SBI Home Loan Interest Rate

SBI Home Loans offered by the State Bank of India help individuals to fulfill their dream of buying a home. The SBI Home Loan interest rates charged on the borrowed amount depend on certain factors such as loan amount, tenure and the applicant’s CIBIL Score. 

State Bank of India offers various home loans to its customers, and the interest rates on these home loans can start from as low as 8.50%. This page covers the SBI Home Loan interest rates and eligibility criteria for all the State Bank of India Home Loan schemes.

SBI Home Loan - Important Details

SBI Bank Home Loan - Highlights

SBI Home Loan Amount

Up to 90% of the property’s cost

SBI Housing Loan Interest Rate

8.50% - 10.15% per annum

Loan Tenure

Up to 30 years

Processing Fees 

0.25% of the loan amount

Foreclosure Charges 

Nil

SBI Home Loan Interest Rates 2024

Given below are the different home loan schemes offered by the State Bank of India, along with the latest interest rates:

Types of SBI Home Loans

SBI Housing Loan Interest Rates

SBI Regular Home Loan

9.15% - 9.65%

SBI Tribal Plus

9.25% - 9.75%

SBI Realty Home Loan

9.45% - 9.85%

Commercial Real Estate (CRE) Home Loan

9.35% - 9.85%

Top-up Loan

9.55% - 10.15%

Loan Against Property

10.90% - 11.30%

Types of SBI Home Loan Schemes

SBI Regular Home Loan

This scheme is available for applicants that are aged from 18 years to 70 years.

The interest rate on SBI Regular Home Loan is 9.15% per annum. The processing fee on this loan is 0.35% of the loan amount. The minimum processing amount ranges between Rs. 2,000 to Rs. 10,000. SBI regular home loan offers a 0.5% lower interest for women, with zero foreclosure charges. 

State Bank of India Tribal Plus

This scheme is launched for the people who live in tribal or hilly areas. The interest rate of this loan starts from 9.25% and has a processing fee of 0.35% of the loan amount. The repayment tenure for this particular loan is 15 years. 

SBI Flexipay Home Loan

SBI Flexipay Home loan offers higher loan eligibility exclusively for salaried borrowers, allowing them to pay only interest during the moratorium (pre-EMI) period and then opt for moderated EMIs.

The SBI home loan interest rate today for Flexipay is based on the CIBIL score of the applicant. Hence, applicants with a positive CIBIL Score of above 700 can get a lower interest rate on their loan amount.

SBI Home Loan for Non-salaried Differential Offerings

This is an exclusive scheme for non-salaried individuals which offers the best home loan values to the applicants. It offers home loans for the purpose of buying new homes, construction and for repairing/renovating existing houses. One can get a loan amount ranging from Rs. 50,000 to Rs. 50 crores under this home loan scheme.

SBI Pre-Approved Home Loan

This is a type of home loan that is sanctioned even before the property has been finalized. It allows more negotiating power with the seller or the builder. The perks of this loan are similar to the SBI regular home loan.

SBI Earnest Money Deposit

The SBI Earnest Money Deposit (EMD) home loan scheme is specifically designed for individuals seeking to buy built-up houses or residential plots sold by Urban Development Authorities like HUDA, PUDA, Housing Boards, and various other Government Housing agencies. This initiative by SBI caters to those who require a short-term loan to facilitate their property purchases.

SBI Realty Home Loan

SBI Realty home loan offers loan amounts to customers to purchase a plot of land to build their homes. It has a loan limit of up to Rs.15 crore with repayment terms of up to 10 years. It also provides an option to obtain a separate SBI home loan for construction.

SBI CRE Home Loan

The curated scheme is for people who already have a home loan and want to purchase another house. The maximum number of home loans under this scheme is three (for an individual), including the existing home loans. The advantages of this scheme are lower interest rates for women and no foreclosure/prepayment charges.

SBI Suraksha

SBI Suraksha is a group life insurance scheme offered by the State Bank of India to new and existing home loan customers who have chosen the SBI Life Cover. Under the SBI Suraksha scheme, the customers are provided various insurance coverages at nominal premium rates. The coverage generally includes Personal Accident Insurance, Accidental Death Insurance, Accidental Total and Permanent Disability Insurance and Accidental Partial Disability Insurance.

SBI Housing Loan Interest Rates Based on CIBIL Score

The interest rates on State Bank of India Home Loans might vary depending on the applicant’s CIBIL score. Therefore, one must keep a record of a good CIBIL score to get a low-interest rate on their loan amount. 

The table below shows the home loan interest rates from SBI based on the CIBIL scores:

CIBIL Score

Interest Rates

>=800

9.15%

750-799

9.25%

700-749

9.35%

650-699

9.45%

550-649

9.65%

NTC/No CIBIL Score/-1

9.35%

Comparison Between SBI Bank Home Loan Interest Rates and Other Lenders

List of Banks/ Housing Finances
Home Loan Interest Rates
Up to 30 lakhs Above 30 lakhs to 75 lakhs Above 75 lakhs
State Bank of India 8.50% - 10.15% 8.50% - 10.05% 8.50% - 10.05%
LIC Housing Finance 8.50% - 10.35% 8.50% - 10.55% 8.50% - 10.75%
HDFC Bank Limited 8.40% onwards 8.40% onwards 8.40% onwards
Kotak Mahindra Bank 8.75% onwards 8.75% onwards 8.75% onwards
ICICI Bank 9.00% - 9.80% 9.00% - 9.95% 9.00% - 10.05%
PNB Housing Finance 8.75% - 14.50% 8.75% - 11.45% 8.75% - 11.45%
Punjab National Bank 8.55% - 10.25% 8.50% - 10.15% 8.50% - 10.15%
IDFC First Bank 8.85% onwards 8.85% onwards 8.85% onwards
L&T Finance Limited 8.60% onwards 8.60% onwards 8.60% onwards
Union Bank of India 8.50% -10.75% 8.50% - 10.95% 8.50% - 10.95%
Tata Capital Housing Finance 9.20% onwards 9.20% onwards 9.20% onwards
Federal Bank 10.15% - 10.20% 10.20% - 10.25%
10.25% - 10.30%
Bajaj Housing Finance 8.50% onwards 8.50% onwards 8.50% onwards

Eligibility for SBI Home Loans

Given below are the eligibility criteria for different types of State Bank of India Home Loans:

Types of SBI Home Loans

Eligibility Criteria

Minimum Age

Maximum Age

Nationality

SBI Regular Home Loans/SBI Pre-approved Home Loans

18 years

70 years

Resident Indian

SBI Flexipay Home Loan

21-45 years

70 years

Indian (Salaried)

SBI Realty Home Loan

18 years

65 years

Indian

SBI Home Loan for Non-Salaried Differential Offerings

18 years

-

Resident Indian (Non-salaried)

SBI CRE Home Loan

18 years

70 years

Resident Indian

SBI Earnest Money Deposit

21 years

-

Indian residents only

SBI Suraksha

18 years

79 years

Indian

How to Apply for SBI Home Loans?

One can apply for a home loan under the State Bank of India either offline or online. Given below are the detailed instructions:

SBI Home Loan Offline Application Process: For the offline process, the applicant can visit any nearest SBI branch and consult the bank representative about the different SBI Home Loan Schemes. They can check their eligibility criteria and fill out the application form for the preferred home loan. Submit all the necessary documents for background and income verification. 

SBI Home Loan Online Application Process: For online applications, go to the official website of SBI home loans (https://homeloans.sbi/). Check the eligibility criteria for all the home loans offered by the State Bank and fill out the application form.  After submitting the application form and documents, one of the representatives will contact you to proceed with the application process.

It is advisable to check the monthly installments or EMI for the loan amount using the SBI Home Loan Calculator before applying for the home loan. 

Documents Required for SBI Housing Loan Application

Given below is the list of documents required to apply for a home loan under the State Bank of India:

  • ID card issued by your current employer (for salaried individuals)
  • Duly filled application form
  • 3 passport sized photographs
  • ID Proof: PAN/Voter ID/Passport/Driving License
  • Address Proof: Telephone bill/electricity bill/water bill/piped gas bill/passport /Aadhar card

Documents Accepted as Property Papers

  • Permission for construction
  • Allotment letter
  • Stamped Sale Agreement
  • Occupancy certificate
  • Maintenance bill/electricity bill/property tax receipt
  • Copy of plan approved
  • Registered Development Agreement of the builder
  • Conveyance Deed
  • Bank account details or payment receipts

Documents Required for Account Statement Verification

  • Bank account statement for the last 6 months.
  • Loan account statement (for the last 1 year) for previous loans taken from other banks or financial institutions.

Documents for Income Proof

(For Salaried Individuals)

  • Last 3 months' salary slip
  • Copy of ITR/Form 16

(For Non-Salaried Individuals)

  • ITR for the last 3 years
  • Business Address Proof
  • Balance sheet for last 3 years
  • TDS Certificate (Form 16)
  • Business License Details

Factors Affecting SBI Home Loan Interest Rates

Several factors influence the interest rates SBI offers on its home loans. Some of the key factors include:

  • Repo Rate: SBI, like other banks in India, often links its floating interest rates to the RBI's repo rate. Changes in the repo rate by the RBI can impact the interest rates offered by SBI.
  • Credit Score: A good credit score reflects the borrower's creditworthiness and can help negotiate a lower interest rate. SBI considers an applicant's credit score while determining the interest rate.
  • Loan Amount and Tenure: The loan amount and tenure sought by the borrower can also influence the interest rate. Generally, higher loan amounts or longer tenures may attract slightly higher interest rates.
  • Loan-to-Value (LTV) Ratio: The LTV ratio represents the loan amount in relation to the property's value. A lower LTV ratio may lead to a more favourable interest rate.
  • Income Stability: The applicant's employment and income source stability are important considerations when determining the interest rate.
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