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A Guide to SBI Home Loan Scheme

Updated on May 15, 2024 , 125894 views

State Bank of India (SBI) is one of the primary choices of every Home Loan seeker. This is because it offers low-interest rates, lower processing fees, special offers for women, benefits for government employees, etc.

SBI Home Loan

SBI offers interest rates starting from 7.35% p.a. and the loan tenure can be anticipated up to 30 years and ensures an easy repayment period.

SBI Home Loan Interest Rate

Since 1 October 2019, the State Bank of India has adopted a repo rate as its external benchmark for all floating rates on home loan schemes. As of now, the external benchmark rate is 7.80%, but the SBI repo rate linked to home loan interest rate is 7.20% onwards.

SBI Home Loan Interest on SBI Home Loan Schemes (RLLR linked {RLLR=Repo Rate Linked Lending Rate}).

SBI Home Loan Scheme Interest Rate for Salaried Interest Rates for Self- Employed
SBI Home Loan (Term Loan) 7.20%-8.35% 8.10%-8.50%
SBI Home Loan (Max Gain) 8.20%-8.60% 8.35%-8.75%
SBI Realty Home Loan 8.65% onwards 8.65% onwards
SBI Home Loan Top-up (Term Loan) 8.35%-10.40% 8.50%-10.55%
SBI Home Loan Top-up (Overdraft) 9.25%-9.50% 9.40%-9.65%
SBI Bridge Home Loan 1st Year-10.35% & 2nd Year-11.35% -
SBI Smart Home Top Up Loan (Term Loan) 8.90% 9.40%
SBI Smart Home Top Up Loan (Overdraft) 9.40% 9.90%
Insta Home Top Up Loan 9.05% 9.05%
SBI Earnest Money Deposit (EMD) 11.30% onwards -

SBI Home Loan Schemes

SBI Home Loan

The SBI regular home loan can be availed for various purposes such as the purchase of a house, under-construction property, pre-owned homes, construction of a house, repair, renovation of the house.

The interest rate for this scheme is linked with repo rate are as follows-

Particulars Loan Details
Borrower Type Indian Residents
Loan amount As per applicant credit profile
Interest Rate Term Loan (i) Salaried: 7.20% – 8.35% (ii) Self Employed: 8.20% – 8.50%. Maxgain (i) Salaried: 8.45% – 8.80% (ii) Self Employed: 8.60% – 8.95%
Loan Tenure Up to 30 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18-70 years

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SBI NRI Home Loan

SBI allows NRIs to get a loan to invest in properties or buy a house in India.

Particulars Loan Details
Borrower Type Non-Resident Indians(NRI’s) or Persons of Indian Origin (PIOs)
Loan amount As per applicant credit profile
Interest Rate Varies from one case to another
Loan Tenure Up to 30 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18-60 years

SBI Flexipay Home Loan

This loan option by SBI provides eligibility for a higher loan amount for the salaried borrowers. You get an option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs you pay would be stepped-up during the subsequent years.

This type of loan is suitable for young earners.

Particulars Loan Details
Borrower Type Resident Indians
Employment type Salaried and Self-employed
Loan amount As per applicant credit profile
Interest Rate Varies from one case to another
Loan Tenure Up to 30 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 21-45 years (to apply for the loan) 70 years (for loan repayment)

SBI Privilege Home Loan

SBI Privilege Home Loan is specifically made for government employees.

The details of the loan are as follows-

Particulars Loan Details
Borrower Type Resident Indians
Employment type Employees of Central & State Government, which includes PSBs, PSUs of Central Government & other individuals with pensionable service
Loan amount As per applicant credit profile
Interest Rate Varies from one case to another
Loan Tenure Up to 30 years
Processing Fee Nil
Age limit 18-75 years

SBI Shaurya Home Loan

This loan is especially for the army and Indian Defense Personnel. SBI Shaurya Home Loan offers benefits such as attractive interest rate, zero processing fees, zero prepayment penalty, a concession for women borrowers, and many more.

Particulars Loan Details
Borrower Type Resident Indians
Employment type Defence personnel
Loan amount As per applicant credit profile
Interest Rate Varies from one case to another
Loan Tenure Up to 30 years
Processing Fee Nil
Age limit 18-75 years

SBI Realty Home Loan

Customers who want to purchase a plot for construction of a house can avail this loan. However, to ensure all the benefits of SBI Realty Home Loan one must ensure that the house construction starts within 5 years from the date of loan sanction.

Particulars Loan Details
Borrower Type Resident Indians
Employment type Salaried and Non-Salaried Individuals
Loan amount As per applicant credit profile
Interest Rate Up to Rs. 30 lakh: 8.90%. Above Rs 30 lakh to Rs 75 lakh: 9.00%. Above Rs 75 lakh: 9.10%
Loan Tenure Up to 10 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18-65 years

SBI Home Top Up Loan

Borrowers who are availing SBI home loan require more money, can opt for Home Top up loan.

The details for the SBI Home Top Up loan are as follows-

Particulars Loan Details
Borrower Type Resident Indians
Employment type Salaried and Non-Salaried Individuals
Loan amount As per applicant credit profile
Interest Rate Up to Rs. 20 lakh – 8.60%. Above Rs. 20 lakh & up to Rs. 5 crore – 8.80% – 9.45%. Above Rs. 5 crore – 10.65%
Loan Tenure Up to 30 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18-70 years

Bridge Home Loan

SBI Bridge Home Loan is for all the owners who want to upgrade their home. Many times, the customer faces short-term liquidity mismatch on account of the time lag between the sale of an existing property and purchase of the new property.

So, you can opt for a bridge loan if you want to mitigate the shortage of funds.

Particulars Loan Details
Borrower Type Resident Indians
Loan amount Rs. 20 lakh to Rs. 2 crore
Interest Rate For 1st Year: 10.35% p.a. For 2nd Year: 11.60% p.a.
Loan Tenure Up to 2 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18-70 years

SBI Smart Home Top-up Loan

The SBI smart top-up loan is a general-purpose loan, you can avail this loan within a few minutes. The applicant must have an adequate repayment track record of 1 year or more after the completion of the moratorium.

Particulars Loan Details
Borrower Type Resident Indians & NRI
Employment type Salaried and Non-Salaried Individuals
Loan amount Up to Rs. 5 lakh
Interest Rate Salaried (term loan): 9.15% and salaried (overdraft): 9.65%. Non-Salaried (term loan): 9.65% and non-Salaried (overdraft): 10.15%
Credit Score 750 or above
Loan Tenure Up to 20 years
Processing Fee Rs. 2000 + GST
Age limit 18-70 years

SBI Intsa Home Top-up Loan

SBI Insta home top-up loan is available for pre-selected customers via internet banking. The loan is sanctioned without any manual involvement.

To avail the loan, the existing home loan customers must have a minimum home loan of Rs. 20 lakh with INB Facility and should have a satisfactory record of 3 years or more.

Particulars Loan Details
Borrower Type Resident Indians & NRI
Employment type Salaried and Non-Salaried Individuals
Loan amount Rs. 1 lakh to Rs. 5 lakh
Interest Rate 9.30%, (regardless of risk grades, gender & occupation)
Credit Score 750 or above
Loan Tenure Min residual tenure of home loan of 5 years
Processing Fee Rs. 2000 + GST
Age limit 18-70 years

SBI Corporate Home Loan

The Corporate Home Loan scheme is for both Public and Private Limited Corporate organizations. They can avail the loan to fund the construction of residential units.

The loan will be availed in the name of company directors/promoters or employees.

Particulars Loan Details
Borrower Type Public & Private Ltd organization
Interest Rate Varies from one case to another
Processing fee 0.50% of the loan amount(Min Rs.50,000& max Rs. 10 lakh)

SBI Home Loan to Non-Salaried

SBI offers loan to non-salaried persons for the purpose of construction, repair, renovation of the Flat. Under this scheme, the banks also offer home loan transfer facilities.

Particulars Loan Details
Borrower Type Resident Indians
Employment type Non-Salaried Individuals
Loan amount Rs. 50,000 to Rs. 50 crore
Interest Rate As per the applicant credit score
Loan Tenure Up to 30 years
Processing Fee 0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs. 10,000)
Age limit 18 years minimum

SBI Home Loan Eligibility

State Bank of India provides various types of home loan schemes, each having its own eligibility criteria.

The loan applicant must meet the eligibility criteria before applying for an SBI home loan.

Particulars Eligibility
Borrower Profile Indian Residents/NRIs/PIOs
Employment Type Salaried/Self-Employed
Age 18 to 75 years
Credit Score 750 and above
Income Varies from case to case

SBI Home Loan Documents for Salaried & Self-Employed

The documents for the home loan are as follows:

  • Employer ID Card (Salaried applicants)

  • Three photograph copies

  • Identity proof- PAN/Passport/Driver’s Licence/Voter ID

  • Proof of residence- Telephone bill, Electricity bill, Water bill, Gas bill, Passport copy, Driving license, Aadhar Card

  • Property documents- Permission of construction, occupancy certificate, approved plan copy, payment receipts etc.

  • Account statement- Last 6 months bank Account Statement and loan account statement of the last year

  • Proof of income (Salaried)- Salary slip, Salary certificate of last 3 months and copy of Form 16 of the last 2 years, Copy of IT returns for 2 financial years, acknowledged by IT dept

  • Proof of income (Non-salaried)- Business address proof, IT returns for last 3 years, Balance Sheet, Profit & Loss A/C for last 3 years, Business license, TDS certificate (Form 16 if applicable) Certificate of qualification (C.A/Doctor or other professionals)

SBI Loan Customer Care

Address

Real Estate and Housing Business Unit, State Bank of India, Corporate Center, Madame Cama Road, State Bank Bhavan, Nariman Point, Mumbai-400021, Maharashtra.

Toll Free No

  • 1800 112 211
  • 1800 425 3800
  • 080 26599990

An Alternative of the Home Loan- Invest in SIP!

Well, home loan comes with higher interest rates and long tenure. The best way to accomplish your dream home is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream home from which you can invest a fixed amount in SIP.

SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!

Speed-up your Savings to Buy Dream House

If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.

SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.

Know Your SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
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expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579
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Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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