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SBI Home Loan

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.


SBI is the largest lender in home loan category of India with Above 25.6% of market Share. As per consolidated report SBI has total income of Rs. 257289.51 Crore as on on 31- March 2015. SBI has total assets of above Rs.2529394.00 Crore. SBI has more than 16000 branches in India including 190 in other countries. SBI already have tie up with GE for Credit card. SBI is the only Indian bank which is ranked under 500 list of Forbes. SBI is the most searched bank in India. With a base of 16000+ branches SBI is accessible from most of the places in India.

Why to apply with SBI for home Loans?

✔ Biggest Home Loan lender with 25.5% Market Share.
✔ Lowest Interest Rates of 9.70% - 9.75%.
✔ Lowest EMI Per lac Rs.855 - Rs.859
✔ No prepayment penalties, No Hidden charges, Low Processing Fees.
✔ Network of More than 16000 Branches & 5 Associate Banks.
✔ India’s largest Bank, Good presence in All India – Rural, Tier-II & Tier III.
✔ Home Loan Book Stood at 1.58 lakh crore at the end of March 31'2015

Get Instant Quotes on Home loan Rates & Eligibility

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SBI Home Loan Interest Rates updated as on 13 August 2015

Bank Name Home Loan Interest Rates (Irrespective of Loan amount limit) Maxgain Home Loan Above 1 Crore
SBI 9.70% (For Women), 9.75% (For Others) 9.95% (For Women), 10.00% (For Others)




Trends of last 5 Years SBI Home loans vs RBI Repo rate

Date Change by RBI in Rate Cut New Repo Rate Date New Base Rate of SBI
2-Jun-15 0.25%- 7.25% 8-June-15 9.70%
4-Mar-15 0.25%- 7.50% 7-Apr-15 9.85%
15-Jan-15 0.25%- 7.75%
28-Jan-14 0.25% + 8.00%
29-Oct-13 0.25% + 7.75% 7-Nov-13 10.00%
20-Sep-13 0.25% + 7.50% 19-Sep-13 9.80%
3-May-13 0.25% - 7.25%
19-Mar-13 0.25% - 7.50%
29-Jan-13 0.25% - 7.75% 4-Feb-13 9.70%
17-Apr-12 0.50% - 8.00% 20-Sep-12 9.75%
25-Oct-11 0.25% + 8.50% 13-Aug-11 10.00%
16-Sep-11 0.25% + 8.25%  
26-Jul-11 1.25% + 8.00% 11-Jul-11 9.50%
25-Jan-11 6.50% 14-Feb-11 8.25%

Eligibility Criteria, Documentation required for SBI Home Loan

  Salaried Self employed
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
Tenure 5years-20years 5years-20years
Current Experience 2years 3years
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

Rs. 6,500/-

Above Rs. 75 Lacs

Rs. 10,000/-


Margin/ LTV Ratio:

Loan Amount Margin (Min.) Maximum LTV Ratio (Max.)

Upto Rs. 20 Lacs

10%

90%

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.

You Can Calculate Your SBI Home Loan EMI with this Calculator: Just Enter your Loan Amount, Interest Rates and Loan Period/Tenure:

Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount
EMI Calculation Per Lac for SBI Home Loans as per Loan Tenure Period
Loan Amount Repayment Time Interest Rate EMI Per Month
Rs.1,00,000 5 year 9.70% - 9.75% Rs.2110 - Rs.2112
Rs.1,00,000 10 year 9.70% - 9.75% Rs.1305 - Rs.1308
Rs.1,00,000 15 Year 9.70% - 9.75% Rs.1053 - Rs.1059
Rs.1,00,000 20 Year 9.70% - 9.75% Rs.945 - Rs.949
Rs.1,00,000 25 Year 9.70% - 9.75% Rs.888 - Rs.891
Rs.1,00,000 30 Year 9.70% - 9.75% Rs.855 - Rs.859
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.945 = Rs.21735.00
SBI Home Loan Products:

SBI MAXGAIN - Home loan as an Overdraft

The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.
✓ Minimum Loan amount under Maxi Gain Home Loan- Rs.20 lacs
✓ Maximum Loan amount sanctioned under Maxgain Home Loan - No Cap

Interest Rates charged on Maxgain Home Loan by State Bank of India:
✓ Maxgain above Rs. 1 crore - 9.95% p.a. (Female Borrowers), 10.00% (Other borrowers)

SBI YUVA Home Loan - A Special scheme for Youth

Under Yuva Home loan scheme bank provide 20% higher loan amount than that of normal home loan to employees of Private sector companies, MNCs, govt companies, PSUs & govt employees.
Eligibility Criteria for Yuva Home Loan:
✓ Age between 21 years to 45 years
✓ Minimum Per month income should be Rs.3000/-
✓ In first 36 Months/ 3 years only interest applied on home loan is payable. Regular EMI starts after completion of 3 Years.

SBI Realty Home Loan - For Purchase of Plot for construction

SBI offers this loan to purchase a plot for construction of house. Construction of house should commence within 2 years from the date of availment of SBI Realty Loan.
✓ Maximum loan amount a borrower can get Rs.10 crores.
✓ Maximum Repayment period under Realty Home loan is 15 Years.

SBI Pal or 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.
✓ Under Pre Approved Home Loan Scheme Minimum Loan amount: Rs.10 Lacs.

SBI TOP UP HOME LOAN

Under this scheme all borrowers who paid home loans with a satisfactory repayment track of at least one year are eligible.
✓ Minimum Top-up Loan is Rs.3 Lac & Maximum is Rs.5 Crore.
✓ Processing Fees: 0.35% of Loan Amount subject to a minimum of Rs 1500/- and Maximum of Rs 10,000/-
Interest Rates charged on Top-up loan is different from Normal Home Loan
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%

Disbursement of SBI Home Loan

The loan will be disbursed only on the following conditions:
1. All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s
2. A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favour of the Bank as per the laws of the State.
3. Wherever creation of mortgage is likely to be delayed for any valid reason, suitable security including third party guarantee, has been taken for the interim period.
4. The loan will be disbursed in stages where a loan for construction is desired or purchase is through payment to seller in installments.
5. All necessary statutory compliances are in place.
SBI may disburse the quantum of loan in lump sum or in installments at its own discretion depending on the level of construction of the House/Flat as acceptable to SBI.
SBI will disburse loan amount directly to the builder/seller/society as the case may be and as requested / specified/ directed by the customer to SBI at the time of each disbursement. SBI shall not be responsible / liable in any manner whatsoever for any delay by the customer in providing such request/ specification/ direction to SBI and the customer shall not claim any costs, charges and expenses in any relation to any non-disbursal by SBI due to any such delay by the customer.
The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction.

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.

Other Products from SBI (State bank of India)

1. SBI Personal Loan
2. SBI Car Loan
3. SBI Card 

Source: State Bank of India website.

Information on deposits & Loan Schemes and services also available. Call 1800112211
(Tollfree from BSNL/MTNL)

Registered Office-State Bank of India
State Bank Bhavan Central Office 8th Floor,
Madame Cama Marg, Nariman Point,
Mumbai - 400021
Maharashtra - India

News About SBI Home Loan:

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.
Date: 03-07-2015


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
Date: 30-05-2015


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.


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