SBI Home Loan

SBI Home Loan Highlights
Interest Rate	8.40% – 10.15% p.a.
Loan Amount	Up to 90% of property value
Loan Tenure	Up to 30 years
Processing Charges	0.17% (Rs 2,000-Rs 5,000)

Note: Rates as of 28th September 2023

SBI Home Loan Interest Rates 

SBI Housing Loan interest rates start from 8.40% p.a. onwards. SBI offers home loan interest rates depending on the credit score and type of loans offered to home loan applicants. SBI offers lowest home loan interest rates to applicants having CIBIL scores of 800 and above. Applicants who are new to credit or have no CIBIL score can also avail SBI Home Loans at higher interest rates. The bank has not specified interest rate differentiation based on the loan amount, LTV ratio, job profile, employer’s profile, monthly income, etc. However, lenders may consider these factors while setting home loan interest rates for their applicants.

Below-mentioned are the interest rates of various SBI Home Loan schemes offered on the basis of the credit scores of home loan applicants.

SBI Regular Home Loan, Flexipay, NRI, Non-salaried, Privilege, Apon Ghar

Campaign Rates (valid till 31st December 2023)

CIBIL Score	Interest Rate (p.a.)
>=800	8.60%*
750-799	8.60%*
700-749	8.70%*
650-699	9.45%
550-649	9.65%
151-200	8.70%
101-150	9.45%
NTC/No CIBIL/-1	8.70%

Card Rates (Term Loan)

CIBIL Score	Interest Rate (p.a.)
>=800	9.15%
750-799	9.15%
700-749	9.35%
650-699	9.45%
550-649	9.65%
151-200	9.35%
101-150	9.45%
NTC/No CIBIL/-1	9.35%

Max Gain

CIBIL Score	Interest Rates
>=750	9.55% p.a.
700-749	9.75% p.a.
650-699	9.85% p.a.
550-649	10.05% p.a.
NTC/No CIBIL Score/-1	9.75% p.a.

Note:

• *20 bps concession over the above proposed rates for Home Loan Balance Transfer and ready to move-in properties (for CIBIL Score of 700 and above)
• 5 bps additional concession over the above proposed rates for builder tie-up projects
• 10 bps additional concession over the above proposed rates for Shaurya and Shaurya Flexi Product
• The above campaign rates are inclusive of interest rate concession for women borrowers and concession available at product level
• 10 bps premium for loan amount of up to Rs 30 lakh for LTV 80% to 90%
• 5bps concession on card rates for Max Gain and Realty Loans for borrowers with CIBIL Score greater than or equal to 750

SBI Top-up Home Loan

Campaign Rates (valid till 31st December 2023)

CIBIL Score	Interest Rate (p.a.)
>=800	9.10*
750-799	9.10%*
700-749	9.30%*
650-699	9.85%
550-649	10.15%
151-200	9.30%
101-150	9.85%
NTC/No CIBIL/-1	9.30%

Card Rates (Term Loan)

CIBIL Score	Interest Rate (p.a.)
>=800	9.55%
750-799	9.55%
700-749	9.75%
650-699	9.85%
550-649	10.15%
151-200	9.75%
101-150	9.85%
NTC/No CIBIL/-1	9.75%

Note:

• *For Top-up Loans linked with Home Loan Takeover, 20 bps concession over the above proposed rates since it enables instant and full disbursement (for CIBIL Score 700 and above)
• Interest rates charged for Top-up Home Loan should not be below the underlying home loan interest rates

Also Check: CIBIL Score for SBI Loans

Overdraft

CIBIL Score	Interest Rate (p.a.)
>=750	9.85%
700-749	10.05%
650-699	10.15%
550-649	10.45%
NTC/No CIBIL/-1	10.05%

SBI Realty Home Loan

Term Loan

CIBIL Score	Interest Rate (p.a.)
>=750	9.45%
700-749	9.65%
650-699	9.75%
550-649	9.85%
NTC/No CIBIL/-1	9.65%

Max Gain

CIBIL Score	Interest Rate (p.a.)
>=750	9.65%
700-749	9.85%
650-699	9.95%
550-649	10.05%
NTC/No CIBIL/-1	9.85%

SBI Tribal Plus

CIBIL Score	Interest Rate (p.a.)
>=750	9.25%
700-749	9.45%
650-699	9.55%
550-649	9.75%
NTC/No CIBIL/-1	9.45%

SBI Home Loan for Employees of Government of Kerela

Loan Type	Interest Rate (p.a.)
Term Loan	9.30% p.a.
Max Gain	9.70% p.a.

SBI YONO Insta Home Top-up

Loan Type	Interest Rate (p.a.)
Overdraft	9.75% p.a.

Other Variants

• 5 bps concession on card rates for SBI Max Gain and SBI Realty Home Loans (except all CRE Home Loan- Term Loan and Overdraft) for borrowers having CIBIL Score greater than or equal to 750

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Compare SBI Home Loan Interest Rates with Other Lenders

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.40% - 10.15%	8.40% - 10.05%	8.40% - 10.05%
HDFC Bank Limited	8.50% onwards	8.50% onwards	8.50% onwards
LIC Housing Finance	8.50% – 10.35%	8.50% – 10.55%	8.50% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.75% onwards	8.75% onwards	8.75% onwards
PNB Housing Finance	8.50% - 14.50%	8.50% - 11.45%	8.50%-11.45%
Punjab National Bank	8.55%-10.25%	8.50%-10.15%	8.50%-10.15%
Bank of Baroda	8.40% - 10.65%	8.40% - 10.65%	8.40% - 10.90%
Union Bank of India	8.35% – 10.80%	8.35% – 10.95%	8.35% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Finance Limited	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.45% onwards	8.45% onwards	8.45% onwards
Tata Capital Housing Finance	8.70% onwards	8.70% onwards	8.70% onwards
Federal Bank	8.80% onwards	8.80% onwards	8.80% onwards

Processing Fees and Charges for SBI Home Loan

Home Loan	0.17% (Rs 2,000-Rs 5,000)
Top-up Home Loan	0.17% (Rs 2,000-Rs 5,000)

Note: 100% waiver on processing fees for SBI Home Loan Takeover, resale and ready to move-in properties

Also know the processing fee charged by various home loan lenders

Types of SBI Home Loan

Regular Home Loan

Purpose: SBI offers Regular Home Loan scheme for financing purchase of already built/under construction property and purchase of pre-owned homes. Those seeking to avail home construction loan for financing construction of their home property or avail home renovation loan for carrying out repair/renovation/extension of their existing house property can avail the SBI Regular Home Loan scheme.

Tenure: Up to 30 years

NRI Home Loan

Purpose: SBI offers NRI Home Loans to Non-Resident Indians for purchasing residential properties in India.

SBI Flexipay Home Loan

Purpose: SBI offers Flexipay Home Loan to salaried applicants wherein they can avail higher loan amounts. The repayment tenure of SBI Flexi Home Loan is divided into two terms; the pre-EMI period where the borrower pays only the interest component and the balance period where the borrower pays both the interest and the principal component.

Tenure: Up to 30 years

SBI Home Loan Balance Transfer

Purpose: SBI Home Loan Balance Transfer is offered to existing home loan borrowers of other banks/HFCs to transfer their home loans to State Bank of India at lower interest rates.

SBI Privilege Home Loan

Purpose: Government employees working with Central/State Government, Public Sector Banks, Public Sector Undertakings and other individuals with pensionable service can avail SBI Privilege Home Loan Scheme

Tenure: Up to 30 years

SBI Shaurya Home Loan

Purpose: SBI Shaurya Home Loan scheme is a special home loan scheme designed for Army and Defense personnel with lower interest rates, easy repayment options and longer repayment period.

Tenure: Up to 30 years

SBI Pre-Approved Home Loan

Purpose: SBI Pre-approved Home Loan facility allows prospective home loan applicants to obtain pre-approved loan sanction even before finalizing the property. This allows the applicants to confidently negotiate with the builders/sellers. This sanction is offered on the basis of the income of the home loan applicant.

Tenure: Up to 30 years

SBI Realty Home Loan

Purpose: Prospective home loan borrowers can avail SBI Realty (Plot) Home Loan to raise funds for plot purchase and home construction thereon, provided the construction begins within 5 years from the date of loan sanction.

Loan Amount: Up to Rs 15 crore

Tenure: Up to 10 years

SBI Top-up Home Loan

Purpose: SBI offers SBI Top-up Home Loan facility to its existing home loan borrowers wherein they can avail additional loan amount over and above their existing home loans for any personal use.

Tenure: Up to 30 years

SBI YONO Insta Home Top-up Loan

Purpose: Pre-select existing home loan borrowers of SBI can avail SBI YONO Insta Home Top-up Loan, to meet their personal requirements. This is an instant top-up home loan facility offered through a completely digital process over the SBI YONO app.

SBI Home Loan to Non-Salaried- Differential Offerings

Purpose: SBI Home Loan to Non-Salaried-Differential Offerings is a special home scheme designed for non-salaried applicants to finance the purchase and construction of homes, repair and renovation of existing dwelling units and balance transfer of existing home loans from other lenders to SBI.

Loan Amount: Rs 50,000-Rs 5 crore

Tenure: Up to 30 years

SBI Tribal Plus

Purpose: SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal/hilly areas. The applicants can avail the home loan scheme for purchase/construction of new house/flat, purchase of an existing house/flat not more than 10 years old, and repair/renovation/extension of existing home properties.

Loan Amount:

• For Salaried Individual- Up to 20 lakh
• For Non-Salaried Individual – Up to 15 lakh

Tenure: Up to 15 years

SBI Maxgain Home Loan

Purpose: SBI Maxgain is a home loan overdraft facility offered to applicants planning to purchase Ready to Move-in properties. The borrowers are required to meet their EMIs just like they do for Regular Home Loans. However, the Drawing Power on Overdraft facility gets reduced monthly to the extent of the principal balance.

Eligibility Criteria for SBI Home Loan

For SBI Regular Home Loans/Home Loan Balance Transfer/Pre-Approved Home Loan

• Minimum age: 18 years
• Maximum age: 70 years
• Nationality: Resident Indian

For SBI NRI Home Loan

• Minimum age: 18 years
• Maximum age: 60 years
• Nationality: Non Resident Indian and Person of Indian Origin

For SBI Flexipay Home Loan

• Minimum age: 21-45 years
• Maximum age: 70 years
• Job Profile: Salaried
• Nationality: Indian

For SBI Privilege Home Loan

• Job Profile: Government employees working with Central or State Government, Public Sector Banks, Public Sector Undertakings of Central Government and other individuals with pensionable service.
• Minimum age: 18 years
• Maximum age: 75 years
• Nationality: Resident Indian

For SBI Shaurya Home Loan

• Job Profile: Army and Defence Personnel
• Minimum age: 18 years
• Maximum age: 75 years
• Nationality: Resident Indian

For SBI Realty Home Loan

• Minimum age: 18 years
• Maximum age: 65 years
• Nationality: Indian

 For SBI Top-up Home Loan

• Minimum age: 18 years
• Maximum age: 70 years
• Nationality: Resident Indian/NRIs

For SBI YONO Insta Home Top-up Loan

Pre-selected customers based on various credit checks such as satisfactory repayment, residual loan tenure, etc.

For SBI Home Loan to Non-Salaried-Differential Offerings

• Minimum age: 18 years
• Nationality: Resident Indian
• Job Profile: Non-Salaried

If the applicant is a proprietor in a proprietorship firm or is one of the partners in a partnership firm or is a Director in a company, the company/firm:

• Should be in existence for at least 3 years
• Should have earned Net Profit in the past 2 years
• Regular and standard existing credit facilities
• If the proposed house property is jointly acquired by proprietor and proprietary firm, the firm should be debt free or existing borrower

For SBI Tribal Loan

• Maximum age: 21 years
• Maximum age: 60 years
• Nationality: Resident Indian

In addition to the above-mentioned SBI home loan eligibility criteria, the lender may also consider factors like monthly income, EMI/NMI ratio and credit score of the home loan applicants for evaluating their home loan eligibility.

Also know the home loan eligibility of top 10 banks/HFCs

SBI Home Loan EMI Calculator

You can also visit SBI Home Loan EMI Calculator to check the amortization schedule for detailed breakup of interest and principal components of home loan EMI

Documents Required for SBI Home Loan

General Documents

• ID card of the employer
• Duly filled application form with 3 passport sized photographs
• ID Proof: PAN/Voter ID/Passport/Driving License
• Address Proof: Copy of telephone bill/electricity bill/water bill/piped gas bill/passport copy/Aadhar card

Property Papers

• Permission for construction
• Sale agreement Registered (only Maharashtra), Allotment letter, Stamped Sale Agreement
• Occupancy certificate (ready to move in), maintenance bill, electricity bill, property tax receipt
• Copy of plan approved
• Registered Development Agreement of the builder
• Conveyance Deed
• Bank account details or payment receipts for payments made for the builder

Account Statement

• Bank account statement for last 6 months for all bank accounts
• Loan account statement for last 1 year for previous loan from other financial institutions

Income Proof for Salaried Applicant/Co-applicant/Guarantor

• Last 3 months salary slip/certificate
• Copy of ITR/Form 16, acknowledged by IT Department

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

• ITR for last 3 years
• Business Address Proof
• Profit and loss account and balance sheet for last 3 years
• TDS Certificate (Form 16)
• Qualification Certificate for CA, Doctors and other professionals
• Business License Details

Note: There are some lenders that offer home loans to those who do not have sufficient income proofs or receive their salaries in cash. Some of these banks and HFCs are PNB Housing Finance, HDFC, LIC Housing Finance, Piramal Housing Finance and IDFC First Bank.

Also know SBI Home Loan documents required in detail

FAQs

1. What is the turnaround time for the disbursement of SBI Home Loan?
Ans. SBI claims to take 3-10 working days on an average for disbursing home loans after the completion of documentation process and other required procedures.

2. Can I apply jointly with my spouse? Will the bank consider both our salaries for calculating the loan amount?
Ans. Yes, you can apply jointly with your spouse. The salary of your spouse will be considered only if he/she becomes a co-applicant in the home loan. If your spouse is a co-owner of the property, then he/she has to become co-applicant in the home loan.

3. Are there any concessions offered to women borrowers on SBI Home Loan interest rate?
Ans. SBI offers interest rate concession of 0.05% p.a. to women borrowers.

4. Can I choose between a fixed and floating interest rate?
Ans. SBI offers home loans at floating rates of interest only.

5. What are the parameters that determine an applicant’s home loan eligibility?
Ans. The applicant’s home loan eligibility depends upon the age, credit score, job profile, employer’s profile, monthly income, repayment capacity, etc.

6. Can I get an in-principal approval and actually avail the loan later?
Ans. Yes, SBI offers in-principal home loan approval based on the repayment capacity and income of the applicants. This helps you know how much funds the bank would make available to you which makes the entire process of identifying and purchasing the property easier.

7. What is the minimum credit score required to avail home loans from State Bank of India?
Ans. State Bank of India has not specified the cut-off credit score for home loan applicants. However, SBI offers lower interest rates to applicants having higher credit scores. For example, SBI offers lowest home loan interest rates to applicants having credit scores of 800 and above than those having credit scores of 750-799, 700-749, etc. Note that applicants who are new to credit or have no CIBIL score are also eligible for home loans at SBI, but at higher interest rates.

8. How do lenders check the EMI affordability for their home loan applicants?
Ans. Lenders consider the repayment capacity of home loan applicants while evaluating their loan application and loan amount eligibility. Home loan lenders usually prefer lending to home loan applicants having total EMIs, including EMI of the proposed home loan, to be within 50-60% of their monthly income. Hence, home loan applicants can use online home loan EMI calculator to find out the optimum home loan amount and tenure based on their repayment capacity.

9. How can I check the home loan’s total interest cost payable online?
Ans. You can check the total interest cost through Paisabazaar’s online EMI calculator for home loans. You need to enter three data points including the required loan amount, interest rate and loan tenure into EMI calculators to determine the monthly EMI and total interest cost.

10. Is pre-payment penalty funded in SBI balance transfer loans?
Ans. Yes, prepayment penalty is funded for SBI Home Loan Balance Transfer. However, the loan amount eligibility of the balance transfer applicants will be determined on the basis of their monthly income, LTV ratio, EMI/NMI ratio, etc.