SBI offers competitive home loan interest rates for individuals looking to purchase their dream homes. With interest rates starting from 8.70% p.a., SBI provides attractive financing options for various tenures, up to 30 years. The loan amount can cover up to 90% of the property value, subject to certain conditions. For women applicants, SBI home loan interest rates start at 8.25% p.a. SBI considers the creditworthiness of applicants and requires a minimum credit score of 650-700 for loan approval.
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SBI Home Loan Interest Rates of Different Schemes in April 2024
Here are the interest rate ranges for different home loan schemes offered by SBI:
| Scheme | Interest Rate Range |
| Regular Home Loan | 8.70% – 9.65% |
| Flexipay Home Loan | 8.70% – 9.65% |
| NRI Home Loan | 8.70% – 9.65% |
| Privilege Home Loan | 8.70% – 9.65% |
| Shaurya Home Loan | 8.70% – 9.65% |
| Top-Up Home Loan | 9.10% – 10.15% |
| Personal Loan Against Property | 10.60% – 11.30% |
Different Types of Home Loans Offered by SBI – A Detailed Overview
SBI provides various home loan types to suit different needs:
SBI Regular Home Loan
SBI’s regular home loan is suitable for individuals looking to purchase a residential property for self-use or investment purposes. It offers competitive interest rates, flexible repayment options, and loan amounts based on the borrower’s eligibility.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 18 years – 70 years
- Cibil Score: Minimum credit score requirement.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: Subject to eligibility and property value.
- Interest Rate: 8.70% – 9.65 %
- Processing Fees: Applicable fees.
Home Loan for Women
SBI offers special home loan schemes exclusively for women applicants. These loans provide attractive interest rates, lower processing fees, and additional benefits to encourage and support women in their pursuit of homeownership.
Read: RBI’s welcome move: Home loans to become cheaper
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- Applicant Type: Women only
- Eligibility:
- Age: There is no specific age limit; women of all ages can apply.
- CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
- Employment Type: Both salaried and self-employed women can apply.
- Loan Tenure: The loan can be availed for up to 30 years.
- Loan Amount: The loan amount is determined based on the borrower’s eligibility and the property value.
- Interest Rate: 8.70% – 9.65%
- Processing Fees: Applicable processing fees and charges are levied for the loan application.
Home Loan for Self-Employed
SBI understands the unique financial circumstances of self-employed individuals and offers specialized home loan options tailored to their needs. These loans consider factors such as business income, turnover, and stability to provide suitable loan amounts and repayment terms.
Read: Bank of Maharashtra Home Loan EMI Calculator
- Applicant Type: Customized loan options for self-employed individuals.
- Eligibility:
- Age: There is no specific age limit; self-employed individuals of all ages can apply.
- CIBIL Score: A good credit score of 700 or above is important to qualify for a loan.
- Employment Type: Self-employed individuals with a stable business income can apply.
- Loan Tenure: The loan can be availed for up to 30 years.
- Loan Amount: The loan amount is determined based on the borrower’s eligibility and the property value.
- Interest Rate: 8.70% – 9.65%
- Processing Fees: Applicable processing fees and charges are levied for the loan application.
Home Loan for Salaried
SBI’s home loan for salaried individuals caters to the specific requirements of employed individuals. It offers competitive interest rates, easy eligibility criteria, and simplified documentation processes to make homeownership more accessible and affordable for salaried individuals.
- Applicant Type: Designed specifically for salaried individuals.
- Eligibility:
- Age: 21-60 years
- CIBIL Score: A good credit score of 700 or above is important to qualify for a loan.
- Employment Type: Salaried individuals with a stable income can apply.
- Loan Tenure: The loan can be availed for up to 30 years.
- Loan Amount: The loan amount is determined based on the borrower’s eligibility and the property value.
- Interest Rate: 8.70% – 9.65%
- Processing Fees: Applicable processing fees are levied for the loan application.
Home Loan for NRI
SBI provides home loans specifically designed for Non-Resident Indians (NRIs) who wish to invest in residential properties in India. These loans offer attractive interest rates, longer repayment tenures, and convenient options for loan disbursement and repayment to cater to the unique needs of NRIs.
- Applicant Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
- Eligibility:
- Age: 18-60 years
- CIBIL Score: 8.70% – 9.65%
- Employment Type:
- Salaried- if the applicant has lived abroad for more than a year
- Self-employed- if the applicant has lived abroad for more than 3 years
- Loan Tenure: Up to 30 years.
- Loan Amount: Subject to eligibility and property value.
- Interest Rate: As per prevailing rates.
- Processing Fees: Applicable fees.
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SBI Home Loan Interest Rates for Women and Benefits
SBI offers special benefits to women applicants for home loans. Women can enjoy lower interest rates and processing fee concessions, making homeownership more affordable. The interest rates for women applicants are generally lower compared to other categories. Here is a table showcasing the correlation between CIBIL Score and Interest Rate for SBI Home Loans:
| CIBIL Score | Interest Rate |
| 750 and above | 8.25% p.a. |
| 700 – 749 | 8.35% p.a. |
| 650 – 699 | 8.45% p.a. |
| Below 650 | Rates may vary |
Please note that these rates are indicative and subject to change. Women applicants can take advantage of these benefits and secure a home loan with favourable interest rates, helping them achieve their dream of owning a home.
Read: Understanding Home Loan Tenure and Why It’s Important
SBI Home Loan Interest Rates for Self-Employed
SBI provides competitive interest rates for self-employed individuals based on their credit scores. The table below shows the correlation between credit scores and interest rates for self-employed applicants:
| CIBIL Score | Interest Rate Range |
| 750 and above | 8.25% – 8.75% |
| 700 – 749 | 8.50% – 9.00% |
| Below 700 | 8.75% – 9.25% |
SBI Home Loan Interest Rates for Salaried
Salaried individuals can benefit from SBI’s attractive interest rates based on their credit scores. The table below shows the interest rate ranges according to different credit scores for salaried applicants:
| CIBIL Score | Interest Rate Range |
| 750 and above | 8.25% – 8.75% |
| 700 – 749 | 8.50% – 9.00% |
| Below 700 | 8.75% – 9.25% |
SBI Home Loan Interest Rates for NRI
SBI offers competitive interest rates for NRI home loans. The following table provides information on eligibility, loan tenure, loan amount, interest rate, and processing fees for NRIs:
| Eligibility | Non-Resident Indians (NRIs) and Persons of Indian origin (PIO) |
| Loan Tenure | Up to 30 years |
| Loan Amount | Based on applicant eligibility and property value |
| Interest Rate Range | 8.70% – 9.65% |
| Processing Fees | ₹2000 – ₹10000 + GST |
Feature and Benefits of SBI Home Loan
- Competitive Interest Rates and Flexible Loan Tenures: SBI offers home loans at competitive interest rates and provides flexibility in choosing the loan tenure, allowing borrowers to customize their repayment options.
- Higher Loan Amounts: SBI provides higher loan amounts to help individuals finance their dream homes, ensuring that they have sufficient funds to purchase the property of their choice.
- Easy Application Process with Minimal Documentation: SBI simplifies the home loan application process by requiring minimal documentation, making it convenient and hassle-free for borrowers.
- Additional Benefits for Women Applicants: SBI offers special interest rates and processing fee concessions for women applicants, making homeownership more affordable and accessible.
- Specialized Loan Options for Self-Employed Individuals: SBI understands the unique financial needs of self-employed individuals and provides specialized home loan options tailored to their requirements.
- Attractive Interest Rates for NRIs: SBI offers home loan options specifically designed for Non-Resident Indians (NRIs) at attractive interest rates, enabling them to invest in properties in India.
- Balance Transfer and Top-Up Loan Facilities Available: SBI provides the option to transfer your existing home loan from another bank to SBI, along with the facility to avail of a top-up loan, allowing borrowers to access additional funds for various purposes.
How to Apply for SBI Home Loan?
Whether you choose to apply online through their website or visit a nearby SBI branch, the process is designed to be straightforward and convenient. By following a few essential steps, you can submit your application, provide the necessary documents, and await approval from SBI. Once approved, you can complete the loan agreement process and receive the sanctioned loan amount, bringing you one step closer to turning your homeownership aspirations into reality.
Read: PNB Home Loan Interest Rates – Updated in April 2024
- Visit SBI Home Loans Website or Branch:
Go to the SBI home loans website or visit a nearby SBI branch.
- Fill Out Application Form:
Complete the online application form by providing your personal, financial, and property details.
- Submit Required Documents:
Gather and submit the necessary documents, including identity proof, address proof, income proof, and property documents.
- Await Approval and Verification:
Wait for SBI to review your application, assess your eligibility, and verify the information provided.
- Complete Loan Agreement Process:
If your application is approved, finalize the loan agreement by signing the necessary documents and paying the required fees.
- Receive Sanctioned Loan Amount:
Once the loan agreement process is complete, you will receive the sanctioned loan amount
- Disbursement of Funds:
The loan funds will be disbursed according to the agreed terms and conditions.
SBI Home Loan Eligibility
To be eligible for an SBI Home Loan, applicants must meet certain criteria:
- Income Criteria: The applicant should have a stable and regular income to demonstrate their repayment capacity. SBI sets a specific income threshold for different loan amounts and locations.
- Credit Score: A good credit score is important as it reflects the borrower’s creditworthiness. SBI considers the applicant’s credit score while assessing their eligibility for a home loan.
- Age Criteria: SBI specifies a minimum and maximum age limit for home loan applicants. The minimum age requirement is generally 18 years, and the maximum age varies based on the loan tenure.
- Employment Type: SBI considers the applicant’s employment type, whether salaried or self-employed, to assess their stability and repayment capacity.
- Loan Amount Eligibility: The loan amount an applicant is eligible for depends on various factors, including the value of the property being financed and the borrower’s repayment capacity.
Documents Required for SBI Home Loan
Applicants need to submit the following documents when applying for an SBI Home Loan:
- Proof of Identity: Documents such as an Aadhaar card, PAN card, passport, or voter ID are required to establish the applicant’s identity.
- Proof of Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant’s residential address.
- Proof of Age: Birth certificate, school leaving certificate, or any other valid document that confirms the applicant’s age is required.
- Income Proof: SBI requires income proof to assess the applicant’s repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
- Property-related Documents: Documents related to the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are required for verification purposes.
SBI Home Loan EMI Calculator – How to Calculate SBI Home Loan EMI?
To calculate your SBI home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
EMI Calculator
Loan Amount
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Rate of Interest (P.A)
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Loan Tenure
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SBI Home Loan Interest Rates for the Last 10 Years
Here is a table showing the interest rate ranges for SBI home loans in the past 10 years:
| Year | Interest Rate Range |
| 2013 | 8.50% – 9.25% |
| 2014 | 9.00% – 9.75% |
| 2015 | 8.75% – 9.50% |
| 2016 | 8.50% – 9.25% |
| 2017 | 8.30% – 9.05% |
| 2018 | 8.35% – 9.10% |
| 2019 | 8.05% – 8.80% |
| 2020 | 7.80% – 8.55% |
| 2021 | 7.30% – 8.05% |
| 2022 | 7.00% – 7.75% |
For more information on past SBI home loan interest rates, CLICK HERE.
SBI Home Loan Interest Rate Comparison with Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
Factors that Affect SBI Home Loan Interest Rate
- Credit Score: A higher credit score increases your chances of getting a lower interest rate.
- Loan Amount: Higher loan amounts may attract higher interest rates.
- Loan Tenure: Longer loan tenures may result in slightly higher interest rates.
- Type of Home Loan Scheme: Different schemes have varying interest rates, with fixed or floating options.
- Employment Type: Salaried individuals may have access to lower interest rates compared to self-employed individuals.
- Market Conditions and RBI Policies: External factors like market conditions and RBI policies can impact interest rates.
- Relationship with the Bank: Existing customers or those with a good relationship with the bank may be offered preferential interest rates.
Tips to Avail of SBI Home Loan at Lower Interest
- Maintain a Good Credit Score: Pay your bills on time and keep your credit utilization ratio low to maintain a good credit score.
- Opt for Shorter Loan Tenures: Choosing a shorter loan tenure can result in a lower interest rate.
- Compare Different Schemes and Interest Rates: Research and compare the various home loan schemes and interest rates offered by SBI to find the best option.
- Consider Making a Higher Down Payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
- Provide Accurate and Complete Documentation: Ensure all required documents are accurate and complete to avoid delays and increase your chances of securing a lower interest rate.
- Build a Relationship with the Bank: Having a good relationship with the bank, such as maintaining accounts or investments, can help you negotiate better interest rates.
SBI offers competitive home loan interest rates starting from 8.25% p.a. With attractive schemes for women, self-employed individuals, salaried employees, and NRIs, SBI caters to diverse customer needs. Whether you’re looking to purchase a new home or transfer your existing loan, SBI provides flexible options. Take advantage of the current low SBI home loan interest rate and apply for a home loan today. For more information, visit the NoBroker Home Loan Services now.
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Frequently Asked Questions
Q1. What is the current SBI home loan interest rate for 2024?
Ans. The current SBI home loan interest rate for 2024 starts from 8.25% p.a. and may vary based on the scheme and the applicant’s profile.
Q2. Does SBI offer fixed or floating interest rates for home loans?
Ans. SBI offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
Q3. Can I get an SBI home loan if I work in the government sector?
Ans. Yes, SBI offers home loans to government employees at attractive interest rates. They have specific schemes tailored to meet the unique needs of government employees, making homeownership more accessible and affordable.
Q4. Does SBI offer a top-up loan facility for existing home loan borrowers?
Ans. Yes, SBI provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
Q5. What are the features and benefits of SBI’s home loan balance transfer option?
Ans. SBI’s home loan balance transfer option allows borrowers to transfer their existing home loan from another bank to SBI at attractive interest rates. Benefits include potential savings on interest costs, improved customer service, and additional features and benefits offered by SBI.
Q6. Can I prepay my SBI home loan before the completion of the loan tenure?
Ans. Yes, SBI allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, prepayment charges may be applicable based on the loan agreement terms.
Q7. What is the processing fee charged by SBI for home loans?
Ans. The processing fee for SBI home loans varies depending on the loan amount and scheme. It is generally a percentage of the loan amount and covers the administrative costs associated with loan processing.
Q8. How long does it typically take for SBI to process and approve a home loan application?
Ans. The processing time for an SBI home loan application may vary based on factors such as the completeness of documents submitted, property verification, and the complexity of the case. On average, it takes approximately 10-15 working days for SBI to process and approve a home loan application, subject to all requirements being met.
Q9. Can NRIs apply for SBI home loans?
Ans. Yes, SBI provides home loan options specifically designed for NRIs, allowing them to fulfil their dream of owning a home in India.
Q10. Can I get an interest rate certificate for my SBI home loan?
Ans.Yes, SBI provides an interest rate certificate to its home loan borrowers. This certificate can be useful for income tax purposes, as it helps in calculating the interest component eligible for tax benefits.
