SBI states that it typically takes 3-10 working days to disburse home loans following the completion of the documentation process and necessary procedures.
SBI Home Loan
The State Bank of India provides home loans with interest rates starting from 8.45% per annum, with repayment tenures up to 30 years, and for loan amounts reaching 90% of the property’s value. The State Bank of India provides a range of special home loan options for defence staff, government workers, self-employed individuals, those purchasing ‘green’ homes, and residents of hilly or tribal regions.
Additional advantages of SBI home loans feature interest rate discounts of 0.05% for female borrowers, an overdraft option for home loans, balance transfer options, top-up facilities, among others. The processing fee on these loans is (0.10% – 0.15% approx) of the loan amount (Min ₹2,000 and Max ₹10,000) plus applicable taxes.
SBI Home Loan Highlights
| Particulars | Details |
|---|---|
| SBI Home Loan Interest Rates | 8.45% onwards |
| Loan Amount | 10 Lakhs to 15 Crores |
| Loan Tenure | Up to 30 years |
| Processing Charges | 10-15 paise (Approx) of the loan amount |
Table of Contents
SBI Home Loan Interest Rate
SBI Home Loan interest rates begin at 8.45% per annum. The bank provides home loan interest rates based on the credit score and the kinds of loans available to home loan applicants. SBI provides the lowest home loan interest rates to those with CIBIL scores of 800 or higher. Individuals who are new to credit or lack a CIBIL score can also secure SBI Housing Loans at increased interest rates.
Scheme Wise SBI Housing Loan
| SBI Home Loan Scheme | Interest Rate (p.a) |
|---|---|
| SBI Home Loan (TL) | 8.50% to 9.65% |
| SBI Top-up Home Loan | 8.80% to 11.30% |
| SBI Home Loan Maxgain (OD) | 8.70% to 9.85% |
| SBI Top-up Home Loan (OD) | 9.00% to 9.95% |
Types of SBI Home Loan
1. SBI Regular Home Loan
There are various plans like Regular Home Loan offered by SBI that could be used to finance purchasing under-construction property and second-hand property as well. SBI Regular Home Loan can be applied for availing a home construction loan that one may use in order to get their home built or availed of a home renovation loan wherein renovation, extension, or repairing their existing house will be facilitated. With tenure up to 30 years.
2. SBI Flexi Home Loan
SBI provides Flexipay Home Loans to salaried individuals, allowing them to secure larger loan sums. The repayment duration of SBI Flexi Home Loan is split into two phases: the pre-EMI phase, during which the borrower pays solely the interest portion, and the remaining phase, where the borrower pays both the interest and the principal portions.
3. SBI Home Loan to Non-Salaried Differential Offerings
This is a unique program for self-employed individuals that provides the most favorable home loan rates to the applicants. It provides home loans for purchasing new houses, building, and for fixing/upgrading current homes. A loan amount can be obtained starting from Rs. 50,000 hasta Rs. 50 crores within this mortgage program.
4. SBI Top-up Home Loan
SBI offers SBI Top-up Home Loan facility to its existing home loan borrowers, where they can avail additional loan amount over and above their existing home loans for any personal use. With tenure repayment up to 30 years.
5. SBI Maxgain Home Loan
SBI Maxgain is an overdraft home loan service provided to individuals looking to acquire Ready to Move-in homes. The borrowers must fulfill their EMIs just as they do for Standard Home Loans. Nevertheless, the Drawing Power on the Overdraft facility decreases each month by the amount of the principal balance.
Also Read: 6 Benefits for Women Borrowers taking Home loan in India
Home Loan Interest Rates of SBI Vs Other Top Lenders
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Eligibility Criteria for SBI Home Loan
| Types | Eligibility |
|---|---|
| SBI Regular Home Loan | Minimum Age: 18 years Maximum Age: 70 years Nationality: Indian |
| SBI NRI Home Loan | Minimum Age: 18 years Maximum Age: 60 years Nationality: Non-Resident Indian |
| SBI Flexipay Home Loan | Minimum Age: 21-45 years Maximum Age: 70 years Job Type: Salaried Nationality: Indian |
| SBI Top-up Home Loan | Minimum Age: 18 years Maximum Age: 70 years Nationality: Indian/NRI |
Documents Required for SBI Home Loan
List of papers/ documents applicable to all applicants:
- Employer Identity Card
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card.
Property Papers:
- Permission for construction (where applicable).
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
- Occupancy Certificate (in case of ready to move property).
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.
- Approved Plan copy & Registered Development Agreement of the builder, Conveyance Deed (For New Property).
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller.
Account Statement:
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s.
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year.
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
SBI Home Loan EMI Calculator
Applicants can input the loan amount, interest rate, and loan duration in the SBI home loan EMI calculator provided below to determine the monthly EMI and total interest to be paid over the term.
SBI Home Loan Apply Online Procedure
Methods to apply for SBI Home Loan via online procedure are as follows:
Via the SBI YONO application:
- Open the SBI YONO app and tap on the Hamburger icon.
- Go to the loans section and select home loan.
- Verify the amount of your eligible home loan by providing your date of birth, income source, net monthly earnings, information about any other loans acquired, and then continue.
- Provide the necessary information and press submit.
- You will get a call from a representative of SBI.
Via the official website of SBI:
- Check out the official site for SBI Home Loan.
- Select apply online
- Complete the necessary information and obtain the qualifying loan sum.
- Select “Apply Now”
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
SBI Home Loan Customer Care/Grievance Redressal
- Toll free number: 1800 1234
- Toll free number: 1800 2100
- Toll free number: 1800 11 2211
- Toll free number: 1800 425 3800
- Toll number: 080-26599990
For reporting Unauthorised Electronic transactions:
- 1800 11 1109 (Toll Free)
- 94491 12211 (Mobile number, Toll Free)
- 080 – 2659 9990 (Toll number)
SBI Customer Care Email ID:
You can also text them by sending an SMS UNHAPPY to 8008202020 or Miss call Banking @SBI Quick.
How to check SBI Home Loan Application Status Online
Applicants can monitor the status of their SBI Home Loan application via the official website of the State Bank of India. Users can also track the status of their home loan applications via the SBI YONO app or by logging into their account through SBI internet banking. They may also go to the SBI branches to check the status of their home loan application.
Procedure for verifying home loan status via the official SBI website:
- Select “Application Tracker”
- Input the reference number along with the mobile number.
- Press “Track”
Read about: PMAY – Pradhan Mantri Awas Yojana
FAQs
State Bank of India has not indicated the minimum credit score required for home loan applicants. Nonetheless, SBI provides reduced interest rates to applicants with superior credit scores. For instance, SBI provides the lowest housing loan interest rates to applicants with credit scores of 800 and higher compared to those with scores of 750-799, 700-749, and so on.
SBI Home Loan interest rates start from 8.45% p.a. Based on the credit profile of its home loan applicants.
The EMI value for Rs. 30 lakh home loan will depend on two factors: loan tenure and home loan interest rate. For example, if you’re availing SBI home loan at 9% p.a. for tenure of up to 20 years, then your home loan EMI will be Rs. 26,992.
The Applicant’s home loan eligibility depends upon the age, credit score, job profile, employer’s profile, monthly income, repayment capacity, etc.
SBI offers home loans for maximum tenure of up to 30 years.
