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SBI Home Loan

SBI Home Loan: Get quotes on Interest Rates 9.10 % November ✓ Eligibility, Documents, Low EMI Rs.812/lakh, Application Status, Calculator ✍ Quotes at deal4loans.com.

Key Pointers of SBI Home Loan

Interest Rates for women 9.10% - 9.25%
Interest Rates for Others 9.15% - 9.30%
Maxgain above Rs. 20 lacs & upto Rs. 75 lakh (women) 9.25%
Maxgain above Rs. 20 lacs & upto Rs. 75 lakh (others) 9.30%
Maxgain above Rs. 75 lakh (women) 9.60%
Maxgain above Rs. 75 lakh (others) 9.65%
Minimum EMI per 1 Lakh Rs.812 for women, Rs.815 for others

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Latest Update: State Bank of India has introduced two new Home Loan products SBI Privilege Home Loan for Government Employees and SBI Shaurya Home Loan for Defence Personnel.

MCLR Rate for 1 Year 8.90% Base Rate 9.25%
Repayment period 5 - 30 Years Processing Fees 0.35% or Max. Rs.10000
Max Loan amount upto 30 Lakh property value 27 Lakh Max. loan amount abv 30 lakh 80 - 85%
Min. Income for Salaried 10000 p.m Min. Income for Self Employed 16500 p.m
Age Eligibility Factor 18 – 70 years Balance Transfer Pro. Fee 0% till 31 Dec 2016

SBI Home Loan Interest Rates: Last updated as on 02 Nov 2016

HOME LOANS - INTEREST RATES With effect from 01.11.2016

(MCLR: 8.90%)
Borrowers' category Home Loan (Term Loan) EMI Per Lac for 30 year tenor (Upto Rs.75 lacs) Home Loan (Max Gain) CRE Max gain irrespective of loan amount
Loan Upto Rs.75 lacs* Loan above Rs.75 lacs Maxgain above Rs. 20 lacs & upto Rs. 75 Lacs* Loan above Rs.75 lacs
Women 9.10%p.a. 9.25%p.a. Rs. 812 9.25%p.a 9.60%p.a 9.80%p.a
Others 9.15%p.a. 9.30%p.a. Rs. 815 9.30%p.a. 9.65%p.a. 9.85%p.a.
Home Loan Festival Offer” from 01.11.2016 to 31.12.2016.

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.


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 Fees Charges

0 % Processing Fee for Takeover of Home Loans proposals for the period from 1 October, 2016 to 31 December, 2016 (Balance Transfer)

0 % Processing Fee on SBI approved Projects for the period from 1 October, 2016 to 31 December, 2016


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

Upto Rs. 30 Lacs

10%

90%

Above Rs. 30 Lacs. to 75 lac

20%

80%

Above Rs. 75 Lac

25%

75%

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 EMI Calculator

Calculate your loan emi on the basis of loan amount, loan term & interest rates within seconds. Click to Calculate

SBI Home Loan Products:

SBI MAXGAIN - Home loan as an Overdraft

Interest Rates charged on Maxgain Home Loan by State Bank of India:
✓ Maxgain above Rs. 20 lacs & upto 75 lakh = 9.25% p.a. (Female Borrowers), 9.30% (Other borrowers)
✓ Maxgain above Rs 75 lakh = 9.60% p.a. (Female Borrowers), 9.65% (Other borrowers)
✓ CRE Maxgain, irrespective of loan limit = 9.80% for Women & 9.85% for Other borrowers are applicable

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 Home Loan Products

•SBI Flexipay Home loan
•SBI Maxgain
•SBI Hope Loan
•NRI Home Loans
•SBI Realty
•SBI Pal
•SBI Tribal Plus
•Gram Niwas
•Sahyog Niwas
•SBI Privilege Home Loan
•SBI Shaurya Home Loan
•SBI Top Up Home Loan
•SBI Reverse Mortgage Loan

SBI Hope Loans

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.

SBI Tribal Plus Home Loan

SBI Triabl Plus is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals. This loan is sanctioned for Purchase or construction of a new house/flat (without mortgage of land)
✓ Maximum loan amount is Rs.10 Lacs
✓ Maximum Repayment period is 15 years

SBI Gram Niwas Home Loan

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

SBI Sahyog Niwas Home Loan

SBI Sahyog Niwas Home Loan scheme is for Self help groups in rural areas, having good paymenet record of 2 years, for on lending to their members for purchase or construction of a house exclusively or including the housing needs of activitied carried by Dairy shed, tailoring shed/shop, grocery stores etc.
✓ Maximum loan amount per member is Rs.50,000

SBI Shaurya Home Loan

The applicants eligible for SBI Shaurya Home Loan scheme are Defense Personnel belonging to Army, Navy and Air force.
✓ Full wavier of processing fees
✓ Lower interest rate as a concession of 5bps over the Home Loan Card Interest Rate is available whrever check-off facility is extended by the Government inder tie-up arrangement with the Bank
✓ Customers of other Banks/Fls to switchover their Home Loan outstanding balance to State Bank of India
✓Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years

SBI Reverse Mortgage Home Loan

SBI Reverse Mortgage Home Loan is for the welfare of senior citizens in India. The house-owning senior citizens having inadequate income canavail this loan to meet their financial needs for renovation/repairs to house, medical & other personal uses.
✓ Maximum loan amount is Rs.10,000
✓ No compulsion for the borrower to repay the loan amount during his or her lifetime or till such time he/she stays in the house.

SBI NRI Home Loans

This home loan is for Non-Resident Indians (NRIs) & Persons of India Origin (PIOs) who have a regular source of income.
✓ Minimum employemnet tenure in India/Abroad should be 2 years
✓ There is no maximum amount limit for this home loan scheme

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
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.


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
29-Sept-15 0.50% - 6.75% 29-Sept-15 9.30%
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%

Other Products from SBI (State bank of India)

1. SBI Personal Loan
2. SBI Car Loan
3. SBI Card 
4. SBI Business Loan
5. SBI Property Loan
6. SBI Two Wheeler Loan
7. SBI Education Loan
8. SBI Fixed Deposit Rates
9. SBI Gold Loan

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 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.


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