SBI Home Loan

SBI offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from SBI has the following benefits:

  • Interest rate linked to Repo Rate
  • Special rate for women borrowers
  • Nil PF for Central/State Govt employees
  • Loan up to 90% of property value
  • Nil prepayment charges for floating rate
Interest Rate8.05% on wards
Compare with Other Banks
Processing FeeUp to 0.25%
Maximum ₹ 10,000
Max Tenure35 years
Lowest EMI₹ 714 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed

SBI home loan interest rates are in the range of 8.05% to 8.75%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.05%.

ProductsInterest Rates
SBI Repo Rate Linked Loan8.05% – 8.60%
SBI MCLR Linked Loan8.25% – 8.75%
SBI Flexipay Home Loan8.25% – 8.75%
SBI Pal8.25% – 8.75%
SBI Tribal Plus8.25% – 8.40%
SBI Gram Niwas8.25% – 8.40%
SBI Sahyog Niwas8.25% – 8.40%
SBI Home Loan Balance Transfer8.25% – 8.75%
SBI NRI Home Loan8.25% – 8.75%
SBI Privilege Home Loan8.25% – 8.85%
SBI Bridge Loan8.40% – 8.95%
SBI Shaurya Home Loan8.40% – 8.85%
SBI Home Loan for Self Employed8.40% – 8.85%
SBI Top Up Loan8.60% – 11.15%
SBI Realty8.85% – 9.15%
SBI Reverse Mortgage Home Loan10.15%

Latest SBI home loan rate starts from 8.05% , as applicable based on the Repo Rate, which is 5.40%, last announced on 07th Aug 19. Any change in Repo Rate will translate into a similar change in the bank’s home loan rate.

SBI also offers home loan rates benchmarked to 1 Year MCLR, which is currently 8.15%. Home Loan SBI rates linked to MCLR starts at 8.25%.

SBI housing loan interest depends upon
  • Loan amount: Housing loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank’s rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: SBI also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: SBI offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

SBI Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from SBI also carry some other charges which include:

  • Processing Fee – SBI applies 0.25% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges – SBI also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on SBI rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to SBI. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with SBI at Nil charges.

If you want to get a housing loan from SBI, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at New home loan. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and SBI’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by New home loan’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from SBI.

You can also do a comparison of SBI’s Home Loan Interest rates and other charges using New home loan comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of New home loan.

SBI Home Loan Documents

For Salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof – Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents – Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
For Self-Employed
  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof – Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents – Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Maximum Annual Percentage Rate (APR)8.05% to 8.75%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 1 Lakh
  • Time period: 5 years to 35 years
  • SBI Home Loan Interest Rate: 8.05% to 8.75%
  • Processing Fee payable to SBI: Upto Rs. 10,000. Current offer for processing fee is Nil
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 714 for a 35 years Rs. 1 Lakh loan at 8.05% (lowest rate, longest time period) to Rs. 2,064 for a 5 years Rs. 1 Lakh loan at 8.75% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 8.05% to 8.75%
  • Total cost payable over loan tenure: Rs. 33,823 for 5 years loan to Rs. 2.10 Lakh for 35 years loan

SBI’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of SBI.


S. NO.Loan AmountMargin
1Up to Rs. 30 Lacs10%
2Above Rs. 30 Lacs to upto Rs. 75 Lacs20%
3Above Rs. 75 Lacs25%

What security do I need to provide?

SBI requires registered mortgage of the property against which the bank will provide you loan. In case of under construction property, additional collateral security is required.

Am I eligible for top up on my existing home loan?

SBI allows you to top up your existing home loan up to maximum LTV of 75%.

Home Loan SBI Schemes

SBI offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

SBI Maxgain
  • Loans for construction or purchase a house with an overdraft facility. This facility allows an option to deposit available surplus for any period in the overdraft account and reduce overall interest on housing loan. Attractive loan for self employed, businessmen , professionals with uneven flow of income through out the year.
  • Loan is provided as an overdraft account which allows regular withdrawals and deposits.
  • Interest is charged only on the withdrawn amount. This reduces the interest cost for the borrowers.
  • The overdraft account comes with a cheque and online banking facility.

Who is Eligible?

  • Individuals : salaried, professionals, self employed and businessmen.
  • Customers who expect to have surplus income can opt for the loan.

Key Loan Terms

  • Home loan available at the age of 18 to 70 years
  • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 10 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 35 years
State Bank of India Realty Home Loan
  • Loan for purchase of plot or land to construct home on the same.
  • Existing customers are also eligible to avail another home loan for construction of house on the plot financed under this scheme. Construction of house should be commenced within 5 years of taking the loan.
  • In such a case, outstanding in reality account will be first liquidated through disbursement from home loan and the remaining amount will be disbursed for construction of House in phases linked to the stages of construction.

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