SBI Home Loan Interest Rates - Updated in December 2024

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.

SBI Home Loan Interest Rates of Different Schemes in December 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.

• 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.

• 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.

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.

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?

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

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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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