SBI Home Loan
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
nil*
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About SBI
The State Bank of India, founded in 1806 is one of the largest and oldest commercial banks in Asia. It is a major banking and financial services public sector company with more than 24,000 branches and 59, 000 ATMs. It is the largest bank in India which has a 20% market share in deposits and loans among commercial banks, truly being a bank for every Indian.
How to Apply for SBI Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to SBI Home Loans
Being the largest bank in India, SBI offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. The bank has been voted as ‘The most preferred home loan provider’ in AWAZZ consumer awards. Packed with exclusive benefits, SBI Home Loans are tailor made catering to the needs of various customers.
Advantages of SBI Home Loans
- Low interest rate
- No hidden costs and administrative charges
- Low processing fees
- Less paperwork
- No prepayment penalties
- Balance home loan transfer
Features of SBI Flexipay Home Loan
Objective:
SBI Flexipay home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount:
20 Lakhs or higher
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the home loan from SBI, you need to have the following eligibility criteria.
- You should be between 21 to 45 years of age
- Steady income with minimum 2 years of experience
Features of SBI Maxgain Home Loan
Objective:
SBI Maxgain home loan aims to reduce interest burden on the customer with the overdraft facility. Customers can park surplus amount in savings and withdraw whenever required while the savings will also reduce the interest on the home loan.
Loan Amount:
Minimum of 20 Lakhs and no limit on maximum amount.
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Features of SBI NRI Home Loan
Objective:
SBI NRI home loan aims to help Non-Resident Indians build their dream house.
Loan Amount:
Minimum of 3 Lakhs and no limit on the maximum amount.
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the NRI home loan from SBI, you need to have the following eligibility criteria.
- You should be Non-Resident Indian
- Steady income with minimum 2 years of experience
Features of SBI Realty Home Loan
Objective:
SBI Realty home loan aims to help people to purchase a plot for construction of house. The construction of the house should commence within 5 years after availing the loan.
Loan Amount:
Up to 10 crores
Loan Tenure:
Repayment period of up to 15 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the home loan from SBI, you need to have the following eligibility criteria.
- You should be between 21 to 45 years of age
- Steady income with minimum 2 years of experience
Features of SBI Pal Home Loan
Objective:
SBI Pal home loan is a pre-approved home loan that helps the customers to negotiate with the builders confidently.
Loan Amount:
Minimum loan amount of 10 Lakhs and above
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the home loan from SBI, you need to have the following eligibility criteria.
- You should be between 21 to 45 years of age
- Steady source of Income
Features of SBI Tribal Plus Home Loan
Objective:
SBI Tribal Plus home loan is designed to help people living in hill areas achieve their dream of owning a house.
Loan Amount:
up to 10 lakhs
Loan Tenure:
Repayment period of up to 15 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Features of SBI Privilege Home Loan
Objective:
SBI Privilege home loan aims to help government employees achieve their dream of owning a house.
Loan Amount:
No Cap
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the home loan from SBI, you need to have the following eligibility criteria.
- You should be a central or state government employee
- Maximum age limit is 75
Features of SBI Shaurya Home Loan
Objective:
SBI Shaurya home loan aims to help defence personnel belonging Army, Navy and Air Force purchase a house.
Loan Amount:
No Cap
Loan Tenure:
Repayment period of up to 30 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Eligibility Criteria:
To avail the home loan from SBI, you need to have the following eligibility criteria.
- You should be a defence personnel
- Maximum age limit is 75
Features of SBI Bridge Home Loan
Objective:
SBI Bridge Loan is a short-term Loan to meet shortfall in funds for purchase of a new home/flat by mortgaging existing unencumbered property.
Loan Amount:
- 65%, if Market Value of the existing property is up to Rs.1 Crore.
- 60%, if Market Value of the existing property is above Rs.1 Crore.
- 90% of the cost of the proposed home or flat
Loan Tenure:
Repayment period of up to 2 years available under this scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.
Interest Rate
For Salaried Professionals
| Loan Amount | Category | Interest Rate |
|---|---|---|
| Up to 30 Lakhs | Women | 35 bps + 1-year MCLR, ER: 8.35 |
| Others | 40 bps above 1-year MCLR, ER: 8.40 | |
| 30 to 75 Lakhs | Women | 1-year MCLR+ 35 bps, ER:8.35 |
| Others | 1-year MCLR+ 40bps, ER:8.40 | |
| Up to 30 Lakhs | Women | 1-year MCLR+ 45 bps, ER:8.45 |
| Others | 1 year MCLR+60 bps, ER:8.60 |
For Non-Salaried Professionals
| Loan Amount | Category | Interest Rate |
|---|---|---|
| Up to 30 Lakhs | Women | 45 bps + 1-year MCLR, ER: 8.45 |
| Others | 50 bps + 1-year MCLR, ER: 8.50 | |
| 30 to 75 Lakhs | Women | 1-year MCLR+ 50 bps, ER:8.50 |
| Others | 1-year MCLR+ 55 bps, ER:8.55 | |
| Up to 30 Lakhs | Women | 1-year MCLR+55 bps, ER:8.55 |
| Others | 1-year MCLR+60 bps, ER:8.60 |
This is general interest for most of the Home Loans in SBI Bank. However, the interest rates are subject to change corresponding to the schemes.
Documents Required to Apply for SBI Home Loans
Important documents to be submitted while applying for home loans with SBI
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI Payment Methods
Your SBI home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with SBI, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the SBI account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-SBI account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-SBI account at your nearest SBI Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for SBI Home Loan?
You can either apply online or visit a nearby SBI branch for the application. You can also download the home loan application form from the SBI official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of SBI Home Loans
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. Overdraft facility helps the customers to reduce the interest burden and improve their savings. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
SBI Home Loan FAQs
1. What are processing fees on SBI Home Loans?
0.30% of loan amount is charged as processing fees. However, central and state government employees can enjoy no processing charges.
2. Is there penalty for prepaying the SBI Home Loan?
No penalty is levied for prepaying the SBI Home Loan
3. Can I get SBI Home Loan without a Guarantor?
Most of SBI home loans require a guarantor.
4. What is the maximum loan repayment period for SBI home loans?
The maximum repayment period is 30 years; however, some home loans have lesser repayment duration.
5. How Can I apply for an SBI home loan?
You can either apply online or visit a nearest SBI branch and take the help of the bank’s representative.
6. Does SBI Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to SBI Bank.
7. Can I get tax benefits from SBI Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
Latest & Update Sbi Home Loan News
SBI Comes Up With Discounts on Home Loans for The Festive Season: Know The Details 12 Sep 2023
SBI is offering a discount of up to 65 basis points for home loan borrowers, with the level of discount depending on their CIBIL™ scores. This offer will be valid until December 31, 2023. The discounts offered by SBI according to the range of CIBIL™...
Read moreSBI is offering a discount of up to 65 basis points for home loan borrowers, with the level of discount depending on their CIBIL™ scores. This offer will be valid until December 31, 2023. The discounts offered by SBI according to the range of CIBIL™ scores are as follows. For CIBIL™ score ranges of 101 to 150, 151 to 200, 550 to 599, 700 to 749, and 750 to 800, the interest rates on home loans are 9.45% (No discount offered), 8.7% (With a discount of 65 bps), 9.45 percent to 9.65 percent (No discount offered), 8.7% (With a discount of 65 bps), and 8.60% (With a discount of 55 bps) respectively. Individuals with CIBIL™ scores of 700 and above are also eligible for a 65 basis points (bps) concession for home loan takeovers, resale properties, and ready-to-move properties. An additional 5 bps discount is offered for builder tie-up projects.
SBI gives Festive offer of 15-30 bps concession on home loans till Jan-2023 end based on CIBIL score 11 Oct 2022
State Bank of India (SBI) is offering a concession of 15 basis points to 30 basis points on its home loans from October 4, 2022, to January 31, 2023. Under the bank's festive campaign offer, the rates are cheaper from 8.40% to 9.05% compared to the n...
Read moreState Bank of India (SBI) is offering a concession of 15 basis points to 30 basis points on its home loans from October 4, 2022, to January 31, 2023. Under the bank's festive campaign offer, the rates are cheaper from 8.40% to 9.05% compared to the normal interest rates on SBI home loans ranging from 8.55% to 9.05%. These offers are based on your CIBIL™ score and there are zero processing fees on SBI's regular and top-up home loans. For regular home loans including Flexipay, NRI, Non-salaried, Privilege/Shaurya, Apon Ghar, etc. the bank is offering an 8.40% interest rate to borrowers with a CIBIL™ score greater than or equal to 800. This is lower by 15 basis points compared to a normal rate of 8.55%. A 25 basis points concession is also given to borrowers with a credit score between 750 - 799 to 8.40% compared to the normal rate of 8.65%. A concession of 20 basis points is offered on CIBIL™ scores of 700 -749 taking the interest rate to 8.55% against the normal rate of 8.75%. There is no change in interest rates on home loans for borrowers having credit scores less than 1 to 699. The interest rate stays at 8.85% on home loans to borrowers having credit scores between 650-600, while the rate is 9.05% on scores between 550-649, and 8.75% on NTC/NO CIBIL/-1 scores. SBI lowered its floor rate by 15 basis points to 8.40% compared to the EBR of 8.55% for this festive season.
SBI Reduces Home Loan Interest Rates to 6.70% Ahead of the Festive Season 17 Sep 2021
SBI has announced that it will offer home loans starting from 6.70% based on the credit score of the borrowers. The rate cut applies to all home loans, irrespective of the loan amount. It is to be noted that earlier SBI charged an interest of 7.15% f...
Read moreSBI has announced that it will offer home loans starting from 6.70% based on the credit score of the borrowers. The rate cut applies to all home loans, irrespective of the loan amount. It is to be noted that earlier SBI charged an interest of 7.15% for home loans above Rs. 75 lakhs. The reduced interest rate is applicable for all new loans as well as home loan balance transfers.
Exciting Home Loan Offers from SBI for 75th Independence Day 16 Aug 2021
On the occasion of the 75th Independence Day, SBI has launched an array of attractive offers on home loans. Customers can enjoy zero processing fees, 5bps interest concessions on home loan applications via YONO, 5bps interest concession for women app...
Read moreOn the occasion of the 75th Independence Day, SBI has launched an array of attractive offers on home loans. Customers can enjoy zero processing fees, 5bps interest concessions on home loan applications via YONO, 5bps interest concession for women applicants and low-interest rates starting from 6.70%. If you would like to avail of these offers, all you have to do is download the SBI YONO mobile app and start the loan application process online. Alternatively, you can also give a missed call to 72089 33140 to kick-start the home loan process.
100% Waiver of Processing Fees on Home Loans at SBI until 31st August 2021 6 Aug 2021
Are you planning to take a home loan at SBI? Then, make sure to hurry to enjoy zero processing fees until August end. SBI has launched the Monsoon Dhamaka Offer that waives processing fees on new home loans and offers interest rates starting at just ...
Read moreAre you planning to take a home loan at SBI? Then, make sure to hurry to enjoy zero processing fees until August end. SBI has launched the Monsoon Dhamaka Offer that waives processing fees on new home loans and offers interest rates starting at just 6.70%. During this special offer, SBI has waived the regular processing fees of 0.40% on home loans, providing home loan borrowers with a great way to reduce their home loan burdens.
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