pre-approved Home Loan
Purpose
  • This product provides the facility to obtain the in-principle sanction of the Home Loan before finalising the property.
  • It helps the borrower to select the ideal property within their budget
  • It improves the negotiating capacity of the borrower
Specific features
  • Overdraft facilities available on the Home Loan
  • Interest rate concessions of 0.05% to women
EligibilityAll eligible resident Indians in the age group of 18 to 75 years
Maximum loan amountNo limit depends on income and repaying capacity of the borrower
Maximum loan tenureMaximum of 30 years
Rate of interestSame as that applicable to SBI Regular Home Loan borrowers
Documents required
  • KYC documents and income proof documents at the time of applying for the loan.
  • Property-related documents after finalising the property and before the disbursal to verify the genuineness of title.
SBI Realty Home Loan
Purpose
  • Purchase a residential plot intending to construct your dream house within 5 years from the date of sanction of the loan.
  • The borrower is also eligible to apply for another SBI Home Loan for building the house.
Specific features
  • Flexible repayment tenures up to 10 years
  • Interest benefit for women
EligibilityIndian residents between 18 and 65 years
Maximum loan amount 15 Crores
Maximum loan tenureMaximum of 10 years
Rate of interestLoans up to 30 Lakhs8.90%
Loans more than 30 Lakhs and up to 75 Lakhs9%
Loan amount higher than 75 Lakhs9.10%
Special conditions
  • Persons having a salary account with SBI - 0.05% concession
  • If construction is not completed within 5 years of sanction of the loan - the rate of interest applicable on the entire investment will be the contracted rate plus 3.95%.
Documents requiredStandard KYC documents, Income proof papers, and records related to the purchase of land.
SBI Home Top Up Loan
PurposeExisting Home Loan customers of SBI can avail this loan for funding any purpose (excluding speculation).
Specific features
Eligibility
  • Both resident Indian and NRI are eligible for this loan
  • Applicants should be between 18 and 70 years of age
Maximum loan amountNo limit on the loan amount subject to income, repayment capacity, and LTV ratio.
Maximum loan tenureCan extend up to 30 years
Rate of interestLoan amount rangeTerm LoanOverdraft
Up to 20 Lakhs8.60%NA
More than 20 Lakhs <= 1 Crore8.80%9.50%
Above 1 Crore <= 2 Crores9%9.75%
More than 2 Crores <= 5 Crores9.45%---
Above 5 Crores10.65%----
Special conditions
  • Non-salaried customer - 0.15% more at every stage
  • Customers in the risk grade 04 to 06 - 0.10% more than the applicable rate
Documents requiredDocuments as relevant to the SBI Regular Home Loan
SBI Bridge Home Loan
Purpose
  • Opportunity to borrowers to switch over to a better property by selling their existing home.
  • Meet short-term liquidity mismatch because of the time lag between selling the current house and purchasing of the new property.
  • Avoid distress selling of the existing house
Specific featuresShort term loan with repayment tenures not exceeding 2 years
EligibilityIndian residents between the ages of 18 and 70 years
Maximum loan amount
  • The minimum loan amount in this product is 20 Lakhs
  • The maximum loan eligibility is 2 Crores
Maximum loan tenureThe maximum repayment tenure is 2 years
Rate of interest
  • First year - 10.35%
  • Second year - 11.60%
Documents requiredRegular KYC documents, income proof papers, and documents related to both the properties.
SBI Smart Home Top Up Loan
Purpose
  • Immediate top-up loan available to meet all kinds of expenditure such as education, health care, marriage, renovations, and so on.
  • Existing Home Loan borrowers can walk into the nearest RACPC and avail this top-up loan.
Specific features
  • No documentation required
  • Overdraft facility available
Eligibility
  • Resident and non-resident Indians between 18 and 70 years are eligible
  • CIBIL score should be a minimum of 550
  • Minimum of one year of satisfactory repayment record, excluding the moratorium period.
  • Applicants should not have any other top-up loans active on the date of application.
Maximum loan amount 5 Lakhs
Maximum loan tenureCan extend up to 20 years
Rate of interestCategorySalaried personSelf-employed
Term Loan9.15%9.65%
Overdraft9.65%10.15%
Documents requiredNo documentation required
SBI Insta Home Top Up Loan
PurposePre-selected Home Loan customers can avail of this product to meet all kinds of emergencies.
Specific features
  • No manual intervention - right from selection of borrower, disbursement of the loan, and setting up of Standing Instruction in the savings account for repayment of instalment.
  • All processes online through SBI YONO or internet banking
  • No documentation required
Eligibility
  • Existing Home Loan customer with a minimum loan amount of 20 Lakhs with an internet banking facility.
  • The residual term should be a minimum of 5 years
  • Satisfactory repayment record of 3 years or more
  • CIBIL Score of 550 or higher
  • No other active top-up loan
Maximum loan amountThe minimum top-up loan amount is 1 Lakh, and the maximum is 5 Lakhs
Maximum loan tenure5 years
Rate of interest9.30% irrespective of gender, occupation, and risk grades
Documents requiredNo documents required
SBI Corporate Home Loan
Purpose
  • Home Loans to corporate entities for acquiring or constructing flats or houses in the name of the company for use by employees and directors.
  • Balance takeover of similar loans from other banks and financial institutions
Specific featuresLow processing fees
Eligibility
  • Corporates who are existing borrowers of SBI or are debt-free
  • Minimum of 3 years in the line of business
  • Should have earned a continuous net profit for the previous three years
  • Loans accounts, if any should be in the Standard Category
  • Corporate rating of BBB or better for companies having exposure more than 10 Crores.
  • A credit rating of SR-8 or better for existing units
Maximum loan amountNo limit on the amount of loan
Maximum loan tenureFlexible loan repayment tenures
Rate of interestSame as that of SBI Regular Home Loan
Processing fee
  • 0.50% of the loan amount
  • The minimum amount is 50,000
  • The maximum fee is 10 Lakhs
Documents requiredApplicable SME/C&I loan documents
SBI Home Loan to Non-Salaried - Differential Offerings
PurposeExclusive Home Loan product for the non-salaried individuals to meet all housing requirements.
Specific featuresHassle-free loan process
Eligibility

Resident Indian individuals above 18 years of age who do not have a salaried income.

If the applicant is the proprietor of a firm, partner in a partnership concern, or a director in a company, the following conditions apply:

  • Minimum existence of the firm should be for 3 years
  • Earned net profit for continuously 3 years
  • Existing borrowers should be in Standard Category
  • If the Home Loan is availed in the name of the firm, the company should be a current borrower of SBI or a debt-free entity.
Maximum loan amountThe minimum loan amount is 50,000 with the maximum being 50 Crores
Maximum loan tenureUp to 30 years
Rate of interestLoans up to 30 Lakhs8.35%
Loans > 30 Lakhs and <= 75 Lakhs8.60%
Loans > 75 Lakhs8.70%
Documents requiredDocuments as applicable to non-salaried individual
SBI Tribal Plus Home Loan
PurposeHome Loan exclusively for people living in tribal and hilly areas
Specific features
  • Exclusive Home Loan product
  • No mortgage of land
  • Third-party guarantee mandatory
  • Women get benefit in interest rates
Eligibility
  • Resident Indian aged between 21 and 60 years
  • The applicant should reside in the hilly or tribal area, and the loan should be for property situated in hilly or tribal areas.
Maximum loan amount 10 Lakhs
Maximum loan tenure15 years
Rate of interestSame as applicable to SBI Regular Home Loan product
Documents requiredStandard documents as applicable to Home Loans in SBI except for property documents (title documents of agricultural land).
SBI Earnest Money Deposit (EMD)
PurposeFinance Earnest Money Deposit payment requirements for people booking plots/houses sold by development authorities like DDA, MHADA, HUDA, and other housing boards.
Specific features
  • Short term loans up to 100% of the EMD
  • No income criteria
EligibilityResident Indian of a minimum of 21 years of age
Maximum loan amount
  •  15 Lakhs for CSP/DSP account holders
  •  10 Lakhs for others
Maximum loan tenureNot more than 12 months
Rate of interest11.55%
Processing fee0.50% of the loan amount with a minimum of 1,000
Documents required
  • Only KYC documents to prove identity and address
  • Allotment letter from the development authority demanding payment of EMD.
SBI CRE (Commercial Real Estate) Home Loan
PurposeIndividuals owning 2 or more houses can apply for financial assistance to fund another home.
Specific features
  • Cannot exceed more than three CRE Home Loans for an individual
  • The individual should not have more than 5 Home Loans in their name, including the present CRE loan.
  • Overdraft facility available
EligibilityResident Indians between 18 years and 70 years of age
Maximum loan amountNo limit
Maximum loan tenureUp to 30 years
Rate of interestAs applicable to SBI Regular Home Loan
Processing fee0.35% of the loan amount with a minimum of 5,000
Documents requiredStandard KYC documents, income proof documents, and papers relating to the property.
Pradhan Mantri Awas Yojana
PurposeFulfil Home Loan requirements of eligible beneficiaries to purchase or construct the first homes.
Special features
  • Upfront Interest subsidy
  • Reduced EMIs
Eligibility
  • Resident Indians who do not own a house in the name of any member of the family.
  • The family consists of husband, wife, and unmarried children
  • Beneficiaries should satisfy all income norms for availing the loan and interest subsidy.
Income eligibilityCategory of borrowerTotal yearly family income from all sources should not exceed
Economically Weaker Section - EWS 3 Lakhs
Low-Income Group - LIG 6 Lakhs
Middle-Income Group - I 12 Lakhs
Middle-Income Group - II 18 Lakhs
Maximum loan amount
  • No limit depending on the repayment capacity of the applicant and LTV ratio.
  • However, loan amount eligible for interest subsidy calculation has a ceiling for each category.
Loan amount ceiling for subsidyType of borrowerEWS/LIGMIG-IMIG-II
Loan amount eligible for a subsidy 6 Lakhs 9 Lakhs 12 Lakhs
Rate of subsidy6.5%4%3.5%
The maximum amount of subsidy 2.67 Lakhs 2.35 Lakhs 2.30 Lakhs
Rate of interestSame as SBI Regular Home Loan Product
Documents required
  • KYC documents
  • Income documents to prove eligibility under specific categories
  • Property-related papers

SBI Home Loans - Other Home Loan-related Products

Other Home Loan-related schemes available at SBI
SBI Maxgain
  • Home Loan in the form of an overdraft facility
  • Customers repay their EMIs as usual with the DP reducing on the OD account every month.
  • Rates of interest are as follows:
Loan Amount SlabSalaried IndividualSelf-employed person
Up to 30 Lakhs8.45%8.60%
Loans > 30 Lakhs and <= 75 Lakhs8.70%8.85%
More than 75 Lakhs8.80%8.95%
  • If the LTV ratio lies between 80% and 90%, the applicable rate of interest for loans up to 30 Lakhs is 0.10% more than the applicable rate.
  • If the customer falls under Risk Grade 4 to 6, the applicable rate of interest is 0.10% more than the card rates.
  • Women borrowers get a benefit of 0.05% at each stage
SBI Green Home Loans
  • Unique Green Banking Policy of SBI
  • Incentivise borrowers who go in for Green Projects that reduce carbon emissions and promote renewable energy.
Pre-EMI Interest by Builders Scheme
  • Reputed builders undertake to service the pre-EMI interest at stipulated rates of interest.
  • This product allows the borrower to accumulate the gap in the pre-EMI interest portion and capitalise the same. Alternatively, the borrower can repay the pre-EMI interest difference amount separately.
  • The payment of regular EMI starts after the end of the moratorium
  • Product available only where the builder has a tie-up with SBI
SBI SurakshaFinance options for the insurance premium linked to the Home Loan in case the customer opt to avail SBI Life cover.

SBI Home Loan - Documents Required

SBI has a simplified documentation procedure. The applicants should submit the following sbi home loan documents when applying for a Home Loan.

KYC Documents - Common to all individual borrowers

  • Employer ID Card - wherever applicable
  • Fully completed Home Loan application form along with 3 passport-sized photos
  • Identity proof documents should include one of the following:
    • PAN card
    • Passport
    • Driving Licence
    • Voter's ID card
  • Proof of residence can consist of one of these documents:
  • Copy of the latest utility bill such as electricity bill, water bill, piped gas bill, telephone bill
  • Passport
  • Driving licence
  • Aadhar Card

KYC Documents for NRI borrowers - Additional documents apart from the ones listed above

  • Attested copy of valid passport and visa
  • Address proof for the overseas address
  • In the case of persons employed in the Merchant Navy - Copy of the Continuous Discharge Certificate.
  • In the case of PIOs - PIO card issued by the Government of India
  • All documents should be attested by the representative offices of Indian Embassy or Consulates or Overseas notary public or officials of the branch/sourcing entities based in India.

KYC Documents about non-individual borrowers

  • Partnership Firm should provide a copy of the partnership deed, registration certificate, PAN card of the firm.
  • Companies should provide Certificate of incorporation, MOA, AOA, Board Resolution, shareholding pattern certified by CA.
  • Copies of GST registration or any other document to demonstrate the continuity of business

SBI can call for any other document it deems fit to satisfy itself about the identity and residential status of the borrower.

Income Proof Document - Salaried individuals

  • Payslip of Salary certificate detailing the salary received during the last 3 months
  • Copy of Form 16 for 2 years
  • IT returns for two years, if applicable

Income Proof Document - Non-salaried individuals

  • Proof of business address
  • Business profile in brief
  • Income Tax Return statement for the previous 3 years
  • Financial Statements for 3 years
  • Business Licence details or its equivalent papers
  • TDS Certificates such as Form 16A or Form 26AS
  • Professional qualification certificate in the case of self-employed professional applicants

Additional Income Proof documents - Common to both categories

  • Statement of bank account for the last 6 months to evidence credit of salary or income
  • If the applicant has any outstanding loans, the statement of loan account for the past year

Income Proof Documents - Non-resident Indian salaried individuals

  • Valid work permit
  • Contract of Employment - In case the contract is in a language other than English, the NRI should enclose an
  • English translation copy duly certified by the Embassy or Foreign office.
  • Payslip or salary certificate for the last 3 months
  • Statement of account in the bank showing credit of salary amounts for the previous 6 months
  • The originals of the latest salary slip
  • Copy of the employee ID card
  • IT returns wherever applicable

Income Proof Documents - Non-resident Indian self-employed persons

  • Proof of business address
  • In the case of independent professionals/businesspersons - proof of income
  • Financial statements for the last 2 years (audited by CA)
  • Latest two years IT returns wherever applicable
  • Six months bank account statement in the individual's name and the name of the business

Property-related documents

  • Permission for development of property - wherever applicable
  • Registered agreement for sale - in Maharashtra only or Allotment letter or Stamped agreement for sale.
  • In the case of ready to move property - Occupancy certificate
  • Share Certificate (in Maharashtra only), maintenance bill, electricity bill, or property tax receipt
  • Copy of the approved plan and the registered construction/development agreement between the applicant and the builder.
  • Conveyance deed - in the case of new property
  • Receipts of payments made to the seller or builder
  • An estimate of repairs and renovations wherever applicable
  • Any other document required by SBI Home Loans

Specific Documents required in Balance Transfer Cases

  • List of original documents held at the bank or financial institution
  • Loan account statement for the past 1 year
  • Sanction letter copy of the existing Home Loan
  • Interim period security

SBI Home Loans - Processing Fee

  • 40% of the loan amount with a minimum of  10,000 and a maximum of  30,000
  • This amount includes the advocate and valuer fee
  • Specific products do not have any processing fee

SBI Home Loans - Other Products

Apart from Home Loans, SBI Home Loans offers the following additional products:

Loan ProductIdeal forMaximum loanRate of InterestMaximum tenure
Loan Against PropertyFulfilling personal requirements such as education, healthcare, marriage, and business needs.No limit9.90% to 10.75%15 years
Reverse MortgageAn additional source of recurring income for senior citizens who have self-acquired and self-occupied home in India.Minimum 3 Lakhs and maximum 1 Crore10.15%10 to 15 years

Best Value Home Loans

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Types Of SBI Home Loan FAQs

What is the interest rate structure of SBI Home Loans?

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SBI has adopted the Repo Rate as an external benchmark rate for its retail loans, especially the floating rate Home Loans. The new structure is valid from October 01, 2019. The External Benchmark Rate equals the Repo Rate plus 2.65%. The Repo Rate as on date is 5.40%. Therefore, the SBI External Benchmark Rate (EBR) is 8.05%.

Does SBI load any premium on the EBR?

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Yes, SBI loads a minimum of 0.20% on the EBR when sanctioning Home Loans. The premium depends on various factors.

  • The occupation of the borrower - Salaried customers, have an advantage, as self-employed persons have to contend with a higher premium.
  • The credit rating of the borrower - SBI evaluates every borrower according to its laid down procedure. Customers who fall in the Risk Grade 4 to 6 have to pay 0.10% more than the applicable card rate.
  • The loan amount - SBI has three different slabs for the loan amount. The loans up to  30 Lakhs attract the least premium whereas those over  75 Lakhs have the highest premium.
  • Women borrowers get the benefit of 0.05% on the interest rate structure at each level

Who can avail the benefit of the new interest rate structure?

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The new interest rate structure linked to the EBR applies to all new borrowers. Existing borrowers can also migrate from the MCLR interest rate structure to the EBR.

Do they have to pay any charges to migrate to the new structure?

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Yes, the existing borrowers who wish to migrate to the EBR structure should pay a one-time switchover fee of  5,000.

What is the frequency of the change in the floating rate of interest?

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Reserve Bank of India can revise the repo rate at any time. However, SBI does not change the EBR immediately. The change takes place at quarterly intervals on the first day of the calendar quarter after RBI announces the change in the repo rate.

How do I calculate my Home Loan eligibility?

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Access the SBI Home Loan webpage and navigate to the product you are looking for. On the Eligibility Tab, you will find the link to calculate your loan eligibility. Click on the link and submit the required data. You get a loan offer from SBI based on the information you provide. However, your actual eligibility can differ. SBI official will calculate your eligibility after the submission of your documents.

What is the Loan-to-Value ratio in SBI?

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The LTV ratio depends on the loan amount.

  • Loans up to  30 Lakhs - LTV ratio is 90%
  • Loans more  30 Lakhs and up to  75 Lakhs - LTV ratio is 80%
  • Loans above  75 Lakhs - the LTV ratio is 75%

What are the factors that determine my Home Loan eligibility?

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Your Home Loan depends on various factors:

  • Your net income after all statutory and loan deductions
  • Your occupation
  • Your repayment capacity
  • The position of loans where you pay instalments directly and not through salary account
  • The value of the property
  • The loan tenure
  • Your age

What is the security for SBI Home Loans?

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The borrower has to create an equitable mortgage by depositing the title deeds of the property with the bank. The bank advocate prepares the legal scrutiny report. This report lists out the documents that the borrower has to submit to the bank. The borrower can create the mortgage by depositing these documents and registering the memorandum of deposit of title deeds with the Sub Registrar Office wherever applicable.

Why is the interim period security insisted by SBI on Balance Transfer Loans?

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In the case of a balance transfer account, SBI parts with the money to the existing banker. It can take some time for the current banker to hand over the documents and cancel the mortgage. During this period, the SBI loan remains unsecured. Hence, they require interim security in the form of another property or a third-party guarantee of excellent worth.