Latest Update as on 19 Aug 2019: Interest rates on home loan amount upto Rs.30 lakh are lowered by .10% by State Bank of India on 10 Aug, New Rates starts from 8.35% for women & 8.40% others.
Processing Fees: (0.35 % of loan amount and maximum 10,000) +GST, (Special Offer : Zero Processing fee for Govt employees. )
|MCLR Rate for 1 Year||8.25%||Base Rate||8.70%|
|Repayment period||5 – 30 Years||Processing Fees||N.A.|
|Max Loan amount upto 30 Lakh property value||27 Lakh||Max. loan amount abv 30 lakh||80 – 85%|
|Min. Income for Salaried||10000 p.m||Min. Income for Self Employed||16500 p.m|
|Age Eligibility Factor||18 – 70 years||Balance Transfer Pro. Fee||(0.35% or Max 10000) + GST|
SBI Home Loan Interest Rates 2019
Last updated on 19 August 2019
|Home Loan||Salaried Borrowers||Non Salaried Borrowers|
|Abv 30lac to 75Lac||8.60%-8.70%||8.65%-8.75%||8.75%-8.85%||8.80%-8.90%|
|Abv 75Lac||8.70% – 8.80%||8.75%-8.85%||8.85%-8.95%||8.90%-9.05%|
|Max Gain||Salaried Borrowers||Non Salaried Borrowers|
|Above 20Lac Upto 30Lac*||8.40%-8.50%||8.45%- 8.55%||8.60%-8.70%||8.65%- 8.75%|
|Abv 30lac to 75Lac||8.70%-8.80%||8.75%-8.85%||8.90%-9.00%||8.95%-9.05%|
|Abv 75Lac to 3Cr||8.85%-8.95%||8.90%-9.00%||9.05%-9.15%||9.10%-9.20%|
|Top Up Home Loan|
|Loan Amount||Salaried||Non Salaried|
|Abv 5lac – Upto 20Lac||8.70%-8.80%||8.85%-8.95%|
|Abv 20Lac – 1Cr||8.90%-9.00%||9.05%-9.15%|
|Abv 1Cr – 2Cr||9.10%-9.20%||9.25%-9.35%|
|Abv 2Cr – 5Cr||9.55%-9.65%||9.70%-9.80%|
SBI – PMAY (Pradhan Mantri Home Loan) Scheme
Prime Minister has announced Pradhan mantri home loans interest subsidy scheme. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.
Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:
- CLSS – EWS / LIG – ( Loan term 20 years, subsidy upto 2.67 lakh)
- Revised CLSS – EWS/LIG – ( Loan term 20 years, subsidy upto 2.67 lakh)
- CLSS (MIG-I) – (Scheme available upto 31.03.2020)
- CLSS (MIG-II) –
- More details on SBI Pradhan Mantri Home Loan Scheme
State Bank of India is the country’s largest bank in terms of number of customers, employees, advances and deposits. Despite being a government-owned bank, it has not only managed to stay ahead of its private sector peers, but continue to be one of the most profitable banks. It remains the ‘trend-setter’ for the banking industry when it comes to taking decisions on interest rates, and product innovations.
Eligibility Criteria, Documentation required for SBI Home Loan
|Age||18 years to 70years||21 years to 70years|
|Income||Rs.1,20,000 (p.a.)||Rs.2,00,000 (p.a.)|
|Loan Amount Offered||5,00,000 – 1,00,00000||5,00,000 – 2,00,00000|
|Documentation||1) Application form with photograph 2) Identity & residence proof 3) Last 3 months salary slip 4) Form 16 5) Last 6 months bank salaried credit statements 6) Processing fee cheque||1) Application form with photograph 2) Identity & residence proof 3) Education qualifications certificate & proof of business existence 4) Business profile, 5) Last 3 years profit/loss & balance sheet 6) Last 6 months bank statements 7) Processing fee cheque|
Margin/ LTV Ratio:
|Loan Amount||Margin (Min.)||Maximum LTV Ratio (Max.)|
|Upto Rs. 30 Lacs||10%||90%|
|Above Rs. 30 Lacs. to 75 lac||20%||80%|
|Above Rs. 75 Lac||25%||75%|
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.
Moratorium period (Repayment holiday): The moratorium period is included within the maximum repayment period.
SBI Home Loan EMI Calculator
Calculate your loan emi on the basis of loan amount, loan term & interest rates within seconds. Click to Calculate
SBI Home Loan Schemes or Products
SBI Balance Transfer Home Loan
SBI offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking. more details on sbi home loan balance transfer here
SBI NRI Home Loan
SBI NRI Home Loan allows many NRIs (Non Resident Indians) to get home loans when investing in properties.
- Repayment up to 30 years
- Home Loan Available as Overdraft
- Interest Concession for Women Borrowers
- Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
- Attested copy of valid Passport and visa.
- Employer Identity Card
- Address proof mentioning the current overseas address
- PIO Card issued by Government of India. (in case of PIOs)
- More details on SBI NRI Home Loans here
SBI Flexipay Home Loan
SBI Flexipay Home loan provides an eligibility for a higher loan amount exclusively for the salaried borrowers. It offers customer the option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs.
- 20% higher home loan eligibility
- Repayment up to 30 years
- More details on SBI FlexiPay Home Loan
SBI Pre Approved Home Loan
✓ 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 be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.
- Home Loan Available as Overdraft
- More details on sbi pre approved home loan
SBI Realty Home Loan
SBI Realty provides an opportunity to the customer to purchase a plot for construction of a dwelling unit. The construction of the house should take place within 5 years from date the loan has been sanctioned.
- Maximum loan amount upto 15 Crore.
- Repayment period upto 10 years only.
- Interest Rates starts from 9.25% to 9.55% for women, 9.30% – 9.60% for Others
SBI Home Top Up Loan
SBI offers “SBI Home Top Up Loan” to their customer to borrow certain amount over and above their home loan amount. If you already have home loan with state bank of india, but need more amount than you can opt for top up loan.
- Interest rates starts from 8.90% – 10.25% for salaried.
- Interest rates starts from 9.05% – 10.35% for salaried.
- Home Loan Available as Overdraft.
SBI Bridge Home Loan
SBI offers “SBI Bridge Home Loan” for all the home owners who aspire to upgrade their homes – to bigger homes or better locations, by selling off their existing homes.
- Repayment period upto 2 years only.
- Loan Amount: Minimum Rs. 20 lakhs and Maximum Rs. 2 crores
- First Year Interest Rate – 11.00% p.a.
- Second Year Interest Rate – 12.00% p.a.
SBI Smart Home Top Up Loan
Its just simple, Go to your nearest branch and loan sanctioned within minutes. You can get loan for any purposes such as meeting expenditure on education, marriage, health care, repair/renovation/furnishing of the house, etc
- No Documents required.
- No Pre Payment Penalty
- Loan Amount: upto Rs. 5 lakhs
- CIBIL Score of 550 or higher
- Satisfactory repayment track record of 1 one year or more, after completion of moratorium
- No other Home Top-up or Insta Home Top-up loans should be active
- Term Loan Interest Rates starts from 9.45% for salaried, 9.95% for self employed.
SBI Home Loan to Non-Salaried
Special scheme for Non Salaried individuals its the best value home loan to customers. Available for the end use of purpose of construction / acquisition of residential house/flat, takeover of Home Loans from other Banks/HFCs and repair/renovation of existing house/flat.
- Repayment up to 30 years
- Should be in business existence for at least last 3 years
- Must have earned Net Profit in the last two years
- Loan Amount: Minimum: Rs. 50,000/- & Maximum: Rs. 50 crores.
- Interest Rates for women starts from 8.80% – 9.35%
- Interest Rates for others starts from 8.85% – 9.40%
SBI Green Home Loans
One of the initiatives for this purpose is incentivizing borrowers who go in for Green Projects, i.e. those projects which reduce Carbon Emissions and promote Renewable Energy. “Green Housing”? or “Green Home”? is one of the types of projects identified for this purpose.
Pre-EMI Interest by Builders Scheme
Under the Pre-EMI Interest by Builders Scheme, the builder agrees to service full or part of the Pre-EMI interest (during the moratorium period) debited to the Home Loan account of the individual borrower as an incentive to Home buyers to generate maximum sales. In cases of Part Pre-EMI Schemes, the Pre-EMI interest at the stipulated interest rate is serviced by the Builders whereas the remaining Pre-EMI interest is serviced by the borrowers.
SBI offers life insurance linked to the housing loan. The premium of Rin N Raksha is funded by SBI and the repayment is spread over the entire tenor of the loan in EMIs. This facility will be available to new Home Loan accounts and to an existing Home Loan in case the customer now opts to avail SBI Life cover.
SBI MAX GAIN – Home loan as an Overdraft
Interest Rates charged on Max gain Home Loan by State Bank of India:
- Max gain above Rs. 20 lacs & upto 30 lakh = 8.80% p.a. (Female Borrowers), 8.85% (Other borrowers)
- Max gain above Rs 30 Lakh to upto 75 lakh = 9.00% p.a. (Female Borrowers), 9.05% (Other borrowers)
- Max gain above 75 lakh = 9.15% p.a. (Female Borrowers), 9.20% (Other borrowers)
SBI Corporate Home Loan Interest Rates
- State Bank of India offers corporate home loans on interest rates of 9.40% to 11.15%.
SBI Tribal Plus Home Loan
SBI Triabl 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. This loan is sanctioned for Purchase or construction of a new house/flat (without mortgage of land)
- Maximum loan amount is Rs.10 Lacs
- Maximum Repayment period is 15 years