Disclaimer: Please note that SBI is not a Bajaj Markets partner. Offers would be only from partner banks and NBFCs.
Interest Rate |
8.05% p.a. onwards |
Loan Amount |
Up to 90% of Property Value |
Processing Fee |
0.35% of Loan Amount |
Prepayment/Foreclosure Charges |
Nil |
Max Tenure |
30 years |
Disclaimer: It is advised to cross-check these details with the lender before applying for a loan as the charges are subject to change.
The SBI home loan interest varies based on the credit score of the customer. Moreover, according to the RBI, the interest rate external benchmark (EBLR) can be reset by the bank as per the extant guidelines of the bank. Here’s an indicative list of the SBI loan interest rate for home loans:
CIBIL Score |
Term Loan (p.a.) |
Maxgain (p.a.) |
>=800 |
8.05% |
8.45% |
750-799 |
8.15% |
8.55% |
700-749 |
8.25% |
8.65% |
650-699 |
8.35% |
8.75% |
550-649 |
8.55% |
8.95% |
NTC/No CIBIL Score/-1 |
8.25% |
8.65% |
Note: The interest rate varies depending on bank’s/NBFC’s policy)
Also check: Home loan interest rate in detail.
The SBI home loan can be availed with lesser fees and charges than the industry standard. There is no processing fee on approved projects. Here are the charges:
0.35% of the loan amount (Rs 2,000-Rs 10,000) (50% waiver in basic processing fee) |
|
None |
|
Up to Rs.5 Lakhs- Rs.50 Above Rs.5 Lakhs-Rs.100 |
SBI home loan eligibility calculator can help you get a picture of whether you are eligible for a home loan, the interest rate you expect and the tenure over which you can repay your loan. Here are some of factors that affect your eligibility:
For salaried as well as self-employed customers:
You should hold a citizenship of India
You should be between 18 and 70 years of age
Also Check: Home Loan Eligibility Criteria in Details
Using the SBI home loan interest rate at which you are being offered the loan, you can calculate the monthly installments you will have to incur to pay off your home loan. You can manually calculate the EMI amount to be paid, or you can simply use the SBI home loan EMI calculator to arrive at this figure. An interest rate calculator can help calculate your dues accurately, swiftly, automatically and without any room for error.
Month | Starting Balance | EMI | Interest rate | Principal contribution | Interest contribution | Ending Balance |
---|
You need to know the tenure, principal amount and interest rate to arrive at a conclusion. Here’s a snapshot of EMIs to be paid at varying tenures at an interest rate of 8.05% p.a. The actual interest, however, will vary depending on the borrower’s credit score:
Principal amount |
10 years |
20 years |
30 years |
Rs.12,159 |
Rs.8,396 |
Rs.7,373 |
|
Rs.24,318 |
Rs.16,791 |
Rs.14,745 |
|
Rs.48,637 |
Rs.33,582 |
Rs.29,490 |
|
Rs.60,796 |
Rs.41,978 |
Rs.36,863 |
Also Check: Home Loan EMI Calculator to calculate monthly EMI for different tenures.
The SBI home loan EMI calculator can be quite beneficial if you are planning to get a home loan. Here are the advantages of a home loan calculator:
This tool helps in accurate calculation and avoids errors associated with manual calculations. Moreover, manual calculation can be tedious and complicated tasks.
It is a free tool and you can access it any time anywhere with just a few clicks. You simply need to have a smart device and a stable internet.
You can get a clear idea of the loan affordability and make a clear repayment plan so that you can pay the loan comfortably without straining finances.
You can compare the EMI amount of home loans from different lenders and choose one as per your financial requirement and capability.
If you use an online home loan calculator, you can get access to the amortization schedule.
Here is a comparison of interest rate of various lenders in the market:
Lender |
Interest up to Rs. 30 Lakhs |
Interest more than Rs. 30 Lakhs till Rs. 75 Lakhs |
More than Rs. 75 Lakhs |
SBI |
8.75% to 9.50% |
8.75% to 9.40% |
8.75% to 9.40% |
ICICI Bank |
8.75% to 9.85% |
8.75% to 9.85% |
8.75% to 9.85% |
Punjab National Bank |
8.25% to 9.00% |
8.25% to 9.00% |
8.25% to 8.90% |
IDFC First Bank |
8.75% and more |
8.75% and more |
8.75% and more |
Bajaj Housing Finance |
8.30% and more |
8.30% and more |
8.30% and more |
Disclaimer: It is advised to cross-check these details with the lender before applying for a loan as interest rates and charges are subject to change.
Here are the steps to apply for an SBI home online:
Step 1: Search for the SBI home loan you wish to apply for on a loan aggregator.
Step 2: Click on apply.
Step 3: Fill out the application form with necessary details like name, pincode, phone number and the desired loan amount.
Step 4: Click on ‘Request Quote’ and enter the OTP sent on your mobile number.
Step 5: Based on your eligibility, you will be shown offers.
Step 6: You will receive a call back from the bank’s representative.
Here are the steps to apply for an SBI home offline:
Step 1: Visit the nearest SBI bank branch.
Step 2: Request an application form.
Step 3: Fill all required details.
Step 4: Attach copies of all required documents.
Step 5: Submit the application to the bank official.
Here are all the documents required to complete your SBI home loan application:
1. Documents required for all applicants:
Properly filled application form
Passport sized photos
Proof of residence like latest utility bill, Aadhaar Card, driver’s licence , passport
Proof of identity like voter ID, PAN, driver’s licence or passport
Employer ID card
Loan amount statements of the past year, if applicable
2. Documents required for salaried applicants:
Salary slips of three months
Copy of IT returns of two years
Copy of Form 16 of two years
3. Documents required for non-salaried applicants:
IT return of last three years
Balance sheet of last three years
P&L statements of last three years
Details of business licence
Form 16 A or TDS certificate
Certificate of qualification
Proof of business address
4. Property details:
Copy of blueprint
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 seller
Regular Home Loan: This SBI home loan can be availed for financing an under construction or already built property, along with pre-owned homes. It can also be used for renovation and extension of an existing home.
NRI Home Loan: NRIs can avail of this home for purchase or construction of houses.
Flexipay Home Loan: This home loan allows salaried professionals to pay smaller EMIs in the initial years and higher EMIs in the later years of the tenure. They may also repay during the moratorium period.
Home Loan Balance Transfer: Those with home loans from other banks or lenders can transfer their home loans to SBI through this balance transfer facility.
Privilege Home Loan: This home loan category is targeted at government employees, employees of public sector banks, PSUs or those in a pensionable service.
Shaurya Home Loan: This home loan category is designed for army and defence personnels offering them lower interest rates.
Pre-approved Home Loan: This type of home loan can be secured even before the customer finalises the property.
Realty Home Loan: This home loan category can be availed by those who wish to build a house within five years from the date of loan sanction. The maximum loan amount under this category is Rs.15 Crores that can be paid over a tenure of 10 years and not more.
Top-up Home Loan: Existing customers of SBI home loans can get a top-up in addition to the existing principal amount.
SBI YONO Insta Home Top-Up Loan: This home loan top-up facility is available to customers via the SBI YONO app.
Non-salaried Differential Offerings: This loan is useful for non-salaried applicants, as their requirements are met. Loans of Rs. 50,000 to Rs.5 Crores can be availed.
SBI Tribal Plus: This category of home loans is applicable to applicants residing in tribal, remote or hilly areas. The maximum loan amount under this scheme is Rs 10 Lakhs for a tenure of up to 15 years.
Some other home loans offered by the State Bank include:
SBI Commercial Real Estate Home Loan: It is ideal for those who already have two or more houses and wish to buy more.
SBI Reverse Mortgage Loan: This loan is specifically designed for senior citizens who own a property. It will help to generate extra income.
SBI Insta Home Top-up Loan
SBI Green Home Loan, etc.
Here are some of the features of the SBI home loan:
Affordable: The SBI housing loan interest rate is extremely affordable. However, your eligibility and credit scores determine the interest rate you will be offered. SBI also offers lower interest rates to women.
Overdraft: You can avail of an overdraft on your SBI home loan.
Flexibility: The loan seeker has autonomy over defining the number of years over which they pay off their home loan. SBI allows borrowers to repay their home loans over a tenure of 30 years.
Pre-approvals: Existing SBI customers like savings account holders can get pre-approved for a loan. This makes the application process exceedingly simple and hassle free.
Here are the factors that affect the SBI home loan interest rates:
MCLR: The marginal cost of funds lending rate (MCLR) is the lowest rate at which a bank can lend. It is affected by cash reserve ratio, tenure premium, marginal cost of funds and operating cost.
Interest type: Customers can choose from a fixed, floating or mixed interest rate.
Loan to value ratio: LTV ratio is the percentage of property value to be financed through the loan.
Credit score: The borrower’s credit history, which defines their credit score, affects the type of home loan interest accrued.
Property location: Properties located in areas with good amenities will have a higher resale value, affecting the interest rate.
Job profile: Those with a stable source of income are considered low-risk customers.
Loan tenure: Short tenures have lower interest rates while long tenures attract a higher interest rate. Learn about home loan tenure before opting for a home loan.
You can get in touch with them via Toll Free Number or you can write to them:
Toll free number: 1800-11-2018
Address: Real Estate and Housing Business Unit, State Bank of India, Corporate Centre, Madame Cama Road, State Bank Bhavan, Nariman Point, Mumbai-400021
Yes, you can apply for an SBI home loan online through the SBI website or a loan aggregator.
The SBI home loan processing fee ranges from Rs. 2000 to Rs. 10000.
Yes, SBI offers pre-approved home loans to its existing customers.
The maximum limit of the SBI home loan is Rs. 50 Crores.
You can check the status of your SBI home loan on the SBI YONO app or the website.
SBI checks the credit score of the customer with a credit bureau.
The maximum tenure for SBI loans is 30 years.
Yes, you can transfer your home loan from another bank to SBI.
Yes, you can apply for a joint SBI home loan.
No, the SBI home loan EMI calculator is different from SBI home loan eligibility calculator. The EMI calculator helps you with the EMI amount you have to pay on a home loan. The eligibility calculator will tell how much loan you can avail.
The home loan EMI calculator results will vary on the loan amount you enter, the rate of interest and chosen tenure.
You can access all details regarding SBI home loan on Bajaj Markets platform. You can check the available tenure, interest rate, etc and make an informed decision. It is a digital marketplace where you can compare financial products and choose one as per your need and budget.