How to get SBI home loan, interest rate and documents required

SBI Home Loan Benefits, Eligibility and Interest Rate in English

SBI Home Loan is available at an interest rate of 6.70% per annum. If the home loan is taken for 30 years, then the EMI will be Rs 645 per lakh. You can get a home loan from SBI up to 90% of the property value.

SBI Home Loan Details

loan amount Up to 90% of the property value
Rate of interest over 6.70%
repayment period up to 30 years
Possibly Minimum EMI Rs.645 per lakh
processing fee Zero
foreclosure charges zero for floating rates
Penal interest rate levied on delay in EMI 2% per month

Benefits and Features of SBI Home Loan

Following are the general features of SBI Home Loan:-

  • SBI home loan processing fee has been reduced to zero at present. Earlier the SBI home loan processing fee was 0.4% of the loan amount, subject to a minimum of Rs 10000.
  • Low Interest Rate: SBI home loan interest rate starts from 6.70% p.a.
  • Loan Amount: SBI Home Loan offers 80-90% of the value of the property.
  • SBI Home Loan Repayment Tenure : Maximum up to 30 years
  • Expected Minimum EMI: Rs 645 per lakh

Benefits of taking SBI home loan

The benefits of SBI home loan are mentioned below:-

  • SBI Home Loan offers home loan for new or old property, home renovation or expansion.
  • Interest rates are low and there is a nominal processing fee.
  • The maximum LTV (Loan to Value) on SBI home loans up to 20 lakhs is 90% of the property value.
  • The maximum LTV (Loan to Value) for SBI home loans above 20 lakhs is 80% of the property value
  • The repayment period is long, maximum 30 years.
  • Overdraft facility is available for existing customers of SBI.
  • Women borrowers will get 5 bps (basis points) concession in SBI home loan interest rates.
  • SBI has a pan India network of 24000+ branches.
  • SBI home loan application tracking is available through the bank’s website.

SBI Home Loan Interest Rate

SBI Home Loan is available at an interest rate starting from 6.70% p.a. The interest rate depends on the borrower’s CIBIL score, monthly income and repayment capacity. Let us take for example:-

  • A 10 bps (basis points) premium is charged on the interest rate for the salary earner.
  • A concession of 10 bps is given to the customers under RG (4 to 6). RG means Risk Group, RG of good credit score comes under 4 to 6.
  • 5 bps concession has been given for female applicants.
  • 5 bps concession is given for SBI loan availed digitally in YONO app.
  • For home loans up to Rs 30 lakh, the applicant can avail SBI Bank home loans up to 80-90% of the property value.

Let us understand the latest SBI home loan interest rates for various customer profiles:

SBI home loan interest rate for salaried person

loan amount term loan maximum interest
up to Rs.30 lakh EBR + 15 bps

The effective interest rate is 6.80%

EBR + 50 bps

Effective interest rate is 7.15%

30 lakh to 75 lakh rupees EBR + 40 bps

Effective interest rate is 7.05%

EBR + 75 bps

Effective interest rate is 7.40%

75 lakh plus EBR + 50 bps

Effective interest is T 7.15%

EBR + 85 bps

Effective interest rate is 7.50%

SBI Home Loan interest rate for those who have their own business

up to Rs.30 lakh EBR + 30 bps

The effective interest rate is 6.95%

EBR + 65 bps

Effective interest rate is 7.30%

30 lakh to 75 lakh rupees EBR + 55 bps

Effective interest rate is 7.20%

EBR + 90 bps

Effective interest rate is 7.55%

75 lakh plus EBR + 65 bps

Effective interest rate is 7.30%

EBR + 100 bps

Effective Interest Rate 7.65%

SBI Home Loan Types Rate of interest
SBI Home Loan Scheme up to 30 lakhs 75 lakh plus
SBI Repo Rate Linked Loan 6.80% 7.15%
SBI Tribal Plus 6.90% 7.25%
SBI Bridge Loan 9.50% for 1st year 10.50% for 2nd year
SBI Shaurya Home Loan more than 6.80%
SBI Top Up Loan 7.50% 7.70%
SBI Realty 7.50% 7.70%
SBI Reverse Mortgage Home Loan SBI Pensioners Interest Rate 8.05% Rest Public Interest Rate 9.05%

What is the eligibility criteria for SBI Home Loan?

  • Both salaried and self-employed are eligible to avail SBI Home Loan.
  • The best and exclusive SBI home loan schemes are available for employees of central and state government, public sector banks and other government departments like defence.

SBI Home Loan Eligibility Criteria:

salaried employee

  • Minimum age should be 18 years.
  • The maximum age is 65 years and the maximum age at maturity is 70 years for select customers.
  • Value of the property, monthly income and repayment capacity determines eligibility for an SBI loan.

self employed professional

Non-salaried people also include two categories, self-employed professionals and self-employed non-professionals. Business owners or self-employed can apply, on submission of reliable and verifiable evidence for sources of continuous and regular income.

The eligibility criteria for SBI home loan for self-employed include the following points:

  • Minimum age should be 18 years
  • The maximum age on maturity of SBI Bank Loan should be 70 years
  • There is no maximum limit on the loan amount as SBI Home Loan.

Documents Required to take SBI Home Loan

Given below is the list of documents required for SBI home loan:-

  • Proof of Identity and Residence in the form of KYC
  • Identity Proof (Any One): Passport / PAN Card / Aadhar Card / Driving License / Any other legal document issued by Govt.
  • Proof of Residence (Any one): Passport / Aadhar Card / Driving License / Ration Card / Registered Rent Agreement / Latest Gas Bill / Latest Electricity Bill / Latest Credit Card Details

Proof of income of the salary earners:

  • Salary slip of last 3 months
  • Details of the bank account where the salary comes
  • Income Tax Return + Form 16 issued by the employer for the last 2 years

Proof of Income of Self Employed Person:

  • IT return of last two years
  • Financial Statements for Business Owners: Balance Sheet, Profit and Loss Statement Duly Audited
  • Bank account statement for the last one year showing credit availed on account of business transactions
  • Proof of continuity of business (GST registration certificate etc.)

property document

  • All property documents (from original document to final sale deed)
  • agreement of sale
  • Construction Agreement (in case of construction of property)

Other Required Documents

  • Appointment letter if current employment is less than one year.
  • Bank details of the last 6 months showing any ongoing SBI loan repayment
  • Passport size photograph of all applicants/co-applicants should be pasted on the application form and signed

SBI Home Loan Processing & Other Charges

Processing Fee: SBI Home Processing Fee has been waived for some time. Earlier SBI loan processing fee was 0.4% of the loan amount or minimum Rs 10000.

Other charges:

  • Stamp Duty Charges for SBI Home Loan Agreement and Mortgage
  • property insurance fee
  • SBI Bank Home Loan up to Rs.5 Lakh: CERSAI Registration Fee Rs.50 + GST
  • SBI Bank Home Loan Above 5 Lakh : Rs 100 + GST

How to Calculate SBI Bank Home Loan EMI

You can use SBI’s EMI calculator to find out the EMI for SBI home loan with various combinations of home loan amount and repayment tenure.

Below we have calculated EMI for 10 lakh, 20 lakh, 30 lakh, 40 lakh, 50 lakh SBI home loans for 10, 20 and 30 years respectively. Let’s take a look at it:

loan amount for 10 years for 20 years for 30 years
10 lakh rupees Rs 11,482.00 Rs 7,604.00 Rs.6,486.00
20 lakh rupees Rs 22,965.00 Rs 15,207.00 Rs 12,972.00
30 lakh rupees Rs 34,447.00 Rs.22,811.00 Rs 19,458.00
40 lakh rupees Rs 45,930.00 Rs 30,415.00 Rs 25,944.00
50 lakh rupees Rs 57,412.00 Rs 38,018.00 Rs 32,430.00
60 lakh rupees Rs 68,894.00 Rs 45,622.00 Rs 38,916.00
  • The flat rate of EMI interest shown above is 6.75% p.a. The information provided to you will change according to the interest rate.

Various schemes and offers of SBI Home Loan

State Bank of India offers a wide range of home loan schemes to meet the needs. Let’s have a look:-

  • SBI Regular Home Loan
  • SBI Max Gain Home Loan
  • SBI Yuva Home Loan
  • SBI NRI Home Loan
  • SBI Flexipay Home Loan
  • SBI Privilege Home Loan
  • SBI Shaurya Home Loan
  • SBI Pre-approved Home Loan
  • SBI Realty Home Loan
  • SBI Home Top-up Loan
  • SBI Bridge Home Loan
  • SBI Smart Home Top Up Loan
  • SBI Insta Home Top-up Loan
  • SBI YONO Insta Home Top-up Loan
  • SBI Corporate Home Loan
  • SBI Home Loan for Non-Salaried Individuals
  • SBI Tribal Plus
  • SBI Commercial Real Estate Home Loan
  • Prime Minister’s Housing Scheme
  • SBI Home Loan Overdraft Facility
  • SBI Gram Niwas Home Loan
  • SBI Sahyog Niwas Home Loan
  • SBI Har Ghar Home Loan

SBI Pradhan Mantri Awas Yojana Subsidy 2022

Pradhan Mantri Awas Yojana is a home loan subsidy scheme brought by the central government. The scheme was launched in 2005 and seeks to provide credit linked subsidy benefits for the country’s economically weaker sections, low income groups and middle income earners to build the first pucca house by 2022.

SBI Home Loan Customer Care Number

SBI Customer Care Number : 1800 11 2022 (Toll Free)

Address : Real Estate & Housing Business Unit, State Bank Of India, Corporate Centre, Madam Cama Road, State Bank Bhawan, Nariman Point, Mumbai 400021, Maharashtra. For complaints, you can send an email to

Frequently Asked Questions (FAQs) related to SBI Home Loan

Question: Can I apply for SBI home loan online?

Answer: Yes, you can apply for SBI home loan online. Select an SBI loan as per your profile and tap on Best Offer, Interest Rate & Terms.

Question: How does SBI calculate the eligibility for home loan amount?

Answer: SBI calculates your loan eligibility based on your income and repayment capacity. Your repayment capacity is determined on the basis of your monthly income, assets and past loans. EMI should be less than 50% of monthly salary. The tenure and interest rate will also affect the eligibility of the home loan amount. You can add a working spouse as a co-applicant and enhance the loan eligibility.

Question: What is the processing fee on SBI home loan?

Answer: The processing fee on SBI home loan is up to 0.40% of the loan amount, which will be in the range of Rs 10,000-30,000 for individual borrowers. The processing fee is waived for online application. Flat Rs 2000 processing fee on YONO top up.

Question: What is the maximum loan repayment tenure for SBI Home Loan?

Answer: SBI home loan maximum repayment tenure is up to 30 years.

Question: Can an NRI avail SBI Home Loan to buy a house in India?

Answer: Yes, NRIs can avail SBI Home Loan to buy a home in India. The loan is given in Rs. Repayment can be made through NRE account abroad or in India.

Question: Who can be a co-applicant for SBI Home Loan?

Answer: Family members can be co-applicants. Almost all banks insist on the spouse to be a co-applicant, regardless of whether the spouse is a co-owner or not.

Question: Does the change in interest rate affect the home loan EMI?

Ans: Yes, in case of floating interest rates, the EMI changes with the change in the benchmark lending rates. You have the option of keeping the tenure fixed or EMI fixed at the time of execution of loan documents. Accordingly the EMI will change or the tenure will change with the change in interest rates.

Question: Does SBI Home Loan cover prepayment penalty in balance transfer?

Ans: Yes it is. However, you have to fulfill other eligibility criteria like EMI/NMI, LTV ratio etc. to get the home loan.

Question: How much home loan can I get against my property from SBI?

Answer: The LTV for SBI Home Loan is calculated as follows:-

Home loan up to 20 lakhs Maximum LTV 90% of the property value
Home loan above 20 lakhs Maximum LTV 80% of the property value

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