SBI Home Loan Interest Rates

SBI is one of the top housing loan providers of India which has successfully helped over 30 lakh families in building their dream homes through several affordable schemes and speedy processing time. SBI Home Loan Interest Rate is the lowest among all the banks of India.

• SBI Home loans are sanctioned for purchase of a new readily built home, construction of a new house, purchase of pre owned homes, purchase of under-construction property, an extension of a house, and renovation of an old house.
• SBI Home Loan facilities include a wide product range, calculation of interest-based on daily reducing balance, low-interest rates, overdraft facilities, low processing fees, no hidden costs, and no prepayment penalty.
• As of now, SBI Home Loan Interest Rate starts from 6.70%, and processing fees begin at a minimum of Rs 10000.
• SBI Home Loan is quite popular among home loan seekers due to its special features and attractive interest rates under various schemes such as SBI Realty home loan, SBI Maxgain home loan, SBI Top-up Home Loan, SBI Repo Rate linked Home Loan, and SBI Shaurya Home Loan.

Details of SBI Home Loan

SBI provides home loans in multiple schemes at low interest rates. Some of the details related to SBI Home Loan are listed below.

Eligible Age for getting a SBI Home Loan	18-70 years old for both Salaried and Self-Employed Individuals
Repayment period applied	30 years
SBI Home Loan Interest Rate	6.70%
Interest Rate Linked To	RLLR (Repo Linked Lending Rate)
Loan Processing Fee	Min Rs 10,000
Lowest EMI Per Lakh of Home Loan	Rs 645

Different SBI Home Loan Interest Rate Tables

SBI Home Loan Interest Rate 2021

The SBI Home Loan Interest Rate starts at 6.70% per annum for maximum loan tenure of 30 years. The minimum fee for housing loan processing is set at Rs 10,000.

Loan Amount needed	SBI Home Loan Interest Rate (Repo)	SBI Home Loan Interest Rate for women	SBI Maxgain
Up to Rs.30 Lakh	6.70%	6.70%	7.00%
Rs 30 Lakh- Rs 75 Lakh	6.95%	6.90%	7.25%
Rs 75 Lakh- Rs 1 Cr	7.05%	7.00%	7.25%
Above Rs 1 Cr	7.05%	7.00%	7.35%

SBI Home Loan Floating Interest Rate effective from May 2021

Loan Amount	Salaried Employee
	TERM LOAN	MAXGAIN Loan
Up to Rs 30 Lakhs	EBLR + 15 bps ER: 6.80% (ER: Effective Rate)	EBLR + 50 bps ER: 7.15%
Greater than Rs 30 Lakhs to Rs 75 Lakhs	EBLR + 40 bps ER: 7.05%	EBLR + 75bps ER: 7.40%
Above Rs 75 Lakhs	EBLR + 50bps ER: 7.15%	EBLR + 85bps ER: 7.5%

Note: EBLR stands for External Benchmark Lending Rate and bps stands for basis points

Tribal Plus Home Loan

Type of Home Loan	Applicable SBI Home Loan Interest Rate
Tribal Plus Home Loan	10 bps will be added to the final interest rate additionally
Home loan to Employees of Kerala Government	EBR+15 bps,  ER:6.80%
CRE (Commercial Real Estate) Home Loan	50 bps premium will be added to the final interest rate additionally

SBI REALTY LOANS (For First 5 years)

Loan Amount	Applicable SBI Home Loan Interest Rate
Up to Rs 30 Lakhs	EBLR + 85 bps ER: 7.50%
Great than Rs 30 Lakhs to Rs 75 Lakhs	EBR +95 bps ER: 7.60%
Above Rs 75 Lakhs	EBR + 105 bps ER: 7.70%

Home Top UP Loan Interest Rate (FLOATING)

Home Top UP Loan Amount	Applicable SBI Home Loan Interest Rate
	TERM LOAN	Over Draft
Up to Rs 20 Lakhs	EBR + 85 bps ER: 7.50%	NA
Above Rs 20 Lakhs to Rs 1 Cr	EBR + 105 bps ER: 7.70%	EBR + 175 bps ER: 8.40%
Above Rs.1 Cr and up to Rs. 2 Cr	EBR + 125 bps ER: 7.90 %	EBR + 200 bps ER: 8.65 %
Above Rs.2 Cr and up to Rs.5 Cr	EBR + 170 bps ER: 8.35%
Above Rs.5 Cr	EBR + 290 bps ER: 9.55%

INSTA HOME TOP UP LOAN

INSTA HOME TOP UP LOAN	Applicable SBI Home Loan Interest Rate
Rs 1 Lakhs to Rs 05 Lakhs	155 bps above EBR, (Risk Grades, Gender and occupation have no effect)

SMART HOME TOP UP LOAN

SMART HOME TOP UP LOAN Amount	Applicable SBI Home Loan Interest Rate
	SALARIED	NON-SALARIED
TERM LOAN	EBR + 140bps ER: 8.05%	EBR + 190 bps ER: 8.55%
OVERDRAFT	EBR + 190 bps ER: 8.55%	EBR + 240 bps ER: 9.05%

SBI BRIDGE LOAN

SBI BRIDGE LOAN	Applicable SBI Home Loan Interest Rate
FOR FIRST YEAR	EBR + 285 bps ER: 9.50%
FOR FIRST YEAR	EBR + 385 bps ER: 10.50%

SBI Maxgain Home Loan

For Salaried Employees

Loan Amount	Applicable SBI Home Loan Interest Rate (Floating interest rate)
	Woman	Others
Up to Rs. 30 lakhs	7.30%	7.35%
Rs 30 lakhs to Rs 75 lakhs	7.55%	7.60%
Above Rs 75 lakhs	7.65%	7.70%

For Self – Employed

Loan Amount	Applicable SBI Home Loan Interest Rate (Floating interest rate)
	Woman	Others
Up to Rs. 30 lakhs	7.45%	7.50%
Rs 30 lakhs to Rs 75 lakhs	7.70%	7.75%
Above Rs 75 lakhs	7.80%	7.85%

SBI Home Loan Interest Rate for Multiple Housing Schemes

Currently, SBI home loan interest rates are between 6.70% and 10.50%. For special categories such as women, SBI bank offers the lowest SBI Home Loan Interest Rate of 6.70%

TYPE OF SBI HOME LOAN SCHEME	SBI Home Loan Interest Rate Range
SBI Shaurya Home Loan	7.35% – 7.85%
SBI Repo Rate Home Loan	6.70% – 7.05%
SBI Home Loan Balance Transfer	6.70% – 7.05%
SBI Privilege Home Loan	7.35% – 7.85%
SBI Realty Home Loan	7.65% – 8.00%
SBI Tribal Plus	7.45% – 7.95%
SBI Top Up Loan	7.90% – 10.05%
SBI NRI Home Loan	8.15% – 8.65%
SBI Flexipay Home Loan	8.15% – 8.65%
SBI Reverse Mortgage Home Loan	9.05%
SBI Bridge Loan	9.50% – 10.50%
SBI Pal Loan	8.20% – 8.65%

SBI Home Loan Interest Rates for Self Employed & Salaried Individuals

The different SBI Home Loan Interest Rates for Self Employed Salaried Individuals are listed in the below table.

SBI Home Loan Interest Rate for Salaried Employees

Loan Amount	SBI Home Loan Interest Rates	SBI Home Loan Interest Rate for Women Borrowers
Up to Rs 30 Lakh	6.70%	6.70%
Rs 30 Lakh – Rs 75 Lakh	6.95%	6.90%
Rs 75 Lakh – Rs 1 Cr	7.05%	7.00%
Above Rs 1 Cr	7.05%	7.05%

SBI Home Loan Interest Rate for Self Employed Individuals

Loan Amount	SBI Home Loan Interest Rates	SBI Home Loan Interest Rate for Women Borrowers
Up to Rs 30 Lakh	6.70%	6.70%
Rs 30 Lakh – Rs 75 Lakh	6.95%	6.90%
Rs 75 Lakh – Rs 1 Cr	7.05%	7.00%
Above Rs 1 Cr	7.05%	7.05%

Important Features of SBI Home Loans

• Home loans are available for salaried employees, self-employed and women who can avail lesser SBI
• Home Loan Interest Rate interest rates under special category
• The age limit for taking SBI Home Loan is between 18 and 70 years of age
• The SBI Home Loan to value ratio is 90%
• Loan repayment tenure ranges from 5 to 30 years
• The minimum EMI per lakh for SBI Home loan is Rs 645. The applicants can also calculate exact EMI using SBI Home Loan Calculator 2021
• SBI Home Loan Interest Rate varies from 6.70% to 10.50% per annum.

Benefits of SBI Home Loans

Home loans offered by SBI are affordable and the process involved is extremely transparent. Some of the purposes for which an individual can apply for a home loan are new house construction, home renovation, purchase of an already built house. Some of the advantages and features that SBI home loans offer to home loan seekers are listed below.

• SBI Home Loans are provided for both self-employed and salaried employees
• Women are offered SBI Home Loans at special interest rates lower than normal.
• The purchased property through SBI Home Loan will be taken as a mortgage of property
• SBI Home Loan Interest Rate is calculated based on daily reducing balance.
• There are various customised loan options provided by SBI to customers such as NRI’s, defence personnel, government employees, existing home loan borrowers, etc.
• The SBI Home Loan processing is transparent and involves no hidden charges.
• The SBI Home Loan Interest Rate is the lowest among all the major banks of India

Processing Fee for availing SBI Home Loan

SBI Home Loan Schemes	Processing Fees
SBI Maxgain Loan	Minimum Rs 10000
SBI Repo Rate Linked Home Loan	Minimum Rs 10000
SBI Realty Home Loan	Nil
SBI Shaurya Home Loan	Nil
SBI Home Loan Top Up	Nil

Application Process to get an easy Home Loan from SBI

There is a 5-step process to get an easy Home Loan from SBI. It is listed below

• Step1: Visit the nearest Home Loan branch of SBI or the official website and fill the application form.
• Step 2: After the application is submitted, an official from SBI or its online partner will call the loan applicant and will discuss the eligibility criteria.
• Step3: Once the applicant agrees to the terms and conditions of the home loan, the relevant documents have to be submitted either online or an SBI official will visit and collect them.
• Step4: The applicant has to pay the processing fees and after that SBI will evaluate the repayment ability.
• Step 5: After the processing is completed, a loan agreement will be signed and within a few days the home loan amount will be credited to the bank account.

Different SBI Home Loan Schemes

SBI has designed a variety of customised Home Loans with different SBI Home Loan Interest Rates suitable for different types of borrowers. SBI Home offers a variety of Home Loan schemes suitable for individuals such as NRI’s, government employees, private sector salaried employees, defence personnel, pre-approved home loans for existing account holders, home loans for new construction, or renovation of existing homes, and so on. Some of the most popular SBI Home Loan products and their specifics are listed below.

SBI Maxgain Loan: It is an Overdraft Home Loan offer that works similar to a savings or current bank account. Under this scheme, an overdraft equivalent to the sanctioned home loan amount will be released along with a cheque book, ATM cum Debit Card and net banking facilities. Also, any surplus money can be directly deposited into the SBI Maxgain account. The SBI Home Loan Interest Rates for Maxgain Loan ranges from 7.30% to 7.85% per annum.

SBI Realty Home Loan: It allows the customers of Home Loans to purchase a plot for the construction of a house. But there is one condition that the construction of the house on this plot purchased using SBI Realty Home Loan must be completed within 5 years from the date of the loan sanction. Additionally, all existing SBI loan customers can get another loan under the SBI Plot Loan Scheme for house construction on the plot financed.In such cases, the outstanding amount in the realty account will be first liquidated by spending from the home loan, and the remaining amount will be disbursed for the construction of the house in phases. The SBI Home Loan Interest Rates for SBI Realty Home Loan ranges from 7.65% – 8.00% per annum.

SBI Shaurya Home Loan: It is a customised home loan scheme specifically designed for Army and Defence personnel of the country. Under this scheme, SBI Home Loan Interest Rates will be low and the repayment terms are also manageable. For example, the borrower under this scheme will get a concession of five basis points over regular SBI Home Loan Interest Rates. Also, the borrower can get a maximum repayment tenure of 30 years under this scheme. Finally, home loan EMIs paid during the post-retirement period are capped at 50 percent of the existing net monthly income. The SBI Home Loan Interest Rates for SBI Shaurya Home Loan starts from 6.95% per annum.

SBI Tribal Plus Loans: This SBI home loan scheme is designed specifically for applicants who stay in tribal or hilly areas. This can be availed for purposes like purchase or construction of a new house without mortgage of the land, purchase of an old house which is less than 10 years old, or extension and renovation of a house. The SBI Home Loan Interest Rates for SBI Tribal Plus Loans ranges from 7.45% – 7.95% per annum.

SBI NRI Home Loan: This scheme allows Non-Resident Indians to get home loans for constructing or purchasing new homes in India. Financially, it is a better decision to build homes using an NRI home loan rather than personal funds as it allows NRI’s to invest the personal funds elsewhere for better returns. The SBI Home Loan Interest Rates for SBI NRI Home Loan ranges from 8.15% – 8.65% per annum.

SBI Home Top Up Loan: In this scheme, SBI existing customers are allowed to borrow a certain amount above their existing SBI home loan. SBI Home Top Up Loan can be used for any purpose and the interest rates are much lower than personal loan interest rates. The SBI Home Loan Interest Rates for SBI Home Top Up Loan ranges from 7.90% – 10.05% per annum.

SBI Flexipay Home Loan: This scheme allows a borrower to get a higher loan amount and only salaried employees are eligible for availing of this scheme. This offers the borrower an option to pay only the interest during the moratorium period (Pre-EMI) and thereafter have to pay moderated EMI’s. This is an excellent option for younger employees who dream of buying a new house at a young age. The EMI’s are stepped up in subsequent years till the end of the tenure. This scheme has a lot of scope to attract a large section of potential home buyers towards SBI. The SBI Home Loan Interest Rates for SBI Flexipay Home Loan ranges from 8.15% – 8.65% per annum.

Factors that affect SBI Home Loan Interest Rate and EMI

The affordability of SBI Home Loan depends on the Equated Monthly Instalments (EMI) and this will, in turn, depend on the principal amount and SBI Home Loan Interest Rate. Many factors influence the interest rate and it varies from bank to bank. Some of the factors are fixed such as RBI’s repo rate or External Benchmark Lending Rate (EBLR). The variable factors that affect SBI Home Loan Interest Rate are,

The credit score of the loan applicant: The loan applicant’s credit score is considered one of the most important factors that affect the SBI Home Loan Interest Rate. When an applicant applies for a home loan, SBI will check your credit score to assess your repayment capabilities and previous loan payment behaviour. In India, CIBIL score is considered as a benchmark to assess credit score. A score of 750 and above is considered excellent and any score below 650 is considered poor.

Loan amount: This is also an important factor that decides SBI Home Loan Interest Rate. Usually, SBI has set several slabs of loan amount according to which SBI Home Loan Interest Rate also changes. As the loan amount increases, the interest rate also increases due to the higher risks for lenders for loan recovery.

Loan-to-Value (LTV) Ratio: It refers to the percentage of the property value that can be financed by SBI through the home loan. A larger loan amount will attract a higher SBI Home Loan Interest Rate since it’s a higher credit risk for the bank. A larger EMI will reduce the tenure and in turn, will reduce the interest rate.

Income of the loan applicant: This is also an important factor that decides the SBI Home Loan Interest Rate. Usually, the salaried employees are given more preference and lower interest rates than self-employed individuals since salaried income is considered more stable and regular than income generated from self-employment which varies from time to time.

Types of interest rates: The bank offers two types of SBI Home Loan Interest Rates. A borrower is allowed to choose both types and that will be applicable throughout the loan repayment tenure. The first type is fixed interest rates that allow a borrower to repay the loan amount with fixed EMI and interest rates. The advantage of this type of interest rate is that it doesn’t depend on fluctuating market situations. The second interest type is the floating interest rate. This varies according to the financial market fluctuations and is usually cheaper than fixed interest rates.

Home Loan Tenure: A home loan with shorter repayment tenure attracts lower SBI Home Loan Interest Rates even if the EMI is higher. In the case of home loans with longer tenure, EMI’s will be lower, but the interest rates will be relatively higher.

Applicant’s Gender: Usually Women applicants enjoy lower SBI Home Loan Interest Rates as per the SBI policies. The interest rate is reduced up to 0.5% for women borrowers.

Property location: Homes that are built-in high valued locations attract lower SBI Home Loan Interest Rates due to higher resale value. The interest rates are higher for homes located in less desirable areas and hence carry a lower resale value thereby increasing the risk for the lender.

FAQs

If the SBI Home Loan Interest Rates are reduced, can an existing customer avail of this new interest rate?

Ans: Yes. Floating-rate SBI Home Loan borrowers with regular account conduct can be moved to the new interest rate structure.

Can we get instant digital approval for borrowing SBI Home Loan?

Ans: Yes, an applicant can get instant digital approval by applying through the official website of SBI or mobile app YONO

What is the minimum income needed for becoming eligible to avail SBI Home Loan?

Ans: The minimum income is Rs 25000 to become eligible for availing of SBI Home Loan

Can a borrower transfer a home loan account from other banks to SBI?

Ans: Yes. SBI provides the facility of home loan account transfer from other banks. The transfer process is hassle-free and also the borrower can enjoy lower SBI Home Loan Interest Rate, pay lower EMI’s, and ultimately save money.

What is the reset period of the interest rate for RLLR (Repo Linked Lending Rate) linked home loans?

Ans: In RLLR (Repo Linked Lending Rate) linked home loans, the reset period is 3months which implies SBI will revise RLLR linked home loans for every three months.

What is the minimum time needed for disbursement of SBI Home Loan after approval?

Ans: Normally, it will take 3 to 10 days for disbursement of SBI Home Loan after all the required procedure is completed and the loan is approved.

What is the tax concession available on SBI Home Loan?

Ans. If it’s a self-occupied property, then a tax deduction to the extent of 2 lakhs is allowed on the interest paid on the housing loan. To encourage honest tax payment, an additional deduction of up to Rs 1, 50,000 for interest paid on home loans for a purchase of an affordable house valued up to Rs 45 lakhs.

Even if a customer has enough money to buy a home, should one still consider an SBI Home Loan?

Ans: Yes. It is generally advantageous to go for Home Loan as they will help you to get tax benefits in the form of rebates. For more clarity consult a CA or a tax advisor.

What is Pre- EMI in SBI Housing Loan?

Ans: Under the Pre-EMI option, the loan borrower is required only to pay the interest on the SBI Home loan amount disbursed as per the progress level of the construction of a home. The actual EMI payment will start once the house is completed.

Can a loan borrower jointly apply for an SBI Home Loan with a spouse?

Ans: Yes. If both the couples are employed and apply for an SBI Home Loan jointly, the loan amount will be calculated based on combined salaries. This can be done when the property is jointly owned by the couple or the spouse stands as a guarantor. Thus, SBI ensures great flexibility in the entire processing of Home Loan requests.