| SBI Home Loan Highlights | |
| Interest Rate | 8.60% – 9.50% p.a. |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | NIL (during festive campaign between 4th Oct 2022 to 31st Jan 2023) |
Note: Rates as of 8th February 2023
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SBI Home Loan Interest Rates
For Regular Home Loan including Flexipay, NRI, Non-salaried, Privilege / Shaurya, Apon Ghar
Rates During Campaign (valid up to 31st March 2023)- Term Loan
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 8.60% |
| 750-799 | 8.60% |
| 700-749 | 8.70% |
| 650-699 | 9.20% |
| 550-649 | 9.40% |
| NTC/No CIBIL/-1 | 8.80% |
Card Rates (Term Loan)
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 8.90% |
| 750-799 | 9.00% |
| 700-749 | 9.10% |
| 650-699 | 9.20% |
| 550-649 | 9.40% |
| NTC/No CIBIL/-1 | 9.10% |
Note:
- The concessional rates are inclusive of 5bps concession available to women borrowers and 5 bps concession available for salary account holders for Privilege, Shaurya & Apon Ghar
- Premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue
- For Shaurya and Shaurya Flexi Product: 10 bps concession over the above proposed rates to enhance offerings for serving defence personnel
For Top-up Home Loan
Rates During Campaign (valid up to 31st March 2023)- Term Loan
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.00% |
| 750-799 | 9.10% |
| 700-749 | 9.20% |
| 650-699 | 9.60% |
| 550-649 | 9.90% |
| NTC/No CIBIL/-1 | 9.50% |
Card Rates (Term Loan)
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.30% |
| 750-799 | 9.40% |
| 700-749 | 9.50% |
| 650-699 | 9.60% |
| 550-649 | 9.90% |
| NTC/No CIBIL/-1 | 9.50% |
Other Variants
5 bps concession on card rates for Max Gain and Realty Loans (except CRE Loans) for borrowers with CIBIL score greater than or equal to 750 (valid up to 31st March 2023)
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Compare SBI Home Loan Interest Rates with Other Lenders
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to Rs 30 Lakh | Above Rs 30 Lakh & up to Rs 75 Lakh | Above Rs 75 Lakh |
| State Bank of India | 8.60-9.50 | 8.60-9.40 | 8.60-9.40 |
| HDFC | 8.45-10.35 | 8.45-10.60 | 8.45-10.70 |
| ICICI Bank | 8.75-9.85 | 8.75-9.85 | 8.75-9.85 |
| Kotak Mahindra Bank | 8.65 onwards | 8.65 onwards | 8.65 onwards |
| PNB Housing Finance | 8.50-14.50 | 8.50-13.00 | 8.50-10.85 |
| Punjab National Bank | 8.25-9.00 | 8.25-9.00 | 8.20-8.90 |
| Bank of Baroda | 8.60-10.35 | 8.60-10.35 | 8.60-10.60 |
| Union Bank of India | 8.60 – 10.50 | 8.60 – 10.70 | 8.60 – 10.70 |
| IDFC First Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| L&T Housing Finance | 8.65-8.75 | 8.65-8.75 | 8.65-8.75 |
| Bajaj Housing Finance | 8.75 onwards | 8.75 onwards | 8.70 onwards |
| Godrej Housing Finance | 8.39 – 10.99 | 8.39 – 10.99 | 8.39 – 10.99 |
| Tata Capital | 8.95 onwards | 8.95 onwards | 8.95 onwards |
| LIC Housing Finance | 8.65 – 10.10 | 8.65 – 10.30 | 8.65 – 10.50 |
| Federal Bank | 8.60-9.95 | 8.60-10.00 | 8.60-10.05 |
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Processing Fees and Charges for SBI Home Loan
SBI Home Loan Processing Fee is nil on home loans in approved projects. The other SBI housing loan charges are as follows:
| Processing Fees | NIL (during festive campaign between 4th Oct 2022 to 31st Jan 2023) |
| Pre-payment Charges | NIL |
| CERSAI Charges | Up to Rs 5 lakh- Rs 50 Above Rs 5 lakh-Rs 100 |
Also know about processing fee for home loan
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Types of SBI Home Loan
Regular Home Loan
Purpose: 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: For purchase/construction of homes for NRIs
Tenure: Up to 30 years
Flexipay Home Loan
Purpose: Makes salaried applicants eligible for higher loan amount by allowing them to repay lower EMI during the initial years of the loan tenure and higher EMIs during the subsequent years. SBI Flexipay Home Loan also offers the option of repaying only the interest component during the moratorium period.
Tenure: Up to 30 years
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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.
Privilege Home Loan
Purpose: The employees of Central/State Government, Public Sector Banks, Public Sector Undertaking and also for other applicants with pensionable service can avail SBI Privilege home loan scheme
Tenure: Up to 30 years
Shaurya Home Loan
Purpose: SBI Shaurya Home Loan scheme is a special scheme designed for Army and Defense Personnels with lower interest rates.
Tenure: Up to 30 years
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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
Realty Home Loan
Purpose: SBI Realty Home loan is offered for construction of residential unit within 5 years from the date loan has been sanctioned
Loan Amount: Up to Rs 15 crore
Tenure: Up to 10 years
Top-up Home Loan
Purpose: Existing borrowers of SBI Home Loan can avail SBI Top-up Home Loan facility wherein the existing home loan borrowers can avail additional loan amount over and above the existing home loan for any personal use.
Tenure: Up to 30 years
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.
Home Loan to Non-Salaried- Differential Offerings
Purpose: This is a special home scheme designed with keeping the unique requirements for non-salaried applicants.
Loan Amount: Rs 50,000-Rs 5 crore
Tenure: Up to 30 years
SBI Tribal Plus
Purpose: This is a special SBI home loan scheme designed for applicants residing in tribal/hilly areas.
Loan Amount: Up to Rs 10 lakh
Tenure: Up to 15 years
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Eligibility Criteria for SBI Home Loan
- Age: 18-70 years
- Nationality: Indian/NRI/PIO
For NRIs
- Age: 18-60
- Nationality: NRI and Person of Indian Origin
For Flexipay Home Loan
- Age: 21-45 years for loan application and up to 70 years for repayment
- Nationality: Indian
For Privilege Home Loan/Shaurya Home Loan
- Age: 18-75 years
- Nationality: Indian
For Realty Home Loan
- Age: 18-65 years
- Nationality: Indian
For YONO Insta Home Top-up Loan
Pre-selected customers based on various credit checks such as satisfactory repayment, residual loan tenure, etc.
SBI Home Loan to 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 some 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 Tribals
- Age: 21-60 years
- Nationality: 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
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 about 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.
Click Here:- To know more about Credit Score based Interest Rates of SBI Home Loan