What is the SBI Housing Loan Interest Rate?

If you’re planning to buy a house, chances are you’ll need a home loan. And when it comes to home loans in India, SBI (State Bank of India) is one of the most trusted names. The first thing you must check is: What is the SBI housing loan interest rate?

The SBI housing loan interest rate is what the bank charges on the amount you borrow. It depends on your credit score (CIBIL score), loan amount, job type, and loan tenure. SBI offers home loans starting as low as 8.40% per year, making it a popular choice for many Indians.

Latest SBI Home Loan Interest Rate

Here’s a quick look at SBI’s home loan rates:

SBI Home Loan Scheme	Interest Rates % p.a.
Tribal Plus	8.60% to 9.55%
Regular Home Loan	8.40% to 9.60%
Top-up Loan	8.40% 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

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

SBI Housing Loan Interest Rate	8.40% - 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 amount
Foreclosure Charges	NIL
Rate Packages Available	Floating

SBI Home Loan Eligibility

Here’s who can apply for an SBI home loan:

• Age: Minimum: 18 years, Maximum: 70 years (at the end of the loan period)
• Nationality: Indian residents and NRIs (Non-Resident Indians)

Documents Required for SBI Home Loan

All Applicants

• 3 passport-size photos.
• Filled the SBI home loan application form.
• Employer ID card (if salaried).
• Proof of identity: PAN card, Aadhaar, voter ID, passport, or driving licence.
• Proof of address: Aadhaar, passport, driving licence, or latest utility bill.

Salaried Applicants

• Last 3 months’ salary slips
• Form 16 for the last 2 years
• IT returns for the last 2 years

Self-Employed Applicants

• IT returns for the last 3 years
• Profit & loss statement for the last 3 years
• Balance sheet for the last 3 years
• Business proof: licence, business address, registration
• TDS certificate (Form 16A) if applicable

Bank and Loan Account Statements

• Bank statements for the last 6 months (all accounts)
• Loan account statement for the last 1 year (if any existing loan)

Property Papers

• Sale agreement or allotment letter
• Approved building plan/blueprint
• Property tax receipt
• Conveyance deed or builder agreement
• Construction permission (if applicable)
• Occupancy certificate (for ready property)
• Electricity bill
• Payment receipts made to the builder or seller

SBI Home Loan Schemes

SBI offers different home loan schemes to suit various needs. Here’s a quick look:

Tribal Plus Schemes

• For people living in tribal or hilly areas.
• Interest: Starts at 8.60% p.a.
• No land mortgage needed.
• Third-party guarantor allowed.
• Repayment tenure: Up to 15 years.

Regular Home Loan Schemes

• Interest: Starts at 8.60% p.a.
• Age: 18 to 70 years.
• No prepayment charges.
• Processing fee: 0.35% of loan (min ₹2,000, max ₹10,000).

Reverse Mortgage Loan Schemes

• For senior citizens (income after retirement).
• Interest: Starts at 11.55% p.a.
• The loan is repaid after the borrower’s lifetime.
• Processing fee: 0.50% of loan (min ₹2,000, max ₹20,000).

Realty Home Loan Schemes

• For buying land and constructing a house.
• Borrowing limit: Up to ₹15 crore.
• Tenure: Up to 10 years.
• Processing fee: 0.35% of loan (min ₹2,000, max ₹10,000).

Earnest Money Deposit Schemes

• For paying the booking advance on a house/plot.
• Short-term loan: Up to 1 year.
• Processing fee: 0.35% of loan (min ₹1,000).

NRI Home Loan Schemes

• For NRIs to buy property in India.
• Same rates as regular home loans.
• Processing fee: 0.35% of loan (min ₹2,000, max ₹10,000).

Pre-Approved Home Loan Schemes

• The property was selected before the loan sanction.
• Interest: Set by the bank at the time of sanction.
• Processing fee: 0.35% of loan (min ₹2,000, max ₹10,000).
• Helps you negotiate better with the seller/builder.

SBI Housing Loan Interest Rate Based on CIBIL Score

Your CIBIL score plays a big role in deciding what interest rate SBI will offer on your home loan. The better your score, the lower the rate you’ll get. Here’s a quick view:

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 an SBI Home Loan?

Applying for an SBI home loan is simple. You can do it in two ways:

Online Application

• Visit the official SBI website.
• Fill in the online application form with your contact details.
• SBI will contact you to guide you through the next steps.

Offline Application

• Visit your nearest SBI branch.
• Carry all the required documents (ID proof, income proof, property papers, etc.).
• Get the home loan application form from the bank.
• Fill it out and submit it to the bank officer.

SBI Home Loan Customer Care

If you have any questions or face any issues with your SBI home loan, you can contact SBI through:

• Toll-free number: 1800-11-2018
• Address: Real Estate and Housing Business Unit, SBI Corporate Centre, Madame Cama Road, State Bank Bhavan, Nariman Point, Mumbai - 400021

Factors Affecting SBI Home Loan Interest

SBI looks at several things before deciding what interest rate to offer you. These are the main factors:

Credit Score:

• A good CIBIL score shows that you’re reliable in repaying loans.
• Higher score = lower interest rate.

Note: Try to keep your score above 750.

Loan-to-Value (LTV) Ratio: 

• This is the loan amount compared to the property value.
• If you borrow less compared to the property value (low LTV), you may get a better rate.

RBI Repo Rate: 

• SBI’s floating interest rate depends on the RBI repo rate.
• When the RBI changes the repo rate, SBI’s home loan rates can also change.

Loan Amount and Tenure: 

A bigger loan or longer tenure can sometimes mean a slightly higher interest rate.

Income  Stability: 

• Stable and steady income means lower risk for the bank, so you may get a better rate.
• Salaried people often get better rates than those with irregular income.

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, SBI offers home loans starting from 8.40%, with options for salaried, self-employed, women, and NRIs. Your rate depends on your credit score, job, loan size, and tenure. Even a small rate difference can save you lakhs over time. So check your rate, compare offers, and apply wisely.