SBI Home Loan

From October 1, 2019, State Bank of India (SBI) adopted repo rate as its external benchmark for all floating rate home loan schemes. Currently, SBI’s External Benchmark Rate (EBR) is 7.80%. The SBI repo rate linked home loan interest rate is 7.20% onwards.

For existing SBI borrowers who are servicing home loan under Marginal Cost of funds based Lending Rate (MCLR) lending regime, the current MCLR is 7.75%, effective from 10 March 2020.

SBI Home Loan Interest Rates for Various Schemes (RLLR linked)

Check Also: Current Home Loan Interest Rates Offered by All Banks & HFCs in India

1. SBI Home Loan

SBI Regular Home Loan can be availed for multiple purposes, including the purchase of ready built property, under-construction property or pre-owned homes, construction of a house, extension of a house, repair and renovation. The interest rate for this scheme is linked to repo rate. The details of the product are:

Note:

• 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 RG (4 to 6)

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2. SBI NRI Home Loan

SBI NRI Home Loan allows Non-Resident Indians (NRIs) to get financial support when investing in properties.

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3. SBI Flexipay Home Loan

SBI Flexipay Home Loan offers the option to pay the interest amount during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. In the subsequent years, the monthly instalments increase under the step-up EMI plan. This home loan variant is quite useful for young earners.

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4. SBI Privilege Home Loan

SBI has launched SBI Privilege Home Loan exclusively for government employees.

*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.

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5. SBI Shaurya Home Loan

SBI Shaurya Home Loan scheme is dedicated to Army and other Indian Defence personnel. The scheme, available at an attractive interest rate, comes with other benefits, such as zero processing fees, zero prepayment penalty, concession for women borrowers, interest concession in case of Check-Off, etc.

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6. SBI Realty Home Loan

Customers who want 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.

Note:

• A premium of 10 bps will be added to the card rate for customers falling under Risk Grade 04 to 06
• 05 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 first disbursement (applicable for new loans sanctioned w.e.f 01 October 2019)

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7. SBI Home Top Up Loan

Customers who are availing SBI home loans and require more funding can opt for Home Top-Up Loans.

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8. 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. Check SBI Bridge Home Loan details:

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9. SBI Smart Home Top-Up Loan

The SBI Smart Home Top-Up Loan is a general-purpose loan. Customers can get it from the nearest SBI branch/RACPC within minutes, without furnishing any document. However, 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.

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10. SBI Insta Home Top-Up Loan

This loan facility 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. Be it the selection of customers, processing of their loan request, disbursement of the loan or setting the standard instructions for loan repayment, everything is performed by the system automatically. To avail the loan, the existing home loan customers must have the 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.

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11. SBI Corporate Home Loan

This loan scheme is for both Public and Private Limited Corporate Entities. They 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.

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12. SBI Home Loan to Non-Salaried

SBI offers home loan to non-salaried persons. Non-Salaried Individuals can avail it for the purpose of construction/acquisition/repair/renovation of a residential house/flat. Under the scheme, the bank also offers home loan transfer facility.

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13. 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.

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14. SBI Earnest Money Deposit (EMD)

Customers 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.

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15. SBI CRE (Commercial Real Estate) Home Loan

CRE Home Loans are perfect for all those who own two houses or more and require funding to purchase the next house. Under this loan scheme, the maximum number of houses/flats/residential plots is restricted to three. Also, the maximum number of home loans in the name of an individual (including the existing & proposed loan) is five.

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Other SBI Home Loan Schemes

• 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 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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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:

SBI Home Loan Processing Fee is 0.35% – 0.50% of loan amount (Min. Rs. 2,000; Max. Rs. 10,000). The other SBI housing loan charges 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 Calculator calculates the approximate value of EMI on the basis the amount you wish to borrow, 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. Click to calculate your home loan EMI.

SBI Home Loan EMI Calculation

The table below shows SBI home loan EMI calculation for different loan amounts, loan tenure and interest rate:

• 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): Recent copy of 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).

SBI Online Home Loan Application

You can apply for SBI Home Loan online at Paisabazaar.com by following these steps:

• Click to start with the SBI home loan application process
• Fill up the required fields and accept the terms and agree to the given terms & conditions
• Enter your personal and home loan-related details to proceed further
• A few eligible loan options will appear. Compare and apply for a home loan which suits your requirements the best.

You can also check SBI home loan official website https://homeloans.sbi/

Customers can contact SBI Home Loan through call, email and post. They can also visit the nearest branch of SBI to get their queries and issues resolved. The SBI home loan customer care details are as follows:

Why should one choose SBI housing loan scheme?

State Bank of India is considered to be one of the best home loan providers in India. Some of the reasons for its popularity are:

• SBI housing loan interest rate is the lowest as compared to interest rates charged on home loans by other providers
• There is interest concession of 0.5% on SBI home loan for women borrowers
• Low processing charges make the SBI home loans affordable
• 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
• No prepayment penalty is levied when the customer pays a part of the loan in advance to reduce the liability and consequently the quantum of the interest amount.
• The bank operates through a wide range of over 15,969 branches which makes it easier for customers to avail an SBI Home loan from the branch nearest to his or her current residence or the proposed residence.

What are the eligibility criteria to get SBI Home Loan?

SBI home loan eligibility criteria vary from one loan scheme to another. However, a few common requirements are as follows:

 What is the current SBI home loan rate?

The latest SBI home loan interest rate starts from 7.20% p.a. It varies from one scheme to another and depends on various factors including your credit score, repayment capacity, etc. Click to view SBI housing loan rate in detail.

Is it possible to transfer the outstanding home loan from another lending institution to SBI?

Yes, SBI offers home loan balance transfer facility. So customers can transfer their outstanding home loan amount to SBI. It also offers home loan top-up in case additional funding is required over and above the on-going home loan.

How to apply for SBI home loan online?

One of the most convenient ways to apply for SBI home loans is through Paisabazaar.com. It is a lending platform that offers numerous home loan schemes from various banks and HFCs. At the platform, customers can compare the latest home loan rates and apply for the one that suits their loan requirements the best. The SBI home loan application procedure at Paisabazaar.com is as below:

• Click here to get started with the SBI home loan process
• Provide the required details
• A few eligible home loan offers will appear. Compare and apply for the one that fits your loan needs the best

On successful loan application, you will get a call from one of our executives to guide you through the loan process.

What are the tax benefits on SBI home loan?

Home Loan Tax Benefit: As per the Section 80C of the Income Tax, home loan borrowers get separate tax benefits on home loan principal amount and interest amount. Customers can claim a deduction of up to Rs. 1.5 lakh on home loan principal amount and up to Rs. 3.5 lakh on home loan interest amount. Under certain conditions, the stamp duty and registration charges are also eligible for tax deductions. Homebuyers planning to buy affordable housing will get an additional tax benefit of Rs. 1.5 lakh on home loan interest under Section 80EEA.

Which SBI home loan scheme is better?

Different homebuyers have different home-related fund requirements, which is difficult to cover under a single home loan scheme. Therefore, the State Bank of India has different home loan schemes, each catering to a specific home-related fund requirement. For example, SBI Maxgain offers overdraft facility to all those who want to pay interest on the amount they use. SBI Privilege, on the other hand, is home loan for State and Central Government employees.

11 March 2020: SBI reduces MCLR by 15 bps

SBI has reduced its Marginal Cost of funds based Lending Rate (MCLR) by 10-15 basis points (bps) across tenors. Effective from 10 March 2020, the one-year MCLR has been reduced to 7.75% from 7.85%. Similarly, the bank’s 3-month MCLR currently stands at7.50% from 7.65%, earlier. The reduction in MCLR will impact home loan borrowers’ EMIs only when the reset date arrives. On the reset date (as mentioned in your loan agreement), the future EMIs will be charged as per the prevailing interest rate.

9 January 2020: SBI to refund home loan amount if builder delays project

To give a boost to the real estate sector and help homebuyers who are stuck with undelivered projects, the State Bank of India (SBI) launched a homebuyer finance guarantee scheme under which the bank would refund the entire loan amount if the developer misses the project deadline. The validity of the refund scheme will be until the occupation certificate is procured by the builder. The ‘Residential Builder Finance with Buyer Guarantee Scheme’ can be availed for projects where the home price is up to Rs. 2.5 crores. The scheme also allows developers to take a loan between Rs. 50 crores and Rs. 400 crores, after fulfilling due diligence by the bank.

30 December 2019: SBI home loan gets cheaper by 25 bps

The State Bank of India (SBI), India’s largest bank, slashed its repo rate linked lending rate by 25 basis points (bps). The bank currently offers home loan at 8.15% p.a. but from January 1, 2020, the housing loan rate will be 7.20% onwards. The new rate of 7.20% factors in a premium of 10 basis points over the external benchmark-based rate of 7.80%. The 7.20% rate is applicable only to women borrowers who get rate concession of 0.05% from the bank. This implies that other home loan borrowers will have to pay at least 7.95%.

9 October 2019: SBI Home Loan: MCLR comes down to 8.15%

State Bank of India (SBI) has announced another cut in its home loan interest rate. After a reduction in Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points across all tenors, the new rate has come down to 8.15% from the earlier 8.25%. The new rate will be effective from October 10, 2019. However, it is important to note that the existing customers might not be able to immediately enjoy the new lending rate because of their reset clause.

31 August 2019: SBI launches ‘Home Loan on Wheels’ initiative

To educate people about a new home loan product, which is linked to Repo linked Lending Rate (RLLR), the State Bank of India has planned a new initiative – Home Loan on Wheels. Under this initiative, a van will drive around Chennai and provide information on the bank’s home loan products customized to suit the needs of different segments of customers.

1 August 2019: SBI’s repo-linked home loan rates decrease to 8.05% from October 1

From Oct 1, 2019, the home loan interest rate of the State Bank of India has reduced from 8.40% to 8.05% p.a. SBI’s RLLR has dropped from 8.00% to 7.65%. The bank is the first to link its term loans to the Reserve Bank of India’s (RBI) repo rate in July (2019). The new rate will be applicable to all existing and new repo-rate linked loan customers of the SBI.

1 July 2019: SBI Home Loan Got Cheaper: Lender Reduces MCLR from 10 July

India’s largest public sector bank the State Bank of India (SBI) has cut its Marginal Cost Lending Rate (MCLR) by 5 basis points (bps). The reduction in the MCLR is reflected across all tenors. Earlier the 1-year MCLR followed by the bank was 8.15%, which after the rate cut has changed to 8.05%. The change in the MCLR rate will also lead to cheaper home loan and other lending products. This is the third rate cut by SBI, which is already in effect from 10 July 2019.

10 June 2019: SBI Home Loans will be linked to Repo Rate

The State Bank of India (SBI) announced to link its home loan products to repo rate. From July 1, customers will have the option to avail repo rate-linked home loans. The bank will continue to offer MCLR-linked home loans along with the repo rate-linked home loan products. The new product will be slightly different from the regular SBI home loans.