SBI Home Loan: Get quotes on Interest Rates 8.50 % April ✓ Eligibility, Documents, Low EMI Rs.768/lakh, Application Status, Calculator ✍ Quotes at deal4loans.com.
|Borrowers' category||Home Loan (Term Loan)||Home Loan (Term Loan)||Home Loan (Max Gain) Floating Rate||CRE Max gain irrespective of loan amount|
|2 years Fixed Interest Loans upto Rs. 30 lacs||Floating Rate Loans Upto Rs.75 lacs||Floating Rate Loans above Rs.75 lacs||Maxgain above Rs. 20 lacs & upto Rs. 75 Lacs||Loans above Rs.75 lacs|
|Women*||8.50% for first two years thereafter linked to floating rate.||8.60%||8.65%||8.75%||8.95%||9.05%|
|Others||8.55% for first two years thereafter linked to floating rate.||8.65%||8.70%||8.80%||9.00%||9.10%|
Prime Minister has announced interest subsidy of 4% on housing loans of up to Rs.9.00 lakhs of those with an income of Rs.12.00 lakh per year and of 3% on housing loans of up to Rs.12.00 lakh of those earning Rs.18.00 lakh per year. Under CLSS Scheme for MIG, if you take a loan amount of upto 9 lakh for maximum 20 years repayment period, built up area below 90 sq mtr (968 sq foot) and your yearly income is below 12 lakh. Than your savings are below:
|Loan Amount||EMI @ 8.60%||EMI @ 4.60%||Saving Per EMI|
Under CLSS Scheme for MIG, if you take a loan amount of upto 12 lakh for maximum 15 years repayment period, built up area below 110 sq mtr (1184 sq foot) and your yearly income is above 12 lakh and below 18 lakh than your savings are below:
|Loan Amount||EMI @ 8.60%||EMI @ 5.60%||Saving Per EMI||Savings Per Year|
Hamara Ghar Home Loan
Term loan Upto Rs.30 lakh
Her Ghar (Women)
|8.50% for first 2 years then switched to prevailing 1 yr MCLR linked floating interest rate|
|8.55% for first 2 years then switched to prevailing 1 yr MCLR linked floating interest rate|
Home Top Up Loan
Upto Rs.25 Lakh
25 Lakh - 2 Crore
2 Crore - 5 Crore
Home Loan Top Up (Overdraft)
Above Rs. 20 lacs & Upto Rs. 2 crores ( No overdraft facility for loan upto Rs. 20 lacs & above Rs. 2 crores)
SBI Home Loan Interest Rates 2015 – 9.80% - 9.85%. But after October’ 2015 it goes down to 9.50% -9.55%. It helps borrowers to save around Rs 21.98 on per lac emi for 30 years. For example if you can take a loan amount of around 20 lakh for 30 years at 9.50% rate of interest than you can save around Rs 439.60 on per month EMI or Rs 158256 in 30 years tenure.
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. It has a market cap of Rs 1,90,000 crore and total loan outstanding as of March 2015 was Rs 11 lakh crore.
|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
|Loan Amount||Margin (Min.)||Maximum LTV Ratio (Max.)|
Upto Rs. 30 Lacs
Above Rs. 30 Lacs. to 75 lac
Above Rs. 75 Lac
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 Products:
SBI Hope Loans is a new initiatve by State Bank of India (SBI) designed for both fortunate and underpriviledged sections of the society. 'Hope' loans will be an add-on to the attractive benefits (lowest interest rates) of SBI home loan.
✓ Interest rates (w.e.f. 01 October 2016) for home loans is 9.25% for women and 9.30% p.a. for others.
The home loans under Gram Niwas Scheme are sanctioned for purchase/construction/repair and renovation of house and purchase of plot for construction of a house/shed etc. The scheme covers all Rural and Semi-urban centres having population upto 50,000 as per 2001 census.
✓Maximum laon amount is Rs.5 Lacs
✓ Maximum Repaymenet period is 15 years
|Top-up loan amount||Term Loan|
|Upto Rs. 25 lakhs||9.25%|
|Above Rs. 25 lakhs & Upto Rs. 2 crores||9.70%|
|Above Rs. 2 crores||10.95%|
FAQS about SBI Home Loans:
How will SBI decide the loan amount I am eligible for?
Bank will determine your loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.
Do I get tax benefits on the SBI home loan?
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.
Can I get a higher loan through my existing loan account to buy a new property?
Yes, you could go in for a ‘Top up Home Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.
What is an under construction property?
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.
Can I repay my loan ahead of schedule?
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.
|Date||Change by RBI in Rate Cut||New Repo Rate||Date||New Base Rate of SBI|
Registered Office-State Bank of India
State Bank Bhavan Central Office 8th Floor,
Madame Cama Marg, Nariman Point,
Mumbai - 400021
Maharashtra - India
SBI cuts 0.05 basis points on MCLR rates - Dated 1 October 2016
SBI introduced MCLR rates - 01 April 2016.
SBI teaser home loan re-introduced – Date: 01 February 2016
SBI Property expo “Utsav 2015�? in Bhubaneshwar (11-13 Dec) - Date: 10 December 2015
SBI home loan mela scheme launched - Date: 04 December 2015
Pay 0.57% Fee for Lowest Interest Rates - Date: 06 October 2015
.40% Reduction in Base Rate by SBI on 29 Sep 2015 - Date: 30 September 2015
SBI Staff helps to boost home loan growth - Date: 12 September 2015
Visit Official Website of SBI.
Disclaimer : Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.