SBI Home Loan
SBI Home Loan is an ideal choice for anyone wishing to take up a Home Loan for the various house-related expenses. Since the State Bank of India offers one of the lowest home loan interest rate, the SBI home loan is what almost every home loan borrower seeks.
SBI Home Loans start at just 6.90% interest per annum and come with numerous benefits. However, it is important that you check with State Bank of India before you apply for a Home Loan to ensure that your application is not rejected for some reason.
SBI Home Loan Interest Rates
SBI offers packages, that are floating-rate based, on their home loans. SBI interest rates are pegged to floating interest card rate which at 6.80% p.a. which stands currently at its lowest. The interest rates depend on and vary based on various factors like employment type.
|SBI Home Loan Schemes||Interest Rate for Salaried||Interest Rate for Self-Employed|
|SBI Home Loans (Term Loan)||6.80% to 7.35% p.a.||7.10% to 7.50% p.a.|
|SBI MaxGain (Floating Interest Card Rate)||7.30 – 7.70% p.a.||7.45% to 7.85% p.a.|
|SBI Insta Home Top Up Loan||Fixed rate of 8.20% p.a.||Fixed rate of 8.20% p.a.|
|SBI Home Top Up Loan (Term Loan)||7.50% to 9.55% p.a.||7.65% to 9.70% p.a.|
|SBI Home Top Up Loan (Overdraft)||8.40% – 8.65% per annum||8.55% – 8.80% p.a.|
|SBI Smart Home Top-Up Loan (Term Loan)||Maximum 8.05% p.a.||8.55% p.a.|
|SBI Smart Home Top-Up Loan (Overdraft)||8.55% p.a.||Maximum 9.05% p.a.|
|SBI CRE Home Loan||50 bps excluding final rate||–|
|SBI Tribal Plus/CRGFT||10 bps excluding final rate||–|
|SBI Reverse Mortgage Loan||General Public: 9.05% p.a.
SBI pensioners: 8.05% p.a.
|SBI Bridge Home Loan||Year 1 : 9.60% p.a.
Year 2: 10.50% p.a.
|SBI Privilege and Shaurya||Starting from 6.95% p.a.||–|
|SBI Realty||Starting from 7.65% p.a. onwards||–|
Note: Rates are at the sole discretion of SBI
SBI Loan Schemes
- SBI Regular Home Loan
- Interest rates starting at just 6.80% p.a. onwards
- Processing fee of 0.35% of the loan amount (min. Rs.2,000 max. Rs.10,000)
- For women, a special 0.05% lower interest rate.
- Pre-payments – Zero charges
- Age eligibility: 18 to 70
- SBI Flexipay Home Loan
- Interest rate: Depending upon the credit score of the customer
- Processing fee: 7/20 of the loan amount (min. Rs.2,000 to the max. Rs.10,000)
- The choice to pay-off only the interest component during the pre-EMI period
- The option of Step-up EMIs in the following years
- For younger professionals, 20% improvement in home loan eligibility.
- SBI Privilege Home Loan
- Check-off Interest rate: 6.95% p.a. onwards
- Rate of interest without check-off: 7.00% p.a. onwards
- Fully waived Processing fee
- Tailored especially for central and state government employees
- If check-off given, Discount on interest rates.
- Zero processing fee.
- SBI Shaurya Home Loan
- The interest rate at 6.95% p.a. onwards with check-off.
- Without check-off, interest rate: 7.00% p.a. onwards
- Fully waived processing fee
- Specially curated for Defence personnel and the Armed Forces
- Longer tenure and lower interest rate options.
- Zero processing fee
- SBI Tribal Plus
- Interest rate: 10 Basis Points above the final rate
- Processing fee: 0.35% of the amount of loan.
- Specifically designed for people living in tribal or hilly areas
- A maximum of 15 years of tenure of repayment.
- A land mortgage would not be necessary; a third-party guarantor is allowed.
- SBI Home Loan to Non-Salaried Differential offerings
- The interest rate for Male applicants: 7.15% onwards
- The interest rate for Female applicants: 7.10% onwards
- Processing fee at 0.35% of the amount of the loan (min. Rs.2,000; max. Rs.10,000)
- Exclusive scheme for individuals who have a source of income but do not earn a monthly salary
- Special offers on loans for buying a new residential unit, home construction, home renovation & repairs, or transferring of home loan from another bank
- Available even for proprietors, partners, and directors of companies.
- SBI Pre-Approved Home Loan (PAL)
- The interest rate for a Salaried male: 7.00% onwards
- The interest rate for a Salaried female: 6.95% onwards
- The interest rate for a Non-salaried male: 7.15% onwards
- The interest rate for a Non-salaried female: 7.10% onwards
- 0.35% of the loan amount is the Processing fee (min. Rs.2,000; max. Rs.10,000)
- Sanction of the loan even before a property is finalized
- Thus giving you more negotiating power with the seller or builder.
Additional Home Loan Schemes:
- SBI Bridge Home Loan
- SBI NRI Home Loan
- SBI Realty Home Loan
- SBI Corporate Home Loan
- SBI Commercial Real Estate (CRE) Home Loan
- SBI Loan Against Property (P-LAP)
- SBI Reverse Mortgage Loan
- SBI Pradhan Mantri Awas Yojana Subsidy Scheme
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
|Loan Particulars||EMI for 15 Years (Rs.)||EMI for 20 Years (Rs.)||EMI for 30 Years (Rs.)|
|Total Interest Payable||36,77,181||51,21,127||82,98,077|
Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
|Particulars||15 Years EMI (Rs.)||20 Years EMI (Rs.)||30 Years EMI (Rs.)|
|Total Interest Payable||36,77,181||51,21,127||82,98,077|
Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
|Loan Particulars||EMI for Rs. 40 lakhs (Rs.)||EMI for Rs. 60 lakhs (Rs.)||EMI for Rs. 1 crore (Rs.)|
|Total Interest Payable||34,14,085||51,21,127||85,35,212|
SBI Home Loan Eligibility Criteria
|SBI Home Loan Eligibility Criteria|
|Resident Type||Indian Resident|
|Employment Type||Salaried and Self-Employed|
|Minimum Age||18 years|
|Maximum Age||70 years|
|Other Criteria||Should have a regular source of income
Should have a good credit score
Here are few criteria a borrower needs to meet to get an SBI Home Loan:
- Age: For a Home Loan, SBI requires that the applicant meet the minimum age requirement of 18 years during the loan application and the maximum age of 70 when the loan matures.
- Income: Salaried and self-employed individuals can avail of an SBI Home Loan. Minimum income criteria set by the bank are to be met in order to avail an SBI Home Loan.
- Credit Score: The bank requires that the applicant have a good credit score. A good score is generally above 700. The applicant must also not have any payment default in their credit history.
- Resident Type: Every applicant must be an Indian resident for an SBI Home Loan. The bank offers a number of schemes to suit the different requirements for borrowers. Every scheme comes with its own set of eligibility criteria.
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the processing charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.