SBI Home Loan

The State Bank of India is one of the leading public sector banks in the country. It offers a wide range of credit options, including home loans. You can get an SBI Home Loan at competitive rates with flexible repayment terms to purchase your dream home affordably. 

Before applying, it is important to know the eligibility criteria, documentation, online and offline application process, and more.

If you know the current SBI Home Loan interest rate, you can calculate the monthly instalments for your home loan repayment. You can manually calculate the EMI amount or simply use the 

EMI calculator on Bajaj Markets. This tool can help calculate your dues accurately and swiftly.

Simply enter the loan amount, tenure, and interest rate to get your EMI as well as total interest and total repayable amount.

Home loans from SBI are available at competitive interest rates and long tenures. Here are some of their features: 

•  Affordable

The SBI Home Loan interest rate is extremely affordable and starts from 7.50% p.a. SBI also offers lower interest rates to women. Your eligibility and credit score determines the interest rate you will get. 

• Overdraft

You can get an overdraft on your SBI Home Loan. You can link your home loan account to a current or savings account, which will act as a prepayment and reduce the outstanding balance. 

• Repayment Flexibility

You can choose a tenure of up to 30 years to repay your home loan. This ensures that your EMIs are more manageable as per your budget.

• Pre-approvals

Existing SBI customers, like savings account holders with a CIBIL score of 750 or more, can get pre-approved for a home loan. This makes the application process simple and speeds up disbursal.

SBI has simple eligibility criteria. Here are the paramters that help you qualify for a home loan from this lender: 

• You should be an Indian resident or an NRI

• Your age should be at least 18 years

• Your age should not be more than 70 years at the end of the tenure

• You should have a healthy credit score

• The property should have a clear legal title and meet SBI’s lending criteria for financing

Apart from the above, your income and existing debt is also considered by SBI before approving your loan application. Keep in mind that the criteria may differ based on the type of home loan you apply for. 

Note: Applicants with NTC/NO CIBIL SCORE/ -1 may also be eligible at the lender’s discretion.

The right documents can speed up loan approval, so keep the following handy: 

Documents Required for all Applicants

• Properly filled application form

• 3 Passport-size photos

• Proof of residence, like the latest utility bill, Aadhaar card, driver’s licence, or passport

• Proof of identity, like voter ID, PAN card, driver’s licence or passport

• Employer ID card

Documents Required for Salaried Applicants

• Salary slips for the last three months

• Copy of IT returns for the last two years

• Copy of Form 16 for the last two years 

Documents Required for Non-Salaried Applicants

• IT return for the last three years

• Balance sheet for the last three years

• P&L statements for the last three years

• Details of the business licence

• Form 16 A or TDS certificate

• Certificate of qualification

• Proof of business address 

Property Documents

• Copy of blueprint

• Occupancy certificate

• Conveyance deed

• Permission for construction

• Stamped agreement for sale

• Allotment letter maintenance bill

• Electricity bill

• Property tax receipt

• Plan copy

• Builder’s registered development agreement

• Bank statements or payment receipts from the seller

SBI offers a variety of housing loan products that cater to different types of borrowers. Here are some of them:

• Home Purchase Loan

You can get this SBI Home Loan for financing an under-construction or already-built property, along with pre-owned homes. 

• Home Improvement Loan or Home Extension Loan

You can use these loans for the renovation and extension of an existing home, be it for repair or to add a new room.

• Home Construction Loan

This loan helps you build a house on land that you own. Applying for it make entail a different process as compared to other home loans. 

• NRI Home Loan

NRIs can apply for this home loan to purchase or construct houses.

• Flexipay Home Loan

This home loan allows salaried professionals to pay lower EMIs in the initial years and higher EMIs in the later years of the tenure. 

• Home Loan Balance Transfer

You can transfer home loans from other banks or lenders to SBI through this balance transfer facility.

• Privilege Home Loan

This home loan is especially for government employees, employees of public sector banks, PSUs, or those in a pensionable service.

• Shaurya Home Loan

This home loan category is for the army and defence personnel, offering lower interest rates.

• SBI Realty for Plot Purchase 

This loan is ideal for building a home within 3 years from the date of sanction or disbursal. The maximum loan amount under this category is ₹15 Crores, which you can pay over a tenure of 10 years.

• Home Top-up Personal Loan

Existing customers of SBI Home Loans can get a top-up loan to meet a wide range of needs except for speculative purposes. 

• SBI YONO Insta Home Loan Top-Up

This home loan top-up facility is available to pre-selected customers via the SBI YONO app. 

You can apply for a home loan from SBI online via its app. Follow these steps:

1. Download the SBI YONO application and log in

2. On the ‘Loans’ section, select ‘Home Loan’

3. Check your eligibility by providing the required personal and income details

4. Add other information such as address, EMI obligations, and co-applicant details

5. Review your eligibility and loan details and click ‘Submit’

6. You will receive a call back from the bank’s representative for further steps

Tracking your home loan application with SBI is simple, and you can do it through multiple channels. You can check your status online, through the mobile app, at a branch, or through email support. Here is how: 

• Online Portal

1. Visit the official website of SBI

2. Click on ‘Application Tracker’ on the right-hand side of the page

3. Choose the loan type

4. Enter your reference number and contact number

5. Click on ‘TRACK’

• Mobile App

1. Download the SBI YONO App

2. Enter your Application ID and registered mobile number to log in

3. Navigate to the section that displays your home loan details

4. Track your application in real time

• Branch

Visit any SBI branch with your mobile number, application ID, and date of birth. Authenticate with an OTP to get your application status.

Note: SBI usually updates your application status in 3–5 days after you submit the documents. The lender reviews your creditworthiness, income, assets, liabilities, job type, and property papers before approving the loan.

You repay an SBI Home Loan in EMIs over the loan tenure. The EMI schedule starts on the date specified in the sanction letter. You clear your loan liability only when the outstanding balance becomes zero, including any residual amount, if applicable.

SBI uses Dynamic SI/NACH mandates to manage interest rate changes. The bank may debit up to 120% of the EMI to cover upward revisions in interest rates. However, it collects only the actual EMI due at that time each month.

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