The most favored Home Loan provider-SBI Bank offers Home Loan with attractive interest rates along with Latest Schemes and Benefits. SBI also provides a Housing loan with different schemes - SBI Easy Home Loan, Advantage Home Loan, SBI Home Plus, Her home loan for women.
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.
|Interest rates||9.50% - 9.55%|
|Processing fees||Festive Offer* Zero Processing Fee
*Valid till 31-12-2015
|Repayment options||30 years|
|Loan to Value||Upto 90%|
|Max. loan amount||upto Rs.10 crore|
|Bank Name||Home Loan Interest Rates (Irrespective of Loan amount limit)||Maxgain Home Loan Above 1 Crore|
|SBI||9.50% (For Women), 9.55% (For Others)||9.75% (For Women), 9.80% (For Others)|
|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
SBI processing fee structure (including service tax) is as under:
|Loan Amount||Processing Fee|
Upto Rs. 25 Lacs
|0.25% of loan amount, minimum Rs. 1000/-|
Above Rs. 25 Lacs and upto Rs. 75 Lacs
Above Rs. 75 Lacs
Margin/ LTV Ratio:
|Loan Amount||Margin (Min.)||Maximum LTV Ratio (Max.)|
Upto Rs. 20 Lacs
Above Rs. 20 Lacs.
20% - 25%
75% - 80%
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.
|Loan Amount||Repayment Time||Interest Rate||EMI Per Month|
|Rs.1,00,000||5 Year||9.50% - 9.55%||Rs.2100 - Rs.2102|
|Rs.1,00,000||10 Year||9.50% - 9.55%||Rs.1293 - Rs.1296|
|Rs.1,00,000||15 Year||9.50% - 9.55%||Rs.1044 - Rs.1047|
|Rs.1,00,000||20 Year||9.50% - 9.55%||Rs.932 - Rs.935|
|Rs.1,00,000||25 Year||9.50% - 9.55%||Rs.873 - Rs.877|
|Rs.1,00,000||30 Year||9.50% - 9.55%||Rs.841 - Rs.844|
Now you have to just multiply your loan amount with EMI per Month
Example – You opt 23 Lakh Loan amount for 20 Years so your emi calculation will be 23 x Rs.932 = Rs.21436.00
Due to Cut in Interest Rates by .20% borrowers can save upto Rs.131 per month on 10 lac loan amount for 20 years, Rs.196 on 15 lakhs & Rs.262 on 20 lac. So Total savings for 20 years are Rs.31440 on 10 Lac loan amount, Rs.47040 on 15 lac & Rs. 62880 on 20 lac respectively.
SBI Home Loan Products:
|Top-up loan amount||Term Loan||Loan Overdraft|
|Upto Rs. 50 lacs||10.20%||10.45%|
|Above Rs. 50 lacs & Upto Rs. 2 crores||10.45%||10.70%|
|Above Rs. 2 crs & upto Rs. 5 crores||10.95%||11.20%|
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
Pay 0.57% Fee for Lowest Interest Rates.
Recently, SBI cut its Interest rates on home loans for New customer – 9.50% for women & 9.55% for other. The Bank has announced a one-time switchover fee of 0.57% for existing customers who have availed home loans on a floating rates basis to enjoy the lower interest rates of 9.50% - 9.55% If doesn’t pay the fee, will continue to be charged at the earlier interest rates of 9.70% - 9.75%. In other words existing customer with a loan amount of 20 lakh will have to pay Rs.11400/- as per fee if he wants to avail the lower interest rate.
Date: 06 October 2015
.40% Reduction in Base Rate by SBI on 29 Sep 2015
After Cut in Repo Rates by RBI. SBI announced cut in base rate by .40 basis points whereas RBI cuts .50%. SBI passes 80% benefit to its borrowers of repo rate cuts. New rates effective from coming 1st October so more & more borrowers take advantage of this rate cut. It helps sbi to register huge benefits in loan book for home loans. With this step of SBI emi per lac for 30 years going down to Rs.826.3 per month at 9.30% rate of interest. If You can take 30 lakh of loan for 30 years so you can save upto 3 lakhs on total Interest paid.
Date: 30 September 2015
SBI Staff helps to boost home loan growth
In Past 5 months SBI sanctions around Rs.9500 crore of home loan amount through staff referrals. This is on top of more than 50% growth in sanctions. Since April to September 6, we have more than 50,000 new home loan account customers and Rs 9,696 crore has been the amount sourced. SBI’s outstanding home loan disbursals till June-end was Rs 1.64 lakh crore, a growth of 13% year-on-year. Almost 60% of the bank’s retail book is made up of home loans.
Date: 12 September 2015
SBI’s profit grows 10.25%
State Bank of India (SBI), for the April-June quarter may have showed a healthy 10.25% rise in net profit, but it has thrown up some concerns in the banking sector. Home loans grew by Rs 4,441 crore in Same Period April – June 2015. The retail book is growing well and home loan sanctions are 50 per cent more than last year.
Date: 13 August 2015
Speed up Home Loan Initiative launched by State Bank of India. Project Tatkal will help get the loan within 10 Days after receipt of application form and relevant supporting documents.
OCAS Service launched - an online customer acquisition solution (OCAS) for instant e-approval of home loan applications. Bank has over 3 million home loan customers with a portfolio of over Rs.16,60,000 crore