Wednesday, December 7, 2022

SBI Home Loan: Interest Rate @8.40%, EMI Calculator 2022

SBI Home Loan is available with reasonable interest rates and flexible EMIs for a long tenure. To build your dream home, you will get a home loan from the State Bank of India at an interest rate of 8.40% per annum. The processing fee on these loans is 0.35% of the loan amount (minimum Rs 2,000; maximum Rs 10,000) plus applicable taxes. But due to the festival session, the SBI home loan will not attract any processing fee. This facility is till 31 January 2023. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans.

State Bank of India (SBI) Home Loans can prove beneficial for you as there are no hidden charges, low-interest rates, repayment tenure, and complete waiver of prepayment charges making them one of the country’s most preferred home loan products. Here we will give you detailed information about State Bank of India home loan features, benefits, and charges and also provide you a link to apply for a home loan so that you do not face any problems in availing of the loan.

SBI Home Loan Interest Rate and details

SBI Home Loan Interest Rate8.40% p.a. – 9.05% p.a.
Loan AmountBased on Eligibility
Processing FeesNil (4 Oct 2022 to 31 Jan 2023) due to Festival Session Otherwise (0.35% – 1% of the loan amount)
Prepayment/Foreclosure ChargesNil
Max Tenure Time30 Years
Eligible Age Limit18 – 70 Years Old
NationalityResident and Non-resident Indian
SBI Home Loan Customer Care Number1800-11-2018

SBI Home Loan Interest Rate in Festive Season

Given the festive season, the State Bank of India has reduced the interest rate on all home loan schemes. This offer will be applicable from 4 October 2022 to 31 January 2023. Under this offer, the home loan interest rates range between 8.40% and 9.05%. Home loan interest depends on your CIBIL score.

CIBIL ScoreInterest Rate (p.a.)
>=8008.40%
750-7998.40%
700-7498.55%
650-6998.85%
550-6499.05%
No CIBIL/-18.75%

SBI Home Loan Interest Rate 2022

SBI offers a floating rate package on their home loans. State Bank of India has launched a variety of home loan schemes that charge different interest rates. SBI’s interest rates are pegged at a floating interest card rate which is currently the lowest at 8.55% per annum.

SBI Home Loan SchemeInterest Rate % p.a.
Regular Home Loan8.55% to 8.75%
Top-up Loan8.95% to 9.15%
Tribal Plus8.65% to 8.85%
CRE Home Loan8.75% to 8.95%
Realty Loan8.85% to 9.05%
P-LAP10.30% to 10.50%

Note: As per a notification sent by the Reserve Bank of India, the interest rate External Benchmark may be rested by the bank as per the extant guidelines of the bank that are in force from time to time. Earlier, the External Benchmark was rested by the bank on the first day of a calendar quarter. For more information, contact the bank.

ICICI Bank Home Loan EMI Calculation

Amount10 years20 years30 years
Rs. 10 LakhsRs. 12,345Rs. 8,615Rs. 7,618
Rs. 15 LakhsRs. 18,517Rs. 12,922Rs. 11,427
Rs. 20 LakhsRs. 24,690Rs. 17,230Rs. 15,236
Rs. 25 LakhsRs. 30,862Rs. 21,537Rs. 19,045

The lowest interest rate of 8.40% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.

Types of SBI Home Loans

SBI Regular Home Loan

Regular home loan scheme to finance the purchase of already built/under construction property and purchase of pre-owned homes. Those who wish to avail of a home construction loan to finance the construction of their home property or a home renovation loan for repair/renovation/expansion of their existing home property can avail of the SBI Regular Home Loan Scheme.

  • Interest Rate: 8.55% p.a. onwards
  • Processing Fee: 0.35% of the loan amount (minimum Rs.2,000; maximum Rs.10,000)
  • 0.05% lower interest rate for women
  • Zero charges on prepayment
  • Available to applicants aged between 18 and 70.

SBI NRI Home Loan

  • Contact the bank to know the interest rate offered
  • Processing Fee: 0.35% of the loan amount (minimum Rs.2,000; maximum Rs.10,000)
  • Buying a house in India exclusively for Non-Resident Indians (NRIs)
  • Interest rate relaxation for women applicants
  • No additional charges or interest rates as compared to regular home loan

SBI Flexipay Home Loan

Makes salaried applicants eligible for higher loan amounts by allowing them to repay lower EMI during the initial years of the loan tenure and higher EMIs during the subsequent years. SBI Flexipay Home Loan also offers the option of repaying only the interest component during the moratorium period.

  • Interest rate: 8.75% p.a. onwards
  • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
  • The choice to repay just the interest component during the pre-EMI period
  • Step-up EMIs in the following years
  • 20% improvement in home loan eligibility for younger professionals

SBI Home Loan Balance Transfer

SBI offers Home Loan Balance Transfer which enables the customer to transfer home loans from Scheduled Commercial Banks (SCBs), private and foreign banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), and the borrower’s employer.

  • Interest rate: 8.75% p.a. onwards
  • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
  • The choice to repay just the interest component during the pre-EMI period
  • Step-up EMIs in the following years

SBI Top-up Loan

SBI offers “SBI Home Top Up Loan” to their customer to borrow certain amounts over and above their home loan amount. Customers who already have a home loan from SBI and require more funding can opt for Home Top-up loans.

  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.

NRI Home Loan

SBI NRI Home Loan allows multiple NRIs (Non-Resident Indians) to get a home loan while investing in properties.

  • Contact the bank to know the interest rate offered
  • Processing Fee: 0.35% of the loan amount (minimum Rs.2,000; maximum Rs.10,000)
  • Buying a home in India exclusively for Non-Resident Indians (NRIs)
  • Interest rate relaxation for women applicants
  • No additional charges or interest rates as compared to regular home loan

Pre-approved home loan

SBI Pre-Approved Loan (PAL) provides approval of home loan limits to the customers before finalizing the property which enables them to negotiate confidently with the builder/seller.

  • Processing Fee: 0.35% of the loan amount (minimum Rs.2,000; maximum Rs.10,000)
  • Loan sanctioned before a property is finalized.
  • Gives you more negotiating power with the seller or builder
  • Benefits similar to SBI regular home loan

SBI Pradhan Mantri Awas Yojana Subsidy Scheme

If you meet the eligibility criteria of PMAY, Pradhan Mantri Awas Yojana can help you save money on your first home. Under this scheme, you can get a subsidy of up to Rs 2.67 lakh. This subsidy is available for individuals earning up to Rs 18 lakh per annum. The maximum loan tenure can be 20 years.

Apart from all these schemes, the State Bank of India provides home loans under many other schemes such as Yono Instant Home Loan, Tribal Plus, Reverse Mortgage Loan, etc. You can choose SBI Home Loan Scheme for yourself according to your convenience.

SBI Home Loan Eligibility Requirements

Given below are the loan eligibility criteria for SBI Home Loan:

Eligible Age: Minimum: 18 Years; Maximum: 70 years

Nationality: Resident and Non-resident Indian

Documents Required for SBI Home Loan Application

  • Duly filled loan application form
  • Three passport-size photographs
  • Proof of residence (a): copy of the latest utility bill or Aadhaar card, driving license, or passport Proof of identity (a): voter ID, PAN, driving license, or passport
  • Employer identity card

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

  • Salary certificate or salary slip for the last three months
  • Copy of IT Returns for the last two financial years or
  • Copy of Form 16 for the last two years

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

  • IT Returns for the last three years
  • The balance sheet for the last three years
  • Profit and Loss Account for the last three years
  • Details of business license or equivalent
  • Form 16A or TDS certificate, if applicable
  • For Professionals: Certificate of Qualification
  • Business address proof: GST Certificate, MSME Registration, etc.

Account Details:

  • Bank account details for the last six months for all bank accounts held by the applicant
  • Loan account statement of last year if any other loan is currently active

Property Documents:

  • Copy of the approved blueprint
  • Occupancy certificate (for the finished property)
  • Vehicle deed (for the new property)
  • Construction permit (where applicable)
  • Stamped contract for sale or allotment letter maintenance bill
  • Electricity bill
  • Property tax receipt
  • Approved plan copy (Xerox blueprint) and builder’s registered development agreement, conveyance deed (for the new property)
  • Bank account details or receipts of payment to the seller or builder

Features and Benefits of SBI Home Loan

  • Affordable interest rates and both floating and fixed options.
  • A home loan can be sanctioned before the property is selected.
  • Easier simplified documentation process and faster documentation process for existing customers.
  • You get the freedom to enjoy longer tenure with lower EMIs. The loan tenure is available for up to 30 years.
  • With the help of the ‘Balance Transfer’ feature, you can transfer your existing home loan from any other bank to the State Bank of India.
  • With the SBI Balance Transfer facility, you can enjoy additional top-up loan amounts.
  • The home loan page of the bank offers unique online tools like an eligibility calculator and an EMI calculator. With the eligibility calculator you can find out the home loan amount you are eligible for, and the EMI calculator calculates the monthly repayment amount of the loan.
  • Enjoy a fixed interest rate for the first ten years, and then opt for fixed or floating interest rates.

How to Apply for SBI Home Loan

Online: Visit the official website of SBI and apply online by leaving your contact details on the application form. You will receive a call back from the representative of the bank.

Offline: Visit the nearest state bank of India branch with all the required documents, request the application form, fill it out correctly and submit it to the bank official.

SBI Home Loan Apply Now Button Link

SBI Home Loan Customer Care

You can contact SBI home loan customer care through the following ways:

Toll-free number: 1800-11-2018

Postal Address:

Real Estate and Housing Business Unit,

State Bank of India, Corporate Center

Madame Cama Road,

State Bank Bhavan, Nariman Point,

Mumbai-400021

FAQ:

How do I apply for an SBI Home loan?

You can directly apply for an SBI home loan online by visiting the official website of the State Bank of India. There you can apply for SBI Home Loan with just one click. Also, you need to fill out an original application form along with all the required documents. The bank will then evaluate your eligibility and your overall CIBIL score and credit report and approve your loan application.

What is the fixed interest rate for a home loan in SBI?

SBI offers home loans to eligible borrowers at attractive interest rates starting from 8.40% p.a. With an extended loan tenure of up to 30 years and easy repayment options.

What are the documents required to apply for a home loan?

To apply for a home loan, you need to submit documents such as proof of identity, address, a loan application form duly filled in, and your financial documents.

How do you reduce home loan interest rates?

The home loan interest rate can be reduced by transferring the balance to a new lender offering a lower interest rate than the existing lender. One can also approach the existing financier to reduce the interest rate.

What do you understand by the floating interest rate in a home loan?

The floating interest rate is linked to a benchmark rate. As per RBI guidelines, floating-rate home loans from banks are linked to external benchmark rates. The State Bank of India’s floating interest rate is linked to the repo rate announced by RBI from time to time. So, the interest rate on your home loan changes in line with the repo rate. As a result, depending on the change in the interest rate, the EMI or tenure of your loan will increase or decrease.

What is the minimum credit score required to avail home loan from SBI?

SBI has not specified the cut-off credit score for home loan applicants. However, applicants with a credit score of 550 and above generally have a higher chance of availing of a home loan at lower interest rates.

What are the processing fees for SBI home loans?

The processing fee on these loans is 0.35% of the loan amount (minimum Rs 2,000; maximum Rs 10,000) plus applicable taxes. But due to the festival session, the SBI home loan will not attract any processing fee. This facility is till 31 January 2023. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans.

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