SBI Home Loan

The State Bank of India offers a variety of SBI Home Loan schemes to individuals so that they can build their dream house. The loans are provided to all kinds of individuals who match the relevant eligibility criteria including rural customers under different products designed specifically for different needs.

SBI Home Loan Interest Rate 2018
Interest Rate	8.70% onwards
Processing Charges	Up to 1% p.a.
Loan Amount	Rs. 10 crore
Cheque Bounce Charges	Rs. 500 per instance
Cheque / Instrument Swap Charges	Rs. 500 per instance
Prepayment or Foreclosure Charges	Nil

Note: The facts and figures provided above are illustrative and subject to periodic change.

SBI Home Loan Interest Rate for Women & Men *

Type of Borrowers	Up to Rs 30 Lalk	Rs 30 – 75 Lakh	Above 75 Lakh
Women	8.70%	8.75%	8.85%
Others	8.75%	8.80%	8.90%

SBI Top Up Home Loan Interest Rates*

• INSTA HOME TOP UP LOAN (1-yr MCLR: 8.50%)

Revised Interest Rate
Insta Home Top Up Loan (Rs.1 lac to Rs.5 lakhs)	9.45%

Processing Fees is Zero for SBI Insta Home Loan

• HOME TOP UP LOANS (other than Insta Home Top Up Loans) WITHOUT EXTENSION OF MORTGAGE ON HOUSE PROPERTY:

SBI Term Loan	Salaried	non-Salaried
Upto Rs 5.00 lakhs	9.45%	9.55%

• HOME TOP UP LOANS (other than Insta Home Top Up Loans) WITH EXTENSION OF MORTGAGE ON HOUSE PROPERTY :(1-yr MCLR: 8.45%)

Home Top-up Term Loan
Revised Interest Rate
	Risk Grade	Interest Rate for Salaried Borrowers:	Interest Rate for Non-Salaried Borrowers:
Above Rs 5 lakhs and up to Rs. 20 lakhs	1, 2 ,3	8.90%	9.05%
	4, 5 ,6	9.00%	9.15%
Above Rs.20 lakhs and up to Rs 1 crore	1, 2 ,3	9.10%	9.25%
	4, 5 ,6	9.20%	9.35%
Above Rs 1 crore and up to Rs 2 crore	1, 2 ,3	9.30%	9.45%
	4, 5 ,6	9.40%	9.55%
Above Rs 2 crore and up to Rs 5crore	1, 2 ,3	9.75%	9.90%
	4, 5 ,6	9.85%	10.00%
Above Rs.5 crore	1, 2 ,3	9.95%	10.10%
	4, 5 ,6	10.05%	10.20%

*The facts and figures provided above are illustrative and subject to periodic change.

SBI Home Loan EMI Calculator 2018

SBI Housing Loan EMI Calculation
Loan Amount	10 year loan	15 year loan	30 year loan
Rs. 20 Lakh	Rs. 25,012	Rs. 19,930	Rs. 15,663
Rs. 30 Lakh	Rs. 37,517	Rs. 29,895	Rs. 23,494
Rs. 50 Lakh	Rs. 62,529	Rs. 49,825	Rs. 39,157

SBI Housing Loan Margin or LTV Ratio

Individual Home Loan Account	Margin	LTV Ratio
Up to Rs.20 lakhs	10%	90%
Above Rs.25 lakhs and up to Rs.75 lakhs	20%	80%
Above Rs.75 lakhs	25%	75%

Why SBI Home Loans?

State Bank of India (or SBI) is India’s largest public sector bank, and a Fortune 500 company. It has developed a strong sense of trust among the masses with its loan processing methods and low rates. SBI bank was awarded ‘The Most Preferred Home Loan Provider’ title Awaaz Consumer Awards and also the ‘Most Preferred Bank’ Award in a survey carried out by TV 18 in association with AC Nielsen – ORG Marg in 21 cities across India.

Why one should choose SBI housing loan schemes?

• Home loans by SBI are at low processing charges making them affordable for the customer.
• The rate of interest are 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.
• There is no pre-payment penalty levied on the customer if he or she makes a prepayment of the loan to reduce the liability and consequently the quantum of interest charged.
• The bank operates through a wide range of over 15,969 branches which make it easier for the customer to avail an SBI Home loan from the branch nearest to his or her current residence or the proposed residence.

SBI Home Loan News

SBI increases MCLR by 5 basis points

1st October 2018, Banks including SBI, HDFC, ICICI and PNB have raised their lending rates for home loans. Banks took this decision just few days before the Central Bank was expected to raise MCLR this week again. SBI raised its MCLR rate across tenors by 5 base points. Revised lending rates from SBI is 8.70% onwards.

SBI announces special loan for home repair in Kerala

State Bank of India will levy no processing fee on home loan applications for repair and renovations in Kerala. Also, it will be offering loan of up to Rs 10 lakh at a reduced interest rate of 8.45% per annum.

Loans to become costlier as SBI hikes MCLR rate

SBI has increased the MCLR rate by 0.2%, thus making home loan, auto loan and several other loans to become costlier. The new interest rates will be effective from Sep 1^st, 2018. SBI has increased its lending rates by 20 bps (basis points) throughout all tenors upto three years. Currently, the MCLR rate is 8.1% against 7.9%, which was earlier. SBI has hiked one year tenor MCLR rate from 8.25% to 8.45% and for three-year tenor, MCLR has increased from 8.45% to 8.65%. Since, RBI has hiked the lending rate by 25 bps to 6.5%, approximately after a month SBI has also decided to put a hike on the MCLR.

Types of SBI Home Loans

SBI Max Gain Home Loan

A State Bank of India home loan which is offered as an overdraft facility to the customer. The features and benefits of the loan are as follows:

• The interest payable on the home loan can be reduced if it is availed as an overdraft under this product.
• A SBI home loan account is opened by the bank and the loan amount is offered as an overdraft against that account. The customer has the flexibility to operate the loan account like a savings or current account complete with withdrawals through a cheque or online banking facility
• The customer can deposit any surplus funds in the Max Gain account which can be withdrawn whenever required. The surplus funds when deposited in the account go towards loan repayment and lower the incidental interest till the period the funds are withdrawn.
• The minimum amount of loan issued under this scheme is Rs.20 lakhs. There is no ceiling on the maximum amount of loan available and the customer can avail any amount of loan as long as it is well within his or her repayment capacity
• Women applicants are given additional privileges in the form of lower interest rates. It is applicable only if the female is the sole applicant or the first co-applicant of the loan and the property against which loan is availed should either be in the sole name of the female and if under joint ownership, the female should be the first owner of the property.

SBI Yuva Home Loan

A customized SBI home loan scheme for the younger generation. The home loan offers various features and benefits like:

• The scheme provides a 20% higher quantum of the loan than that offered under the normal State Bank of India home loan scheme.
• The repayment method is different for this loan scheme. During the first 3 years or 36 months of availing the loan, only the accrued interest is supposed to be payable by the applicant. Post the completion of this term, the repayment towards the actual loan amount starts. It means that loan repayment starts 3 years after availing the loan from the 4^th year

SBI Yuva Home Loan Eligibility Criteria:

• The applicant should be aged between 21 years to 45 years. Thus, applicants lower than 21 years and older than 45 years are not eligible to avail a State Bank of India home loan under this scheme.
• The loan is available to salaried employees of the private sector companies, Multi-national Corporations, Government Undertakings, PSU and Government employees
• The minimum net monthly income of the applicant should be Rs.30, 000 where the expected rent from the proposed property should not be considered to calculate the net monthly income.

SBI NRI Home Loan

Home Loans to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). The list of features and benefits of the loan are as follows:

• The minimum amount of loan available to NRIs and PIOs is Rs.3 lakhs.
• There is no maximum limit on the amount of loan available to the individuals and it depends on the applicant’s ability to repay the loan and his income.

SBI NRI Home Loan Eligibility Criteria:

• The loan is available to Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) only
• The applicants should have a regular source of income
• The minimum employment term of the applicant either in India or abroad should be at least 2 years.

SBI Realty Home Loan

A home loan scheme granted for the purchase of plot with the intention of constructing a dwelling unit on that land. The features and benefits of the scheme are as follows:

• The loan is provided to buy a plot for the construction of a house wherein the construction should start within 2 years from the date of availing the loan
• The customer can also avail a second loan for the construction of a house on the plot which was financed by this loan scheme and run both the loans simultaneously.
• The maximum amount of loan available to any applicant is limited to Rs.10 crores
• The loan should be repaid within 15 years. The applicant may choose any repayment tenure but it should be within 15 years and not more than that.

SBI Pal Home Loan

A SBI pre-approved loan for availing the necessary funds even before the property to be bought has been finalized. The following are the features and benefits of this loan scheme:

• With a pre-approved loan with the customer, the customer has an advantage when buying the house at the time of negotiations with the seller or promoter.
• The quantum of loan and eligibility will be assessed based on the applicant’s income and repayment capacity
• A processing fee will be collected at the time of loan sanction which is non-refundable once paid.
• The Pre-approved loan arrangement letter will be provided to the applicant which will be valid for 4 months. The applicant will need to finalize the property to be bought and submit the relevant papers within the specified time period of 4 months and the processing fee will not be levied again.
• The minimum amount of loan granted under the scheme is 10 lakhs and there is no limit on the maximum limit. The maximum quantum depends on the applicant’s income and affordability to meet the regular EMI payments.

SBI Tribal Plus Home Loan

A special home loan scheme designed for hilly or tribal areas in which mortgaging the property is not possible. The features of the loan are as follows:

• Loan is available for purchase of a new house or a new flat without the condition of mortgaging the land
• For purchasing an old house under resale or an old flat which should not be more than 10 years old you can also avail this loan.
• For renovations, repairs or extension of an existing house or a flat
• There is no minimum limit of the available loan but the maximum amount of loan is capped at Rs.10 lakhs.
• The repayment period is 15 years. The applicant may choose any repayment tenure but it should be within 15 years and not more than that.

SBI Gram Niwas Home Loan

A SBI Rural home loan scheme for rural and semi-urban areas. The features of the loan scheme are as follows:

• Loans are available in all areas which are rural or semi-urban having a population of at least 50,000 as per the census of 2011.
• Gram Niwas Loans are granted for purchase or construction of a new house, repair or renovations to an existing house and for the purchase of a plot on which the house is to be constructed.
• There is no processing charge under this loan scheme
• No minimum limit of the available loan but the maximum amount of loan is capped at Rs.5 lakhs.
• The repayment period is 15 years. The applicant may choose any repayment tenure but it should be within 15 years and not more than that.

SBI Sahyog Niwas Home Loan

A SBI rural housing finance which is a home loan scheme for self-help groups in rural areas. The following are its features:

• The loan is granted to self-help groups with a good payment record of at least 2 years on their member lending.
• It is available for purchase or construction of a house exclusively and including the housing needs of their everyday activities like dairy shed, grocery stores, etc.
• Customers/Borrowers can also avail this loan for renovation repair or extension of a work-space of an existing house or shed
• Loan is also available for purchase of a plot with an intention to construct a house thereon
• The amount of this sbi home loan available to the group is a maximum of 10 times the saving corpus of the Self-help group capped at a maximum of Rs.50, 000 per member.

SBI Flexi-Pay Home Loan

Loans offered by State Bank of India which promise a higher amount of home loan with increased home loan eligibility. The features of this State Bank of India home loan scheme includes:

• This loan scheme provides 1.2 times higher loan eligibility as against the normal home loan schemes offered by the bank.
• It can also be availed by working professionals or executives for fulfilling their housing requirements
• The minimum amount of loan available under this scheme is Rs.20 lakhs
• This home loan scheme provides a moratorium period which is also called the repayment holiday. During this period, the applicant has the flexibility to pay only the interest component of the loan without paying the Equated Monthly Instalments or EMIs. This balances the effect of additional loan on the monthly State Bank of India home loan EMIs and makes them affordable. When the loan tenure starts, the applicants can pay moderated EMIs for their loan. the bank also steps up the EMIs in later years when it becomes affordable to the applicants to pay off the loan
• The repayment holiday or the moratorium period can be selected by the applicant suiting his requirements. The bank allows a moratorium period anywhere from 36 months to 60 months
• The SBI Home loan repayment tenure available to applicants is 25 years to 30 years and the applicant is free to choose any loan tenure in this range.
• Prepayment can be done against the outstanding loan amount and the bank would not charge any prepayment penalty for such prepayment.

SBI Her Ghar Loan

These are normal SBI housing loans but designed for women applicants which offer a lower SBI Home loans interest rate for women. The rate of interest charged from women applicants is only 9.35% per annum. However, for this rate, there are two requirements. One, the woman should be the sole applicant or one of the co-applicants of the SBI housing loans. Second, the woman should either be the only owner or co-owner of the property which is to be bought using the loan.

SBI Home Loan Eligibility Criteria

• The individual should be at least 18 years old on the date on loan sanction
• The maximum age to avail and repay home loan products is 70 years.

Other factors depend on the individual loan products. To increase the eligibility of the applicant, the following factors can be added:

• Income of the spouse, son and/or daughter living with the applicant if they have a steady income and their respective salary accounts are maintained with SBI
• Expected rent income to be earned if the house for which the loan is being availed is expected to be rented out
• Depreciation
• Regular income from all sources
• As security, There is a requirement of equitable mortgage of the property.

Applicants who have already availed a home loan from State Bank of India are eligible to apply for State Bank of India home loans provided that they have a clean repayment record for at least one year. In addition to this, Bank requires a valid mortgage of the house property in favor of the bank.

Documents Required for SBI Bank Home Loan

 List of documents required for all types of applicants of SBI Home Loan:

• Completed Loan Application
• 3 Passport sized Photographs
• Identity Proof which can be the photocopy of the Voter’s ID card or Passport or Driving License, Adhar Card or IT PAN Card
• Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card
• Proof of business address for non-salaried individuals
• Statement of bank account or the Passbook of the last 6 months
• Signature Identification from the present bankers
• Personal Assets & Liabilities Statement

 Documents required for a Guarantor wherever applicable:

• Personal Assets & Liabilities Statement
• 2 Passport sized Photographs
• Identity Proof which can be the photocopy of the Voter’s ID card or Passport or Driving License or IT PAN Card
• Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card
• Proof of business address for non-salaried individuals
• Signature Identification from his or her present bankers

The additional documents required for salaried individuals are as follows :

• Original Salary Certificate from the employer
• TDS Certificate on Form 16 or IT Returns for the last 2 financial years acknowledged by the IT Department

The additional document required for professionals, self-employed individuals and other IT assesses:

• Acknowledged copies of 3 years’ IT Returns or Assessment Order
• Photocopies of Challans showing payment of Advance Income Tax

Read more about Home Loan Documents Required

SBI Home Loan Processing Fees and Charges

• The processing fee is 0.25% of the loan amount subject to a minimum of Rs1000 for loans up to Rs.25 lakhs, Rs.6500 for loans above Rs.25 lakhs and up to Rs.75 lakhs and Rs.10, 000 for loans above Rs.75 lakhs.
• Pre-sanction charges are advocate’s fee for property search and the title investigation report, and valuer’s fee for the valuation report. These are payable with actual charges.
• Actual charges payable post-sanction of the loan amount are Stamp Duty payable for Loan agreement and mortgage, Property insurance premium, processing fee recovered and CERSAI registration fee of Rs.250 plus applicable service tax for up to Rs.5 lakhs limit and Rs.500 plus the applicable service tax for limit above Rs.5 lakhs
• There is no pre-closure or pre-payment penalty charged for Home Loans by the bank. If You have any query regarding your home loan, may contact to Sbi home loan customer care, the team will help and find the best solution in minimum time frame.

How to Apply SBI Home Loan Online?

An individual can apply for a Home Loan from SBI by logging on to the Paisabazaar.com website and completing the online application process of the SBI Home Loan. Customers can also check their SBI home Loan Statement. Paisabazaar offers many other useful services like investment options like Mutual Fund by SBI and you can also avail the tax benefit up to 1.5 Lacs.

SBI Home Loan Tax Benefits

If you have a SBI home home loan you can have certain Income tax benefits according to the the income tax laws in India. Borrowers are eligible for a deduction of the interest paid on such house property to the extent of Rs 2 lakhs in case of a self-occupied house in that particular Assessment Year (AY) while they can claim the entire interest paid during the AY as a deduction without any limit, if they have given the property on rent.

Further, the principal component of such loan repayment can be claimed as a deduction from the total income under Section 80C, up to a maximum of Rs 1.5 lakhs.