What is the SBI Housing Loan Interest Rate

SBI housing loan interest rate is vital information that you have to know about. If you have a State Bank of India and want a Home loan then it’s important to know about this. As this is one of the most attractive offers that is an interest rate offered by the State Bank of India.

Introduction

SBI helps individuals fulfill the customer's dreams of buying a home, as the SBI home loan interest rate charged on the borrowed amount which is depends on certain factors, like tenure, loan amount, and the applicant’s CIBIL score.

As the State Bank of India offers a diverse kind of home loans to its customers. The SBI home loan can start from as low as 8.50%, so here we cover the SBI Home Loan interest rates and then eligibility criteria for all the SBI home loan schemes As the home loan tenure can be extended up to 30 Years, as it ensures a comfortable repayment period.

SBI Loan Eligibility

The home loan eligibility criteria for the SBI  home loans are given below here,

Eligible Age: 18 years  is the minimum, 70 years is the Maximum

Nationality: The customer should be a resident and a Non-resident of Indian

Required Document for  SBI Home Loan Application 

Let’s have a look at the required document for the, 

General For All the Applicants

• Three Passport size photographs
• Duly filled in the loan application form.
• Employer identity card
• Also have proof of residence, the latest utility bill, or a copy of your Aadhaar card, passport, and driving license.
• Have proof of identity, such as a Voter ID card, PAN, driving license, or passport.

Proof of Income (Salaried applicant/ Co-applicant/ Guarantor)

• Copy of IT Returns for the previous 2 financial years.
• Salary certificate or the salary slips for the previous 3 months.
• Copy of form 16 for the previous 2 years.

Proof of Income (Non-Salaried applicant/ Co-applicant/ Guarantor)

• For professionals, there is a certification qualification.
• IT return of the previous 3 years.
• From the 16A or TDS certificate, if applicable. 
• Profit and loss account of the previous 3 years.
• Proof of the business address. 
• Details of business license or the equivalent.
• The balance sheet of the previous 3 years.

Account Statement

• Loan account statement of the previous year if the other loan is currently active.
• The bank account statement of the previous 6 months for all the bank accounts which is held by the applicant.

Property Paper 

• Occupancy Certificate which is ready to move property.
• Construction Permission where applicable.
• Copy of approved blueprint.
• Conveyance Deed for the new property.
• Electricity bill.
• Share Certificate for the Maharashtra.
  Stamped Agreement which is for the sale or for the allotment letter maintenance bill.
• Registered Agreement for the sale of the Maharashtra.
• Approved plan copy, Conveyance deed, and agreement of the builder. 
• Property tax receipt.
• Bank account statement or the payment receipt of payment to a builder or the seller. 

SBI Home Loan 

Here are some important details on SBI home loans, so let’s have a look at the given below table.

SBI Housing Loan Interest Rate	8.50% - 10.15% per annum
SBI Home Loan Amount	Up to 90% of the Property’s cost
Loan Tenure	Up to 30 Years
Processing Fees	0.25% of the loan
Foreclosure Charges	NIL
Rate Packages Available	Floating

SBI Home Loan Interest Rate

Here are the offers floating rate packages on their home loan, and the interest rates are pegged to floating interest cards rate which currently stands lowest at the 8.50% p.a.

SBI Home Loan Scheme	Interest Rates % p.a.
Tribal Plus	8.60% to 9.55%
Regular Home Loan	8.50% to 9.60%
Top-up Loan	8.50% to 11.30%
P-LAP	10.00% to 11.30%
YONO Insta Home Top Up	9.35%
Top Up (OD) Loan	9.00% to 9.95%
Reserve Mortgage Loan	11.55%
Home Loan Maxgain (OD)	8.70% to 9.85%

SBI Home Loan Scheme 

Here we have some State Bank of India Home Loan Schemes let’s have a look at this,

Tribal Plus Schemes

• They provide repayment tenure of a maximum of 15 years.
• Here the interest rate is 8.60% p.a onwards.
• Here they provide people living in tribal areas or the hilly areas.
• Here the land mortgage is not required, and the third-party guarantor is also allowed.

Regular Home Loan Schemes

• Here the interest rate is 8.60% p.a onwards.
• There are zero charges on pre-payments.
• The processing fee is 0.35% of the loan amount which is a minimum INR 2000, and a maximum INR 10000.
• Here the applicant is available for the ages between 18 to 70.

Reverse Mortgage Loan Schemes

• Here the interest rate is 11.55% p.a onwards.
• Here the loan is not repaid due to the borrower's lifetime.
• They help to generate or supplement income after retirement.
• The processing fee is 0.50% of the loan amount which is a minimum of INR 2000, and a maximum of INR 20000.

Realty Home Loan Schemes

• Here the option is to take a separate SBI home loan for the construction.
• The processing fee is 0.35% of the loan amount which is a minimum of INR 2000, and a maximum of INR 10000.
• Here the borrowing limit is up to INR 15 crore with repayment tenure which is up to 10 years.
• The purchase of a plot of land to construct a house for their own.

Earnest Money Deposit Schemes

• The processing fee is 0.35% of the loan amount which is a minimum of INR 1000.
• Here you can only be taken to pay the booking amount for the house.
• The funds are to pay the advance amount for the booking of a house or the plot.
• There is only a short-term loan of one year.

NRI Home Loan Schemes

• The processing fee is 0.35% of the loan amount which is a minimum of INR 2000, and a maximum of INR 10000.

• There are no extra fees or interest rate charges when compared with the regular home loan.
• This is especially true for Non-resident India to buy a house in India.
• Here is the contact bank to find out the Interest rate which is offered by this scheme.

Pre-Approved Home Loan Schemes

• The processing fee is 0.35% of the loan amount which is a minimum of INR 2000, and a maximum of INR 10000.

• Here the interest rate is at the discretion of the bank.
• The property is finalized before the loan is sanctioned.
• They give you more negotiating power with the builder or the seller.

SBI  Housing Loan Interest Rate: Based on CIBIL Score

Here, in this SBI the interest rates on this Bank of India Home Loans might vary depending on the application CIBIL score. Moreover, one must keep a record of good CIBIL scores, to get the low interest rate on their loan amount. So here we will show you the home loan interest rates from the State Bank of India  which are based on the CIBIL scores:

CIBIL Scores	Interest Rates
NTC/ No CIBIL scores/-1	9.35% onward
550 to 649	9.65% onward
650 to 699	9.45% onward
700 to 749	9.35% onward
750 to 799	9.25% onward
> equal to 800	9.15% onward

How to Apply for the SBI Home Loan

Well, it’s very easy to apply for a home loan from SBI bank, as there a two simple ways which are given below here,

• Online Way: For this, you just need to visit the  State Bank of India website, and then apply online leaving your contact details on the application form. After that, you will receive a call back from the SBI bank's representative, and then it will be applied.
• Offline Way: For this, you have to visit the nearest branch of the bank with all the required documents, and then request the application form, and then request for the application form. After all that, now you have to fill it the form correctly and then submit it to the bank official.

Customer Care of SBI Home Loan

If you have any problem or issue then you can contact State Bank of India home loan customer care  through the given below following ways,

• Toll-free number: 1800-11-2018
• Address: Real Estate and Housing Business Unit, SBI, corporate Center Madame Cme Road, State Bank Bhavan, Nariman Point Mumbai - 400021.

Factors Affecting the SBIHome Loan Interest

Here are the various factors that influence the interest rate SBI offers on home loans. So here are some of the key factors which are included,

• Credit Score: In this, a good credit score can reflect the borrower's creditworthiness and here they can help you to negotiate a lower interest rate. So the State Bank of India considers the applicant's credit score while determining the interest rate.
• Loan-to-Value (LTV) Ration: This ratio represents the loan amount in relation to the property value, as a lower LTV ratio may rise to lead to a more favorable interest rate. 
• Repo Rate: The State Bank of India, like other banks in India, often links its floating interest rate to the Reserve Bank of India repo rate, so a change in the repo rate by the RBI can impact the interest rates offered by the State Bank of India.
• Loan Amount and Tenure: Here the loan amount and the tenure sought by the borrower can also influence the interest rate, so the higher loan amount or the longer tenures may attract slightly higher interest rates.
• Income  Stability: Here the applicant's employment and the income source's stability are the most important factors when determining the interest rate.

Compare  SBI Home Loan Interest Rate with Other Banks

Here is the comparison of other banks and the SBI home loan interest rates,

Name of Bank	Interest Rate
HDFC  Bank Limited	8.75% p.a. onwards
ICICI Bank	9.00% p.a. onwards
Bank  Of Baroda	8.40% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards
Federal Bank	8.80% p.a. onwards
LIC Housing Finance	8.50% p.a. onwards
Axis Bank	8.75% p.a. onwards
PNB Housing Finance	8.40% p.a. onwards
L&T Finance Limited	8.65% p.a. onwards
Tata Capital Housing Finance	8.75% p.a. onwards
Bajaj Housing Finance	8.50% p.a. onwards
IDFC  First Bank	8.85% p.a. onwards

Conclusion

In conclusion, the State Bank of India offers its customers an attractive interest rate, as here we have mentioned every topic that can help you fulfill your knowledge. As the SBI home loan can start from as low as 8.50%, and the tenure can be extended up to 30 Years, as it ensures a comfortable repayment period. We hope our blog on “SBI housing loan interest rate” is useful.