SBI Home Loan Interest Rates - Updated on 16th Aug
State Bank of India (SBI), India’s largest bank, provides lucrative interest rates for home loans. They start as low as 8.05% p.a. The loan tenure ranges to a maximum 30 years. If you are looking to get a home loan, here’s all you need to know about interest rates charged by SBI on home loans.
State Bank of India or SBI, country's largest lender, has raised marginal cost of funds based lending rate or MCLR on loans by up to 20 basis points (bps) with effect from today. As a result, the equated monthly installments (EMIs) will get expensive for those who avail loans benchmarked against the MCLR.
| SBI Home Loan Highlights |
| Interest Rate |
8.05% – 9.05% p.a. |
| Loan Amount |
Up to 90% of property value |
| Loan Tenure |
Up to 30 years |
| Processing Charges |
0.35% of loan amount (Rs 2,000-Rs 10,000)
(50% waiver in basic processing fee)
|
SBI Regular Home Loans
| CIBIL Score |
Term Loan (p.a.) |
Maxgain (p.a.) |
| >=800 |
8.05% |
8.45% |
| 750-799 |
8.15% |
8.55% |
| 700-749 |
8.25% |
8.65% |
| 650-699 |
8.35% |
8.75% |
| 550-649 |
8.55% |
8.95% |
| NTC/No CIBIL Score/-1 |
8.25% |
8.65% |
Realty Loans
| CIBIL Score |
Term Loan (p.a.) |
| 800 and above |
8.35% |
| 750-799 |
8.45% |
| 700-749 |
8.55% |
| 650-699 |
8.65% |
| 550-649 |
8.75% |
| NTC/No CIBIL Score/-1 |
8.55% |
SBI Tribal Plus Loans
| CIBIL Score |
Term Loan |
| 800 and above |
8.15% |
| 750-799 |
8.25% |
| 700-749 |
8.35% |
| 650-699 |
8.45% |
| 550-649 |
8.65% |
| NTC/No CIBIL Score/-1 |
8.35%
|
What Other Fees & Charges are Applicable?
SBI charges a consolidated processing fee (including Advocate Fee and Valuer Fees) of 0.40% of the loan amount, subject to a minimum charge of Rs 10,000 and maximum of Rs 30,000, plus applicable GST.
Which SBI Home Loan Scheme is Right for You?
SBI Flexipay Home Loan
- The interest rate depends on your credit score
- Younger professionals will get a 20% concession in their home loan eligibility
- Step-up EMI
SBI Regular Home Loan
- Interest rate starting from 6.90%
- Zero charges in case of pre-payments
- Applicants must be of 18 to 70 years
- 0.05% concession for women
SBI Privilege Home Loan
- Interest rates starting from 6.95% p.a. with check-off
- Interest rates starting from 7% p.a. without check-off
- Fully waived processing fee
SBI Tribal Plus
- Especially available for individuals living in hilly regions or tribal areas
- Interest rate is available at 10bps over the final rate
- Maximum repayment tenure: 15 years
- No requirement for land mortgage
SBI Shaurya Home Loan
- Specifically available for the armed forces and defense personnel
- Longer loan tenure and low rate options
- No need for processing fee
SBI Pre-Approved Loan
- The interest rate for salaried male starts from 7% onwards
- The interest rate for salaried female starts from 6.95% onwards
- The interest rate for non-salaried male starts from 7.15% onwards
- The interest rate for non-salaried female starts from 7.10% onwards
SBI Home Loan to Non-Salaried Differential offerings
- The interest rate for salaried male starts from 7.15% onwards
- The interest rate for salaried female starts from 7.10% onwards
- Exclusive scheme for applicants who don't earn a proper monthly salary but have an income
- It is also available for directors, partners, and proprietors
SBI Earnest Money Deposit
- Interest rate of 10.45% p.a.
- The loan plan the booking advance for a plot or house
- Maximum loan tenure: 1 year
SBI Bridge Home Loan
- The interest rate for 1st Year starts from 6.95% onwards
- The interest rate for the 2nd year starts from 6.95% onwards
- Available for individuals for are buying one property while selling another
- Maximum repayment tenure: 2 years
SBI NRI Home Loan
- The interest rate for salaried male starts from 7% onwards
- The interest rate for salaried female starts from 6.95% onwards
- The interest rate for non-salaried male starts from 7.15% onwards
- The interest rate for non-salaried female starts from 7.10% onwards
SBI Corporate Home Loan
- Exclusively available for corporate who want to purchase or construct residential buildings for their employees
- It is available to both private and public limited companies
- 0.5% processing fee ranging from Rs. 50,000 to Rs. 10,00,000
SBI Realty Home Loan
- Ideal for individuals who want to purchase a plot for constructing their own house
- Borrowing loan amount limit: Up to Rs. 15 crore
- Maximum repayment tenure: 10 years
How to Calculate SBI Home Loan EMI?
Take the following steps to calculate your home loan EMI:
Step 1: Visit the official Magicbricks home loan EMI calculator site
Step 2: Enter the amount of loan that you want to borrow from SBI
Step 3: Fill in your preferred maximum loan tenure
Step 4: Enter the correct interest rate
Step 5: Click on the 'Calculate Your EMI' option
SBI Home Loan Eligibility Criteria
To know the SBI home loan eligibility criteria check the following points –
- Type of Resident who are eligible: Indians and NRIs (Non-Resident Indians)
- The age range of the home loan applicants: 21 to 65 years
- Minimum Monthly incomes of primary SBI home loan applicants: Rs. 15000
- Co-applicant minimum monthly income: Rs. 10,000
How to Apply for SBI Home Loan?
- Through Magicbricks: Go to the official SBI Home Loan page on Magicbricks. Scroll down to & apply for a home loan from SBI Bank.
- Through SBI Online Portal: Visit the official SBI portal and fill up the loan form. This portal also allows applicants to check their status easily.
- Through an SBI branch office: If you want to avail of the loan directly from SBI then visit your nearest SBI branch.
