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.
|Bank Name||Home Loan Interest Rates (Irrespective of Loan amount limit)||Maxgain Home Loan Above 1 Crore|
|SBI||9.30% (For Women), 9.35% (For Others)||9.55% (For Women), 9.60% (For Others)|
|Date||Change by RBI in Rate Cut||New Repo Rate||Date||New Base Rate of SBI|
|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||9.70% - 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|
|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.
Registered Office-State Bank of India
State Bank Bhavan Central Office 8th Floor,
Madame Cama Marg, Nariman Point,
Mumbai - 400021
Maharashtra - India
.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