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 |
|
| 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.
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
- Keep all the documents related to the property ready with you.
- Then with all the documents visit the lawyer who is part of an SBI panel and verify your documents.
- 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.
- It is mandatory for an SBI Home Loan that the Sales and construction agreement is franked or e-stamped.
- The next is the submission of the application
- Then is the waiting period which is ideally 3 working days.
- 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.
- Then if everything is fine the next step is loan disbursement.
- 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:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- 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:
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- 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:
- The applicant’s nationality should be Indian.
- 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.
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.
