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SBI Home Loan Guide for Application Process, Interest Rates & Eligibility
date
23 Nov 2024

SBI Home Loan Guide for Application Process, Interest Rates & Eligibility

date
23 Nov 2024

State Bank of India Home loans is the largest mortgage lender in India. SBI has helped over 30 Lakh families in India to achieve their dream of owning a home. Focussing on four main values Trust, Transparency, Integrity and Excellence SBI Housing Finance products and processes revolve around these values itself. State Bank of India average interest rates for this year has been 8.5 which is at the eighth position among all the home loan lenders in India. State Bank Disbursal Time ranges between 15-17 Days. 

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SBI Home Loan Highlights

SBI Bank Home Loan Highlights
SBI Home Loan Interest Rate8.50% – 9.85% p.a.
SBI Home Loan AmountUp to 90% of property value
Loan TenureUp to 30 years
Processing Fees0.35% of the loan amount + applicable taxes (Rs 2,000-Rs 10,000)
Prepayment / Foreclosure ChargesNil
Rate Packages availableFloating

About SBI Bank

SBI or State Bank of India, a fortune 500 company, is one of the largest public sector banks in India. SBI Bank is an Indian multinational which holds a rich heritage and legacy of over 200 years. SBI is the most trusted bank amongst Indians and has a strong presence in the Indian market. SBI has served over 50 crore customers across its 22,500 branches, 63,580 ATMs/ADWMs, 82,900 BC outlets. It is ranked 48th largest bank in the world by total assets; with an asset base of over Rs. 61 trillion and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list.

SBI Home Loans Features

  • Wide Range of Products and Services to cater to every customer segment; special home loan products for defence personnel, government employees, non-salaried individuals, applicants buying ‘green’ homes and individuals living in hilly/tribal areas
  • Interest Calculation on Daily Reducing Balance
  • Overdraft Facility available
  • Low Interest Rates
  • Low Processing Fees
  • No Hidden Costs
  • No Prepayment penalty
  • Interest rate concessions of 0.05% to women borrowers

You can get a home loan without visiting the bank Apply with Ambak

SBI Home Loans Interest Rates 2024

SBI Home loan interest rates start at as low as 8.50% per annum onwards. It depends on the credit score of the borrower and type of loan scheme. Following are SBI Home Loans Interest Rates of various schemes:

Types of SBI Home LoansSBI Housing Loans Interest Rates
SBI Home Loan8.50%-9.65%
SBI Tribal Plus8.60%-9.55%
SBI Realty Home Loan9.45% - 9.85%
SBI Top Up Loan8.80% to 11.30%
SBI Top Up Loan (OD)9.00% to 9.95%
SBI Loan Against Property10.00% - 11.30%
SBI Reverse Mortgage Home Loan8.55 % to 9.05 %
SBI YONO Insta Home Top Up9.35%
SBI Home Loan Maxgain (OD)8.70% to 9.85%

SBI Home Loans Interest Rates Comparison with others

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI8.50%-9.85% p.a.8.50%-9.85% p.a.8.50%-9.85% p.a.
HDFC Bank Limited8.70% p.a.8.70% p.a.8.70% p.a.
LIC Housing Finance8.50% - 10.35% p.a.8.50% - 10.55% p.a.8.50% - 10.75% p.a.
ICICI Bank8.75% p.a.8.75% p.a.8.75% p.a.
Kotak Mahindra Bank8.75% p.a.8.75% p.a.8.75% p.a.
PNB Housing Finance8.50% - 14.50% p.a.8.50% - 14.50% p.a.8.50%-11.45% p.a.
Punjab National Bank8.45% - 10.25% p.a.8.40% - 10.15% p.a.8.40% - 10.15% p.a.
Bank of Baroda8.40% - 10.65% p.a.8.40% - 10.65% p.a.8.40% - 10.90% p.a.
IDFC First Bank8.85% p.a.8.85% p.a.8.85% p.a.
L&T Finance Limited8.65% p.a.8.65% p.a.8.65% p.a.
Tata Capital Housing Finance8.75% p.a.8.75% p.a.8.75% p.a.
Federal Bank8.80% p.a.8.80% p.a.8.80% p.a.
Axis Bank8.75%-13.30% p.a.8.75%-13.30% p.a.8.75%-9.65% p.a.
Godrej Housing Finance8.55% p.a.8.55% p.a.8.55% p.a.

SBI Home Loan Processing Fees and Charges

ParticularsDetails
Home Loan- Regular, NRI, Realty,Maxgain, CRE, Flexi-pay, Non-salaried,PAL, Tribal Plus, Apno Ghar Loan above 15 lacs, Top-up Home Loan0.35% of loan amount (Rs 2,000-Rs 10,000)
YONO Insta Home Top-Up Loan (DigitalProduct)Rs 2,000
Privilege and Shaurya Home LoanNIL
Apno Ghar (HL upto Rs 15 lacs)NIL
Kerala Govt Employees Home loansschemeNIL

Ambak Can Help You Save the Processing Fees Apply Now

Types of SBI Home Loan Schemes

  • SBI Regular Home Loan
    • SBI offers Regular home loan for purchase of already built / under construction property and purchase of pre-owned homes. The scheme is available for applicants from age 18 years to 70 years at an interest rate of 8.50% per annum onwards. The processing fees under this scheme is 0.35% of the loan amount ranging between min Rs 2,000 to maximum Rs 10,000. SBI Regular home loan offers 0.5% lower interest rate for women borrowers. Additionally all the above features are available with zero foreclosure charges and tenure up to 30 years
  • State Bank of India Tribal Plus
    • SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal / hilly areas. Borrowers can avail home loan in this scheme for purchase / construction of new house/flat or purchase of an existing house/flat not more than 10 years old. Interest rate starts from 8.60% per annum with a maximum tenure of 15 years. A processing fees of 0.35% of loan amount is levied for all loans.  
    • SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal / hilly areas. Borrowers can avail home loan in this scheme for purchase / construction of new house/flat or purchase of an existing house/flat not more than 10 years old. Interest rate starts from 8.60% per annum with a maximum tenure of 15 years. A processing fees of 0.35% of loan amount is levied for all loans.  
  • SBI Flexipay Home Loan
    • SBI under Flexipay Home Loan caters to salaried customers who are looking for higher loan amounts. Flexipay home loan offers higher loan eligibility allowing them to pay interest during the moratorium period (Pre EMI) and then opt for moderated EMIs. The scheme helps in 20% improvement in home loan eligibility for younger professionals. The interest rate under this scheme varies based on the cibil score of an individual with a maximum tenure of 30 years. A processing fees of 0.35% of loan amount is levied for all loans
  • SBI Home Loan for Non Salaried Differential Offerings
    • This is a specially designed home loan scheme to offer SBI Housing Loan to Non Salaried individuals for the purpose of buying new homes, construction and for repairing/ renovating existing houses or transferring loan to SBI from other banks. An individual can get a loan amount from Rs 50,000 to 50 crore under this scheme for a tenure of up to 30 years. A processing fees of 0.35% of loan amount is levied for all loans
  • SBI Pre-Approved Home Loan
    • Under SBI Pre-Approved Home loan offer loan is sanctioned even before property is finalised allowing more negotiating power with the seller. All benefits are similar to SBI Regular Home Loan Scheme
  • SBI Earnest Money Deposit
    • SBI Earnest Money Deposit is a specially designed scheme for paying booking amounts for houses / plots sold by urban development authorities, housing boards and other government authorities. These are short term loans of one year which can be availed to pay only the booking amount. A processing fees of 0.5% of loan amount (min Rs 1,000) is levied for all loans
  • SBI Realty Home Loan
    • SBI Realty Home Loans are schemes designed for individuals who want to buy a plot of land to build their homes. The scheme has a borrowing limit of Rs 15 crore with a maximum repayment tenure of up to 10 years. The scheme also provides an option to avail a separate SBI Home loan for the actual construction. A processing fees of 0.35% of loan amount is levied for all loans
  • SBI Commercial Real Estate (CRE) Home Loan
    • SBI Commercial Real Estate (CRE) Home Loan is a specially designed scheme for individuals who already have a home loan and want to buy another house. The maximum number of home loans an individual can avail under this scheme is 3. Additional benefits under this scheme are lower interest rates for women, no foreclosure charges and overdraft facility. A processing fees of 0.5% of loan amount (min Rs 5,000) is levied for all loans
  • SBI NRI Home Loan
    • SBI NRI Home Loan is a scheme designed for NRI. Interest rates are similar to SBI Regular Home loans.  A processing fees of 0.35% of loan amount is levied for all loans
  • SBI Home Loan Balance Transfer
    • SBI Home Loan Balance Transfer allows existing home loan borrowers from other banks or NBFCs to transfer their housing loans to the State Bank of India, benefiting from lower interest rates and saving on EMI payments.
  • SBI Privilege Home Loan
    • SBI Privilege Home Loan is a specially designed scheme for Central / State government employees, along with other individuals who get pension. The scheme has a tenure of up to 30 years.
  • SBI Shaurya Home Loan
    • SBI Shaurya Home Loan is a specially curated scheme for Defense personnel with a lower interest rate, flexible repayment options and term.
  • SBI Top Up Home Loan
    • SBI Top Up Home Loan is specially available for existing home loan customers for SBI. Customers can get additional loan amounts over and above their existing home loan amount.
  • SBI Maxgain Home Loan
    • SBI Maxgain Home Loan is a scheme designed for customers who are planning to buy Ready to Move in Homes. This scheme offers home loan overdraft facility where drawing amount reduces monthly to the extent of principal balance
  • SBI Reverse Mortgage Loan
    • SBI Reverse Mortgage Loan is a scheme designed for senior citizens to help with supplement income post retirement. Customer should be a property owner. This scheme comes with an interest rate of 11.55% per annum. A processing fee of 0.50% is levied. 
  • SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal / hilly areas. Borrowers can avail home loan in this scheme for purchase / construction of new house/flat or purchase of an existing house/flat not more than 10 years old. Interest rate starts from 8.60% per annum with a maximum tenure of 15 years. A processing fees of 0.35% of loan amount is levied for all loans.  

SBI Home Loan Eligibility 

SBI Homes Loans eligibility depends on multiple factors like age, nationality and job profile. Following is eligibility criteria for different schemes under SBI Home Loan

TypeMinimum AgeMaximum AgeNationalityJob Profile
SBI Regular Home Loan1870IndianAll
State Bank of India Tribal Plus2160Indian
SBI Flexipay Home Loan21 to 4570IndianSalaried
SBI Home Loan for Non Salaried Differential Offerings18IndianNon-Salaried 
SBI Pre-Approved Home Loan1870IndianAll
SBI Earnest Money Deposit21Indian
SBI Realty Home Loan1865IndianAll
SBI Commercial Real Estate (CRE) Home Loan1870IndianAll
SBI NRI Home Loan1860Non Resident Indian and Person of Indian OriginAll
SBI Home Loan Balance Transfer1870IndianAll
SBI Privilege Home Loan1875IndianGovernment employees working with Central or State Government, Public Sector Banks, Public Sector Undertakings of Central Government and other individuals with pensionable service.
SBI Shaurya Home Loan1875IndianArmy and Defence Personnel
SBI Top Up Home Loan1870Indian / NRIAll
SBI Maxgain Home Loan1870IndianAll
SBI Reverse Mortgage Loan60IndianAll

Checkout Ambak Home Loan EMI Calculator

SBI Home Loans for NRI & PIO

How to Apply for SBI Home Loan

Offline: Visit the nearest SBI Bank branch with all the required documents based on scheme selected. Fill the application form at the branch and submit all the documents

Online: Visit the official website of SBI Home Loans https://homeloans.sbi/. Fill the application form, leave your details and you will get a call from the SBI Home Loans Team

It is advisable to calculate your EMI using SBI Home Loan calculator.

You can also drop your details at https://ambak.com/ and our team will help you process the application end to end. 

Check List of Documents-

CategoryDocuments Required
Loan Application- Duly filled loan application form- Three passport-size photographs
Proof of Residence (any one)- Latest utility bill- Copy of Aadhaar card- Driving licence- Passport
Proof of Identity (any one)- Voter ID card- PAN card- Driver's licence- Passport
Employment Proof- Employer identity card
Proof of Income (Salaried)- Salary certificate or salary slips for the previous three months- IT Returns for the previous two financial years- Copy of Form 16 for the previous two years
Proof of Income (Non-Salaried)- IT Returns for the previous three years- Balance Sheet of the previous three years- Profit & Loss account of the previous three years- Business license or equivalent- Form 16A or TDS certificate (if applicable)- Certificate of qualification (for professionals)- Proof of business address
Account Statements- Bank account statements of the previous six months for all accounts held by the applicant- Loan account statement of the previous one year (if another loan is active)
Property Papers- Copy of approved blueprint- Occupancy Certificate (for ready-to-move property)- Conveyance Deed (for new property)- Permission for construction (if applicable)- Stamped Agreement for Sale or Allotment Letter- Maintenance bill- Electricity bill- Property tax receipt- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder- Payment receipts to seller or builder- Registered Agreement for Sale (for Maharashtra)- Share Certificate (for Maharashtra)

Frequently Asked Questions:

  1. What is SBI home loan interest rate?

The SBI Home Loan interest in India, is 8.5 in 2024, as per the average interest rate reported by RBI. The interest rates can vary at the discretion of SBI and can vary as per the user profile and property. 

  1. Are SBI Home Loans interest rate fixed or floating?

The SBI Home Loans interest rate are floating and changes as per the movement in RBI Repo Rate declared by the Central Bank time to time. 

  1. How is SBI Home Loan EMI Calculated?
ComponentDetails
FormulaEMI = P×r×(1+r)n / (1+r)n−1
Components ExplainedP = Principal loan amountr = Monthly interest rate = (Annual interest rate ÷ 12 ÷ 100)n = Loan tenure in months
Example InputsPrincipal (P): ₹50,00,000Annual Interest Rate: 8.50%Loan Tenure: 20 years
Converted InputsMonthly Interest Rate (r): 8.50% ÷ 12 = 0.007083 (decimal)Loan Tenure in Months (n): 20 × 12 = 240 months
Example EMIEMI = ₹43,391.43

Amortization Schedule (First 12 Months):

MonthPrincipal (₹)Interest (₹)EMI (₹)Outstanding Balance (₹)
17,108.5736,282.8643,391.4349,92,891.43
27,159.1236,232.3143,391.4349,85,732.31
37,209.8936,181.5443,391.4349,78,522.42
47,260.8836,130.5543,391.4349,71,261.54
57,312.0936,079.3443,391.4349,63,949.45
67,363.5236,027.9143,391.4349,56,585.93
77,415.1735,976.2643,391.4349,49,170.76
87,467.0435,924.3943,391.4349,41,703.72
97,519.1335,872.3043,391.4349,34,184.59
107,571.4535,820.9843,391.4349,26,613.14
117,624.0035,769.4343,391.4349,18,989.14
127,676.7635,717.6743,391.4349,11,312.38
  1. What are pre-payment or foreclosure charges in SBI home Loan?

SBI Home Loan doesnt levy in pre-closure charges irrespective of the tenure specially for individuals. 

  1. How can I check eligibility criteria of SBI Home Loans?

The eligibility criteria for home loan can be checked at SBI website which will be aligned with below mentioned criteria

Resident Type: Resident Indian

Minimum Age: 18 years

Maximum Age: 70 years

Loan Tenure: up to 30 years.

  1. How long will it take to get the loan disbursed from SBI?
AspectDetails
Typical Disbursement Time3 to 10 days after submission of all required documents and completion of formalities.
Factors Affecting Timeline- Complexity of the loan application- Property verification process- Financial profile of the applicant
Steps to Expedite Process- Ensure complete and accurate documentation- Respond promptly to bank queries- Maintain clear communication with the loan officer
Additional NotesTimeline may vary depending on the specifics of the loan and applicant. Regular follow-ups with SBI are recommended.

To Know More Call Our sales and support number for all of your loan and application related questions.

+91 805-805-8009