All You Need to Know About SBI Home Loan

SBI is the largest mortgage bank in India. Home Loan by SBI starts at 8.55% p.a. Women borrowers get an additional concession of 0.05% in SBI home loan interest rates.

During the festive season starting from October 4, 2022, to January 31, 2023, the rate of interest in SBI home loan starts at 8.40% per annum.

Highlights of SBI Home Loan

SBI Home Loan Interest Rate

SBI offers a variety of home loans to cater to the needs of its customers. Customers can apply for any type of SBI home loan depending on the criteria and eligibility.

All SBI Home Loan rates are linked to Rapo Rate and Floating in nature (Floating Rate of interest).

Below is the list of interest rates for different types of SBI home loans.

SBI Regular Home Loan Interest Rates

SBI Regular Home Loan Interest Rates include Flexipay, NRI Home Loan, Home Loan to Non-Salaried – Differential Offering, Privilege, Shaurya, and Apno Ghar.

SBI CRE (Commercial Real Estate) Home Loan Interest Rates

SBI TOP-UP Home Loan Interest Rates

SBI Realty Home Loan Interest Rates

SBI Tribal Plus Home Loan Interest Rates

SBI P-LAP (Loan Against Property) Home Loan Interest Rates

Fee and Charges on Home Loan By SBI

SBI Home Loan Interest Rate During Festive Season (04.10.2022 – 31.01.2023)

SBI Regular Home Loan Interest Rates (During Festive Season from 04.10.2022 – 31.01.2023.)

SBI Regular Home Loan Interest Rates include Flexipay, NRI Home Loan, Home Loan to Non-Salaried – Differential Offering, Privilege, Shaurya, and Apno Ghar.

SBI TOP-UP Home Loan Interest Rates (During Festive Season from 04.10.2022 – 31.01.2023.)

SBI P-LAP (Loan Against Property) Home Loan Interest Rates (During Festive Season from 04.10.2022 – 31.01.2023.)

Fee and Charges on SBI Home Loan During Festive Season (04.10.2022 – 31.01.2023)

Features and Benefits of SBI Home Loan

• Wide Range of Products: SBI offers a variety of home loans to its customers depending on their needs and eligibility.
• Interest Rates: SBI offers one of the lowest interest rates provided by top banks.
• Processing Fee: SBI charges a very nominal fee as a home loan processing fee.
• Hidden Charges: There are no hidden charges.
• Prepayment Charges: No prepayment charges in SBI home loan.
• Repayment Charges: You can repay your home loan EMI for up to 30 years.
• Offer for Women Borrowers: SBI offers 0.05% concession in interest rate for women borrowers.

Eligibility for SBI Home Loan

• Nationality: Indians/NRIs/PIO
• Age: You should be in the age group of  18 years to 70 years.

Documents Required for Home Loan by SBI

Here is the list of documents required for all types of applicants.

• Job ID Card
• Loan Application Form
• 3 Passport Size Photos

Proof of Identity:

• PAN Card/Passport/Voter ID Card/Driving License

Proof of Address:

• Electricity Bill/Phone Bill/Water Bill/Aadhar Card/Driving License

Property Papers:

• An account statement showing payment made to the builder
• Construction permission
• Occupancy certificate
• Conveyance deed
• Registered development agreement of the builder
• A copy of the approved plan
• Property tax receipt
• Electricity bill/Water bill
• Share certificate only for Maharashtra

Account Statement:

• Last six months’ account statement
• Last 1 year’s loan statement, If you have one.

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Salary slip of last 3 months
• Form 16 of last 2 year

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• Certificate of qualification (for C.A./ Doctor and other professionals)
• Business license details
• Business address proof
• Last 3 years IT returns
• Balance sheet
• TDS certificate

How to Apply for SBI Home Loan

You can apply for SBI Home Loan in two ways. 

• Offline
• Online

Offline:

You can visit the nearest SBI branch and ask the bank manager for SBI Home Loan. The manager will assist you in this process.

Online:

Step1: Click the link provided here.

Step2: Fill in the details in the form.

Step3: A home loan offer will emerge on your screen.

Step4: Select the offer and then fill in your information in the application form.

Step5: A Reference id will be generated for your home loan application. You can track your loan application with this reference number.

Home to Check SBI Home Loan Application Status

You can track the SBI Home Loan application status with the below process.

Step1: Click the link given here.

Step2: Enter your mobile number and reference number to get the status of your home loan application.

Step3: Now, you check your SBI home loan application status.

Home to Check SBI Home Loan Disbursement Status

You can track the SBI Home Loan disbursement status with the below process.

Step1: Click the link given here.

Step2: Enter your mobile number and reference number to get the status of your home loan disbursement.

Step3: Thus, you check your SBI home loan disbursement status.

SBI Home Loan Interest Rates Calculator

You can find out your home loan EMI by using SBI Home Loan EMI Calculator.

Please enter the Loan Amount, Interest Rate, and the tenure for which you want to take an SBI home loan.

By using this Home Loan Calculator, You can find out the loan EMI, you will have to pay.

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SBI Home Loan Customer Care Number

You can contact SBI Home Loan customer care in the following ways.

• SBI Home Loan Customer Care Toll-Free Number: 1800 11 2018
• Address: Real Estate and Housing Business Unit,
  State Bank of India, Corporate Center

  Madame Cama Road,

  State Bank Bhavan, Nariman Point,
  Mumbai-400021, Maharashtra

• SBI Home Loan Customer Care Portal Link: Click Here for SBI Home Loan Customer Care

Important Links Of Home Loan By SBI

Types of SBI Home Loan

SBI offers different types of SBI Home Loan Scheme.

1. SBI Regular Home Loan

Features:

• Wide Range of Products: SBI offers a variety of home loans to its customers depending on their needs and eligibility.
• Interest Rates: SBI offers one of the lowest interest rates provided by top banks.
• Processing Fee: SBI charges a very nominal fee as a home loan processing fee.
• Hidden Charges: There are no hidden charges.
• Prepayment Charge: No prepayment charges in the SBI home loan.
• Repayment: You can repay your home loan EMI for up to 30 years.
• Offer for Women Borrowers: SBI offers a 0.05% concession in interest rate for women borrowers.

Tenure:

• Up to 30 years

2. SBI Balance Transfer of Home Loan

In SBI Balance Transfer of Home Loan, A customer can transfer his existing home loan from a Bank/NBFC/HFC to SBI.

3. SBI NRI Home Loan

SBI NRI Home Loan provides home loans to NRI (Non-Resident Indians). When they wish to invest in properties they can take SBI NRI Home Loan.

Fees:

• Stamp duty
• Property insurance premium
• CERSAI registration fee

4. SBI Flexipay Home Loan

SBI Flexipay Home Loan qualifies a person, especially a salaried, for a higher loan amount. 

At the beginning of the loan, borrowers will pay shorter EMIs and then the EMI will gradually increase.

5. SBI Privilege Home Loan

SBI Privilege Home Loan is exclusively for salaried employees of the state and central government.

Fees:

• Processing Fee: Nil
• Pre-sanctioned Charges: Advocate and Valuer’s fee
• Post-sanctioned Charges: Stamp duty, property insurance premium, and CERSAI registration fee

6. SBI Shaurya Home Loan

This home loan scheme is only for Army and Defence personnel. SBI Shaurya Home Loan also provides a lower rate of interest.

Fees:

• Processing Fee: Nil
• Pre-sanctioned Charges: Advocate and Valuer’s fee
• Post-sanctioned Charges: Stamp duty, property insurance premium, and CERSAI registration fee

7. SBI Pre-approved Home Loan

SBI Pre-Approved Home Loan qualifies customers for a pre-approved home loan before finalizing the property.

Thus a borrower can deal with the builder confidently.

8. SBI Realty Home Loan

SBI Realty Home Loan allows a customer to buy a property for construction in which he/she can live.

After the sanction of the home loan, construction of the house should take place within 5 years.

A customer can also take a home loan for the construction of the house under this scheme.

9. SBI Home Top-up Loan

In SBI Home Top-Up Loan, A customer can borrow more money from SBI over and above their existing SBI Home Loan.

10. SBI Smart Home Top-up Loan

You can use SBI Smart Home Top-Up Loan for any urgent requirement like education, home renovation, health care, etc.

Processing Fee:

• A processing fee of Rs.2000 plus GST will be applicable to this product.

11. SBI YONO Insta Home Top-up Loan

SBI pre-selects its customer for SBI YONO Insta Home Top-Up Loan and offers it to them over their YONO mobile app.

Processing Fee:

• A processing fee of Rs.2000 plus GST will be applicable to this product.

12. SBI Home Loan to Non-Salaried – Differential offerings

This home loan scheme is for non-salaried individuals.

13. SBI Tribal Plus

SBI Tribal Plus provides home loans to individuals residing in hilly and tribal areas.

14. SBI Reverse Mortgage Loan

SBI Reverse Mortgage Loan is for senior citizens who have their own house in India.

This loan gave senior citizens of India an additional source of income.

Fees:

• Stamp duty
• Property insurance premium
• CERSAI registration fee

Processing Fee:

• 0.50% of the loan amount with a minimum of Rs.2000 and a maximum of Rs.20,000.

15. SBI CRE (Commercial Real Estate) Home Loan

A customer can avail of up to 3 home loans under P segment.

16. SBI Loan against Property (P-LAP)

You can take a loan against your property for any needs like education, health care, home renovation, marriage, etc.

Fees:

• Processing Fee: 1% of the loan amount with a maximum of Rs.50,000 plus service tax.
• Pre-sanctioned Charges: Advocate and Valuer’s fee
• Post-sanctioned Charges: Stamp duty, property insurance premium, and CERSAI registration fee

17. SBI MAXGAIN

Under SBI MAXGAIN, Home Loan is offered to the customers as an overdraft.

18. SBI Suraksha

SBI offers life insurance with the SBI home loan.

SBI Home Loan FAQs

Q: What is SBI home loan interest rate?

Ans: SBI Home Loan interest rates range from 8.55% to 10.70%.

Q: How much SBI home loan can I get?

Ans: You can get an SBI home loan up to 90% value of your property.

Q: How much CIBIL score is required for an SBI home loan?

Ans: You can get an SBI Home Loan with a low credit score but the interest rate on your home loan will be higher as compared to an individual who has a high credit score.

See the below list for illustration.

Q: Are there any concessions offered to women borrowers on the SBI Home Loan interest rate?

Ans: Yes, SBI offers a 0.05% concession in interest rates for women borrowers.

Q: Can I choose between a fixed and floating interest rate?

Ans: No, SBI gives homes loan to its customers at a floating rate of interest.

Q: Is SBI good for Home Loan?

Ans: SBI is India’s best home loan provider which has helped many individuals to achieve their dream of having their own home.

Q: How many types of SBI home loans are there?

Ans: SBI provides various types of home loans to its customers depending on their needs and eligibility.

Home Loans like Top-up, NRI Home Loan, and Flexi Pay are example of SBI Home Loan.

Q: Can I transfer my home loan from another bank to SBI?

Ans: Yes, you can easily transfer your home loan from another bank to SBI with “SBI Balance Transfer of Home Loan”.

Q: What is the processing fee for an SBI home loan?

Ans: SBI charges 0.30% to 1% as a processing fee for SBI Home Loans.

Jony Baku

Administrator at Finance Expert | Finance Expert

Hello friends, I am Jony Baku and a resident of Haryana, India. I took my first step into the blogging world in 2019 and since then I have been trying to contribute in this field. I love writing and reading articles, that's why I try hard to write my articles as best as possible.