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A Guide to SBI Home Loan Scheme
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 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
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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