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SBI Home Loan

Home State Bank of India SBI Home Loan

The State Bank of India (SBI) offers home loans starting at 6.70% p.a. The housing loan can be availed for buying, constructing, extending and renovating a residential property. The loan comes with various benefits including lower interest rates, longer tenures and interest concession of up to 0.05% to women borrowers. Read below to know more about home loans by SBI.

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हिंदी में पढ़े
Updated: 30-11-2021 10:29:49 AM
SBI Home Loan 2021 Details
Interest Rate6.70% onwards
Loan AmountUp to 90% of property value
Loan TenureUp to 30 years
Processing ChargesNil under the Home Loan Festive Offer

Note: Rates as of 26th October 2021. The figures given in the table are indicative and are subject to change as per changes in SBI’s home loan schemes or RBI policy.

Please Note: SBI is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.

SBI Home Loan Festive Offer Rates (For Loan Applicants With Credit Scores of 700 & Above)

Loan BracketCIBIL/CIC ScoreFestive ROI*
(p.a.)
Up to Rs. 30 lakh> 8006.70%
Above Rs. 30 lakh700-7506.90%
751-8006.80%
> 8006.70%
Minimum Floor Rate – 6.70 % p.a.

* For others, the existing card rate is applicable
* Valid up to 31.12.2021
* T&C Apply

 

Table of Contents

Types of SBI Home Loan

SBI Home Loan
  • Features: It is a regular home loan scheme offered to both salaried and self-employed Indian residents for multiple purposes like the purchase and construction of a new house and extension, repair, or renovation of an existing property. In this loan scheme, women borrowers get an interest concession of 0.05%. Individuals can also avail overdraft facility, Maxgain, under this scheme.
  • Interest Rate (Term Loan): 6.70% – 7.15%
    Interest Rate (Maxgain):     6.90% – 7.30%
  • Loan Amount: As per the eligibility
  • Tenure: 30 years
  • Processing Fee: Nil under the Home Loan Festive Offer
  • Age Limit: 18 – 70 years
SBI Realty Home Loan
  • Features: Any salaried and non-salaried Indian professional who wants to purchase a plot for the construction of a house can avail of this loan scheme. However, individuals must ensure that the house construction starts within 5 years from the date of loan sanction. Under this loan scheme, customers can also avail of another home loan for the construction of the house.
  • Interest Rate: 7.50% – 7.70%
  • Loan Amount: Up to Rs. 15 crore
  • Tenure: 10 years
  • Processing Fee: 0.40% (Min. Rs. 10,000 & Max. Rs. 30,000) + GST
  • Age Limit: 18 – 65 years
SBI Privilege Home Loan
  • Features: SBI has launched SBI Privilege Home Loan exclusively for the employees of Central and State Government, which includes PSBs, PSUs of Central Government & other individuals with pensionable service.
  • Interest Rate: As per credit assessment
  • Loan Amount: As per the eligibility
  • Tenure: Up to 30 years
  • Processing Fee: Nil*
  • Age Limit: 18 – 75 years
SBI Shaurya Home Loan
  • Features: SBI Shaurya Home Loan scheme is dedicated to Indian Defence Personnel and Armed Forces. The scheme, available at an attractive interest rate, comes with other benefits, such as zero processing fees, zero prepayment penalty, interest rate concession for women borrowers, and in the case of Check-Off.
  • Interest Rate: As per credit assessment
  • Loan Amount: As per eligibility
  • Tenure: Up to 30 years
  • Processing Fee: 0.40% (Min. Rs. 10,000 & Max. Rs. 30,000) + GST
  • Age Limit: 21– 45 years (to apply for a loan) & 70 years (for loan repayment)
SBI Flexipay Home Loan
  • Features: SBI Flexipay Home Loan offers eligibility for a higher loan amount exclusively for all salaried borrowers in India. It offers borrowers the option to pay just the interest component during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. In subsequent years, the monthly installments will be stepped-up.
  • Interest Rate: As per credit assessment
  • Loan Amount: As per the eligibility
  • Tenure: Up to 30 years
  • Processing Fee: Nil
  • Age Limit: 18 – 75 years
SBI Home Loan to Non-Salaried
  • Features: Non-salaried Indian professionals can avail of this home loan scheme for the purpose of construction/acquisition/repair/renovation of a residential house/flat. Under the scheme, the bank also offers a home loan transfer facility.
  • Interest Rate: As per credit assessment
  • Loan Amount: Rs. 50,000 to Rs. 50 crore
  • Tenure: Up to 30 years
  • Processing Fee: 0.40% (Min. Rs. 10,000 & Max. Rs. 30,000) + GST
  • Age Limit: At least 18 years
SBI NRI Home Loan
  • Features: SBI NRI Home Loan allows salaried and self-employed Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) to get financial support when investing in properties.
  • Interest Rate: As per credit assessment
  • Loan Amount: As per the eligibility
  • Tenure: Up to 30 years
  • Processing Fee: 0.40% (Min. Rs. 10,000 & Max. Rs. 30,000) + GST
  • Age Limit: 18 – 60 years
SBI Bridge Home Loan
  • Features: Many times, the gap between the sale of the existing property and the purchase of the new property can pose a problem of short-term liquidity issue. To mitigate this shortage of funds, Resident Indians can opt for bridge loans.
  • Interest Rate
    For 1st Year: 9.50% p.a.
    For 2nd Year: 10.50% p.a.
  • Loan Amount: Rs. 20 lakh to Rs. 2 crore
  • Tenure: Up to 2 years
  • Processing Fee: 0.35% (Min. Rs. 5,000) + GST
  • Age Limit: 18 – 70 years
SBI Home Loan Balance Transfer
  • Features: SBI home loan balance transfer allows Resident Indians to transfer their home loans from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and the borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking. The loan offers multiple benefits including interest concession for women borrowers, no prepayment penalty, and overdraft facility.
  • Interest Rate: 6.70% onwards
  • Loan Amount: As per the eligibility
  • Tenure: Extended as per eligibility
  • Processing Fee: 0.40% (Min. Rs. 10,000 & Max. Rs. 30,000)
  • Age Limit: 18 – 70 years
SBI Home Top Up Loan
  • Features: Salaried and non-salaried Resident Indians and NRIs who are availing of SBI home loans and require more funding can opt for Home Top-Up Loans.
  • Interest Rate (Term Loan): 7.50% – 9.55%
    Interest Rate (Overdraft):     8.40% – 8.65%
  • Loan Amount: As per eligibility
  • Tenure: Up to 30 year
  • Processing Fee: 0.4% (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST
  • Age Limit: 18 – 70 years
SBI Earnest Money Deposit (EMD)
  • Features: Indians who are looking for earnest money for the booking of residential plots/built-up houses by the Government Housing agencies like Urban Development Authorities like PUDA, HUDA and Housing Boards can avail this loan scheme. To apply for the loan scheme, there is no minimum income criterion. In case of successful allotment, customers need to repay the loan in lump-sum.
  • Interest Rate: 10.45% onwards
  • Loan Amount for CSP/DSP Account Holders: Up to Rs. 15 lakh
    Loan Amount for Others:     Up to Rs. 10 Lakh
  • Tenure: Up to 1 year
  • Processing Fee: 0.5% (Min. Rs. 1,000) + GST
  • Age Limit: At least 21 years
SBI Tribal Plus
  • Features: Designed especially for hilly/tribal areas, SBI Tribal Plus home loan can be availed for purchase or construction of a new house/flat (without mortgage of land), purchase of an existing (old) house/flat which is not more than 10 years old, and repair /renovation/extension of an existing house or flat.
  • Interest Rate: An additional 10 bps will be added to the Final Rate
  • Loan Amount: Up to Rs. 10 Lakh
  • Tenure: Up to 15 years
  • Processing Fee: 0.4% (Min. Rs. 10,000 & Max. Rs. 30,000) + GST
  • Age Limit: 21 – 60 years
SBI Corporate Home Loan
  • Features: Individuals can avail of this loan to fund the construction/acquisition of Residential Units. The loan must be availed in the name of the Company for use by their Directors/Promoters and Employees. Under the scheme, the home loan transfer facility is also available.
  • Interest Rate: As per credit assessment
  • Loan Amount: As per eligibility
  • Processing Fee: 0.5% (Min. Rs. 50,000 & Max. Rs. 10 lakh) + GST
SBI CRE (Commercial Real Estate) Home Loan
  • Features: This type of home loan is best suited for all Indian residential property investors. However, to apply for this SBI home loan scheme, the maximum number of home loans in the name of an individual, including the existing loans and the proposed one will be restricted to three, excluding closed accounts. The housing scheme is also available as an overdraft and offers interest concession to women borrowers.
  • Interest Rate: Additional premium of 50 bps will be added to the Final Rate
  • Loan Amount: As per eligibility
  • Processing Fee: 0.35% (Min. Rs. 5,000) + GST
  • Age Limit: 18 – 70 years

Note: Rates as of 19th October 2021. The interest rate above is subject to change without prior notice. The final rate of interest for the customers shall depend on their credit assessment and the product variant.
*SBI offers a full waiver on Processing Fees under this loan product. However, out-of-pocket expenditures such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI, and CIBIL charges will continue to be recovered from the borrower.

Check SBI Home Loan Interest Rates of all Schemes

Other SBI Home Loan Schemes
  • SBI PMAY (Urban) CLSS: The “Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) envisages the vision of housing for all by the year 2022. Under this scheme, interest subsidy of up to Rs. 2.67 lakh, on the purchase/construction/extension/improvement of a house, is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG). The State Bank of India extends the benefits of PMAY CLSS to its interested eligible home loan customers. The subsidy makes a home loan more affordable as it reduces the principal outstanding upfront, thus reducing the loan burden of borrowers. However, currently, the scheme is available only to people falling under LWS and EWS income groups.
  • SBI Maxgain: Under SBI Maxgain home loans are sanctioned as an overdraft wherein the drawing power on the overdraft will reduce monthly to the extent of the principal component of the SBI home loan EMI so that the overdraft is liquidated at the end of the loan tenure.
  • SBI Pre-Approved Home Loan (PAL): SBI Pre-approved loan offers the sanction of home loan limits to eligible customers before finalization of the property, which enables customers to negotiate with Builders/Sellers confidently. Under this loan scheme, eligibility is assessed on the basis of your repayment capacity. Other benefits of the scheme are similar to that of a regular SBI home loan.
  • SBI Smart Home Top Up Loan: It is a general-purpose loan, which can be availed from the nearest SBI branch/RACPC within minutes, without furnishing any document. To avail of the benefits of this loan, neither Home Top-Up nor Insta Home Top Up Loan must be active. Also, the applicant must have a satisfactory repayment track record of 1 year or more after the completion of the moratorium.
  • SBI Insta Home Top Up Loan: It is available to all pre-selected SBI home loan customers at the bank’s internet banking platform. This loan is processed and sanctioned without any manual intervention. To avail the loan, home loan customers must have a minimum home loan limit of Rs. 20 lakh with INB facility and a satisfactory track record of 3 years or more. Also, no other top-up loan should be active at the time of loan application.
  • YONO Insta Home Top Up Loan: This loan facility is available to SBI’s pre-selected home loan customers over YONO Mobile App. Customers can avail the loan for any purpose and get instant disbursement anytime without any branch visits, manual intervention or paperwork. The loan is also available as an overdraft.
  • SBI Green Home Loans: To contribute to the fight against adverse climate change, SBI adopted a Green Banking Policy. And for this purpose, one of the initiatives SBI has taken is to incentivize borrowers who go in for Green Projects, i.e. projects which reduce Carbon Emissions and promote Renewable Energy.
  • Pre-EMI Interest by Builders Scheme: In this scheme, the builder agrees to service full or part of the Pre-EMI interest (during the moratorium period) as an incentive to homebuyers to generate maximum sales. The scheme is restricted to the approved projects under our Builder Tie Up arrangement, subject to fulfilment of the bank’s guidelines.
  • SBI Suraksha: SBI offers life insurance linked to the housing loan. The premium of Rinn Raksha is funded by SBI and the repayment is spread over the entire tenor of the loan in EMIs. This facility will be available to new home loan accounts and to an existing home loan in case the customer now opts to avail of SBI Life cover.

Compare Home Loan Interest Rates for Top Banks & HFCs

Interest Rates (% p.a.)
Name of LenderUp to 30 LakhAbove 30 Lakh & upto 75 LakhAbove 75 Lakh
State Bank of India6.70-7.656.70-7.756.70-7.85
HDFC6.70-8.456.70-8.606.70-8.70
Axis Bank6.75-11.506.75-11.506.75-11.50
ICICI Bank6.70-7.556.70-7.556.70-7.55
Kotak Mahindra Bank6.55 onwards6.55 onwards6.55 onwards
PNB Housing Finance6.99-126.99-127.15-12
Punjab National Bank6.55-7.956.50-7.656.50-7.60
Bank of Baroda6.50-86.50-86.50-8.25
Union Bank of India6.40-7.606.40-7.656.40-7.65
IDFC First Bank6.90 onwards6.90 onwards6.90 onwards
L&T Housing Finance6.75 – 7.756.75 – 7.756.75 – 7.75
Bajaj Finserv6.70-146.70-146.70-14
Godrej Housing Finance6.49 onwards6.49 onwards6.49% onwards
Tata Capital6.70 onwards6.70 onwards6.70 onwards
LIC Housing Finance6.66-7.856.66-8.056.66-8.05

 

Check: Home Loan Interest Rates of Other Banks & HFCs

 

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SBI Home Loan Eligibility

SBI offers several home loan schemes, each having its own eligibility criteria. Customers planning to apply for SBI home loan must check the home loan eligibility criteria to avoid loan rejection. The common SBI home loan eligibility criteria is given as below:

Borrower ProfileIndian Residents/NRIs/PIOs
Employment TypeSalaried/Self Employed
Age18 to 75 years
Credit ScorePreferably 750 and above
IncomeVaries from case to case

In addition to the points above, your SBI home loan eligibility also depends on your income, the property you are purchasing and its location.

 

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SBI Home Loan Documents for Salaried & Self-Employed

  • Completed SBI home loan application form
  • Three passport size photographs
  • Employer Identity Card (for salaried applicants)
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): A copy of recent Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • Property Documents: Permission for construction, occupancy certificate, approved plan copy, payment receipts, etc.
  • Account Statement: Last 6 months’ bank account statements and loan account statement of last one year (if applicable)
  • Proof of Income (For Salaried): Salary Slip/ Salary Certificate of last 3 months and a copy of Form 16 for last 2 years/ copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  • Proof of Income (For Non-Salaried): Business address proof, IT returns for last 3 years, Balance Sheet & Profit & Loss A/c for last 3 years, Business License Details(or equivalent), TDS Certificate (Form 16A, if applicable) and Certificate of qualification (for C.A./ Doctor and other professionals).

Check: Complete List of SBI Home Loan Documents

SBI Home Loan Fees & Charges

SBI Home Loan Processing Fee is nil on home loans in approved projects. The other SBI housing loan charges are as follows:

  • Prepayment Charges: No prepayment charges for floating rates
  • CERSAI Registration Fee: Up to Rs. 5 Lakh  – Rs. 50 Above Rs. 5 Lakh – Rs. 100

Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.

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Why Apply for Home Loan Through Paisabazaar

  • Multiple Offers at One Place: Paisabazaar has partnered with more than 20 financial institutions to give you multiple options to choose from on a single platform.
  • Compare & Choose: Getting a housing loan at a lower rate of interest would reduce the overall interest payout. Therefore, before choosing a home loan offer, shop around and compare all options available to you. At Paisabazaar, you can compare features, interest rates, and other charges offered by multiple lenders and choose the one that best suits your requirements.
  • Pre-Approved Offers: Paisabazaar offers pre-approved home loan balance transfer offers to all of its customers who are currently servicing their home loans.
  • End-to-end Assistance: Paisabazaar’s home loan experts offer you assistance throughout the home loan process so that you have a smooth experience.

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How to Check Your SBI Home Loan Status Online

You can track your SBI housing loan application online through these ways:

  • Through reference number and mobile number: With the help of SBI’s online loan status tracker, you can easily know the status of your home loan application by just entering the reference number and mobile number
  • Through net banking: Existing SBI customers can also track the status of your home loan application through SBI online banking. You can sign in using your username and password
  • Through YONO mobile application: You can easily track the status of your SBI home loan application by using SBI’s YONO mobile application that is available for both Android and iOS. You can download the app, go to the loans ‘section’, select home loan and track the status online

SBI Home Loan Customer Care

Customers can contact SBI home loan customer care through call, email and post, details of which are as below:

SBI Home Loan Customer Care Toll-free Numbers1800 11 2211 (Toll-free number)
1800 425 3800 (Toll-free number)
080-26599990 (Toll number) 
SMS ServiceSMS HOME to 92235 88888
Missed Call Service72089 33140
Link to register complaintshomeloan.complaints@sbi.co.in
Postal AddressReal Estate and Housing Business Unit,
State Bank of India, Corporate Center,
Madame Cama Road,
State Bank Bhavan, Nariman Point,
Mumbai-400021, Maharashtra

In case of any complaints, SBI home loan customers can fill the complaints form available on the official website of SBI or follow the link below:

Read More

SBI Home Loan FAQs

1. How can I check my SBI home loan application status?

You can check your SBI home loan application status online on the link given below:
https://onlineapply.sbi.co.in/personal-banking/application-status
To get the current status of your SBI home loan application, all you need to provide is your mobile number and application reference number, which the bank sends at your email ID when you apply for the loan.

2. How can I check my SBI home loan statement?

SBI home loan borrowers can check their loan statement by logging into their online banking account. Alternately, they may even opt for a physical copy of their home loan statement by visiting the nearby SBI branch in person.

3. What is the current SBI home loan rate?

The latest SBI home loan interest rate starts from 6.70% p.a. It varies from one scheme to another and depends on various factors including your credit score, repayment capacity, etc.

4. Why should one choose SBI housing loan scheme?

State Bank of India is considered to be one of the best home loan providers in India. Some of the reasons for its popularity are:

  • SBI housing loan interest rate is one of the lowest home loan rates offered to customers
  • There is an interest concession of 0.5% for women borrowers
  • Low processing charges make the SBI home loans affordable
  • There are no hidden costs or administrative charges which increase the liability burden on the customer and the charge structure is both transparent and reasonable
  • No prepayment penalty is levied when the customer pays a part of the loan in advance to reduce the liability and consequently the quantum of the interest amount.
  • The bank operates through a wide range of over 15,969 branches which makes it easier for customers to avail an SBI Home loan from the branch nearest to his or her current residence or the proposed residence.

5. What are the tax benefits on SBI home loan?

As per the Section 80C of the Income Tax, home loan borrowers get separate tax benefits on home loan principal amount and interest amount. Customers can claim a deduction of up to Rs. 1.5 lakh on home loan principal amount and up to Rs. 3.5 lakh on home loan interest amount. Under certain conditions, the stamp duty and registration charges are also eligible for tax deductions. Homebuyers planning to buy affordable housing will get an additional tax benefit of Rs. 1.5 lakh on home loan interest under Section 80EEA.

6. Which is the best SBI home loan scheme?

Different home buyers have different home-related fund requirements, which is difficult to cover under a single home loan scheme. Therefore, the State Bank of India has different home loan schemes, each catering to a specific home-related fund requirement. For example, SBI Maxgain offers overdraft facility to all those who want to pay interest on the amount they use. SBI Privilege, on the other hand, is best suited for State and Central Government employees.

7. How to Apply for SBI Home Loan
There are multiple ways to apply for SBI housing loan, some of them are listed below:

  • Visit the bank branch: You can visit the nearest bank branch and discuss your loan requirements with their bank representative
  • Call SBI customer care: Discuss your loan requirements with their customer care representative by calling at SBI’s toll-free customer care number (1800 11 2018)
  • Apply at their website: You can also visit their official website, https://onlineapply.sbi.co.in/, and apply for home loan online
  • Apply using SBI’s YONO app: Existing SBI customers can apply for home loan using the bank’s mobile application – YONO app. Applying through the mobile app also gets applicants interest concession

After applying for home loan at SBI, you will get a Reference ID, which will help you track your home loan application status online at the bank’s website or mobile application. As a SBI home loan borrower, you can also view and download your home loan statement online at the bank’s website or mobile application, as and when required.

 

State Bank of India Home Loan
(4.6/5 ) 65 Reviews
Write a review
Sep 3, 2021
4/5
Not really satisfied with SBI

I am not really satisfied with SBIs service. I applied for SBI home loan two months back and the loan is still processing. Now due to pandemic I cannot visit the bank and through just calls I find it hard to keep abreast with each and every step of the process.

Sep 3, 2021
4/5
SBI is the best bank for home loan

In my opinion, SBI is the best bank in India. I already have a salary account with them and never faced an issue. So when I wanted a home loan, I chose SBI. And I was not disappointed as I am happy with my home loan offer and their overall service.

Sep 3, 2021
4/5
Happy with the home loan offer

I chose SBI home loan because of its low interest. Also they have no prepayment charges. I didn\'t face any issues with the bank during the entire home loan process. The bank also got my loan sanctioned on time. The documentation process was also easy and the bank officials came to collect my documents.

Aug 27, 2021
4/5
Best home loan rates

SBI home loan was one of the offers that I was eligible for at Paisabazaar. After properly comparing all available options, I applied for sbi housing loan and I am glad I did it. Due to my excellent credit score, I got best rates and also the desired loan amount.

Aug 27, 2021
5/5
Sbi is best for women home buyers

I applied for SBI home loan at Paisabazaar and I am happy with my decision. I got SBI home loan at very low interest rates because of the interest concession that they give to women home loan borrowers. I had no issues with the bank during the loan process. I also got my loan disbursed on time.

May 27, 2019
5/5
Long tenure

the tenure of SBI home loan was long for 30 years for better finance planning.

View All Reviews
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