SBI Home Loan

SBI Home Loan offers interesting interest rates, flexible tenure, and a range of schemes for salaried and self-employed borrowers. As India’s largest bank, SBI offers attractive assistance in fulfilling the dream of home ownership. The various types of SBI home loans vary from regular housing loan options, housing loans for NRIs, etc., to even real estate assistance.

Read on to learn more about SBI housing loan products that are designed to meet diverse financial needs, backed by a trusted banking partner.

Table of Contents:

• ⇾ SBI Home Loan Highlights
• ⇾ SBI Home Loan Interest Rates
• ⇾ SBI Home Loan Processing Fee & Charges
• ⇾ Compare SBI Home Loans with Other Home Loans
• ⇾ SBI Home Loan Eligibility
• ⇾ Types of SBI Home Loan and Interest Rates
• ⇾ SBI Home Loan EMI Calculator
• ⇾ Documents Required for SBI Home Loan
• ⇾ Apply for SBI Home Loan
• ⇾ Track SBI Home Loan Application Status
• ⇾ SBI Home Loan Customer Care
• ⇾ Frequently Asked Questions

SBI Home Loan Highlights

SBI home loans are one of the most affordable and attractive options available.

SBI housing loans come with flexible terms, lower processing fees, and benefits like zero prepayment charges. These highlights simplify borrowing for homebuyers across income groups.

Major highlights include:

5. Loan to Value (LTV):

LTV stands for Loan to Value ratio. This is the maximum percentage of the property's market value that the bank will finance. The remaining percentage is your down payment. Here is a table with details on how SBI makes these calculations:

Apart from these, there are added features such as:

• Concession for women borrowers
• Pradhan Mantri Awas Yojana (PMAY) eligible
• Integrated digital application process

SBI Home Loan Interest Rates

SBI home loan interest rates are some of the best in the market, offering competitive rates based on the borrower’s financial background. SBI home loan interest rates can heavily depend on credit score, loan amount, borrower type and loan scheme.

The bank maintains a transparent interest rate system, primarily dependent on the RBI repo-linked EBLR (newer loans; floating interest rates) and the bank’s internal MCLR (older loans; fixed interest rates) for interest rate calculation.

The EBLR, or the External Benchmark Lending Rate, is a standard interest rate used by banks in India to determine loan interest rates, especially for home loans. This is entirely dependent on the RBI’s repo rate, which influences the floating interest rates of home loans.

SBI Home Loan Processing Fee & Charges

SBI home loans have charges, such as a nominal processing fee for home loan applications, making it cost-effective for new borrowers.

Here is a list of basic fees and additional charges:

Other fees/charges include various cases, like:

• Advocate: Legal Opinion & Search Report
• Valuer: Valuation Fee
• Collected for Payment to State Govt: Stamp duty and registration charges.

Compare SBI Home Loans with Other Home Loans

SBI housing loans stand out when compared with other banks and NBFCs, as SBI often come with competitive interest rates, lower fees, and wider reach across India.

Although the EBLR and MCLR are considered in the calculation of interest rates, these rates are not directly your interest rate. It is the base benchmark interest rate on which additional charges are levied by the bank. This additional charge varies as per the bank.

CRP is Credit Risk Premium. Sometimes, Business Strategy Premium (BSP) is used instead of CRP, according to certain banks.

Here is a table for the comparison of the SBI Home Loans and other home loan options and their EBLR rates.

Why SBI stands out:

• Transparent rates based on CIBIL
• Zero prepayment penalty
• Government subsidy support
• Extensive branch and support network

SBI Home Loan Eligibility

SBI home loans are available for a vast majority of the public. However, you have to complete certain eligibility criteria before. Your SBI home loan eligibility is determined by

1. Income: Minimum ₹25,000 (may vary)
2. Credit score: Preferably above 700
3. Age: 18 to 70 years
4. Employment type: Salaried, self-employed, pensioners
5. Loan amount: A higher loan amount means the bank is taking on more risk. Lenders typically compensate for higher risk by charging a higher interest rate

Types of SBI Home Loan and Interest Rates

SBI offers various housing loan products which can be best suited for different needs. The most popular loan types include:

SBI offers home loans specific to customer categories, which all fall under the general types mentioned above. The customer-specific loans and their details are as follows:

1. General Home Loan for Purchase/Construction/Takeover

It includes options for the purchase of ready-built property, the purchase of under-construction property, the purchase of pre-owned homes, Purchase of Plot, Plot + Construction of a House, construction of a house, extension of a house and repair/renovation.

2. Home Loan Takeover – Balance Transfer

SBI offers home loan balance transfers from SCBs, private and foreign banks, NHB-registered HFCs, and eligible government or PSU employers.

3. SBI NRI Home Loans

SBI NRI Home Loan allows many NRIs (Non-Resident Indians) to get home loans when investing in properties.

4. Sbi Flexipay Home Loan

SBI Flexipay Home loan provides eligibility for a higher loan amount exclusively for the salaried borrowers.

5. Shaurya Home Loan: For Defence/Navy/Airforce personnel

SBI Shaurya Home Loan is an exclusive housing scheme for defence personnel offering lower interest rates, flexible repayment options, and extended loan tenure.

6. Pre-Approved Home Loan

SBI Pre-approved Loan (PAL) offers home loan sanction before property selection, allowing customers to negotiate confidently with builders or sellers.

7. SBI Realty

SBI Realty Loan allows customers to purchase a residential plot with a condition to complete house construction within 3 years; a separate home loan can also be availed for construction, with loan amounts up to ₹15 crores and a repayment period of up to 10 years.

8. Home Top-Up – Personal Loan

SBI offers Home Top-up Loans to existing home loan customers for personal needs, excluding speculative purposes, at competitive interest rates.

9. YONO Insta Home Top Up

SBI offers a fully digital, hassle-free top-up loan for personal use, exclusively available to pre-selected home loan customers through the YONO platform.

10. Home Loan to Non-Salaried (Differential Offerings)

This home loan product is tailored for non-salaried individuals, covering construction, purchase, takeover from other lenders, and renovation of residential properties.

11. Combo Home Loan for plot purchase plus construction

SBI Combo Home Loan is a composite loan that finances both plot purchase and house construction, offering upfront sanction for added assurance.

12. Sbi Privilege

Home loans for employees of State & Central govt./PSBs/PSUs.

13. SBI Tribal Plus

Home loans designed especially for Hilly/Tribal areas. can be availed for the purpose of purchase or construction of a new house.

14. SBI Reverse Mortgage Loan

Personal Loans for Senior Citizens. The Bank makes payments to the borrower(s) (in case of a living spouse) against the mortgage of their residential house property. The borrower is not expected to service the loan during his lifetime.

15. CRE (Commercial Real Estate) Home Loan

If a customer, as a family, owns more than 2 homes, then the Home Loan to the 3rd home onwards will be treated as a CRE Home Loan.

16. P-LAP (Personal Loan Against Property)

Loans against property for personal needs such as education, marriage, healthcare, etc. This cannot be used for business purposes.

17. Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0)

An Interest Subsidy Scheme (ISS) for the families of EWS/LIG/MIG to purchase or construct a house in statutory towns and notified centres.

SBI Home Loan EMI Calculator

The SBI home loan repayment is done as equated monthly instalments or EMIs. The amount of payment can be calculated by using the SBI home loan EMI calculator tool, which can help you easily understand the EMI schemes and payment amount. This can help you plan your finances effectively.

Inputs Required:

• Loan amount
• Interest rate
• Loan tenure
• EMI starts at approx. ₹765 per lakh at 8.40% for 30 years

Here is a table comparing the EMI payable across various tenures and amounts, considering the interest rate as 8.00%.

Note: The data given is accurate but should only be used for understanding purposes. The actual rates can vary depending on the bank’s discretion and interest rates.

Documents Required for SBI Home Loan

The SBI home loan options are heavily dependent on the documents submitted, as these support the borrower's profile details. The document checklist may vary slightly depending on the applicant (salaried, self-employed, NRI) and loan type , but most customers need the following:

1. Personal Identity Documents
• PAN Card (mandatory for all applicants)
• Any one of the following: Passport / Voter ID / Aadhaar / Driving License (for identity and address proof)
2. Photographs & Application
• Completed home loan application form
• 3 recent passport-size photographs
3. Income Proof

For Salaried Individuals:

• Last 3 months’ salary slips
• Form 16 (last 2 years) or ITR (acknowledged)

For Self-Employed Individuals:

• ITR for last 3 years
• Balance Sheet & P&L statements
• Business proof or professional qualification (e.g., CA/Doctor)
4. Banking Details/li>
   • Last 6 months’ bank statements (all accounts)
   • 1-year loan statement if you have an existing loan
5. Property-Related Documents
• Agreement to Sale / Allotment Letter / Sale Deed
• Approved building plan and construction permissions
• Payment receipts or builder account statements
• Occupancy certificate (if applicable)
• Share certificate (for properties in Maharashtra)

Apply for SBI Home Loan

The SBI home loan application process can be completed online, using the mobile app, or at any branch. Online applications are faster and come with step-by-step tracking. Here is a generic guide on how to apply for a home loan online:

1. Visit homeloans.sbi and navigate to products on the top right side of the page.
2. Choose your loan type.
3. Verify the eligibility below.
4. Scroll down and hit ‘Apply’.
5. Fill the application with KYC and income details.
6. Upload documents or visit the branch.
7. Track the application through the reference number.

Also Read: Things you need to know before taking loan

Track SBI Home Loan Application Status

After submitting your SBI housing loan application, you will receive a reference number. Tracking your application is simple and can be done online using your reference number or mobile number.

Here are the generic steps to follow:

• Visit the SBI loan portal.
• Click on the ‘Loans’ option and choose home loans.
• Click “Application tracker” on the right edge of the webpage.
• Choose the loan type.
• Enter your reference number and mobile number, and hit track.
• Enter the OTP, if prompted.
• View current status (Submitted / In-process / Approved / Disbursed)

SBI Home Loan Customer Care

SBI customer support is a one-stop solution to assist with home loan queries, documentation or repayment-related issues.

Here are the contact details:

For further support options, check out the SBI customer support feature.