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.
Latest Update: Interest Rates on Home Loans reduce to 9.45% as per MCLR Based Rates.(02 2016).
|Interest rates||9.35% - 9.40%|
|Processing fees||0.35% for every Lakh+Service tax or Rs. 10,000 whichever is less subject to minimum Rs 2000|
|Repayment options||30 years|
|Loan to Value||Upto 90%|
|Max. loan amount||upto Rs.10 crore|
|Borrowers' category||Home Loan interest rate, irrespective of loan limit||EMI per Lac for 30 year Tenor||Maxgain above Rs. 20 lacs & upto Rs. 1 crore||Maxgain above Rs. 1 crore||CRE Maxgain, irrespective of loan limit|
|Women||20 bps above the MCLR i.e. 9.35% p.a||Rs. 830||30 bps above the MCLR i.e. 9.45% p.a.||55 bps above the MCLR i.e. 9.70% p.a.||75 bps above the MCLR i.e. 9.90% p.a.|
|Others||25 bps above the MCLR i.e. 9.40% p.a.||Rs. 834||35 bps above the MCLR i.e. 9.50% p.a.||60 bps above the MCLR i.e. 9.75% p.a.||80 bps above the MCLR i.e. 09.95% p.a|
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.
|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
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/-
|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||9.40% - 9.45%||Rs.2095.30 - Rs.2097.74|
|Rs.1,00,000||10 Year||9.40% - 9.45%||Rs.1288.51 - Rs.1291.24|
|Rs.1,00,000||15 Year||9.40% - 9.45%||Rs.1038.20 - Rs.1041.21|
|Rs.1,00,000||20 Year||9.40% - 9.45%||Rs.925.61 - Rs.928.87|
|Rs.1,00,000||25 Year||9.40% - 9.45%||Rs.866.76 - Rs.870.22|
|Rs.1,00,000||30 Year||9.40% - 9.45%||Rs.833.57 - Rs.837.21|
Example – You opt 24 Lakh Loan amount for 20 Years so your emi calculation will be 24 x Rs.928.87 = Rs.22292.88
Due to Cut in Interest Rates by .10% borrowers can save upto Rs.63.9 per month on 10 lac loan amount for 20 years, Rs.95.85 on 15 lakhs & Rs.127.80 on 20 lac. So Total savings for 20 years are Rs.7668 on 10 Lakh loan amount, Rs.17253 on 15 lakh & Rs. 30672 on 20 lakh respectively.
SBI Home Loan Products:
|Top-up loan amount||Term Loan||Loan Overdraft|
|Upto Rs. 50 lacs||10.10%||10.35%|
|Above Rs. 50 lacs & Upto Rs. 2 crores||10.35%||10.60%|
|Above Rs. 2 crs & upto Rs. 5 crores||10.85%||11.10%|
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 introduced MCLR rates - Dated 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.