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SBI Home Loan Interest Rates

Updated on: Apr 1st, 2022

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9 min read

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State Bank of India offers several home loan schemes for various purposes. Since real estate usually has an appreciating value, owning a house is an excellent idea both from an owner’s point of view as well as from an investor’s point of view. SBI presents a convenient way to fulfil your dreams with a home loan.

Top home loan schemes of SBI

Home Loan SchemeDescription
SBI Regular Home LoanA home loan with a repayment tenure of up to 30 years; interest is calculated on a daily reducing balance.
SBI Balance Transfer of Home LoanTransfer home loan from scheduled commercial banks, private and foreign banks, housing finance, or PSUs.
SBI NRI Home LoanNRIs can avail of home loans to invest in properties in India.
SBI Flexipay Home LoanSalaried employees can get a 20% higher loan amount and get the option to pay only interest during the moratorium period and pay moderated EMIs thereafter.
SBI Privilege Home LoanExclusively for government employees with pensionable service. The loan amount is determined based on the applicant’s income, repaying capacity, age, assets, liabilities, and cost of the house/flat.
SBI Shaurya Home LoanDedicated to army and defence personnel, this scheme comes with lower rates, ease of repayment options and longer repayment tenure.
SBI Pre-Approved Home LoanThe scheme sanctions a home loan limit before finalising the property, helping them negotiate with the builder or seller. The limit will be set based on the applicant’s income.
SBI Realty Home LoanBorrow money up to Rs.15 crore to purchase a plot for the construction of the residence. The construction must be done within five years from the date of receipt of the loan amount. Another loan can be taken for construction in the plot.
SBI Home Top Up LoanBorrow a loan amount over and above the current home loan if you need more funding. It can be availed for any personal purpose since the interest rates are much lower than that of personal loans.
SBI Bridge Home LoanThis is the right choice if you plan to sell your current home and move to a bigger home or a home at a better location. Make use of the scheme to suit your short-term liquidity mismatch.
SBI Smart Home Top Up LoanThis is a general-purpose loan to meet urgent requirements, such as education, marriage, renovation, repair, furnishing, etc.
SBI YONO Insta Home Top-Up LoanThe scheme is only available for pre-selected home loan customers over YONO mobile app.
SBI Corporate Home LoanCorporate entities can avail the loan for the construction or acquisition of residential units in the company’s name to use directors, promoters, and employees.
SBI Home Loan to Non-Salaried – Differential OfferingsThe scheme is dedicated to non-salaried individuals offering the best home loan value. It can be availed for construction or acquisition of a residential house/flat, a takeover of home loans from other banks, and repair or renovation of an existing house/flat.
SBI Tribal PlusPurchase or construction of a new house/flat without having to mortgage the land, purchase of an existing house/flat which is not more than 10 years old, and repair/renovation/extension of a current house or flat.
SBI Earnest Money Deposit (EMD)Go for this scheme if you require money for booking residential plots/built-up houses sold by government housing agencies.
SBI Reverse Mortgage LoanThe scheme provides additional income for senior citizens who have self-acquired, self-occupied homes in India but do not have enough income to support themselves. Payments will be made against the mortgage of the residential property.
SBI Commercial Real Estate (CRE) Home LoanIf you are looking for additional residential properties, you can get additional home loans under this scheme over the existing home loans. A maximum of 3 home loans can be availed, including the existing and the proposed one excluding the closed ones in P-segment.
SBI Loan against Property (P-LAP)Get a loan against property for serving personal matters. The loan is not provided for business purposes.
SBI MaxgainThis is an overdraft facility that comes with the usual EMI repayment structure. The overdraft limit will be reduced every month. 

Interest rates of SBI home loans

Floating Interest Rate Structure:

Loan AmountEffective Rate on Term Loan
Term LoanMax Gain
Up to Rs.30 lakh7% 7.15%
Rs.30 lakh–Rs.75 lakh7.05% 7.40%
Above Rs.75 lakh7.15%7.50%

The interest rate structure may vary with the home loan scheme you wish to apply for. Please confirm the interest rate when you visit the bank branch for enquiry.

Features and benefits of SBI home loan

  • SBI home loans are available for both salaried and self-employed.
  • Special rates are offered for women customers.
  • Property for purchase will be taken as a mortgage of property.
  • The loan-to-value ratio can be up to 90%.
  • Tenure of loan can range from 5 years to 30 years.
  • Interest rates range from 6.80% p.a. to 7.50% p.a.

Who is eligible for SBI home loans

  • Resident Type: Resident Indian
  • Age: 18 years – 70 years
  • Loan Tenure: Up to 30 years

Documents required for SBI home loans

List of papers/documents applicable to all applicants:

  • Duly filled loan application form duly filled in affixed with three passport size photographs.
  • Employer Identity Card.
  • Proof of Identity:
    • PAN
    • Passport
    • Driver’s License
    • Voter ID Card
  • Proof of Address:
    • A recent copy of telephone bill/electricity bill/water bill/piped gas bill.
    • Copy of passport/driving license/Aadhaar card.

Property papers:

  • Permission for construction.
  • Registered agreement for sale (only for Maharashtra)/allotment letter/stamped agreement for sale.
  • Occupancy certificate (in case of ready to move property).
  • Share certificate (only for Maharashtra), maintenance bill, electricity bill, property tax receipt.
  • Approved plan copy (blueprint) and registered development agreement of the builder and conveyance deed (for a new property).
  • Payment receipts or bank A/C statement showing all the payments made to the builder/seller.

Account statement:

  • Last six months bank account statements for all bank accounts held by the applicant/s.
  • If any previous loan from other banks/lenders, then loan A/C statement for the last year.

Income proof for salaried applicant/co-applicant/guarantor:

  • Salary slip or salary certificate for the last three months.
  • Copy of Form 16 for the last two years or copy of IT Returns for the last two financial years, acknowledged by the IT department.

Income proof for non-salaried applicant/co-applicant/guarantor:

  • Business address proof.
  • IT returns for the last three years.
  • Balance sheet and profit and loss A/c for the last three years.
  • Business license details (or equivalent).
  • TDS Certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A./ Doctor and other professionals).

Documents from the other bank:

  • List of original documents held at the bank.
  • Loan a/c statement for the past year.
  • Sanction letter.
  • Interim Period Security.

Fees and charges

Processing fee (including advocate fee and valuer fee)0.40% of the loan amount + GST Can range from Rs.10,000 to Rs.30,000 + GST

Home loan EMI calculator

Usually, the home loan is a significant amount taken for a longer period upon which interest is levied. An important tool like the Home Loan EMI calculator helps you evaluate and plan your budget.


Frequently Asked Questions

Does my salary influence the loan amount?

Yes. One of the factors that influence the decision on loan amount is your salary or your monthly income. The loan amount is determined based on the EMI you can afford to pay and your take-home salary after taxes and other payroll deductions. The EMI to NMI ratio may vary from 20%-70% for various net annual income slabs. You can include a co-applicant to receive a higher loan amount.

Is there a specific timeline for the disbursement of the loan amount?

Generally, the bank takes 3-10 days after submitting the complete documentation required by the bank and after completing all the necessary procedures.

Should I pledge anything to get the home loan?

You need not pledge anything else to get a home loan as the bank will consider the property you intend to purchase itself as a mortgage. Suppose the property cannot be provided as a mortgage in exceptional cases. In that case, other tangible security will be required, and the title of the property should be clear, as stated by the bank’s advocate.

Do women applicants get a concessional interest rate?

Women applicants can get a concessional rate of 0.05% p.a. if they are the main applicant of the loan.

Similar Banks Offering Home Loan

ICICI Bank Home Loan Interest Rates

HDFC Bank Home Loan Interest Rates

Union Bank of India Home Loan Interest Rates

Central Bank of India Home Loan Interest Rates

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