SBI Home Loan

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SBI Home Loans @ Lowest Rates

  • Interest Rate: 7.90% Onwards
  • Processing Fees: 0.35% – 0.50% of loan amount (Min. Rs. 2,000; Max. Rs. 10,000)

Apply for Home Loan Starting from 7.90%*

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हिंदी में पढ़े
Updated: 27-01-2020 11:08:38 AM

SBI home loan interest rates start from 7.90% p.a., with women borrowers getting interest concession of 0.05%. The housing loan from SBI, available for both salaried and self-employed professionals, comes with a range of benefits like longer loan tenure of up to 30 years and low processing fees i.e. 0.35% of the loan amount.

SBI Home Loan Jan 2020
Interest Rate7.90% onwards
Loan-to-Value RatioUp to 90% of property value
Loan TenureUp to 30 years
Processing Fees0.35% – 0.50% of loan amount (Min. Rs. 2,000; Max. Rs. 10,000) + GST

Note: The figures given in the table are indicative and are subject to change as per changes in the SBI home loan scheme or RBI policy.

Table of Contents:

SBI Home Loan Features & Benefits
SBI Home Loan Interest Rate
SBI Home Loan Processing Fees & Charges
SBI Home Loan EMI Calculator
SBI Home Loan Eligibility Criteria
SBI Home Loan Documents
SBI Home Loan Schemes
Apply for SBI Home Loan Online
SBI Home Loan Customer Care
SBI Home Loan FAQs
SBI Home Loan News

SBI Home Loan Features & Benefits

  • SBI offers various home loan products to suit every customer’s home-related fund requirements
  • Both salaried and self-employed are eligible for SBI home loan
  • Low interest rate starting from 7.90% p.a.
  • Longer loan tenure of up to 30 years
  • No prepayment penalty on floating rate home loans
  • Home loan available as overdraft
  • Concession of 5 basis points on home loan rates for women borrowers

Home loan eligibility banner

SBI Home Loan Interest Rate

From October 1, 2019, State Bank of India (SBI) adopted repo rate as its external benchmark for all floating rate home loan schemes. Any change in the repo rate will change SBI’s home loan rates. The current repo rate is 5.15%. The SBI’s External Benchmark Rate (EBR) is 7.80% and the effective repo linked home loan interest rates start from 7.95% p.a.

Also Read: Compare Home Loan Interest Rates 2020

Also, existing SBI borrowers who availed Marginal Cost of funds based Lending Rate (MCLR) based home loans will now pay lower EMIs as the bank has reduced its MCLR from 8.00% to 7.90%, effective from December 10, 2019.

Read Also: How is RLLR different from MCLR?

Compare SBI home loan interest rates for various loan schemes

SBI Home Loan SchemesRLLR linked Interest Rates (p.a) for SalariedRLLR linked Interest Rates (p.a) for Self Employed
SBI Home Loan (Term Loan)7.95% – 8.35%8.10% – 8.50%
SBI Home Loan (MaxGain)8.20% – 8.60%8.35% – 8.75%
SBI Realty Home Loan8.65% onwards8.65% onwards
SBI Home Loan Top Up (Term Loan)8.35% – 10.40%8.50% – 10.55%
SBI Home Loan Top Up (Overdraft)9.25% – 9.50%9.40% – 9.65%
SBI Bridge Home Loan1st Year: 10.35%
2nd Year: 11.35%		–
SBI Smart Home Top Up Loan (Term Loan)8.90%9.40%
SBI Smart Home Top Up Loan (Overdraft)9.40%9.90%
Insta Home Top Up Loan9.05%9.05%
SBI Earnest Money Deposit (EMD)11.30% onwards–

SBI Home Loan Processing Fees & Charges

SBI Home Loan Processing Fee is 0.35% – 0.50% of loan amount (Min. Rs. 2,000; Max. Rs. 10,000). The other SBI housing loan charges 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.

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.

Steps to Use Paisabazaar.com’s Home Loan EMI Calculator:

  • Visit the Home Loan EMI Calculator page
  • Enter the values for the relevant sections – Loan Amount, Loan Tenure and Interest Rate

The results instantly appear on entering the values. The result will include not only the EMI value but also the total payable interest amount.

SBI Home Loan EMI depends on loan amount, loan tenure and interest rate. The table below shows how home loan EMIs changes with changing loan amount and loan tenure at 8.15% p.a. home loan interest rate:

Loan AmountEMIs as per Different Loan Tenures
15 years20 years30 years
Rs. 40 lakhRs. 39,155Rs. 33,832Rs. 29,770
Rs. 60 lakhRs. 57,860Rs. 50,748Rs. 44,655
Rs. 80 lakhRs. 77,147Rs. 67,664Rs. 59,540
Rs. 1 croreRs. 96,433Rs. 84,580Rs. 74,425

In the table above, one can notice that EMIs decrease as the loan tenure increases. Longer tenure reduces your monthly liability but increases the total interest payout. Hence, choose your home loan tenure wisely.

SBI Home Loan Eligibility Criteria

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

SBI Home Loan Documents

SBI Home Loan Documents Required for Salaried/Self-Employed Applicants

  • Employer Identity Card
  • Loan Application: Completed loan application form duly filled in affixed with 3 passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card

Property Papers:

  • Permission for construction (where applicable)
  • 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 (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank account statements showing all the payments made to builder/seller

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other banks/lenders, then loan account statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for the last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

SBI Home Loan Schemes

SBI offers various home loan schemes customised to suit varied home loan requirements. Some of them are discussed as follows:

Regular SBI Home LoanNRI Home LoanFlexipay Home Loan
Privilege Home LoanShaurya Home LoanRealty Home Loan
Home Top Up LoanBridge Home LoanSmart Home Top Up Loan
Insta Home Top UpCorporate Home LoanHome Loan to Non-Salaried
Tribal Plus Home LoanEarnest Money Deposit (EDM)Commercial Real Estate (CRE) Home Loan
Other SBI Home Loan Schemes

Compare SBI Home Loan Offers

1. SBI Home Loan

SBI Regular Home Loan can be availed for multiple purposes, including the purchase of ready built property, under-construction property or pre-owned homes, construction of a house, extension of a house, repair and renovation. The interest rate for this scheme is linked to repo rate. The details of the product are:

Borrower TypeResident Indians
Loan AmountAs per the applicant’s credit profile
Interest RateTerm Loan
Up to Rs. 30 lakh – 8.15%
Above Rs. 30 Lakh to Rs. 75 Lakh – 8.45%
Above Rs. 75 Lakh – 8.55%		Maxgain
Up to Rs. 30 lakh – 8.45%
Above Rs. 30 Lakh to Rs. 75 Lakh – 8.70%
Above Rs. 75 Lakh – 8.80%
Loan TenureUp to 30 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18 – 70 years

Note:

  • A premium of 15 bps will be added to the card rate for non-salaried customers
  • A premium of 10 bps will be added to the card rate for Loan up to Rs. 30 lakh, if LTV ratio is >80% & <=90%
  • A premium of 10 bps will be added to the card rate for customers falls under RG (4 to 6)
  • Concession of 5 bps on interest rates for women borrowers

Back to Home Loan Schemes

2. SBI NRI Home Loan

SBI NRI Home Loan allows Non-Resident Indians (NRIs) to get financial support when investing in properties.

Borrower TypeNon-Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
Loan AmountAs per the applicant’s credit profile
Interest RateVaries from one case to another
Loan TenureUp to 30 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18 – 60 years

Back to Home Loan Schemes

3. SBI Flexipay Home Loan

SBI Flexipay Home Loan offers the option to pay the interest amount during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. In the subsequent years, the monthly instalments increase under the step-up EMI plan. This home loan variant is quite useful for young earners.

Borrower TypeResident Indians
Employment TypeSalaried and Self Employed Professionals
Loan AmountAs per the applicant’s credit profile
Interest RateVaries from one case to another
Loan TenureUp to 30 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit21– 45 years (to apply for a loan) & 70 years (for loan repayment)

Back to Home Loan Schemes

4. SBI Privilege Home Loan

SBI has launched SBI Privilege Home Loan exclusively for government employees.

Borrower TypeResident Indians
Employment TypeEmployees of Central & State Government, which includes PSBs, PSUs of Central Government & other individuals with pensionable service
Loan AmountAs per the applicant’s credit profile
Interest RateVaries from one case to another
Loan TenureUp to 30 years
Processing Fee*Nil
Age Limit18 – 75 years

*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.

Back to Home Loan Schemes

5. SBI Shaurya Home Loan

SBI Shaurya Home Loan scheme is dedicated to Army and other Indian Defence personnel. The scheme, available at an attractive interest rate, comes with other benefits, such as zero processing fees, zero prepayment penalty, concession for women borrowers, interest concession in case of Check Off, etc.

Borrower TypeResident Indians
Employment TypeDefence personnel
Loan AmountAs per the applicant’s credit profile
Interest RateVaries from one case to another
Loan TenureUp to 30 years
Processing FeeNil
Age Limit18 – 75 years

Back to Home Loan Schemes

6. SBI Realty Home Loan

Customers who want to purchase a plot for the construction of a house can avail SBI Realty Home Loan or SBI plot loan. To avail the benefits of this loan scheme, customers must ensure that the house construction starts within 5 years from the date of loan sanction. Under this loan scheme, customers can also avail another Home Loan for the construction of the house.

Borrower TypeResident Indians
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountUpto Rs. 15 crore
Interest RateUp to Rs. 30 lakh: 8.90%
Above Rs 30 lakh to Rs 75 lakh: 9.00%
Above Rs 75 lakh: 9.10%
Loan TenureUp to 10 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18 – 65 years

Note:

  • A premium of 10 bps will be added to the card rate for customers falling under Risk Grade 04 to 06
  • 05 bps interest rate concession for women borrowers
  • A premium of 5 bps will be added for customers who do not have a salary account with SBI
  • An additional premium of 395 bps will be added to the final rate in case the construction of the house is not completed and
    a completion certificate is not submitted by borrowers within the stipulated period of 5 years from the date of first disbursement (applicable for new loans sanctioned w.e.f 01 October 2019)

Back to Home Loan Schemes

7. SBI Home Top Up Loan

Customers who are availing SBI home loans and require more funding can opt for Home Top Up Loans.

Borrower TypeResident Indians & NRIs
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountDepends on the borrower’s credit profile
Interest RateUp to Rs. 20 lakh – 8.60%
Above Rs. 20 lakh & up to Rs. 5 crore – 8.80% – 9.45%
Above Rs. 5 crore – 10.65%
Loan TenureUp to 30 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18 – 70 years

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8. Bridge Home Loan

Many a 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, you can opt for bridge loans. Check SBI Bridge Home Loan details:

Borrower TypeResident Indians
Loan AmountRs. 20 lakh to Rs. 2 crore
Interest RateFor 1st Year: 10.35% p.a.
For 2nd Year: 11.60% p.a.
Loan TenureUp to 2 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18–70 years

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9. SBI Smart Home Top-Up Loan

The SBI Smart Home Top-Up Loan is a general-purpose loan. Customers can get it from the nearest SBI branch/RACPC within minutes, without furnishing any document. However, to avail 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.

Borrower TypeResident Indians & NRI
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountUp to Rs. 5 lakh
Credit ScorePreferably 750 or above
Interest RateSalaried (term loan): 9.15%
Salaried (overdraft): 9.65%
Non-Salaried (term loan): 9.65%
Non-Salaried (overdraft): 10.15%
Loan TenureUp to 20 years
Processing FeeRs. 2,000 + GST
Age Limit18 – 70 years

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10. SBI Insta Home Top-Up Loan

This loan facility 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. Be it the selection of customers, processing of their loan request, disbursement of the loan or setting the standard instructions for loan repayment, everything is performed by the system automatically. To avail the loan, the existing home loan customers must have the 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.

Borrower TypeResident Indians & NRI
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountRs. 1 lakh to Rs. 5 lakh
Credit ScorePreferably 750 or above
Interest Rate9.30%, (regardless of risk grades, gender & occupation)
Loan TenureMin residual tenure of home loan of 5 years
Processing FeeRs. 2,000 + GST
Age Limit18 – 70 years

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11. SBI Corporate Home Loan

This loan scheme is for both Public and Private Limited Corporate Entities. They can avail 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.

Borrower TypePublic and Pvt. Ltd. Corporate Entities
Interest RateVaries from one case to another
Processing Fee0.50% of the loan amount (Min. of Rs. 50,000 & Max. of Rs. 10 lakh)

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12. SBI Home Loan to Non-Salaried

SBI offers home loan to non-salaried persons. Non-Salaried Individuals can avail it for the purpose of construction/acquisition/repair/renovation of a residential house/flat. Under the scheme, the bank also offers home loan transfer facility.

Borrower TypeResident Indians
Employment TypeNon-Salaried Individuals
Loan AmountRs. 50,000 to Rs. 50 crore
Interest RateAs per the applicant’s credit profile
Loan TenureUp to 30 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit18 years (minimum)

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13. SBI Tribal Plus

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.

Borrower TypeResident Indians
Loan AmountUpto Rs. 10 lakh
Interest Rate8.65% onwards
Loan TenureUp to 15 years
Processing Fee0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age Limit21 – 60 years

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14. SBI Earnest Money Deposit (EMD)

Customers 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.

Borrower TypeResident Indian
Loan AmountCSP/DSP Account Holders: Up to Rs. 15 lakh

Others: Up to Rs.10 lakh

Interest Rate11.55% onwards
Loan TenureUp to 1 year
Processing Fee0.50% of the loan amount, minimum Rs. 1,000
Age LimitAt least 21 years

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15. SBI CRE (Commercial Real Estate) Home Loan

CRE Home Loans are perfect for all those who own two houses or more and require funding to purchase the next house. Under this loan scheme, the maximum number of houses/flats/residential plots is restricted to three. Also, the maximum number of home loans in the name of an individual (including the existing & proposed loan) is five.

Borrower TypeResident Indian
Loan AmountAs per the applicant’s credit profile
Interest Rate9.05% onwards
Loan TenureUpto 30 years
Processing Fee0.35% of the loan amount (Min. Rs. 5,000)
Age Limit18 – 70 years

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Other SBI Home Loan Schemes
  • SBI Maxgain: Under ‘SBI – Maxgain’ Home Loans will be sanctioned as an Overdraft. While customers will have to remit the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans, the Drawing Power on the Overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the Overdraft is liquidated at the end of the loan tenure. (Interest component of the EMI remitted will service the interest obligations).
  • SBI Green Home Loans: SBI has adopted a Green Banking Policy with an objective of contributing to the fight against the adverse climate change. One of the initiatives for this purpose is incentivizing borrowers who go in for Green Projects, i.e. those projects which reduce Carbon Emissions and promote Renewable Energy. “Green Housing” or “Green Home” is one of the types of projects identified for this purpose.
  • 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) debited to the Home Loan account of the individual borrower as an incentive to Home buyers to generate maximum sales. In cases of Part Pre-EMI Schemes, the Pre-EMI interest at the stipulated interest rate is serviced by the Builders whereas the remaining Pre-EMI interest is serviced by the borrowers. However, in both the cases, the payment of EMIs by the borrower starts from the stipulated repayment start date as per the terms of sanction. The stipulated repayment start dates are clearly specified for each project and accordingly, the specific moratorium periods are permitted by the bank for different projects. Additionally, this scheme will be 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 SBI Life cover.

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Apply for SBI Home Loan Online

SBI Online Home Loan Application

You can apply for SBI Home Loan online at Paisabazaar.com by following these steps:

  • Click here to start with the home loan application process
  • Fill up the required fields and accept the terms and agree to the given terms & conditions
  • Enter your personal and home loan-related details to proceed further
  • A few eligible loan options will appear. Compare and apply for a home loan which suits your requirements the best.

You can also check SBI home loan official website https://homeloans.sbi/

SBI Home Loan Customer Care

Customers can contact SBI Home Loan through call, email and post. They can also visit the nearest branch of SBI to get their queries and issues resolved. The SBI home loan customer care details are as follows:

Toll-Free Number1800 112 211/1800 425 3800
Email ID (to register any SBI home loan-related complaints)homeloan.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

SBI Home Loan FAQs

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 reason for its popularity are:

  • Low processing charge makes the loan affordable.
  • The rate of interest is also low compared to interest rates charged on home loans by other providers and interest is charged on a daily reducing balance method which considers the balance at the end of the day for interest calculation.
  • 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.

What are the eligibility criteria to avail SBI Home Loan?

SBI offers various home loan schemes. Each scheme has its own eligibility criteria. However, a few common requirements are as follows:

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

 What is the current interest rate of SBI home loan?

The current SBI home loan interest rate starts from 8.15% p.a. It varies from one scheme to another and depends on various factors including your credit score, repayment capacity, etc. To view the interest rate of other SBI home loan schemes, click here.

Is it possible to transfer the outstanding home loan from another lending institution to SBI?

Yes, SBI offers home loan balance transfer facility. So customers can transfer their outstanding home loan amount to SBI. It also offers home loan top up in case additional funding is required over and above the on-going home loan.

How to apply for SBI home loan online?

One of the most convenient ways to apply for SBI home loans is through Paisabazaar.com. It is a lending platform that offers numerous home loan schemes from various banks and HFCs. At the platform, customers can compare the latest home loan rates and apply for the one that suits their loan requirements the best. To apply for a home loan at Paisabazaar.com, follow these steps:

  • Click here to get started with the loan application process
  • Provide the required details
  • A few eligible home loan offers will appear. Compare and apply for the one that fits your loan needs the best.

On successful loan application, you will get a call from one of our executives to guide you through the loan process.

What are the tax benefits for home loan borrowers?

Home Loan Tax Benefit: 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.

Note: The tax benefit can only be claimed for the year in which the construction of the property completes.

SBI Home Loan News

January 9, 2020: SBI to refund home loan amount if builder delays project

To give boost to the real estate sector and help home buyers who are stuck with undelivered projects, the State Bank of India (SBI) launched a homebuyer finance guarantee scheme under which the bank would refund the entire loan amount if the developer misses the project deadline. The validity of the refund scheme will be until the occupation certificate is procured by the builder. The ‘Residential Builder Finance with Buyer Guarantee Scheme’ can be availed for projects where the home price is up to Rs. 2.5 crores. The scheme also allows developers to take a loan between Rs. 50 crores and Rs. 400 crores, after fulfilling due diligence by the bank.

December 30, 2019: SBI home loan gets cheaper by 25 bps

The State Bank of India (SBI), India’s largest bank, slashed its repo rate linked lending rate by 25 basis points (bps). The bank currently offers home loan at 8.15% p.a. but from January 1, 2020, the housing loan rate will be 7.90% onwards. The new rate of 7.90% factors in a premium of 10 basis points over the external benchmark-based rate of 7.80%. The 7.90% rate is applicable only to women borrowers who get rate concession of 0.05% from the bank. This implies that other home loan borrowers will have to pay at least 7.95%.

9 Oct 2019: SBI Home Loan: MCLR comes down to 8.15%

State Bank of India (SBI) has announced another cut in its home loan interest rate. After a reduction in Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points across all tenors, the new rate has come down to 8.15% from the earlier 8.25%. The new rate will be effective from October 10, 2019. However, it is important to note that the existing customers might not be able to immediately enjoy the new lending rate because of their reset clause.

31st Aug 2019: SBI launches ‘Home Loan on Wheels’ initiative

To educate people about a new home loan product, which is linked to Repo linked Lending Rate (RLLR), the State Bank of India has planned a new initiative – Home Loan on Wheels. Under this initiative, a van will drive around Chennai and provide information on the bank’s home loan products customized to suit the needs of different segments of customers.

1st Aug 2019: SBI’s repo-linked home loan rates decrease to 8.05% from Oct 1

From Oct 1, 2019, the home loan interest rate of the State Bank of India has reduced from 8.40% to 8.05% p.a. SBI’s RLLR has dropped from 8.00% to 7.65%. The bank is the first to link its term loans to the Reserve Bank of India’s (RBI) repo rate in July (2019). The new rate will be applicable to all existing and new repo-rate linked loan customers of the SBI.

1 Jul 2019: SBI Home Loan Got Cheaper: Lender Reduces MCLR from 10 July

India’s largest public sector bank the State Bank of India (SBI) has cut its Marginal Cost Lending Rate (MCLR) by 5 basis points (bps). The reduction in the MCLR is reflected across all tenors. Earlier the 1-year MCLR followed by the bank was 8.15%, which after the rate cut has changed to 8.05%. The change in the MCLR rate will also lead to cheaper home loan and other lending products. This is the third rate cut by SBI, which is already in effect from 10 July 2019.

10 Jun 2019: SBI Home Loans will be linked to Repo Rate

The State Bank of India (SBI) announced to link its home loan products to repo rate. From July 1, customers will have the option to avail repo rate-linked home loans. The bank will continue to offer MCLR-linked home loans along with the repo rate-linked home loan products. The new product will be slightly different from the regular SBI home loans.

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SBI Home Loan
(4.7/5 ) 60 Reviews
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May 27 , 2019
5/5
Long tenure

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

May 27 , 2019
5/5
Loan Amount

I applied for a SBI home loan up to 10 crores without much hassles.

May 27 , 2019
5/5
Prepayment charges

there are no prepayment charges on my SBI home loan with floating scheme.

May 27 , 2019
5/5
Foreclosure charges

I did not pay foreclosure charges for floating interest rate on my SBI home loan.

May 27 , 2019
5/5
No limit on higher amount

there was no limit on my higher loan amount with SBI.

May 27 , 2019
5/5
Higher loan tenure

the SBI loan tenure is as high as 30 years for a better stability now.

May 27 , 2019
5/5
Combined Income

I combined my income with my wife to get a higher SBI home loan.

May 20 , 2019
5/5
Maximum loan amount

I needed 10 crores for my dream home and got the loan approved.

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