SBI Home Loan

State Bank of India provides appealing interest rates on home loans, commencing at 8.40% per annum. You can opt for a loan tenure of up to 30 years, ensuring a convenient repayment schedule.

The processing fee for these loans is 0.35% of the loan amount (Minimum Rs.2,000; Maximum Rs.10,000), along with applicable taxes. Women borrowers also benefit from a 0.05% interest concession on SBI Home Loans. With no concealed fees and complete waiver of prepayment charges, these loans stand as one of the most favored housing loan products in the nation.

Details of SBI Home Loans

SBI Home Loan Interest Rates for 2023 

SBI provides variable-rate home loan packages, with interest rates linked to the floating interest card rate. As of September 27, 2023, the lowest applicable rate is 8.85% per annum.

Note: In accordance with a notification issued by the Reserve Bank of India (RBI), banks have the authority to reset the External Benchmark Lending Rate (EBLR) in alignment with the prevailing guidelines established by the bank, which may change periodically. Previously, the bank used to reset the EBLR on the first day of each calendar quarter.

The interest rates presented in the table above are determined by the borrower's CIBIL score. If you require additional details, please get in touch with the bank.

• Female borrowers can enjoy a 5 basis point (bps) concession, provided they meet the minimum External Benchmark Lending Rate (EBLR) requirement.
• For loan amounts exceeding Rs. 2 crore and falling below Rs. 20 lakh in the Overdraft category, top-up loans are unavailable.
• A 10 basis point (bps) premium will be applied to loan amounts up to Rs. 30 lakh when the Loan-to-Value (LTV) ratio is between 80% and 90%.

SBI Home Loan EMI Calculator 

Prior to securing a home loan through SBI, it's advisable to assess your ability to meet the monthly installments. The most convenient way to do this is by utilizing the Home Loan Calculator. Simply input the desired loan amount, the loan tenure, the offered interest rate from the bank, and the processing fee. While omitting the processing fee won't impact your results, the other three inputs are essential for accurate calculations.

*An interest rate of 8.40% per annum has been used for this loan EMI example. Nonetheless, the ultimate interest rate offered is entirely subject to the bank's discretion. Your final EMI amount may differ based on the rate provided to you by the bank.

SBI Home Loan Schemes

SBI Standard Home Loan 

• Interest Rate: Starting from 8.40% per annum 
• Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• 0.05% Interest Rate Discount for Women 
• No Pre-payment Charges 
• Eligible for Applicants Aged 18 to 70

SBI Flexipay Home Loan 

• Starting Interest Rate: 8.40% per annum and beyond 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Option to Pay Only the Interest Component During the Pre-EMI Period 
• Gradually Increasing EMIs in Subsequent Years 
• A 20% Boost in Home Loan Eligibility for Younger Professionals

SBI Tribal Plus 

• Interest Rate: Starting from 9.25% per annum 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Tailored for Residents of Tribal or Hilly Regions 
• Maximum Repayment Period of 15 Years 
• No Need for Land Mortgage; Third-Party Guarantor Accepted

SBI Home Loan for Non-Salaried Individuals - Unique Features 

• Starting Interest Rate: 8.85% per annum and beyond 
• Please contact the bank to inquire about the specific interest rate offered to you
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Tailored exclusively for individuals with income but without regular monthly salaries 
• Special incentives available for various purposes, including purchasing a new residential property, house construction, home renovation or repair, and loan refinancing from other banks 
• Accessible to proprietors, partners, and company directors 
• Loan amounts ranging from Rs. 50,000 to Rs. 50 crore

SBI Pre-Approved Home Loan (PAL)

• Starting Interest Rate: 9.65% per annum and beyond 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Loan approval granted prior to property selection 
• Enhances your bargaining leverage with sellers or builders 
• Offers benefits akin to the SBI Regular Home Loan

SBI Earnest Money Deposit (EMD) 

• Annual Interest Rate: 12.95% 
• Loan Processing Fee: 0.5% of the loan amount (minimum Rs.1,000) 
• Designed for covering the upfront advance payment when reserving a house or plot 
• Applicable exclusively for booking houses or plots offered by urban development authorities, housing boards, and other governmental bodies 
• Short-term loans with a one-year tenure

SBI NRI Home Loan 

• Starting Interest Rate: 8.85% per annum and beyond 
• Please contact the bank to inquire about the specific interest rate available to you 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Designed exclusively for Non-Resident Indians (NRIs) looking to purchase a home in India 
• Offers an interest rate discount for female applicants 
• No additional charges or interest rates compared to the Regular Home Loan

SBI Realty Home Loan 

• Starting Interest Rate: 9.45% per annum and beyond 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) 
• Designed for acquiring land for the construction of your own home 
• Loan limit of up to Rs. 15 crore with repayment durations of up to 10 years 
• Opportunity to obtain a separate SBI home loan for the actual construction process

SBI Commercial Real Estate (CRE) Home Loan 

• Starting Interest Rate: 9.35% per annum and beyond 
• Loan Processing Fee: 0.35% of the loan amount (minimum Rs. 5,000) 
• Tailored for individuals with existing ownership of two or more homes, seeking to acquire additional properties 
• A maximum of three houses can be acquired through this program 
• Includes advantages like reduced interest rates for female applicants and the option for an overdraft facility

SBI Reverse Mortgage Loan 

• Starting Interest Rate: 11.55% per annum and beyond 
• Loan Processing Fee: 0.50% of the loan amount (minimum Rs. 2,000; maximum Rs. 20,000) 
• Exclusively designed for senior citizens who own or occupy a property 
• Assists in generating or supplementing income during retirement 
• The loan is not required to be repaid during the borrower's lifetime

SBI Pradhan Mantri Awas Yojana Subsidy Scheme 

If you meet the PMAY eligibility criteria, you have the option to apply for it through various SBI home loan products, including the Regular Home Loan, Flexipay Home Loan, Privilege Home Loan, and others. Please verify with the bank whether you are eligible to apply for PMAY benefits on your existing or new home loan.

The Pradhan Mantri Awas Yojana offers an opportunity to save money on your first home. Under this scheme, you can avail a subsidy of up to Rs. 2.67 lakh, provided your annual income falls within the Rs. 18 lakh limit. The maximum loan tenure for this scheme is 20 years.

SBI Surakhsha 

SBI Surakhsha is an insurance offering from State Bank of India that is integrated with the bank's home loans. The bank covers the premium for this life insurance policy, and its repayment period coincides with the home loan tenure, with payments made through Equated Monthly Installments (EMI). This benefit is accessible to both new home loan applicants and existing customers who have opted for the SBI Life Cover.

Additional Home Loan Products Offered by State Bank of India

• SBI Home Top Up Loan: Interest rates ranging from 9.55% to 10.15%.
• SBI Smart Home Top Up Loan: Interest rates varying from 9.75% to 10.15%.
• SBI Insta Home Top-Up Loan: Fixed interest rate of 9.75%.
• SBI Maxgain: An overdraft variant of home loans, offering the flexibility of EMI repayments while reducing the overdraft drawing power with each payment.
• SBI Green Home Loan: Designed for individuals purchasing "green homes" within projects that incorporate renewable energy sources and maintain low carbon emissions.
• SBI Pre-EMI Interest by Builders Scheme: Builders registered under the bank's Builder Tie-Up arrangement cover the buyer's pre-EMIs at a predefined interest rate.

SBI Home Loan Eligibility Criteria 

The eligibility requirements for SBI home loans are outlined as follows:

• Age Eligibility: Minimum Age: 18 years; Maximum Age: 70 years 
• Nationality: Both Resident and Non-resident Indians

Required Documents for SBI Home Loan Application 

General Requirements for All Applicants:

• Completed loan application form
• Three passport-size photographs
• Proof of Residence (choose one): Latest utility bill, copy of Aadhaar card, driving licence, or passport
• Proof of Identity (choose one): Voter ID card, PAN card, driver's license, or passport
• Employer identity card

Income Proof for Salaried Applicants/Guarantors/Co-applicants:

• Salary certificate or salary slips for the last three months
• Copy of IT Returns for the past two financial years or
• Copy of Form 16 for the past two years

Income Proof for Non-Salaried Applicants/Guarantors/Co-applicants:

• IT returns for the last three years
• Balance Sheet for the past three years
• Profit & Loss account for the past three years
• Details of business license or equivalent
• Form 16A or TDS certificate, if applicable
• For professionals: Certificate of qualification
• Proof of business address

Bank Statements:

• Bank account statements for the last six months for all accounts held by the applicant
• Loan account statement for the previous year if any other loan is currently active

Property Documents:

• Copy of approved blueprint
• Occupancy Certificate (for ready-to-move properties)
• Conveyance Deed (for new properties)
• Permission for construction (if applicable)
• Stamped Agreement for Sale or Allotment Letter
• Maintenance bill
• Electricity bill
• Property tax receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement from the builder (for new properties)
• Bank account statements or payment receipts for payments to the seller or builder
• Registered Agreement for Sale (for properties in Maharashtra)
• Share Certificate (for properties in Maharashtra)

How to Request an SBI Home Loan 

Securing an SBI home loan is a straightforward process that can be accomplished through two convenient methods:

• Offline Application:

• Visit your nearest SBI branch.
• Obtain the application form.
• Complete the form accurately.
• Submit it to an SBI bank official.

• Online Application:

• Visit the official SBI website.
• Complete the online application form, providing your contact information.
• Expect a follow-up call from an SBI representative.

SBI Home Loan Customer Support 

For assistance with your SBI home loan, you can reach out to our customer support team using the following methods:

Toll-free number: 1800-11-2018

Postal Address:

Real Estate and Housing Business Unit, 

State Bank of India, Corporate Center 

Madame Cama Road, 

State Bank Bhavan, Nariman Point, 

Mumbai-400021