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SBI Home Loan Highlights 2024
| Particulars | Details |
| SBI Home Loan Interest Rate | 8.50% – 9.85% p.a. |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.35% of the loan amount (Rs 2,000-Rs 10,000) |
Note: Rates as of 11th December 2024
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SBI Home Loan Interest Rate
SBI Home Loan interest rates start from 8.50% p.a. onwards. The bank offers home loan interest rates depending on the credit score and type of loans offered to home loan applicants. SBI offers lowest home loan interest rates to applicants having CIBIL scores of 800 and above. Applicants who are new to credit or have no CIBIL score can also avail SBI Housing Loans at higher interest rates.
The bank has not specified interest rate differentiation based on the loan amount, LTV ratio, job profile, employer’s profile, monthly income, etc. However, lenders may consider these factors while setting home loan interest rates for their applicants. Below-mentioned are the SBI housing loan interest rates of various schemes offered on the basis of the credit scores of home loan applicants.
Scheme Wise SBI Housing Loan Interest Rates
| SBI Home Loan Scheme | Interest Rate (p.a.) |
| SBI Home Loan (TL) | 8.50%-9.65% |
| SBI Maxgain Home Loan (OD) | 8.70%-9.85% |
| SBI Top-up Home Loan | 8.80%-11.30% |
| SBI Top-up Home Loan (OD) | 9.00%-9.95% |
| SBI Tribal Plus | 8.60%-9.55% |
| SBI YONO Inst Home Top-up | 9.35% |
Apply for SBI Home Loan at Attractive Interest Rates Click Here
Home Loan Interest Rates of SBI v/s Other Top Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
SBI Home Loan Processing Fees and Charges
| Particulars | Details |
| Home Loan- Regular, NRI, Realty, Maxgain, CRE, Flexi-pay, Non-salaried, PAL, Trible Plus, Apon Ghar Loan above 15 lacs, Top-up Home Loan |
0.35% of loan amount (Rs 2,000-Rs 10,000) |
| YONO Insta Home Top-Up Loan (Digital Product) |
Rs 2,000 |
| Privilege and Shaurya Home Loan | NIL |
| Apon Ghar (HL upto Rs 15 lacs) | NIL |
| Kerala Govt Employees Home loans scheme |
NIL |
Also Read: Processing Fee Charged by Various Home Loan Lenders
Types of SBI Home Loan
Regular Home Loan
Purpose: SBI offers Regular Home Loan scheme for financing purchase of already built/under construction property and purchase of pre-owned homes. Those seeking to avail home construction loan for financing construction of their home property or avail home renovation loan for carrying out repair/renovation/extension of their existing house property can avail the SBI Regular Home Loan scheme.
Tenure: Up to 30 years
NRI Home Loan
Purpose: SBI offers NRI Home Loans to Non-Resident Indians for purchasing residential properties in India.
SBI Flexipay Home Loan
Purpose: SBI offers Flexipay Home Loan to salaried applicants wherein they can avail higher loan amounts. The repayment tenure of SBI Flexi Home Loan is divided into two terms; the pre-EMI period where the borrower pays only the interest component and the balance period where the borrower pays both the interest and the principal component.
Tenure: Up to 30 years
SBI Home Loan Balance Transfer
Purpose: SBI Home Loan Balance Transfer is offered to existing home loan borrowers of other banks/HFCs to transfer their housing loans to State Bank of India at lower interest rates.
SBI Privilege Home Loan
Purpose: Government employees working with Central/State Government, Public Sector Banks, Public Sector Undertakings and other individuals with pensionable service can avail SBI Privilege Home Loan Scheme
Tenure: Up to 30 years
SBI Shaurya Home Loan
Purpose: SBI Shaurya Home Loan scheme is a special home loan scheme designed for Army and Defense personnel with lower interest rates, easy repayment options and longer repayment period.
Tenure: Up to 30 years
SBI Pre-Approved Home Loan
Purpose: SBI Pre-approved Home Loan facility allows prospective home loan applicants to obtain pre-approved loan sanction even before finalizing the property. This allows the applicants to confidently negotiate with the builders/sellers. This sanction is offered on the basis of the income of the home loan applicant.
Tenure: Up to 30 years
SBI Realty Home Loan
Purpose: Prospective home loan borrowers can avail SBI Realty (Plot) Home Loan to raise funds for plot purchase and home construction thereon, provided the construction begins within 5 years from the date of loan sanction.
Loan Amount: Up to Rs 15 crore
Tenure: Up to 10 years
SBI Top-up Home Loan
Purpose: SBI offers SBI Top-up Home Loan facility to its existing home loan borrowers wherein they can avail additional loan amount over and above their existing home loans for any personal use.
Tenure: Up to 30 years
SBI YONO Insta Home Top-up Loan
Purpose: Pre-select existing home loan borrowers of SBI can avail SBI YONO Insta Home Top-up Loan, to meet their personal requirements. This is an instant top-up home loan facility offered through a completely digital process over the SBI YONO app.
SBI Home Loan to Non-Salaried- Differential Offerings
Purpose: SBI Housing Loan to Non-Salaried-Differential Offerings is a special home loan scheme designed for non-salaried applicants to finance the purchase and construction of homes, repair and renovation of existing dwelling units and balance transfer of existing home loans from other lenders to SBI.
Loan Amount: Rs 50,000-Rs 5 crore
Tenure: Up to 30 years
SBI Tribal Plus
Purpose: SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal/hilly areas. The applicants can avail the home loan scheme for purchase/construction of new house/flat, purchase of an existing house/flat not more than 10 years old, and repair/renovation/extension of existing home properties.
Loan Amount:
- For Salaried Individual- Up to 20 lakh
- For Non-Salaried Individual – Up to 15 lakh
Tenure: Up to 15 years
SBI Maxgain Home Loan
Purpose: SBI Maxgain is a home loan overdraft facility offered to applicants planning to purchase Ready to Move-in properties. The borrowers are required to meet their EMIs just like they do for Regular Home Loans. However, the Drawing Power on Overdraft facility gets reduced monthly to the extent of the principal balance.
Eligibility Criteria for SBI Home Loan
SBI offers home loans depending on the age and job profile of its applicants. Below-mentioned is the criteria depending on which SBI evaluates the home loan eligibility of its applicants.
| Types | Eligibility |
| For SBI Regular Home Loans/Home Loan Balance Transfer/Pre-Approved Home Loan | Minimum age: 18 years Maximum age: 70 years Nationality: Resident Indian |
| For SBI NRI Home Loan | Minimum age: 18 years Maximum age: 60 years Nationality: Non Resident Indian and Person of Indian Origin |
| For SBI Flexipay Home Loan | Minimum age: 21-45 years Maximum age: 70 years Job Profile: Salaried Nationality: Indian |
| For SBI Privilege Home Loan | Minimum age: 18 years Maximum age: 75 years Nationality: Resident Indian Job Profile: Government employees working with Central or State Government, Public Sector Banks, Public Sector Undertakings of Central Government and other individuals with pensionable service. |
| For SBI Shaurya Home Loan | Minimum age: 18 years Maximum age: 75 years Nationality: Resident Indian Job Profile: Army and Defence Personnel |
| For SBI Realty Home Loan | Minimum age: 18 years Maximum age: 65 years Nationality: Indian |
| For SBI Top-up Home Loan | Minimum age: 18 years Maximum age: 70 years Nationality: Resident Indian/NRIs |
| For SBI YONO Insta Home Top-up Loan | Pre-selected customers based on various credit checks such as satisfactory repayment, residual loan tenure, etc. |
| For SBI Home Loan to Non-Salaried-Differential Offerings | Minimum age: 18 years Nationality: Resident Indian Job Profile:Non-Salaried If the applicant is a proprietor in a proprietorship firm or is one of the partners in a partnership firm or is a Director in a company, the company/firm:- Should be in existence for at least 3 years- Should have earned Net Profit in the past 2 years- Regular and standard existing credit facilities- If the proposed house property is jointly acquired by proprietor and proprietary firm, the firm should be debt free or existing borrower |
| For SBI Tribal Loan | Minimum age: 21 years Maximum age: 60 years Nationality: Resident Indian |
In addition to the above-mentioned SBI home loan eligibility criteria, the lender may also consider factors like monthly income, EMI/NMI ratio and credit score of the home loan applicants for evaluating their home loan eligibility.
Documents Required for SBI Home Loan
SBI has provided a list of documents required for availing home loans. Below-mentioned is the detailed list of documents required for availing home loans from State Bank of India.
General Documents for SBI Housing Loan
- ID card of the employer
- Duly filled application form with 3 passport sized photographs
- ID Proof: PAN/Voter ID/Passport/Driving License
- Address Proof: Copy of telephone bill/electricity bill/water bill/piped gas bill/passport copy/Aadhar card
Property Papers
- Permission for construction
- Sale agreement Registered (only Maharashtra), Allotment letter, Stamped Sale Agreement
- Occupancy certificate (ready to move in), maintenance bill, electricity bill, property tax receipt
- Copy of plan approved
- Registered Development Agreement of the builder
- Conveyance Deed
- Bank account details or payment receipts for payments made for the builder
Account Statement
- Bank account statement for last 6 months for all bank accounts
- Loan account statement for last 1 year for previous loan from other financial institutions
Salaried Applicant/Co-applicant/Guarantor Income Proof
- Last 3 months salary slip/certificate
- Copy of ITR/Form 16, acknowledged by IT Department
Non-Salaried Applicant/Co-applicant/Guarantor Income Proof
- ITR for last 3 years
- Business Address Proof
- Profit and loss account and balance sheet for last 3 years
- TDS Certificate (Form 16)
- Qualification Certificate for CA, Doctors and other professionals
- Business License Details
Note: There are some lenders that offer home loans to those who do not have sufficient income proofs or receive their salaries in cash. Some of these banks and HFCs are PNB Housing Finance, HDFC, LIC Housing Finance, Piramal Housing Finance and IDFC First Bank.
Also Read: SBI Home Loan Documents Required in detail
SBI Home Loan EMI Calculator
Applicants can enter the loan amount, interest rate and loan tenure in the SBI home loan EMI calculator given below and calculate the monthly EMI and total interest payable throughout the tenure.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
You can also visit SBI Home Loan EMI calculator to check the amortization schedule for detailed breakup of interest and principal components of home loan EMI.
SBI Home Loan Apply Online Procedure
Prospective home loan borrowers can apply for SBI housing loan online through SBI YONO app or directly through the official website of the bank. They can also apply for SBI Home Loans through online financial marketplaces like Paisabazaar.com.
Through SBI YONO app:
- Go to SBI YONO app and click on the Hamburger icon.
- Visit the loans menu and click on home loan
- Check your eligible home loan amount by entering your date of birth, source of income, net monthly income, details of any other loan availed and proceed
- Fill in the required details and click on submit
- You will receive a call from an SBI executive
Through the SBI official website:
- Visit the official website of SBI Home Loan
- Click on apply online
- Fill in the required details and get the eligible loan amount
- Click on “Apply Now”
SBI Home Loan Customer Care/Grievance Redressal
Toll free numbers –
- 1800112018
- 18001234
- 18002100
- 1800112211
- 18004253800
Toll number – 080-26599990
For reporting unauthorized electronic transactions:
- 1800111109 (Toll free)
- 9449112211 (mobile number, toll free)
- 080-26599990
SBI Customer Care Email ID:
- customercare@sbi.co.in
- contactcentre@sbi.co.in
You can also text them by sending an SMS UNHAPPY to 8008202020 or Missed call Banking @ SBI Quick
Click on SBI Home Loan Customer Care/Grievance Matrix to know more about the customer care and grievance redressal process of SBI Home Loan.
SBI Home Loan Application Status
Applicants can check their SBI Home Loan application status through the official website of State Bank of India. They can also check their home loan application status through its online SBI YONO app or through SBI internet banking by logging into the account. They can also visit the SBI branches to know the status of their home loan application.
Process of checking home loan status through the official website of SBI:
- Click on “Application Tracker”
- Enter the reference number and mobile number
- Click on “Track”
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FAQs on SBI Home Loan
What is the current SBI home loan interest rate?
SBI home loan interest rates start from 8.50% p.a. based on the credit profile of its home loan applicants.
What is the eligibility criteria for SBI home loan?
The applicant’s home loan eligibility depends upon the age, credit score, job profile, employer’s profile, monthly income, repayment capacity, etc.
How is SBI home loan interest cost calculated?
SBI uses monthly reducing balance method to calculate the interest cost on home loans. Here, the interest is calculated on the outstanding principal amount after each EMI payment. The interest component in the home loan EMI is the highest in the initial years of loan tenure.
As the outstanding principal decreases with further repayments, the interest component in the EMI also reduces. However, in order to avoid complex and lengthy calculations involved, applicants can use online SBI housing Loan EMI calculator to calculate the total interest cost, EMIs and total principal amount.
What is the turnaround time for the disbursement of SBI Home Loan?
SBI claims to take 3-10 working days on an average for disbursing home loans after the completion of documentation process and other required procedures.
Is property insurance mandatory for SBI Home Loan?
Property insurance is not mandatory for SBI Home Loan. However, you can purchase property insurance through SBI General that covers private residences and protects them from unpredictable damage and disasters.
Can I close my SBI Home Loan early?
Yes, you can foreclose your SBI Home Loan. As SBI offers home loans at floating interest rates, no foreclosure fee is levied on the applicants.
Are there any concessions offered to women borrowers on SBI Home Loan interest rate?
SBI Bank offers interest rate concession of 0.05% p.a. to women borrowers.
How can I reduce my SBI Home Loan interest rate?
You can reduce your SBI housing Loan interest rate by switching your home loan from higher interest rate to lower interest rate by paying a conversion fee to the lender. If the bank does not agree to reduce your interest rates, you can opt for balance transfer facility wherein you can transfer your home loan from SBI to any other lender offering lower interest rates.
How can fresh home loan customers avail SBI Housing Loan at lower interest rates?
SBI offers housing loan interest rates based on the credit score and type of home loan scheme offered by the bank. As per SBI Housing Loan campaign rates, applicants having credit scores of 800 and above are offered home loans at lower interest rates.
Prospective home loan borrowers can also visit financial marketplaces like Paisabazaar.com to compare the interest rates offered by other lenders and opt for the lender offering lowest interest rates.
Can I choose between a fixed and floating interest rate?
SBI Bank offers home loans at floating rates of interest only.
What is the minimum credit score required to avail home loans from State Bank of India?
State Bank of India has not specified the cut-off credit score for home loan applicants. However, SBI offers lower interest rates to applicants having higher credit scores. For example, SBI offers lowest housing loan interest rates to applicants having credit scores of 800 and above than those having credit scores of 750-799, 700-749, etc.
When does the interest rate of SBI home loan change?
The change in SBI Housing Loan interest rate is subject to the changes in the repo rate. However, the change in your home loan interest rate would further depend on the reset date of your existing home loan. The interest rates for existing SBI housing loan borrowers would change from the interest reset dates fixed for them. Till then, they would continue to repay their SBI housing loans at existing interest rates.
Why does SBI home loan interest rate increase/decrease?
SBI Housing Loan interest rate increases/decreases in accordance with the changes in the repo rate subject to the interest rate reset date set by the bank (in case of fresh home loan applicants) and the rate reset date set for the existing home loans borrowers.
How do lenders check the EMI affordability for their home loan applicants?
Lenders consider the repayment capacity of home loan applicants while evaluating their loan application and loan amount eligibility. Home loan lenders usually prefer lending to home loan applicants having total EMIs, including EMI of the proposed home loan, to be within 50-60% of their monthly income. Hence, home loan applicants can use online home loan EMI calculator to find out the optimum home loan amount and tenure based on their repayment capacity.
How can I check the home loan’s total interest cost payable online?
You can check the total interest cost through Paisabazaar’s online EMI calculator for home loans. You need to enter three data points including the required loan amount, interest rate and loan tenure into EMI calculators to determine the monthly EMI and total interest cost.
Can I get an in-principal approval and actually avail the loan later?
Yes, SBI offers in-principal home loan approval based on the repayment capacity and income of the applicants. This helps you know how much funds the bank would make available to you which makes the entire process of identifying and purchasing the property easier.
Is pre-payment penalty funded in SBI balance transfer loans?
Yes, prepayment penalty is funded for SBI Housing Loan Balance Transfer. However, the loan amount eligibility of the balance transfer applicants will be determined on the basis of their monthly income, LTV ratio, EMI/NMI ratio, etc.
Can I apply jointly with my spouse? Will the bank consider both our salaries for calculating the loan amount?
Yes, you can apply jointly with your spouse. The salary of your spouse will be considered only if he/she becomes a co-applicant in the home loan. If your spouse is a co-owner of the property, then he/she has to become co-applicant in the home loan.
What should be the minimum CIBIL Score for availing SBI Home Loan?
While the SBI sets its home loan interest rates based on its applicant’s CIBIL score, it has not specified the minimum CIBIL score required for availing home loans. However, lenders usually prefer home loan applications from individuals having a CIBIL score of 700 and above.
What is the age limit for availing SBI Home Loan?
Applicants having a minimum age of 18 years and a maximum age of 70 years are eligible for availing SBI Home Loan.
What is the maximum tenure for SBI Home Loan?
SBI offers home loans for maximum tenure of up to 30 years.
What is the basic eligibility criteria for SBI Home Loan?
SBI offers home loans to both resident as well as non-resident Indians with a minimum age criteria of 18 years. However, the maximum age for the SBI home loan applicants varies on the basis of home loan schemes opted for. For example, the maximum age limit for the applicants of SBI General Home Loan Scheme is 70 years whereas that of SBI Shaurya Home Loan is 75 years. Additionally, the final eligibility for availing SBI Home Loans would also depend on the job profile, employer’s profile, monthly income, repayment capacity, property features, etc. For non-salaried individuals, SBI would also consider the business vintage, net profit, existing credit facilities, etc of the business of which the loan applicant is the proprietor or one of the partners. For more details Click here.
How can I download my SBI Home Loan statement?
You can download your SBI Home Loan statement either through the official website of SBI or through its SBI YONO app.