SBI home loan interest rate is 6.95% p.a. onwards. Currently SBI offering lowest home loan rates in Indian market. As of now, SBI home loan rate is linked to Marginal Cost Based Lending Rate (MCLR). However, from 1 October 2019, the bank will introduce another benchmark rate, Repo Linked Lending Rate (RLLR).
Since SBI offers various home loan schemes, the interest rate may vary from one scheme to another.Here Check the List of Revised SBI Home Loan Interest Rates.
SBI Home Loan Interest Rates 2020
SBI Home Loan Rate of Interest is 6.95% onwards. To know the interest rate of other SBI Home Loan Schemes is as follows:
|SBI Home Loan Interest Rate Repo Rate Linked|
|SBI Home Loan Schemes||SBI Rates for Salaried||SBI Rates for Self Employed|
|SBI Home Loan (Term Loan)||8.15% – 8.55%||8.30% – 8.70%|
|SBI Home Loan (MaxGain)||8.40% – 8.80%||8.55% – 8.95%|
|SBI Realty Home Loan||8.85% onwards||8.85% onwards|
|SBI Home Loan Top Up (Term Loan)||8.60% – 10.65%||8.75% – 10.80%|
|SBI Home Loan Top Up (Overdraft)||9.50% – 9.75%||9.65% – 9.90%|
|SBI Bridge Home Loan||1st Year: 10.35%|
2nd Year: 11.60%
|SBI Smart Home Top Up Loan (Term Loan)||9.15%||9.65%|
|SBI Smart Home Top Up Loan (Overdraft)||9.65%||10.15%|
|Insta Home Top Up Loan||9.30%||9.30%|
|SBI Earnest Money Deposit (EMD)||11.55% onwards||–|
Note: The figures given in the table are indicative and are subject to change at the bank’s discretion without prior information.
Factors Affecting SBI Home Loan Interest Rates
Some of the factors that affect Home Loan Interest Rates are:
- Credit Score: The credit score of the borrower affects the interest rate at which he/she will get the loan. Your credit score shows how good you are at handling credit. Irresponsible credit handling leads to low credit score, thus leading to a higher interest rate or loan rejection.
- Prevailing External Benchmark: Lending benchmark as per which the bank lends money to its customers for home loans like RLLR. If the value of external benchmark changes, the home loan interest rate will also change. This means that your interest rate can increase or decrease during the loan tenure.
- Source of Income: Your income shows your loan repayment capacity. Since the income of a salaried professional is stable and incremental, therefore, banks give them a loan at a lower interest rate. On the other hand, the income of self-employed professionals is dependent on a lot of external factors; therefore, the home loan rate of interest for such borrowers is more.
- Profession: The applicant’s sector of employment also influences SBI home loan rates. Various sectors are classified with their differing risk levels by most banks. Some of these sectors are considered to be more stable than other sectors, influencing the applicant’s repayment capacity in the same way as their source of income.
Read Also: How is RLLR different from MCLR?
SBI Home Loan EMI Calculator
To get an estimate of the home loan amount that you can afford, use an online SBI Home Loan EMI Calculator. It helps to know the approximate value of SBI Home Loan EMI basis the amount you wish to borrow, loan repayment tenure and the applicable SBI home loan rate of interest. Use Paisabazaar.com’s Home Loan Calculator to get accurate results in just a fraction of seconds.
SBI Home Loan Types
|SBI NRI Home Loan||SBI Flexipay Home Loan|
|SBI Maxgain Home Loan||SBI Home Loan Balance Transfer|
|SBI Realty||SBI Privilege Home Loan|
|SBI Plot Loan||SBI Shaurya Home Loan|
SBI home loan eligibility criteria
|Age||18 years to 70 years||18 years to 70 years|
|Minimum Monthly Income||Rs.25,000.00||Rs.25,000.00|
|Maximum Loan Amount||Rs.10 crore||Rs.10 crore|
|Rate of Interest||8.15%||8.15%|
Read More about SBI Home Loan Eligibility