SBI is India's largest mortgage lender and a great home loan option for individuals living in India. With generous eligibility criteria, long loan tenures, and some of the lowest interest rates in the market, SBI home loans should be at the top of your list if you are seeking funding for your new house or property.
|Summary of SBI Home Loans|
|Promotion: Rates from 6.70% and waiver on processing fee|
|Interest rates starting from 6.95%|
|0.05% interest rate discount for women|
|Multiple options for additional financing|
|Specially designed loans for all borrowers|
Table of Contents
What Makes SBI Home Loans Stand Out to Borrowers?
Controlling 25% of India's home loan market, SBI is India's largest mortgage and home loan lender. The state-owned bank consistently offers competitively priced home loan products.
In addition to low interest rates, SBI offers generous home loan eligibility criteria, allowing borrowers from many different backgrounds and ages to avail a home loan. For this reason, young and older borrowers, alike, that require a housing loan in order to purchase their new home, should consider SBI for their home financing needs.
|SBI Home Loan Product||Features|
|SBI Regular Home Loan|
|SBI Balance Transfer|
|SBI NRI Home Loan|
|SBI Flexipay Home Loan|
|SBI Privilege Home Loan|
|SBI Shaurya Home Loan|
|SBI Pre-Approved Home Loan|
|SBI Realty Home Loan|
|SBI Home Top Up Loan|
|SBI Bridge Home Loan|
|SBI Corporate Home Loan|
|SBI Tribal Plus|
|SBI Home Loan to Non-Salaried|
|SBI Earnest Money Deposit (EMD)|
|SBI Reverse Mortgage Loan|
|SBI Loan Against Property|
SBI Home Loan Interest Rates
SBI standard home loan rates are charged between 7.00% and 7.70%, which still brings the lender's rates well below our calculated average home loan rate of 8.00%. Your final interest rate will be determined by many factors, including your CIBIL score, income, tenure, relationship with bank, and employment status. However, as a rule, women borrowers benefit from a 0.05% discount on SBI home loan interest rates.
For a regular home loan, you can opt for a term loan or a Maxgain loan. Under the SBI MaxGain Home Loan option, your loan amount will be sanctioned as an overdraft facility. Although the Maxgain option technically has higher interest rates, you will pay less total interest over time.
|Loan Amount||Term Loan Rate||Maxgain Rate|
|Up to Rs. 30 lakhs||7.00%||7.35%|
|Between Rs. 30 lakhs and Rs. 75 lakhs||7.25%||7.60%|
|Above Rs. 75 lakhs||7.35%||7.70%|
Self-employed borrowers will be charged an additional 0.15%, while borrowers with a low CIBIL score, or otherwise risky financial status, will be charged up to an extra 0.20%.
State Bank of India's other home loan products are also competitively priced and some provide an overdraft facility option to reduce total interest paid. You can find SBI rates for other housing products below. However, we advise that you confirm current home loan interest rates before applying for a loan.
|Interest Rate Structure|
|SBI Realty Loans||7.70% - 7.90%|
|SBI Home Top Up||7.50% - 9.55%|
|Insta Home Top Up||From 8.20%|
|Smart Home Top Up||8.05% - 9.05%|
|SBI Loan Against Property||8.80% - 9.65%|
|SBI Bridge Loan||9.50% - 10.50%|
|SBI Bridge Loan||9.50% - 10.50%|
|SBI Earnest Money Deposit||From 10.45%|
|Reverse Mortgage Loan||8.05% - 9.05%|
SBI Home Loan Eligibility
To avail an SBI home loan, you must be between the ages of 18 and 70 years old. Notably, the Privilege Home Loan — designed for government employees — extends the maximum age to 75 years old. These age requirements are especially generous, considering most other lenders enforce an age range of 21 to 65.
NRIs have the same minimum age requirement of 18, but must be no older than 60 year olds to be eligible for an SBI home loan. Regardless of your residence status, SBI borrowers are eligible for a 30 year loan tenure under most home loan schemes. As an exception, SBI Realty Loans allow up to a 10 year loan tenure.
State Bank of India has an abundance of home loan products of which are specially tailored to certain types of borrowers. Please refer to the SBI Housing Product list to find a loan that matches your qualifications and needs.
Read more: Home Loan Eligibility
SBI Home Loan Processing Fee and Other Charges
|SBI Home Loan Processing Fee||0.40% of loan amount, minimum Rs. 10,000, maximum Rs. 30,000|
|Privilege Home Loan Processing Fee||Waived|
|Shaurya Home Loan Processing Fee||Waived|
There are a number of standard fees associated with SBI home loan products. Most notably, the bank's processing fee is lower than those of many other lenders at just 0.40% of the total loan amount. Additionally, SBI promotes no prepayment penalty fees for its home loan products, which is advantageous for borrower who seek to pay down their loan in advance.
We strongly recommend that you carefully review each bank's fees when comparing home loans in order to make your loan as affordable as possible.
SBI Home Loan Calculator
Use a home loan calculator to estimate your EMIs before applying. By inputting your home loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the SBI home loan EMI calculator.
SBI Home Loan EMI Repayment Schedule
Our team of financial analysts calculated an EMI repayment schedule for borrowers, as seen below. This example shows the first 5 years of a 30-year loan tenure.
|Stage of Tenure||EMI||Interest Paid||Principal Paid||Outstanding Balance|
SBI Home Loan: Apply Online
You can apply for an SBI Home Loan in person or online. For loans like the Smart Home Top Up, you must apply in person to avail benefits like instant approval without documentation.
SBI Home Loan Documents
You will have to submit documents for proof of income and property validation. Further, you should have your KYC (Know Your Customer) documents ready for proof of identity and residence.
Examples of Required Documents
- Mandatory: Employer Identity Card, completed loan application with 3 passport size photographs
- Proof of Identity: PAN Card, Passport, Driver's License or Voter ID Card
- Account Statement: Last 6 months statements for all bank accounts, 1 year loan A/C statements for previous loans
- Proof of Income (Salaried): 3 months Salary Slips , 2 years' Form 16 or IT Returns
- Proof of Income (Self-Employed): Proof of business address, 3 years' IT returns (3 years), 3 years Balance Sheet & P&L statements, business license details, TDS Certificate, Certificate of Qualification
You will also be required to submit property-related documents that vary based on your location of residence, as well as your home loan product of choice. Please confirm your document requirements with State Bank of India before applying for a home loan.
SBI Home Loan Customer Care
If you have any queries about the application process or your SBI home loan status, contact SBI customer care through any of the methods below.