SBI Home Loan

SBI Home Loan Key Features

Feature	Value
SBI Home Loan Interest Rate	6.90% onwards
SBI Home Loan EMI / Lakh	Rs. 662
Loan Tenure	Up to 30 years
Loan Amount	Percentage based on property value
Loan to Value Ratio	Up to 90% of property value
Loan Available on the Following Types of Property	New flat Ready to Move-in House  Plot From MHADA, DDA, etc. Home construction Home extension Home renovation
Special Offer for Women	Interest rate concession of 0.05%
Processing Fee	Up to 0.5% of loan amount excluding GST
Prepayment Charges	No prepayment charges for floating rates
Part Payment Charges	Nil
Guarantor Required	Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

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SBI Home Loan Interest Rates and offers May 2021

SBI Home Loan Schemes	Interest Rate For Women	Interest Rate for Others
SBI Home Loan	6.90% – 7.95%	7.00% – 8.00%
SBI Reach Loan	8.75% – 14.00%	8.75% – 14.00%
Plot Loan	7.05% – 8.05%	7.10% – 8.10%
Rural Housing Loan	6.90% – 8.70%	7.00% – 8.70%
Home Improvement Loan	6.90% – 7.95%	7.00% – 8.00%
Home Extension Loan	6.90% – 7.95%	7.00% – 8.00%
Home Loan Top Up	As per home loan slabs	As per home loan slabs
Home Loan Balance Transfer	6.90% onwards	6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Know more about Home Loan Interest Rates.

SBI Bank Home Loan Procedure

1. Keep all the documents related to the property ready with you.
2. Then with all the documents visit the lawyer who is part of an SBI panel and verify your documents.
3. After this, your property will be evaluated by one of the members of the SBI Panel. A letter would be given to you after that.
4. It is mandatory for an SBI Home Loan that the Sales and construction agreement is franked or e-stamped.
5. The next is the submission of the application
6. Then is the waiting period which is ideally 3 working days.
7. You will then be asked to submit some more documents including the following:

• You will receive two E-stamps worth Rs.400, with you as the first group and SBI as the second.
• E-stamp worth Rs.200, with the same parties as before.
• E-stamp worth Rs.200, with the guarantor as the first party and SBI as the second.
• During the loan application process, all documentation must be submitted.
• Cheques made payable to the State Bank of India.

1. Then if everything is fine the next step is loan disbursement.
2. Verify the stamp duty and notify the bank prior to the registration process. If the registration process is complete, an SBI bank officer will come to your home to hand over the DD to the builder, or you might be asked to pick it up from your local branch.

SBI Home Loan Eligibility Criteria 

Salaried Individual:

1. The applicant’s nationality should be Indian.
2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
3. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the SBI Home Loan. This includes everybody who is a:

• Traders
• Commission agent
• Contractors

The following criteria must be met to apply for a home loan:

1. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
2. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the SBI Home Loan. This includes everybody who is a:

• Doctors
• Lawyers
• Charted Accountant
• Architect
• Consultant
• Engineer
• Company Secretary

The following criteria must be met to apply for a home loan:

1. The applicant’s nationality should be Indian.
2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

• Co-applicant must be a family member of the primary applicant.
• All co-applicants are not required to be the co-owners of the property.

Know more about Home Loan eligibility criteria.

SBI Bank Pradhan Mantri Awas Yojana Subsidy 2021

The government of India has come up with several affordable and cheaper housing loans to fulfil the dreams of people who want to have a house of their own. Below are the schemes mentioned-

a) PMAY or Home Loan Subsidy Scheme: This scheme was introduced in 2015 to provide houses to the homeless. You can apply for PMAY at SBI if you fulfil the eligibility criteria

b) Pradhan Mantri Gramin Awas Yojana:  This scheme was introduced to focus on homeless families and offer pucca houses with basic necessities.

c) DDA Housing Scheme: This scheme was introduced to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: This scheme was introduced in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: This scheme is a lottery scheme that is introduced every year for buyers of different income groups.

f) Rajiv Awas Yojana: This scheme was introduced in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Compare SBI Bank Home Loan with Other Banks

Particulars	SBI	Bank of Baroda	HDFC
Interest Rate	6.70% – 7.05%	6.75% – 8.35%	6.75% – 8.20%
Processing Fees	Min ₹ 10,000	Min ₹ 10,030	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 7 Cr	₹ 7 Cr	₹ 5 Cr
Age	18 – 70 Years	21 – 65 Years	24 – 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 645 per lakh	₹ 649 per lakh	₹ 649 per lakh

SBI Home Loan Documents Required

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

• Bank Statements showing salary credits from the last 6 months.
• Latest Salary Slips from the last 3 months.
• Latest Form-16 and IT returns
• Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

• A cheque for processing fee favouring ‘SBI.’
• Copy of the Buyer Agreement/Allotment Letter
• Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

• Bank Statements showing salary credits from the last 6 months.
• Business Profile and Previous 3 years Income Tax returns (Both self and business)
• Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

• Educational Qualifications Certificates
• Business achievements (Certificate or awards if any)

Property Related Documents:

• A cheque for processing fee favouring ‘SBI.’
• Copy of the Buyer Agreement or Allotment Letter 
• Receipt/(s) of payment/(s) made to the developer

Common Documents for Salaried and Self-Employed

Income Proof:

• Bank Statements showing salary credits from the last 6 months.
• Business Profile and Previous 3 years Income Tax returns (Both self and business)
• Previous 3 years Profit/Loss Account and Balance Sheet.

Property Related Documents:

• A cheque for processing fee favouring ‘SBI.’
• Copy of the Buyer Agreement or Allotment Letter 
• Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any of Driving License/Voter ID/Passport

Income Proof:

• Bank Statements showing salary credits from the last 6 months.
• Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

• A cheque for processing fee favouring ‘SBI.’
• Copy of the Allotment Letter / Buyer Agreement
• Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across

Know more about the Home Loan documents required.

Different Home Loan Schemes By SBI

SBI Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for SBI Home Loan Scheme for Indian Residents
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to 90% of the value of Property
Interest Rate	6.90% onwards
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	30 years

SBI Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

• Purchase a flat, row house, bungalow in India from private developers in approved projects.
• Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
• Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
• Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

SBI Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for SBI Plot Loan Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to 80% of the value of Property
Interest Rate	7.10% onwards (0.05% concession to women)
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	15 years

SBI Top Up Loans – For SBI Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for SBI Top-Up Loan Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to 90% of the value of Property
Interest Rate	New Customer – 8.30% onwards Existing Customer – As per Home Loan Slabs
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	15 years

SBI Bank Home Loan Customer Care

1800 11 2018 (Toll-Free) is the customer care number. Contact Dialabank at 9878981166 to apply for SBI Home Loan faster and easier.

SBI Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for SBI Home Extension Loan Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to 90% of the value of Property
Interest Rate	6.90% onwards
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	20 years

SBI Home Loan Balance Transfer – For All Home Loan Borrowers

SBI Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for SBI Home Loan Balance Transfer Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to Rs. 50 Lakhs
Interest Rate	6.90% onwards
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	30 years

SBI Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for SBI Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles	Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount	No Cap
Interest Subsidy	3.00% onwards
Maximum Subsidy	Up to Rs. 2.67 Lakhs
Loan Tenure	20 years

SBI Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for SBI Reach Loan Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	Up to 80% of the value of Property
Interest Rate	8.75% onwards
Processing Fee	Up to 2% of the loan amount + GST
Loan Tenure	30 years

SBI Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for SBI Rural Housing Loan Scheme
Eligible Profiles	Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount	Up to 90% of the value of Property
Interest Rate	7.00% onwards (0.05% concession to women)
Processing Fee	Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST
Loan Tenure	30 years

SBI Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for SBI Home Improvement Loan Scheme
Eligible Profiles	Available to Salaried and Sef-employed Individuals
Loan Amount	New Customer – Up to 90% of the estimates from improvements. Existing Customer – Up to 100% of the estimates from improvements.
Interest Rate	6.90% onwards
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure	15 years

Advantages of SBI Home Loan

SBI Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

• A huge variety of home loan schemes.
• Easy application with minimum documentation and paperwork.
• It is a part of the Pradhan Mantri Awas Yojana.
• Provides loan approval prior to the selection of the property.
• Provide a 0.05% concession to women to encourage them for their own homeownership.
• Provide several repayment methods to choose from and opt the one best suited to you.
• Full transparency as SBI promises no hidden costs and fees.

Apply for Home Loan

SBI Home Loan Charges and Fees

Particulars	Charges
Processing Fees	Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges	No prepayment charges for floating rates
Check dishonor charges	Up to Rs. 200
List of documents	Up to Rs. 500
Photocopy Of documents	Up to Rs. 500
PDC Swap	Up to Rs. 200
Disbursement cheque cancellation charges post disbursement	Up to Rs. 200
Increase/Decrease in the loan term	Up to Rs. 500
Re-appraisal of loan post 6 months from sanction	Up to Rs. 2,000

How to apply for SBI Home Loan

• Visit Dialabank for a Home Loan.
• Go to the SBI Home Loan page.
• Check out all the eligibility and documents criteria for a Home Loan.
• Fill out all the details required in the Home Loan application form.
• Once done, our representative will soon contact you for a further stress-free process.

SBI Home Loan EMI Calculator

Know more about Home Loan EMI Calculator.

Other Loan Products from SBI

SBI Personal Loan	SBI Gold loan	SBI Car Loan
SBI Education Loan	SBI Two Wheeler Loan

SBI Home Loan FAQ

✅ How to repay my SBI home loan?

There are different payment methods through which you can repay your SBI home loan, this can be done:

• By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
• By opting for direct deduction of monthly instalments by your employer.
• By issuing post-dated cheques from your salary account.

✅ When can you apply for SBI’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

✅ What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

✅ What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

✅ How Dialabank can help you get a Home Loan?

Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.

If you want to apply for SBI Home Loan get in touch with Dialabank by phone by dialling on 9878981166 or by visiting Dialabank.

✅ What is the toll-free customer care number for SBI Home Loan?

1800 11 2018 (Toll-Free) is the customer care number.

✅ What are the advantages of an SBI Home loan?

• Easy application with minimum documentation and paperwork.
• It is a part of the Pradhan Mantri Awas Yojana.
• Provides loan approval prior to the selection of the property.
• Provide a 0.05% concession to women to encourage them for their own homeownership.
• Provide several repayment methods to choose from and opt for the one best suited to you.
• Full transparency as SBI promises no hidden costs and fees.

✅ How much margin would I have to pay on a loan?

S. NO.	Loan Amount	Margin
1	Up to ₹ 30 Lacs	10%
2	Above ₹ 30 Lacs to up to ₹ 75 Lacs	20%
3	Above ₹ 75 Lacs	25%

✅ Do I get tax benefits on a Home Loan from SBI?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of house finance under section 24 and section 80C of the Income Tax Act.

SBI Home Loan News 

SBI increased the interest rate on home loans to 6.70 per cent.

The State Bank of India increased the interest rate on home loans to 6.70 per cent. From March 3, 2021, the new home loan rates will be in place.

SBI has added video KYC to its YONO mobile banking app.

SBI launched KYC on its mobile banking app YONO with the aim of improving the customer experience and improving the loan and investment portfolio. The digital initiative is a contactless and paperless mechanism that is driven by AI and Facial Recognition Technology.

SBI increased its home loan interest rates by 25 basis points to 6.95 per cent.

The State Bank of India increased the interest rate on housing loans from 6.70 per cent to 6.95 per cent. The new rates will go into effect on April 1, 2021.

SBI has lowered its home loan interest rates to 6.70 per cent.

The State Bank of India revised its home loan rates on March 1, 2021. The new mortgage rates begin at 6.70 per cent.