Apply for SBI Home Loan online at interest rates as low as 8.50%. Check out the Eligibility, Processing Fees, Low EMI Rs. 769/lakh, SBI home loan Application Status, Calculator and Quick Apply at Deal4loans.
SBI is the first choice of every home loan seekers in India. State Bank of India home loan offered by SBI is the ideal choice because of lowest home loan interest rate, Lower Processing fees, special offers every month for women, Govt. employees etc. On this page you can check all the necessary or important points about the SBI home loan which helps you in taking a decision which is beneficial for you in long term of home loan. Compare all banks latest home loan rates for better pick.
|Interest Rates Term Loan||8.50% - 9.65%|
|MaxGain Home Loans||9.10% - 10.05%|
|Top Up Home Loans||9.10% - 10.15%|
|Processing Fees||Max.10000 + GST|
|Repayment Period||5 - 30 years|
|Minimum EMI per 1 Lakh||Rs.769 upto 30 Years|
|EBLR rate for 1 Year||9.15%||Base Rate||8.70%|
|Repayment period||5 - 30 Years||Processing Fees||10000 + GST|
|Max Loan amount upto 30 Lakh property value||27 Lakh||Max. loan amount abv 30 lakh||80 - 85%|
|Min. Income for Salaried||12000 p.m||Min. Income for Self Employed||16500 p.m|
|Age Eligibility Factor||18 - 70 years||Balance Transfer Pro. Fee||10000 + GST|
|CIBIL SCORE||Home Loans||Top Up Loans||MaxGain|
|700 - 749||8.80%||9.30%||9.30%|
|650 - 699||9.45%||9.85%||9.85%|
|550 - 649||9.65%||10.15%||10.15%|
|NTC / NO CIBIL / -1||8.80%||9.75%||9.75%|
Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:
|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|
|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.
Home Loan EMI calculatoris a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate.
For an Example:
|Loan Amount||Rs. 2000000 / 20 Lakh|
|ROI / Rate of Interest||9.15%|
|Repayment Tenure||20 Years|
|EMI per month||Rs. 18,188|
|1||Rs. 36,773||Rs. 181,483||Rs. 1,963,227|
|2||Rs. 40,282||Rs. 177,974||Rs. 1,922,945|
|3||Rs. 44,127||Rs. 174,129||Rs. 1,878,818|
|4||Rs. 48,338||Rs. 169,918||Rs. 1,830,480|
|5||Rs. 52,951||Rs. 165,305||Rs. 1,777,529|
|6||Rs. 58,003||Rs. 160,253||Rs. 1,719,526|
|7||Rs. 63,540||Rs. 154,716||Rs. 1,655,986|
|8||Rs. 69,605||Rs. 148,651||Rs. 1,586,381|
|9||Rs. 76,249||Rs. 142,007||Rs. 1,510,132|
|10||Rs. 83,523||Rs. 134,733||Rs. 1,426,609|
|11||Rs. 91,495||Rs. 126,761||Rs. 1,335,114|
|12||Rs. 100,227||Rs. 118,029||Rs. 1,234,887|
|13||Rs. 109,793||Rs. 108,463||Rs. 1,125,094|
|14||Rs. 120,271||Rs. 97,985||Rs. 1,004,823|
|15||Rs. 131,749||Rs. 86,507||Rs. 873,074|
|16||Rs. 144,325||Rs. 73,931||Rs. 728,749|
|17||Rs. 158,096||Rs. 60,160||Rs. 570,653|
|18||Rs. 173,186||Rs. 45,070||Rs. 397,467|
|19||Rs. 189,713||Rs. 28,543||Rs. 207,754|
|20||Rs. 207,891||Rs. 10,437||Rs. 0|
|Loan Amount||CIBIL / CIC Score||Interest Rates|
|Upto 30 Lakh||>800||9.35%|
|Above 30 Lakh||750 – 799||9.45%|
|700 – 749||9.55%|
|650 - 699||9.65%|
|550 - 649||9.85%|
|CIBIL SCORE||Term Loan|
|750 - 799||9.45%|
|700 - 749||9.65%|
|650 - 699||9.75%|
|550 - 649||9.85%|
|NTC/ NO Cibil Score/ -1||9.65%|
|Top Up Loans||9.10% - 10.75%|
|Top up loans + Take over||8.90% - 9.95%|
|Processing Fees||NIL till 30.04.2023|
Pre-EMI Interest by Builders Scheme Under the Pre-EMI Interest by Builders Scheme, the builder agrees to service full or part of the Pre-EMI interest (during the moratorium period) debited to the Home Loan account of the individual borrower as an incentive to Home buyers to generate maximum sales. In cases of Part Pre-EMI Schemes, the Pre-EMI interest at the stipulated interest rate is serviced by the Builders whereas the remaining Pre-EMI interest is serviced by the borrowers.
SBI Suraksha Home Loan SBI offers life insurance linked to the housing loan. The premium of RinN Raksha is funded by SBI and the repayment is spread over the entire tenor of the loan in EMIs. This facility will be available to new Home Loan accounts and to an existing Home Loan in case the customer now opts to avail SBI Life cover.
SBI Tribal Plus Home Loan SBI Tribal 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)
Bank will determine your home loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependents, 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.How to Apply for an SBI Home Loan online?
Follow the steps below to apply for an SBI home loan online:
At a salary of INR 50,000 you can apply for a home loan of INR 30 lakhs approximately. However, the various expenses from your salary are taken into consideration while determining your home loan amount. Therefore, it is advisable to contact your bank to know your eligible amount.What are the different types of SBI home loan?
Regular Home Loan, Top Up home loan, Insta Home Loan Top-Up, Flexipay, SBI Maxgain, NRI home loans, SBI Pre-Approved Home Loan (PAL), Privilege, Shaurya are a few of the different types of SBI home loans.What is maximum home loan tenure in SBI?
The maximum home loan tenure in SBI is up to a period of 30 years.How long does it take for SBI home loan approval?
After submitting the loan application, SBI generally takes about 3 to 7 working days to approve your home loan.
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