SBI Home Loan– Lowest Interest Rates 8.60% ✓ Documents ✓ Eligibility ✓ EMI Starts from Rs.776/lakh ✓ Application Status ✓ EMI Calculator ✍ Online Apply and Comparison with other banks at sbiloanrates.com.
SBI Home Loan- The state bank of India provides a variety of Home loans to the individuals to build their dream house. The loan is provided to all the individuals who matches the eligibility criteria of the bank.
Table of Contents
- 1 Apply For SBI Home Loan
- 1.1 Key Features of SBI Home Loan
- 1.2 SBI Home Loan Interest Rates 2019
- 1.3 FLOATING INTEREST CARD RATE HOME LOANS (Term Loans) including CRE HL
- 1.4 Types of SBI Home Loan
- 1.5 SBI Max Gain Home Loan
- 1.6 SBI Yuva Home Loan
- 1.7 SBI Reality Home Loan
- 1.8 SBI Pal Home Loan: PRE-APPROVED HOME LOAN
- 1.9 SBI Tribal Plus Home Loan
- 1.10 SBI Flexipay Home Loan:
- 1.11 SBI Privilege Home Loan
- 2 SBI Home Loan Fees and Charges:
Apply For SBI Home Loan
Why SBI Home loan: Over the past years The State bank of India has built a strong trust on the individuals and provides a large number of services to the customers. Large queues in the branches are proof of the fact that it is most trusted bank.
Key Features of SBI Home Loan
|Interest rate for women||8.60%-8.90%|
|Interest rate for others||8.65% – 9.00%|
|Repayment period||Upto 30 Years|
|Minimum EMI per lac||Rs.776 for women, Rs.780 for others|
|Age eligibility||18 – 70 years|
|Minimum Income||1.20 Lakh for salaried|
|Minimum ITR per year||2 Lakh per year|
|Minimum Loan Amount||5 lakh|
|Max. Loan Amount||10 Crore for salaried and 20 crore for S.Employed|
SBI Home Loan Interest Rates 2019
HOME LOANS – INTEREST RATES With effect from April 2019
|Upto Rs. 30 lacs|
|Upto Rs. 30 lacs|
8.75 – 8.85%
8.80 – 8.90%
FLOATING INTEREST CARD RATE HOME LOANS (Term Loans) including CRE HL
|Upto Rs. 30 lakhs||Above Rs. 30 lakhs & Upto Rs. 75 lakhs||Above Rs.75 lacs|
|Upto Rs. 30 lakhs||Above Rs. 30 lakhs & Upto Rs. 75 lakhs||Above Rs. 75 lakhs|
Home Loan as Overdraft (For Salaried and Non-Salaried Borrowers)
|Borrowers||Above Rs. 20 lakhs Up to Rs 1 crore||Rs.1 crore and up to Rs.2 crores||Above Rs. 2 crore|
Get Details on – SBI Home Loan EMI Calculator
Types of SBI Home Loan
SBI Max Gain Home Loan
It is offered as an overdraft facility to the customer. The features and benefits of the loan are as follows:
- The interest payable on the home loan can be reduced if it is availed as an overdraft under this product.
- The customer can deposit any surplus funds in the Max Gain account which can be withdrawn whenever required. The surplus funds when deposited in the account go towards loan repayment and lower the incidental interest till the period the funds are withdrawn.
- The minimum amount of loan issued under this scheme is Rs.20 lakhs.
SBI Yuva Home Loan
A customized SBI home loan scheme for younger generation. The home loan offers various features and benefits like:
- The scheme provides a 20% higher quantum of loan than that offered under the normal State Bank of India home loan scheme.
- During the first 3 years or 36 months of availing the loan, only the accrued interest is supposed to be payable by the applicant. Post the completion of this term, the repayment towards the actual loan amount starts. It means that loan repayment starts 3 years after availing the loan from the 4th year.
SBI Reality Home Loan
SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.
- The construction of house should commence within 5 years from the date of availment of SBI Realty Loan.
- Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty scheme. The outstanding in SBI Reality account will be first liquidated through disbursement from Home Loan and the remaining amount will be disbursed for construction of House in phases linked to the stages of construction.
SBI Pal Home Loan: PRE-APPROVED HOME LOAN
- The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
- The loan eligibility will be assessed on the basis of income details of the applicant.
- Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.
- Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates
- Minimum Loan amount: Rs.10 Lacs.
SBI Tribal Plus Home Loan
SBI Tribal Plus’ is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals.
- Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage of land).
- Purchase of an existing (old) house / flat which is not more than 10 years old.
- Repair /Renovation/extension of an existing house or flat.
- Loan Amount: Minimum Loan Amount: Nil / Maximum Loan Amount: Rs. 10 lacs
- Repayment Period: Maximum repayment tenure 15 years
SBI Flexipay Home Loan:
Higher Home Loan eligibility with flexible repayment option.
- Upto 1.2 times higher loan eligibility compared to loan eligibility under normal Home Loan schemes available to working professionals / executives. Loan amount, however, must be Rs.20 Lacs or higher.
- Salaried applicants with minimum 2 year experience and aged between 21- 45 years will be eligible to avail of SBI FlexiPay Home Loan.
- To neutralize the impact of such additional loan on monthly EMIs, customers have the option of paying only interest during the pre-EMI period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.
- Option of selecting pre-EMI of upto 36 – 60 months. Only interest to be repaid during the selected pre-EMI period.
- Longer repayment of 25 to 30 years is available under the scheme. However, customers will be free to make prepayments towards their Home Loan loan without any pre-payment penalty.
SBI Privilege Home Loan
- Eligible applicants for privilage home loan are – Employees of Central / State Governments including PSBs, PSUs of Central Government, and other individual(s) with pensionable service.
- Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.
- Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.
- Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.
- Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.
SBI Home Loan Fees and Charges:
- Processing Fees: 0 % Processing Fee for Takeover of Home Loans proposals / Proposals under Builder Tie-up / Proposals sourced under OCAS. 0% processing fee for all Central / State Govt. Employee.
- Other actual charges to be paid pre-sanction of the loan amount are the advocate’s fee for property search and the title investigation report and valuer’s fee for the valuation report.
- Actual charges payable post-sanction of the loan amount are Stamp Duty payable for Loan agreement and mortgage, Property insurance premium, processing fee recovered and CERSAI registration fee of Rs.250 plus applicable service tax for up to Rs.5 lakhs limit and Rs.500 plus the applicable service tax for limit above Rs.5 lakhs
- There is no pre-closure or pre-payment penalty charged for Home Loan by the bank.
Documents required for SBI Home Loan:
For Salaried person:
- Application form with photograph
- Identity & residence proof
- Last 3 months salary slip
- Form 16
- Last 6 months bank salaried credit statements
- Processing fee cheque.
For Self-Employed person:
- Application form with photograph
- Identity & residence proof
- Education qualifications certificate & proof of business existence Business profile,
- Last 3 years profit/loss & balance sheet
- Last 6 months bank statements
- Processing fee cheque
How To Apply For SBI Home Loan:
An individual can apply for a Home Loan from SBI by logging on to the official website https://www.sbi.co.in/ and completing the online application process of the SBI Home Loan.
Pre-calculated emis for home loan based on interest rates ,loan amount and tenure.
|Loan Amount||Tenure In Years||Interest Rate||Monthly EMI|
|5 lakh||30||8.70%||Rs. 3,916|
|6 lakh||30||8.70%||Rs. 4,699|
|7 lakh||30||8.70%||Rs. 5,482|
|8 lakh||30||8.70%||Rs. 6,265|
|9 lakh||30||8.70%||Rs. 7,048|
|10 lakh||30||8.70%||Rs. 7,831|
|11 lakh||30||8.70%||Rs. 8,614|
|12 lakh||30||8.70%||Rs. 9,398|
|13 lakh||30||8.70%||Rs. 10,181|
|14 lakh||30||8.70%||Rs. 10,964|
|15 lakh||30||8.70%||Rs. 11,747|
|16 lakh||30||8.70%||Rs. 12,530|
|17 lakh||30||8.70%||Rs. 13,313|
|18 lakh||30||8.70%||Rs. 14,096|
|19 lakh||30||8.70%||Rs. 14,880|
|20 lakh||30||8.70%||Rs. 15,663|
|21 lakh||30||8.70%||Rs. 16,446|
|22 lakh||30||8.70%||Rs. 17,230|
|23 lakh||30||8.70%||Rs. 18,012|
|24 lakh||30||8.70%||Rs. 18,795|
|25 lakh||30||8.70%||Rs. 18,958|
|26 lakh||30||8.70%||Rs. 19,578|
|27 lakh||30||8.70%||Rs. 21,145|
|28 lakh||30||8.70%||Rs. 21,928|
|29 lakh||30||8.70%||Rs. 22,711|
|30 lakh||30||8.70%||Rs. 23,494|
SBI Home Loan Branches in India
|Delhi||Block 27, Himmatpuri, Mayur Vihar, New Delhi, Delhi 110091|
|M-52, 53, Mathura Road, Ishwar Nagar, New Delhi, Delhi 110065|
|Shop No. 1, 18/60, Bhagat Singh Park, Block 18, Geeta Colony, New Delhi, Delhi 110031|
|Mumbai||Sri Lalita Building, Juhu Tara Road, Near Bombau Flying Club, Juhu, Mumbai, Maharashtra 400049|
|Rati Khush, Jawaharlal Nehru Rd, Vakola, Santacruz East, Mumbai, Maharashtra 400055|
|MUMBAI SAMACHAR MARG, HORNIMAN CIRCLE, Fort, Mumbai, Maharashtra 400023|
|No.11/AB, Charkop Rd, Charkop, Charkop Industrial Estate, Kandiwali West, Mumbai, Maharashtra 400067|
|Pune||Jangali Maharaj Rd, Deccan Gymkhana, Pune, Maharashtra 411004|
|K U B S Building, Shivneri Path, Krishi Samaj Putala, Opposite Shivaji Statue Gultekdi, Market Yard, Pune, Maharashtra 411037|
|RB Motilal Kennedy Rd, Shivajinagar, Pune, Maharashtra 411005|
|Chennai||1, EVK Sampath Rd, Veperi, Mahaveer Colony, Egmore, Chennai, Tamil Nadu 600084|
|271, Purasawakkam High Road, Perumalpet, Purasawakkam, Chennai, Tamil Nadu 600007|
|No. 4, Taluk Office Rd, Srinagar Colony, West Saidapet, Chennai, Tamil Nadu 600015|
|# 89, Mahalakshmi Nagar 1St Main Road, City Link Road, Adambakkam, Chennai, Tamil Nadu 600088|
|Bangalore||1793, 3-4, Air Cargo Complex, Bangalore Airport Exit Road, Bengaluru, Karnataka 560017|
|B 121, BDA Shopping Complex, Jeevan Bima Nagar, New Thipasandra, Bangalore, Karnataka, 560075|
|85, Sherieff House, Richmond Road Bangalore, Bangalore Urban, Bengaluru, Karnataka 560025|
|65, St Marks Rd, Shanthala Nagar, Sampangi Rama Nagar, Bengaluru, Karnataka 560001|
|Kolkata||College St, Sealdah, College Square, Kolkata, West Bengal 700073|
|2, BBD Bag East, Kolkata, West Bengal 700001|
|Bikash Bhavan, Sector 2, Kolkata, West Bengal 700091|
|Coimbatore||541, Diwan Bhadur Rd, R.S. Puram, Coimbatore, Tamil Nadu 641002|
|Shop No.482/483, Basememt, SVN Chambers, Cross Cut Road, Ponnaiyan Street, Ram Nagar, Coimbatore, Tamil Nadu 641012|
|Hyderabad||Bank Street, Sultan Bazaar, Koti, Hyderabad, Telangana 500095|
|Cyber Towers, 1st Floor, Q-1, Hitech City Road, Madhapur, Hyderabad, Telangana 500081|
|Divyashakti Apartments, Ameerpet Road, Hyderabad, Telangana 500016|
|D NO 9-4-84/6, Nanal Nagar, Mehdipatnam, Hyderabad, Telangana 500008|