SBI Home Loan
- Loan Starting at 6.95% interest
- Tenure up to 30 years
- Loan amount base on eligibility
- Funding for up 90% of property valuation
- Processing fee is Rs. 5,000 + GST
SBI Home Loans are available to you at an interest rate as low as 6.95% and comes with a host of benefits such a no prepayment charges, low processing fee and a flexible tenure. You can take a home loan with SBI to purchase, construct, extend or renovate a house.
|SBI Home Loan Summary|
|Interest Rate||6.95% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 90% of property value|
|Processing Fees||Rs.5,000 + GST|
Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
They offer interest concession of 0.05% to women and you can avail of a top-up loan as overdraft.
SBI Home Loan Eligibility Criteria
SBI Home Loan eligibility depends on the scheme you opt for each has unique set of criteria and it’s important that you meet that in order for your loan to be accepted.
- An Indian resident
- Between 18 and 75 years of age
- Salaried or self-employed
- Preferred Credit Score of 750 and above
Wonder how much loan you’re eligible for?
Find out now with Fincity Loan Eligibility Calculator.
SBI Home Loan Interest Rate on Various Schemes (2020)
Here is a list of popular SBI Schemes and their respective interest rates for salaried and self-employed individuals.
|SBI Home Loan Schemes||Interest Rates for Salaried||Interest Rates for Self Employed|
|SBI Home Loan (Term Loan)||6.95% – 7.55%||7.10% – 7.70%|
|SBI Home Loan (MaxGain)||7.30% – 7.65%||7.45% – 7.80%|
|SBI Realty Home Loan||7.65% – 8.05%||7.65% – 8.05%|
|SBI Home Loan Top Up (Term Loan)||7.50% – 9.65%||7.65% – 9.80%|
|SBI Home Loan Top Up (Overdraft)||8.40% – 8.75%||8.65% – 8.90%|
|SBI Bridge Home Loan||1st Year: 9.50%
2nd Year: 10.50%
|SBI Smart Home Top Up Loan (Term Loan)||8.50%||8.55%|
|SBI Smart Home Top Up Loan (Overdraft)||8.55%||9.05%|
|Insta Home Top Up Loan||8.20%||8.20%|
|Tribal Plus Scheme||7.05% onwards||7.05% onwards|
Note :The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
SBI Home Loan EMI Calculator
The EMI amount differs based on the SBI Home Loan chosen, the amount borrowed and the tenure opted for. Try the Fincity Home Loan EMI calculator to know your exact monthly EMI.
SBI Home Loan Documents
Following are document that SBI requires when you apply for a Home Loan:
- Filled-out loan application form with 3 Passport-sized photos attached
- Office ID Card
- PAN Card OR Passport OR Driver’s Licence OR Voter ID card
- Recent Utility bill copy (electricity bill/gas bill/phone bill/water bill) OR Passport OR Driving Licence OR Aadhaar Card
- Bank account statements of the last 6 months for all accounts the applicant has
- For existing or previous loans, loan account statement for the last 12 months
- For salaried primary or co-applicants and guarantors:
- Pay slips for 3 months or salary certificate for the same period
- Form 16 for previous 2 years
- IT Returns filed for the previous 2 financial years, with IT Department’s acknowledgment
- For non-salaried primary or co-applicants and guarantors:
- Proof of business address
- Last 3 years’ IT returns
- Last 3 years’ Balance Sheet and Profit & Loss account
- Business License and other similar documents
- TDS Certificate and Form 16A
- Certificate of Highest Qualification for self-employed professionals such as Chartered Accountants, Lawyers, Architects and Doctors
- GST certificate
- Property documents:
- Permit for construction (if applicable)
- Stamped Sale Agreement OR Allotment Letter OR Registered Sale Agreement (only for Maharashtra)
- Occupancy Certificate (if the property is ready to move into)
- Property Tax Receipt OR Maintenance Bill OR Share Certificate (only for Maharashtra)
- Registered Development Agreement of the builder, Photocopy of the blueprint of the Approved Plan, and Conveyance Deed (for new property)
- Bank account statement showing payments made to the seller or builder OR Payment receipts from the builder/seller
Note : Required documents must be self-attested and may slightly differ.
SBI Home Loan Schemes
This is available to applicants between the ages of 18 and 70, offers lower interest rate by 0.05% to women borrowers and does not charge a penalty for prepayment of loan.
|Interest rate for men||7% p.a. onwards|
|Interest rate for women||6.95% p.a. onwards|
|Processing fee||Rs.5,000 + GST|
Other Popular SBI Housing Loan Schemes
SBI Home Top-Up Loan
This is for an additional loan top-up over the current loan amount. The interest rate may range from EBR + 85 bps to 290 bps.
SBI Insta Home Top-Up Loan
This is Top-up Loan available through SBI’s netbanking facility. It’s available to select customers and the interest rate starts from EBR + 155 bps.
SBI Green Home Loan
This is a special loan for individuals who buy “green homes” in projects using renewable energy and having low carbon emissions.
SBI Smart Home Top Up Loan
Visit the closest SBI branch or RACPC (Retail Assets Central Processing Centre) to avail of a Top-up on Home Loans. Interest rates range between EBR + 140 bps and 240 bps.
A home loan amount is sanctioned as an overdraft under this scheme, allowing you to pay off via regular EMIs. However, the drawing power on the overdraft will reduce monthly with each payment.
SBI Pre-EMI Interest by Builders Scheme
Builders under SBI’s Builder Tie Up arrangement pay Pre-EMI at a fixed rate.
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