SBI Home Loan – Bankzila

SBI Home Loan Details

Interest Rate	9.15% p.a. – 12.95% p.a.
Loan Amount	Based on eligibility
Processing Fees	0.35% – 1% of loan amount
Prepayment/Foreclosure Charges	Nil
Max Tenure	30 Years
Rate Packages Available	Floating

SBI offers a concession on home loan interest rates up to 31 March 2023
State Bank of India is offering a concession on home loan interest rates between 15 basis points and 30 basis points and January 2023 to 31 March 2023. The bank is providing lower interest rates during the festive season. Under the offer, the home loan interest rates range between 9.15% and 12.95%(for regular home loan) No processing fee will also be levied by SBI on top-up and regular home loans. Individuals must have a good CIBIL Score to avail the offer.

SBI Home Loan Interest Rates 2023

SBI offers floating-rate packages on their home loan. SBI interest rates are pegged to floating interest card rate which currently stands lowest at 8.85% p.a. (Updated on 26 Jul 2023).

SBI Home Loan Scheme	Interest Rates % p.a.
Regular Home Loan	9.15% to 9.65%
Top-up Loan	9.55% to 10.15%
Tribal Plus	9.25% to 9.75%
CRE Home Loan	9.35% to 9.85%
Realty Loan	9.45% to 9.85%
P-LAP	10.90% to 11.30%

Note: As per a notification sent by the Reserve Bank of India (RBI),the interest rate External Benchmark (EBLR) may be reset by the bank as per the extant guidelines of the bank that are in force from time to time.Earlier,the EBLR was reset by the bank on the first day of a calendar quarter.

The interest rates mentioned in the table above are based on CIBIL score. For more information, contact the bank.
• Female borrowers are eligible for a concession of 5 bps subject to a minimum EBLR.
• For loan amounts of more than Rs.2 crore and less than Rs.20 lakh under the Overdraft category, top-up loans are not available
• A premium of 10 bps will be applicable to loan amounts of up to Rs.30 lakh in the case of LTV of more than 80% to 90%.

SBI Home Loan EMI Calculator

Before taking a home loan from SBI, it’d be a good idea to check whether you will be able to pay the monthly instalments. The easiest way to do this is to use Home Loan Calculator. Just enter the proposed loan amount, the tenure of the loan, the interest rate the bank is offering you, and the processing fee. Not entering the processing fee will not affect your results, but the other three inputs are mandatory to get precise results.

SBI Home Loan EMI Calculation

Amount	10 years	20 years	30 years
Rs.10 lakh	Rs.12,749	Rs.9,094	Rs.8,154
Rs.20 lakh	Rs.25,498	Rs.18,188	Rs.16,309
Rs.40 lakh	Rs.50,996	Rs.36,376	Rs.32,618
Rs.50 lakh	Rs.63,744	Rs.45,470	Rs.40,772

*Interest rate of 9.15% p.a. has been taken into consideration for this loan EMI illustration. However, the final rate offered is solely at the discretion of the bank. Your final EMI amount can vary based on the rate offered to you by the bank.

SBI Home Loan Schemes

1. SBI Regular Home Loan

• Interest rate: 9.15% p.a. onwards
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• 0.05% lower interest rate for women
• Zero charges on pre-payments
• Available for applicants aged between 18 and 70

2. SBI Flexipay Home Loan

• Interest rate: 8.85% p.a. onwards
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• 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

FAQs on SBI Home Loan

1. When does the interest rate of SBI home loans change?

Subsequent to any change in the repo rate of the Reserve Bank of India, SBI’s home loan interest rates change on the first day of the calendar quarter.

2. For SBI balance transfer loans, is the pre-payment penalty also included?
Yes, the prepayment penalty will be funded in the SBI balance transfer loans but the total loan amount will be subject to the eligibility as per the relevant SBI home loan scheme.

3. What are the processing fees for SBI home loans?
SBI home loans have a consolidated processing fee which is 0.40% of the loan amount plus the applicable GST. The minimum amount is Rs.10,000 plus GST while the maximum amount is Rs.30,000 plus GST.

4. Does SBI give pre-approved home loans?
Yes, SBI does give pre-approved home loans for which you can contact the bank for more details.

5. Does SBI home loan take the salary of the spouse into consideration?
If the spouse is the co-owner of the property that is being bought with the loan, or is a guarantor of the loan, then the salary of the spouse is taken into account when determining the loan amount.

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