| SBI Home Loan Details 2021 | |
| Interest Rate | 6.80% onwards |
| EMI/Lakh | Rs. 651 |
| Loan Tenure | Up to 30 years |
| Loan-to-Value Ratio | Up to 90% of property value |
| Processing Fees | Nil on home loans in approved projects |
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 6.80% p.a. State Bank of India offers a range of benefits on home loans such as flexible tenure, no prepayment penalty and no 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
- Nil processing fees on home loans in approved projects
- Varied schemes to suit every customer’s loan requirements
- No prepayment penalty on floating rate home loans
- Interest charges on Daily Reducing Balance
- Balance transfer, Top up and Overdraft options are available
SBI Home Loan Interest Rates 2021
| SBI Home Loan Schemes | Interest Rates for Salaried | Interest Rates for Self Employed |
| SBI Home Loan (Term Loan) | 6.80% – 7.55% | 7.10% – 7.70% |
| SBI Home Loan (MaxGain) | 7.30% – 7.65% | 7.45% – 7.80% |
| SBI Realty Home Loan | 7.65% – 8.05% | 7.65% – 8.05% |
| SBI Home Loan Top Up (Term Loan) | 7.50% – 9.65% | 7.65% – 9.80% |
| SBI Home Loan Top Up (Overdraft) | 8.40% – 8.75% | 8.65% – 8.90% |
| SBI Bridge Home Loan | 1st Year: 9.50% 2nd Year: 10.50% | – |
| SBI Smart Home Top Up Loan (Term Loan) | 8.50% | 8.55% |
| SBI Smart Home Top Up Loan (Overdraft) | 8.55% | 9.05% |
| Insta Home Top Up Loan | 8.20% | 8.20% |
| SBI Earnest Money Deposit (EMD) | 10.45% onwards | – |
| Tribal Plus Scheme | 7.05% onwards | 7.05% onwards |
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 Profile | Indian Residents/NRIs/PIOs |
| Employment Type | Salaried/Self Employed |
| Age | 18 to 75 years |
| Credit Score | Preferably 750 and above |
| Income | Varies from case to case |
Check Also: SBI Home Loan Eligibility for All SBI Home Loan Schemes
SBI Home Loan Schemes
| Regular SBI Home Loan For Women Home Owners | Home Loan Balance Transfer For All Home Loan Borrowers | Home Top Up Loan For SBI Home Loan Borrowers |
| Realty Home Loan For Buying Plot for Construction | Bridge Home Loan For Short-term Fund Requirements | Earnest Money Deposit (EDM) For Covering Advance Booking Cost |
| Privilege Home Loan For Govt. Employees | Flexipay Home Loan For Young Salaried | Shaurya Home Loan For Defence Personnel |
| NRI Home Loan For NRIs/PIOs | Home Loan to Non-Salaried For Non-salaried Professionals | Tribal Plus Home Loan For Indians in Tribal/Hilly Areas |
| Corporate Home Loan For Public & Pvt. Ltd. Corporate Entities | Commercial Real Estate (CRE) Home Loan For Residential Property Investors | Other Home Loan Products Offered by SBI |
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.
| Loan Amount | As per eligibility | |
| Interest Rate* | Term Loan For Salaried: 6.80%- 7.55% For Self Employed: 7.10% – 7.70% | Maxgain For Salaried: 7.30% – 7.65% For Self Employed: 7.45% – 7.80% |
| Loan Tenure | Up to 30 years | |
| Processing Fee | Nil on home loans in approved projects | |
| Age Limit | 18 – 70 years | |
*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)
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.
| Loan Amount | As per eligibility |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Extended as per eligibility |
| Processing Fee | As applicable |
| Age Limit | 18 – 70 years |
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.
| Loan Amount | As per eligibility | |
| Interest Rate* | Term Loan Up to Rs. 20 lakh: 7.50% | Overdraft Above Rs. 20 lakh and Up to Rs. 1 crore: 8.40% |
| Loan Tenure | Up to 30 years | |
| Processing Fee | As applicable | |
| Age Limit | 18 – 70 years | |
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.
| Loan Amount | Up to Rs. 15 crore |
| Interest Rate* | Up to Rs. 30 lakh: 7.70% Above Rs. 30 lakh to Rs 75 lakh: 7.80% Above Rs. 75 lakh: 7.90% |
| Loan Tenure | Up to 10 years |
| Processing Fee | As applicable |
| Age Limit | 18 – 65 years |
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)
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.
| Borrower Type | Resident Indians |
| Loan Amount | Rs. 20 lakh to Rs. 2 crore |
| Interest Rate | For 1st Year: 9.50% p.a. For 2nd Year: 10.50% p.a. |
| Loan Tenure | Up to 2 years |
| Processing Fee | As applicable |
| Age Limit | 18–70 years |
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.
| Loan Amount | CSP/DSP Account Holders: Up to Rs. 15 lakh Others: Up to Rs. 10 lakh |
| Interest Rate | 10.45% onwards |
| Loan Tenure | Up to 1 year |
| Processing Fee | 0.50% of the loan amount, minimum Rs. 1,000 |
| Age Limit | At least 21 years |
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Loan Tenure | Up to 30 years |
| Processing Fee* | Nil |
| Age Limit | 18 – 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.
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Loan Tenure | Up to 30 years |
| Processing Fee | As applicable |
| Age Limit | 21– 45 years (to apply for a loan) & 70 years (for loan repayment) |
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Loan Tenure | Up to 30 years |
| Processing Fee | Nil |
| Age Limit | 18 – 75 years |
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Loan Tenure | Up to 30 years |
| Processing Fee | As applicable |
| Age Limit | 18 – 60 years |
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.
| Loan Amount | Rs. 50,000 to Rs. 50 crore |
| Interest Rate | As per the applicant’s credit profile |
| Loan Tenure | Up to 30 years |
| Processing Fee | As applicable |
| Age Limit | 18 years (minimum) |
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.
| Loan Amount | Up to Rs. 10 Lakh |
| Interest Rate | 7.05% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | As applicable |
| Age Limit | 21 – 60 years |
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Processing Fee | 0.50% of the loan amount (Min. of Rs. 50,000 & Max. of Rs. 10 lakh) |
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.
| Loan Amount | As per eligibility |
| Interest Rate | Varies from one case to another |
| Processing Fee | 0.50% of the loan amount (Min. of Rs. 50,000 & Max. of Rs. 10 lakh) |
| Age Limit | 18 – 70 years |
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 EMI Calculator
SBI Home Loan Calculator calculates the approximate value of EMI on the basis the amount you wish to borrow, home 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 housing loan EMI calculation for different loan amounts, interest rates and loan tenures:
| Loan Amount | Interest Rate | SBI EMIs as per Different Loan Tenures | ||
| 15 years | 20 years | 30 years | ||
| Rs. 40 lakh | 7.00% | Rs. 35,953 | Rs. 31,012 | Rs. 26,612 |
| Rs. 60 lakh | 7.50% | Rs. 55,621 | Rs. 48,336 | Rs. 41,953 |
| Rs. 80 lakh | 7.75% | Rs. 75,302 | Rs. 65,676 | Rs. 57,313 |
| Rs. 1 crore | 8.00% | Rs. 95,565 | Rs. 83,644 | Rs. 73,376 |
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 down payment 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.
