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SBI Home Loan

Apply online for SBI Home Loan at 8.40% - 10.05% p.a onwards. Currently SBI is offering an interest rate waiver for digital applications. The lowest State Bank of India Home Loan EMI is Rs 762 per Lakh for 30 years. You can instantly check the eligibility for SBI loans up to 90% of the property value.

SBI Home Loan Apply Online

Following are the State Bank of India Home Loan fees & Charges:

Loan amount Up to 90% of Property Value
Rate of interest 8.40% - 10.05%
Tenure Up to 30 years
Lowest EMI possible Rs. 762 Per Lakh
Processing fee Up to 0.35% of the loan amount
Foreclosure Charges Nil for floating rates
Penal Interest Rate 2% per month

SBI Home Loan Features and Benefits

Following are the common features of SBI:

  • Low interest rates: SBI Loan Interest Rates start from 8.40% - 10.05% per annum.
  • Loan amount: SBI offers home loan amount up to 80% to 90% of the property cost.
  • Processing fees: The processing fee for SBI Bank home loan is up to 0.35% of the sanctioned loan amount, subject to a maximum of Rs. 10,000.
  • Repayment tenure: The SBI Housing loan can be repaid in flexible tenure of up to 30 years.
  • Lowest EMI possible: SBI offers the lowest EMI of Rs. 762 Per Lakh.
  • Women borrowers will enjoy 5 bps interest concession.

SBI Home Loan Interest Rates

SBI Home Loans are available at interest rate starting at 8.40% - 10.05% p.a. The effective rate of interest depends on customer’s credit profile and repayment capacity. For example:

  • 10bps premium is levied on rate for salaried.
  • 10 bps concession is offered to customers under RG (4 to 6)
  • 5bps concession is assigned for women applicants.
  • 5 bps concession for digitally sourced SBI Loans in YONO app.

Furthermore, for the affordable segment i.e. home loans up to Rs 30 Lakhs, the applicant can avail of State Bank of India Home Loan up to 80-90% of property value.

Let’s walk through the Latest SBI Home Loan Interest Rates for different customer profiles:

Regular Home Loans

Credit Score Term Loan MaxGain
>=800 8.40% 8.80%
750-799 8.50% 8.90%
700-749 8.60% 9%
650-699 8.70% 9.10%
550-649 8.90% 09.30%
NTC/ NO CIBIL Score 8.60% 9%

Top-Up Home Loans

Credit Score Term Loan Overdraft
>=800 8.80% 9.15%
750-799 8.95% 9.25%
700-749 9.05% 9.35%
650-699 9.15% 9.45%
550-649 9.40% 9.75%
NTC/ NO CIBIL Score 9.05% 9.35%

Tribal Plus Home Loans

Credit Score Term Loan
>=800 8.50%
750-799 8.60%
700-749 8.70%
650-699 8.80%
550-649 9%
NTC/ NO CIBIL Score 8.60%

Realty Home Loans

Credit Score Term Loan CRE Term Loan
>=800 8.75% 8.95%
750-799 8.85% 9.05%
700-749 8.95% 9.15%
650-699 9.05% 9.25%
550-649 9.15% 9.35%
NTC/ NO CIBIL Score 8.95% 9.15%

SBI Home Loan Comparison with Other Lenders

Lender Maximum Loan Amount Maximum Tenure Interest Rate Processing Fee
SBI Loan Up to 90% of property cost 30 years 8.40% - 10.05% 0.35% + GST
ICICI Bank Home Loan Up to 90% of property cost 30 years 9.00% - 10.05% 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
HDFC Home Loan Up to 90% of property cost 30 years 8.50% - 9.15% Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
Kotak Mahindra Home Loan 75% to 90 % of property value 30 years 8.70% - 8.95% O.5% to 2.0 % + GST

SBI Home Loan Schemes & Offers

State Bank of India offers a wide range of Home Loan schemes to cater different categories of borrowers, locations & housing finance needs. Let’s take a quick sneak peek.

SBI Regular Home Loan

  • SBI Processing fee: State Bank of India Home Loan Processing Fees is waived off till August 31. Earlier SBI processing fee was 0.4% of the loan amount, subject to minimum of Rs 10000.
  • SBI Home Loan for resident Indians within 18-70 years of age.
  • Can be availed for all types of SBI housing finance needs.
  • Max tenure of 30 years.
  • SBI Home Loan available as Overdraft.
  • SBI Interest Rates concession for women borrowers.
  • No Hidden Charges.
  • No Pre Payment Penalty.
  • Low interest rate, charged on daily reducing balance.

SBI Max Gain Home Loan

  • SBI Max Gain is a home loan as an overdraft facility.
  • Minimum limit of 20 Lakhs
  • Max interest saving with deposit in account.
  • Account deposit reduces principal amount & thus reduces monthly interest rate in EMI.

SBI Yuva Home Loan

  • SBI YUVA is the scheme for 21 to 45 years old borrowers.
  • 20% higher loan amount offered than standard SBI Home Loan products.
  • Repayment flexibility- pay interest only instalments for 36 months and followed by regular EMIs.
  • Applicant should be employed in an MNC, a PSU, a Private Sector Company or a Government undertaking.
  • Minimum salary should be Rs 30,000 per month.

SBI Balance Transfer of Home Loan

  • Switch your existing Home Loan balance from other bank/ NBFC to SBI, and avail the benefit of reduced SBI Home Loan Interest Rates.
  • Only resident Indians can apply for SBI balance transfer home loan.
  • SBI regular home loan eligibility criteria apply.

SBI NRI Home Loan

  • SBI Home Loan Scheme for Non-Resident Indians (NRI), Persons of Indian Origin (PIO).
  • A borrower should be between 18 to 60 years of age.
  • Channelise repayment from abroad or from the NRO/ NRE account.
  • SBI NRI Home Loan is also available as Overdraft.
  • Women applicants are eligible for interest concession.
  • Additional documents required: Attested copy of valid Passport, visa, employer ID, overseas address proof

SBI Flexipay Home Loans

  • Exclusive SBI offer for salaried borrowers.
  • 20% higher loan amount eligibility.
  • Apt for young professionals.
  • EMIs increase with tenure of SBI loan.
  • Max tenure of 30 years.
  • Flexible EMI structures.
  • Moratorium & moderated EMI option available

SBI Privilege Home Loan

  • Exclusive scheme for government employees, public sector banks, PSUs of Central Government, & employees with govt pension facilities.
  • SBI Home Loan overdraft facility is not available.
  • Repayment can be completed post retirement. Max age up to 75 years.
  • Max tenure of 30 years
  • No processing fee.
  • Eligible for concessions in interest, if the check-off facility is available.

SBI Shaurya Home Loan

  • Defence Personnel can avail this Home Loan variant.
  • No processing fee applicable.
  • Interest concessions for check-off facility.
  • SBI Home Loan Overdraft is not available.
  • Extended repayment age of 75 years.

SBI Pre-Approved Home Loan (SBI PAL)

  • Exclusive preapproved offers for home purchase.
  • Pre-approved loan agreement letter is valid for 4 months.
  • Finalise the property and submit documents within this period.
  • The minimum loan amount is 10 Lakhs.
  • After sanction, it becomes a regular SBI Bank Home Loan.

SBI Realty Home Loan

  • SBI Plot Loan for purchasing a residential plot.
  • Construction should be completed within 5 years of sanction.
  • Likewise, loan for construction of the house can be availed of.
  • Maximum loan amount up to 15 Crore.
  • Max tenure is 10 years.
  • The overdraft facility is not available.
  • Other eligibility criteria are same as regular Home Loan.

SBI Home Top-Up Loan

  • Existing customers can apply.
  • Rates of interest is slightly higher than the regular home loan, yet substantially lower than Personal Loan.
  • Perfect for meeting adhoc housing requirements.
  • Both residents & NRIs can apply for this scheme.

SBI Bridge Home Loan

  • Homeowners aspiring to upgrade their homes or shift to bigger houses and better locations by selling their existing properties can avail the facility of the Bridge Home Loan.
  • Credit facility to help the customers face the liquidity mismatch due to the time lag between the sale of existing property and the purchase of the new property.
  • Overdraft facility is not available.
  • The minimum amount of SBI loan under this scheme is Rs. 20 Lakhs and the maximum is Rs. 2 Crores.
  • The SBI Bank loan tenure is for 2 years only.

SBI Smart Home Top Up Loan

  • SBI Smart Home Top Up is a scheme for existing Home Loan customers.
  • Immediate sanction up to Rs 5 Lakhs, without producing any documents.
  • No restriction on use of funds i.e. can be used for education, marriage, health, repairs etc.
  • The applicant’s age should be up to 70 years.
  • Minimum CIBIL score requirement is 550.
  • Except the SBI Home Loan, another Home Loan Top-Up or Insta Home Top-Up should not be active to avail of Smart Top Up.
  • Fair to good credit repayment history should be maintained.

SBI Insta Home Top-Up Loan

  • Pre-approved online offer for SBI Loan customers
  • Paperless & contact less process
  • Overdraft facility not available.
  • Valid for customers with a minimum of 20 Lakhs SBI Loan Limit.
  • Mandatory to establish good repayment history for 3 years.
  • Minimum residual tenure should be 5 years.
  • Available for 1 Lakh to 5 Lakhs.
  • Cannot be availed with other active Top-up on SBI Home Loan.
  • Minimum CIBIL score of 550 is mandatory.

SBI YONO Insta Home Top-Up Loan

  • Instant Top up loan scheme for existing eligible SBI Housing Loan customers.
  • Pre Selected SBI Loan Customers can check eligibility on YONO Mobile App
  • Easy 3 step process
  • Instant disbursement
  • Attractive rate of interest
  • Available as overdraft
  • 100% digital product
  • No paper work or branch visit required
  • 24X7 Availability
  • Flat SBI processing fee of Rs.2000 + applicable Service Tax.

SBI Corporate Home Loan

  • Scheme for corporate entities.
  • SBI Loan can be availed to purchase/construct company residential units for directors, promoters & employees.
  • Available to existing SBI borrowers & debt-free companies.
  • Available as balance transfer/ takeover facility.
  • The entity should be profitable for a minimum of 3 years.
  • The existing loans of the company should be in the standard category with no history of restructuring.
  • The company should have a rating of BBB & above.
  • Special Purpose Vehicles and Subsidiary Companies of corporate entities are also eligible if the parent company meets all the eligibility norms.
  • The parent company would serve as a guarantor with adequate cash flow to cater to Home Loan instalments.

SBI Home Loan for Non-Salaried Persons

  • Scheme for Non-salaried self-employed individuals.
  • Owner(s) of a proprietorship firm or a partner or Director of any company can apply.
  • The firm should be profitable for a minimum of 3 years.
  • The scheme opens up Rs 50,000 to 50 Crores of Loans.

SBI Tribal Plus

  • Home Loan scheme for residents of hilly or tribal areas.
  • House should not be more than 10 years old.
  • No requirement of creating a mortgage on the land.
  • Scheme available to employees of Central & State Governments, PSU units & reputed Private Sector companies residing in the hilly & tribal areas of the North East and areas surrounding Patna, Chandigarh, Lucknow, Bhubaneswar, and Bhopal.
  • The maximum loan amount is 24 times the monthly income of the applicant, subject to a maximum of Rs 10 Lakhs.
  • The maximum repayment tenure is 15 years.

SBI CRE (Commercial Real Estate) Home Loan

  • Scheme for individuals owning two or more homes.
  • Maximum of 3 loans under CRE can be availed, with ownership capping on maximum 5 homes.

Pradhan Mantri Awas Yojana (PMAY)

  • Persons belonging to low & middle-income groups who do not have a house in their name anywhere in India are eligible to apply for a Home Loan under PMAY.
  • PMAY is Central Government’s pilot scheme.
  • Borrowers can avail of annual subsidy up to Rs. 2.67 Lakhs on their SBI Loans under PMAY scheme.

SBI Home Loan Overdraft facility

  • SBI offers the benefit of an overdraft facility on your Home Loan.
  • The system works by combining your SBI Housing Loan account with your savings account. Any surplus amount in your savings account over a specific limit can be credited to your Home Loan as a pre-payment.
  • The advantage of this product is that you can withdraw the surplus amount over your regular instalments at any time.
  • SBI Bank Home Loan overdraft product helps you to save interest in the long run.

SBI Gram Niwas Home Loan

  • SBI scheme for borrowers in rural & semi-urban areas.
  • Maximum amount of loan is Rs 5 Lakhs.
  • No processing fees.
  • Minimum age of applicant should be 18 years.

SBI Sahayog Niwas Home Loan

  • SBI Bank Home Loan Scheme for Self Help Groups in rural areas.
  • Repayment history will be assessed before the sanction.
  • Maximum SBI loan amount is ten times the amount of the SHG savings.
  • For construction or buying of a new house, maximum SBI loan amount is Rs 50,000 per member.
  • The maximum amount of State Bank of India loan for purchase of plot, repairs & renovation is Rs 25,000 per member.

SBI Her Ghar Home Loan

  • SBI Her Ghar Home Loan is exclusively for women.
  • A woman must be the sole applicant or the first co-applicant.
  • She should be the sole owner or the first owner of the property.

How to Calculate SBI Home Loan EMI?

To calculate home loan EMI, use SBI Home Loan EMI Calculator. All you need to do is share loan details- loan amount, rate of interest, and loan tenure in the calculator tabs. As you submit the data, you will get EMI calculation instantly.

Use various options to reach the most affordable home loan EMI. At TheMoneyTrunk Home Loan EMI Calculator you will get monthly instalment, total interest amount and total loan repayment amount along with amortisation schedule.

You can also use other financial tools like SBI interest rate calculator, SBI balance transfer calculator etc as per your requirement.

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 Lakh20 Lakh30 Lakh40 Lakh50 Lakh SBI Home Loans for 10, 20 & 30 years respectively.

Loan Amount 10 years 20 years 30 years
Rs. 10 Lakh Home Loan EMI Rs. 12345 Rs. 8615 Rs. 7618
Rs. 20 Lakh Home Loan EMI Rs. 24690 Rs. 17230 Rs. 15237
Rs. 30 Lakh Home Loan EMI Rs. 37035 Rs. 25845 Rs. 22855
Rs. 40 Lakh Home Loan EMI Rs. 49381 Rs. 34460 Rs. 30474
Rs. 50 Lakh Home Loan EMI Rs. 61726 Rs. 43075 Rs. 38092
Rs. 60 Lakh Home Loan EMI Rs. 74071 Rs. 51690 Rs. 45710

*For purpose of EMI calculation, flat rate of Interest 8.40% - 10.05% is considered. The calculation is indicative only and will change as per effective rate of interest offered to you

SBI Home Loan Processing Fee & Charges

Processing fees: SBI Housing Loan Processing Fees is waived off till March 31. Earlier SBI loan processing fee was 0.35% of the loan amount, subject to minimum of Rs 10000.

Other Charges:

Pre-Sanction-

  • Advocate's fee (for property’s legal search and title investigation report): As per actuals
  • Evaluator's fee for the valuation report: As per actual

Post-Sanction-

  • Stamp Duty for SBI home loan agreement & mortgage: As per actuals
  • Insurance of property: As per actuals
  • CERSAI Registration fee of Rs 50 + GST for SBI Bank Home Loan up to Rs 5 Lakhs;    
    Rs 100 + GST for SBI Home loan above Rs 5 Lakhs

SBI Home Loan Eligibility Criteria

  • Salaried as well as self employed are eligible to apply for State Bank of India Home Loan.
  • Exclusive SBI Loan Schemes are available for employees of Central & State Government, PSUs, public sector banks, and other Government departments like Defence.

Key SBI Housing Loan eligibility criteria:

Salaried Employees

  • Minimum age - 18 years
  • SBI Loan should be repaid prior the retirement.
  • Maximum age at maturity is 70 years for select customers.
  • There is no maximum ceiling on SBI Housing Loan amount.
  • The value of the property, income, & repayment capacity determine Eligibility for SBI Home Loan.
Monthly Income Home Loan Amount
Rs. 25,000 Rs. 12,76,924
Rs. 30,000 Rs. 17,23,847
Rs. 35,000 Rs. 20,11,155
Rs. 45,000 Rs. 25,85,771
Rs. 50,000 Rs. 28,73,079
Rs. 55,000 Rs. 35,11,541
Rs. 60,000 Rs. 38,30,772
Rs. 65,000 Rs. 41,50,003
Rs. 70,000 Rs. 44,69,234
Rs. 75,000 Rs. 47,88,464

Non-Salaried Individuals or Self-Employed Professionals

Non-salaried individuals comprise of two categories, self-employed professionals and self-employed non-professionals. On submission of credible and verifiable proof for sources of continuous & regular income, the business owners or self employed can apply.

The basic eligibility criteria for SBI Housing Loan for self employed include:

  • Minimum age - 18 years
  • Maximum age at maturity of the SBI Bank loan - 70 years
  • There is no maximum ceiling on the loan amount as the SBI Home Loan.

SBI Housing loan Eligibility Based on Age

Age Eligible Tenure
21 years to 30 years 30 years
31 years 29 years
32 years 28 years
33 years 27 years
34 years 26 years
35 years 25 years
36 years 24 years
37 years 23 years
38 years 22 years
39 years 21 years
40 years 20 years
41 years 19 years
42 years 18 years
43 years 17 years
44 years 16 years
45 years 15 years

SBI Home Loan Documents Required

Below is the list of Documents Required for SBI Home Loan:

KYC: Proof of identity & residence

  • Identity proof (Copy of any one): Passport/ PAN Card/ Aadhar Card/ Driving Licence/ Any other legal document issued by the Government
  • Proof of Residence (Copy of any one): Passport/ Aadhar Card/ Driving Licence/ Ration Card/ Registered Rent Agreement/ Latest Gas Bill/ Latest Electricity Bill/ Most recent Credit Card statement

Proof of income Salaried Employee:

  • Salary slips for the last 3 months
  • Statement of Bank Account reflecting salary credits
  • Income Tax returns + Form 16 issued by the employer for previous 2 years

Self-Employed Individual:

  • IT returns of past two years
  • Financial statements for business owners: Balance Sheet, Profit & Loss Statement duly audited
  • Statement of Bank Account for past one year showing credits received on account of business transactions
  • Proof of continuity of business (GST registration certificate & so on)
  • Invoices drawn on the clients

Property documents

  • All property documents establishing continuity of title (from mother document to the last sale deed)
  • Agreement of sale
  • Construction agreement (in case of under construction or proposed to be constructed property)
  • Encumbrance certificate for the past 30 years to establish continuity of ownership Property tax receipts.

Other docs:

  • Employment Contract / Appointment Letter in case current employment is less than a year.
  • Last 6 months' Bank Statements showing repayment of any ongoing SBI loans
  • Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across
  • Cheque for processing fee favouring SBI Ltd

If you want to pre-pay your loan before due date, here is the procedure to know How to Pre-close Your SBI Home Loan in India.

Below is the list of Documents Required for SBI Home Loan:

KYC: Proof of identity & residence

  • Identity proof (Copy of any one): Passport/ PAN Card/ Aadhar Card/ Driving Licence/ Any other legal document issued by the Government
  • Proof of Residence (Copy of any one): Passport/ Aadhar Card/ Driving Licence/ Ration Card/ Registered Rent Agreement/ Latest Gas Bill/ Latest Electricity Bill/ Most recent Credit Card statement

Proof of income Salaried Employee:

  • Salary slips for the last 3 months
  • Statement of Bank Account reflecting salary credits
  • Income Tax returns + Form 16 issued by the employer for previous 2 years

Self-Employed Individual:

  • IT returns of past two years
  • Financial statements for business owners: Balance Sheet, Profit & Loss Statement duly audited
  • Statement of Bank Account for past one year showing credits received on account of business transactions
  • Proof of continuity of business (GST registration certificate & so on)
  • Invoices drawn on the clients

Property documents

  • All property documents establishing continuity of title (from mother document to the last sale deed)
  • Agreement of sale
  • Construction agreement (in case of under construction or proposed to be constructed property)
  • Encumbrance certificate for the past 30 years to establish continuity of ownership Property tax receipts.

Other docs:

  • Employment Contract / Appointment Letter in case current employment is less than a year.
  • Last 6 months' Bank Statements showing repayment of any ongoing SBI loans
  • Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across
  • Cheque for processing fee favouring SBI Ltd

If you want to pre-pay your loan before due date, here is the procedure to know How to Pre-close Your SBI Home Loan in India.

SBI Home Loan Customer Care

SBI Customer Care number: 1800 11 2018 (Toll Free)

Address:

Real Estate and Housing Business Unit, State Bank of India, Corporate Centre, Madame Cama Road, State Bank Bhavan, Nariman Point, Mumbai 400021, Maharashtra. In case of complaints - email to [email protected]

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