SBI Home Loan Interest Rate

State Bank of India gives attractive interest rates on home loans that start from 7.55% for a year. This tenure could be extended to a period of 30 years, and it also makes sure there is a comfortable repayment tenure. Even women borrowers are offered an interest rate concession, which would be a reduced interest rate of 0.5% on the State Bank of India home loans. There are no hidden charges and a complete waiver on the prepayment charges, which also makes them one of the most sought home loan options.

About SBI Home Loans

The State Bank of India gives lucrative interest rates for their home loans, and they also start as low as 7.55%. The tenure for these loans would range up to a period of 30 years. When you are looking out for a home loan, you will have to know about the SBI home loan interest rate in detail. The State Bank of India also has a consolidated processing fee for the loan amount, and it would also be subject to General Service Tax.

The loan amount can be up to 90% of the property's cost. SBI also offers special home loan products for defence personnel, non-salaried employees, government employees, applicants buying green homes, and individuals who are living in tribal areas. Some other advantages that would come along with the State Bank of India are also inclusive of the interest rate concessions of 0.05% to women borrowers, overdrafts, balance facility, and more.

SBI Home Loan Interest Rate 2022 With CIBIL Score

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

Your CIBIL Score

Rates

NTC/No CIBIL Score/-1

7.75%

550-649

8.05%

650-699

7.85%

700-749

7.75%

750-799

7.65%

>=800

7.55%

 

Different SBI Bank Home Loan Interest Rate

There are different kinds of loans that the State Bank of India offers to different kinds of customers, and they are:

Home Loan Scheme of SBI

Interest Rates

Regular Home Loan

7.55% - 8.05%

Tribal Plus

7.65% - 8.15%

Realty Loan

7.85% - 8.25%

Top-up Loan

7.95% - 8.55%

CRE Home Loan

7.75% - 8.25%

P-LAP

9.30% - 9.70%

 

SBI Regular Home Loan

The SBI home loan interest rate is 7.55% for a year and more. The processing fee on this loan is 0.35% of the loan amount that will be borrowed. The minimum processing amount for the loan would be from Rs. 2,000 to Rs. 10,000. There is a 0.5% lower interest for women. There are zero charges on the prepayments. This scheme is available for applicants that are aged from 18 years to 70 years of age.

State Bank of India Tribal Plus

The interest rate of this loan is 7.65% and more. The processing for this loan is 0.35%. This scheme is launched for the people who live in tribal or hilly areas. The repayment tenure for this particular loan is a period of 15 years. There is no land mortgage required, and a third-party guarantor is allowed.

Flexipay Home Loan

The SBI home loan interest rate today will be based on the CIBIL score of the applicant. There is a choice to repay the interest component during the pre-EMI period of the loan. There are Step-up EMIs in the following years. Younger professionals will have a 20% improvement in home loan eligibility.

SBI Home Loan for Non-salaried Differential Offerings

You will have to contact the bank to know the interest rates that the bank would offer. This is an exclusive scheme for individuals who have an income but will not earn a monthly salary. It has special offers on loans to buy new residential units, construct houses, repair, renovate, and transfer a loan from one bank to another bank. This scheme is open to proprietors, directors of companies, and partners too. The loan amount in this particular scheme is from Rs. 50,000 to Rs. 50 crores.

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.

Earnest Money Deposit

Funds to pay the down payment on a house or property. It can only be used to pay the booking fee for properties offered by urban development authorities, housing boards, and other government agencies.

SBI Realty Home Loan

Designed for the purchase of a plot of land on which to build your own home. Borrowing limits of up to Rs.15 crore are available, with repayment terms of up to 10 years. Option to obtain a separate SBI home loan for construction.

SBI CRE Home Loan

The curated scheme is for people who already own two or more houses and want to purchase more. The maximum number of houses is three that could be bought with this scheme. The advantages of this scheme are lower interest rates for women and an O/D facility available.

SBI Suraksha

SBI Suraksha is a life insurance policy offered by the State Bank of India that is tied to the bank's house loan. The bank pays the premium for this life insurance policy. As Equated Monthly Installments, the repayment period is the same as the loan tenure (EMI). This is offered to both new and current home loan clients who have chosen the SBI Life Cover.

Processing Fee for the SBI Home Loan

On home loans in approved developments, the SBI Home Loan Processing Fee is zero. The following are the additional SBI home loan fees:

  • Processing Fee - 0.35%
  • CERSAI Charges - Up to Rs 5 lakh

Who is Eligible for this Home Loan?

The following are the loan eligibility criteria for SBI house loans:

  • Age Limitation: Minimum age: 18; maximum age: 70
  • Indians, both resident and non-resident

Required Documents

  • The application form (completely filled)
  • Passport sized photos
  • Residence proof, and Proof of Identity.
  • Employer ID
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