SBI Home Loan

Note: 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.

SBI home loans are available at an interest rate starting from 6.95% p.a. State Bank of India offers range of benefits on home loans such as flexible tenure, no prepayment penalty and low processing fees. Individuals can apply for SBI home loan for the purchase of ready-built/under-construction/pre-owned properties. SBI housing loans can also be availed for the construction, extension, repair and renovation of an existing property.

Read further to know the features, interest rates and eligibility of different types of SBI home loan schemes.

SBI Home Loan Features & Benefits

• Interest concession of 0.05% for women borrowers
• Varied schemes to suit every customer’s loan requirements
• No prepayment penalty on floating rate home loans
• Interest charges on Daily Reducing Balance
• Loan available as overdraft
• Balance transfer and top up facilities available

SBI Home Loan Interest Rates

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:

Check Also: SBI Home Loan Eligibility for All SBI Home Loan Schemes

SBI Home Loan Schemes

1. SBI Home Loan – Best for Women Home Owners

SBI Regular Home Loan is 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. Under the loan scheme, women borrowers get an interest concession of 0.05%. The home loan is also available as an overdraft.

*A premium of 10 bps will be added to the card rate for a 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 Risk Grade (4 to 6)
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2. SBI Home Loan Balance Transfer – Best for All Home Loan Borrowers

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.

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3. SBI Home Top Up Loan – Best for SBI Home Loan Borrowers

Salaried and Non-salaried Resident Indians and NRIs who are availing SBI home loans and require more funding can opt for Home Top-Up Loans.

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4. SBI Realty Home Loan – Best for Land Purchase & House Construction

Any salaried and non-salaried Indian professional who wants 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.

Note:*
A premium of 10 bps will be added to the card rate for customers falling under Risk Grade 04 to 06
5 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 the first disbursement (applicable for new loans sanctioned w.e.f 01 October 2019)
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5. Bridge Home Loan – Best for Covering Short-term Fund Requirements

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, you can opt for bridge loans.

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6. SBI Earnest Money Deposit (EMD) – Best for Covering Advance Booking Cost

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.

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7. SBI Privilege Home Loan – Best for Government Employees

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.

*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.
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8. SBI Flexipay Home Loan – Best for Young Salaried Professionals

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 instalments will be stepped-up.

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9. SBI Shaurya Home Loan – Best for Indian Defence Personnel

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 case of Check-Off.

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10. SBI NRI Home Loan – Best for NRIs/PIOs

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.

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11. SBI Home Loan to Non-Salaried – Best for Non-salaried Professionals

Non-salaried Indian professionals can avail this home loan scheme for the purpose of construction/acquisition/repair/renovation of a residential house/flat. Under the scheme, the bank also offers home loan transfer facility.

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12. SBI Tribal Plus – Best for Indians Living in Tribal/Hilly Areas

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.

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13. SBI Corporate Home Loan – Best for Public & Pvt. Ltd. Corporate Entities

Customers 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.

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14. SBI CRE (Commercial Real Estate) Home Loan – Best for Residential Property Investors

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.

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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.
• 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 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 SBI Life cover.

SBI Home Loan Calculator

SBI Home Loan Calculator calculates the approximate value of EMI on the basis the amount you wish to borrow, loan repayment tenure and the applicable SBI home loan rate of interest. Know your home loan EMI in less than a second with the help of Paisabazaar.com’s Home Loan EMI Calculator.

SBI Home Loan EMI Calculation

The table shows SBI home loan EMI calculation for different loan amounts, interest rates and loan tenures:

In the table, one can notice that:

• SBI home loan EMIs increase with the increase in the interest rate and loan amount. If you are looking for a home loan, try to get approved for an offer at the lowest possible interest rate. Also, contribute as much as you can to your home loan downpayment so that you borrow a lesser amount from the bank
• SBI home loan EMIs decrease as the loan tenure increases. While choosing a longer loan tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.

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 Documents Required 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).

How to Apply for SBI Home Loan Online

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

Step 1: Click to begin with the SBI home loan application process

Step 2: Fill up the required fields and agree to the given terms & conditions

Step 3: Enter your personal and home loan-related details to proceed further

Step 4: A few eligible loan options will appear. Compare and apply for a home loan which suits your requirements the best

SBI Home Loan Customer Care

SBI home loan customer care toll-free number is 1800 112 211/1800 425 3800. Customers can also contact SBI home loan customer care through email and post, details of which are as below:

SBI Home Loan FAQs

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

A. 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.

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

Q. How can I check my SBI home loan statement?
A. 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.

Q. What is the current SBI home loan rate?

A. The latest SBI home loan interest rate starts from 6.95% p.a. It varies from one scheme to another and depends on various factors including your credit score, repayment capacity, etc. Click to view SBI housing loan rate in detail.

Q. Why should one choose SBI housing loan scheme?

A. 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 interest concession of 0.5% on SBI home loan 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.

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

A. 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.

Q. Which is the best SBI home loan scheme?

A. 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.

SBI Home Loan News

11 September 2020: SBI’s special offers on home loans

The State Bank of India (SBI) has announced special offers on home loans. The lender will offer borrowers applying for SBI home loans three benefits, nil processing fee, 0.10% interest concession for borrowers with a higher CIBIL score for loans above Rs. 30 lakh and less than Rs. 1 crore and lastly additional 0.5% of interest concession of the loan is applied through SBI’s YONO app.

2 July 2020: SBI home loan gets cheaper from 1 July

Customers can now avail SBI home loans at more affordable rates. The bank now offers its home loan at 6.95% onwards. In the second week of June, SBI had announced a decrease in its external benchmark linked lending rate to 6.65% from 7.05%. The bank had also reduced the marginal cost of funds-based lending rate (MCLR) to 7% from 7.25%.

8 June 2020: SBI reduces MCLR, RLLR and Base Rate

SBI has reduced its MCLR by 25 bps across all tenors. The one-year MCLR has been reduced to 7% from 7.25% with effect from 10 June 2020. The bank has also slashed its Base Rate by 75 bps, from 8.15% to 7.40%. Moreover, it has passed on the entire 40 bps repo rate cut to its borrowers availing loans linked to External Benchmark linked lending rate (EBR) as well as Repo Linked Lending rate (RLLR). SBI’s EBR & RLLR comes down to 6.65% and 6.25%, respectively.

1 April 2020: SBI home loan gets cheaper from 1 April

After the Reserve Bank of India (RBI) reduced the repo rate by 75 basis points (bps), SBI has decided to pass on the entire rate cut to its borrowers whose loans are linked to external benchmark linked lending rate (EBR) as well as repo linked lending rate (RLLR). The revised rates come into effect from 1 April 2020. After the revision, the EBR has fallen to 7.05% from 7.80% per annum. And the prevailing RLLR is 6.65% instead of 7.40% per annum. After this rate, SBI home loans have become cheaper by about Rs. 52 per lakh on a 30-year loan.