Compare & Apply for Home Loan Starting @ 6.50% p.a.
| SBI Home Loan 2021 Details | |
| Interest Rate | 6.70% onwards |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Nil under the Home Loan Festive Offer |
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.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
SBI Home Loan Features & Benefits
- Interest concession of up to 0.05% to women borrowers
- No prepayment penalty on floating rate home loans
- Varied schemes to suit every customer’s loan requirements
- Balance transfer, top up and overdraft facilities are available
SBI Home Loan Interest Rate 2021
| Types of SBI Home Loan | Interest Rate for Salaried | Interest Rate for Self Employed |
| Regular SBI Home Loan | Term Loan – 6.70% onwards MaxGain – 7.15% onwards | Term Loan – 6.90% onwards MaxGain – 7.30% onwards |
| SBI Realty Home Loan | 7.45% – 7.85% | 7.45% – 7.85% |
| SBI Privilege Home Loan | As per credit assessment | |
| SBI Shaurya Home Loan | As per credit assessment | |
| SBI Flexipay Home Loan | As per credit assessment | |
| SBI Home Loan to Non-Salaried | As per credit assessment | |
| SBI NRI Home Loan | As per credit assessment | |
| SBI Bridge Home Loan | 1st Year: 9.50% 2nd Year: 10.50% | – |
| SBI Home Loan Balance Transfer | 6.70% onwards | 6.70% onwards |
| SBI Home Top Up Loan | Term Loan – 7.50% – 9.65% Overdraft – 8.40% – 8.65% | Term Loan – 7.65% – 9.80% Overdraft – 8.55% – 8.80% |
| SBI Smart Home Top Up Loan | Term Loan – 8.50% Overdraft – 8.55% | Term Loan – 8.55% Overdraft – 9.05% |
| Insta Home Top Up Loan | 8.20% | 8.20% |
| SBI Earnest Money Deposit (EMD) | 10.45% onwards | – |
| SBI Tribal Plus Home Loan | Additional 10 bps will be added to the Final Rate | |
| Corporate Home Loan | As per credit assessment | |
| Commercial Real Estate (CRE) Home Loan | Additional 50 bps will be added to the Final Rate | |
| Other Home Loan Products Offered by SBI | ||
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SBI Home Loan Processing Fees & Charges
SBI Home Loan Processing Fee is nil on home loans in approved projects. The other SBI housing loan charges are 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 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 |
In addition to the points above, your SBI home loan eligibility also depends on your income, the property you are purchasing and its location.
How Your Credit Score Impacts Your Home Loan
This is how your credit score influences your home loan:
Increases your chances of getting loan approval: Your credit score forms first impression on your lenders. The higher the score, the better are your chances of your home loan application being approved. You can get a home loan with a low credit score, however, the chances of this happening are really slim. Moreover, in such cases, your lender is more likely to levy higher rate of interest or sanction lesser loan amount. To make your case strong, you can consider adding another asset as collateral or including a co-applicant with a strong repayment history and sufficient income.
Helps you get home loan at lower rates: Your credit score directly impacts your home loan interest rate. A higher credit score will help you get the loan at a lower interest rate, which will further help you save greatly on the interest cost and make home loans more affordable.
Note: In case of joint home loans, your lender assesses the credit profile of each co-applicant before approving the loan. The loan officer also will look at the credit score of each co-applicant to assess the lending risk. Therefore, before applying for a home loan jointly, all co-applicants must check and ensure that their credit scores are high enough to get them home loan at low interest rates.
Also Read: What should be the CIBIL score for SBI home loan?
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SBI Home Loan Documents 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).
Check: Complete List of SBI Home Loan Documents
SBI Home Loan Schemes
1. SBI Home Loan
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: 6.70% onwards For Self Employed: 7.15% onwards | Maxgain For Salaried: 6.90% onwards For Self Employed: 7.30% onwards |
| Loan Tenure | Up to 30 years | |
| Processing Fee | Nil under the Home Loan Festive Offer | |
| 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 Realty Home Loan
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. 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: 7.50% Above Rs. 30 lakh to Rs 75 lakh: 7.60% Above Rs. 75 lakh: 7.70% |
| Loan Tenure | Up to 10 years |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 18 – 65 years |
Note:*A premium of 10 bps will be added to the Card Rate for customers falls under Risk Grade 04 to 06.
Interest concession of 05 bps concession is available to women.
A premium of 05 bps will be added for the customers who is not having salary account with SBI.
3. SBI Privilege Home Loan
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 | As per credit assessment |
| 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.
4. SBI Shaurya Home Loan
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 | As per credit assessment |
| Loan Tenure | Up to 30 years |
| Processing Fee | Nil |
| Age Limit | 18 – 75 years |
5. SBI Flexipay Home Loan
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 | As per credit assessment |
| Loan Tenure | Up to 30 years |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 21– 45 years (to apply for a loan) & 70 years (for loan repayment) |
6. SBI Home Loan to Non-Salaried
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 credit assessment |
| Loan Tenure | Up to 30 years |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 18 years (minimum) |
7. SBI NRI Home Loan
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 | As per credit assessment |
| Loan Tenure | Up to 30 years |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 18 – 60 years |
8. SBI Bridge Home Loan
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 | 0.35% of the loan amount (Min. of Rs. 5,000) + GST |
| Age Limit | 18–70 years |
9. SBI Home Loan Balance Transfer
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 | 6.70% onwards |
| Loan Tenure | Extended as per eligibility |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 18 – 70 years |
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10. SBI Home Top Up Loan
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 | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST | |
| Age Limit | 18 – 70 years | |
Note:*A premium of 15 bps will be added to the Card Rate for Non-salaried Customers
A premium of 10 bps will be added to the Card Rate for customers falling under Risk Grade 04 to 06.
Premium of Non-salaried and Risk Grade 04 to 06 will be clubbed with other premiums to arrive at the final home loan rate
11. SBI Earnest Money Deposit (EMD)
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 (Min. of Rs. 1,000) + GST |
| Age Limit | At least 21 years |
12. SBI Tribal Plus
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 | An additional 10 bps will be added to the Final Rate |
| Loan Tenure | Up to 15 years |
| Processing Fee | 0.40% of the loan amount (Min. of Rs. 10,000 & Max. of Rs. 30,000) + GST |
| Age Limit | 21 – 60 years |
13. SBI Corporate Home Loan
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 | As per credit assessment |
| Processing Fee | 0.50% of the loan amount (Min. of Rs. 50,000 & Max. of Rs. 10 lakh) + GST |
14. SBI CRE (Commercial Real Estate) Home Loan
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 | An additional 50 bps premium will be added to the Final Rate |
| Processing Fee | 0.35% of the loan amount (Min. of Rs. 5,000) + GST |
| 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. However, currently the scheme is available only to people falling under LWS and EWS income groups.
- 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.
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How to Apply for SBI Home Loan
There are multiple ways to apply for SBI housing loan, some of them are listed below:
- Visit the bank branch: You can visit the nearest bank branch and discuss your loan requirements with their bank representative
- Call SBI customer care: Discuss your loan requirements with their customer care representative by calling at SBI’s toll-free customer care number (1800 11 2018)
- Apply at their website: You can also visit their official website, https://onlineapply.sbi.co.in/, and apply for home loan online
- Apply using SBI’s YONO app: Existing SBI customers can apply for home loan using the bank’s mobile application – YONO app. Applying through the mobile app also gets applicants interest concession
After applying for home loan at SBI, you will get a Reference ID, which will help you track your home loan application status online at the bank’s website or mobile application. As a SBI home loan borrower, you can also view and download your home loan statement online at the bank’s website or mobile application, as and when required.
Why Apply for Home Loan at Paisabazaar
- Multiple Offers at One Place: Paisabazaar has partnered with more than 20 financial institutions to give you multiple options to choose from on a single platform.
- Compare & Choose: Getting a housing loan at a lower rate of interest would reduce the overall interest payout. Therefore, before choosing a home loan offer, shop around and compare all options available to you. At Paisabazaar, you can compare features, interest rates and other charges offered by multiple lenders and choose the one that best suits your requirements.
- Pre-Approved Offers: Paisabazaar offers pre-approved home loan balance transfer offers to all of its customers who are currently servicing their home loans.
- End-to-end Assistance: Paisabazaar’s home loan experts offer you assistance throughout the home loan process so that you have a smooth experience.
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How to Check Your Home Loan Status Online
You can track your SBI housing loan application online through these ways:
- Through reference number and mobile number: With the help of SBI’s online loan status tracker, you can easily know the status of your home loan application by just entering the reference number and mobile number
- Through net banking: Existing SBI customers can also track the status of your home loan application through SBI online banking. You can sign in using your username and password
- Through YONO mobile application: You can easily track the status of your SBI home loan application by using SBI’s YONO mobile application that is available for both Android and iOS. You can download the app, go to the loans ‘section’, select home loan and track the status online
SBI Home Loan Customer Care
Customers can contact SBI home loan customer care through call, email and post, details of which are as below:
| SBI Home Loan Customer Care Toll-free Numbers | 1800 11 2211 (Toll-free number) 1800 425 3800 (Toll-free number) 080-26599990 (Toll number) |
| SMS Service | SMS HOME to 92235 88888 |
| Missed Call Service | 72089 33140 |
| Link to register complaints | homeloan.complaints@sbi.co.in |
| Postal Address | Real Estate and Housing Business Unit, State Bank of India, Corporate Center, Madame Cama Road, State Bank Bhavan, Nariman Point, Mumbai-400021, Maharashtra |
In case of any complaints, SBI home loan customers can fill the complaints form available on the official website of SBI or follow the link below:
