A few months ago, I was considering getting a home loan from SBI as I was looking to invest in some property for me and my family. So when I was researching the same, I found the SBI interest rates to be quite competitive. As of my last check, the home loan interest rate in SBI starts from around 8.50% per annum. Let me tell you, this rate can vary based on several factors which I mentioned below.
What is the Interest Rate of Home Loan in SBI?
The State Bank of India offers home loans with interest rates ranging from 8.50% to 9.65%. The type of loan, the applicant's credit score, and whether the customer is new or existing are some factors that affect this rate.
I finally chose the SBI Flexipay Home Loan, as it was intended for young professionals. This plan allows borrowers to pay only interest, which simplifies money management over the first several years. This choice provided a flexibility that suited my budget, although having a somewhat higher interest rate.
To gain a better understanding of the cost, I then utilised the SBI Home Loan EMI Calculator. Entering the loan amount and the desired period allowed me to evaluate how different interest rates would affect my monthly payments.
I hope this helps you understand what is the SBI home loan interest rate.
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| Current home loan SBI interest rate | 6.80% p.a. – 7.50% p.a. |
| EBR | 6.65% |
| Rate Packages Available | Floating |
| Max Tenure | 30 Years |
| Prepayment/Foreclosure Charges | Nil |
| Processing Fees | 0.35% - 1% of loan amount |
| Loan Amount | Based on eligibility |
| SBI Home Loan Schemes | Interest Rate for Self-Employed | Interest Rate for Salaried |
| SBI Home Loans (Term Loan) | 7.10% – 7.50% p.a. | 6.80% – 7.35% p.a. |
| SBI MaxGain (Floating Interest Card Rate) | 7.45% – 7.85% p.a. | 7.30 – 7.70% p.a. |
| SBI Insta Home Top Up Loan | 8.20 % p.a. | 8.20 % p.a. |
| SBI Home Top Up Loan (Term Loan) | 7.65% - 9.70% p.a. | 7.50% – 9.55% p.a. |
| SBI Home Top Up Loan (Overdraft) | 8.55% - 8.80% p.a. | 8.40% – 8.65% p.a. |
| SBI Smart Home Top-Up Loan (Term Loan) | 8.55% p.a. | 8.05% p.a. |
| SBI Smart Home Top-Up Loan (Overdraft) | 9.05% p.a. | 8.55% p.a. |
| SBI CRE Home Loan | 50bps + final rate | |
| SBI Tribal Plus / CRGFT | 10bps + final rate | |
| SBI Reverse Mortgage Loan | Public: 9.05% p.a. SBI pensioners: 8.05% p.a. | |
| SBI Bridge Home Loan | First year: 9.60% p.a. Second year: 10.50% p.a. | |
| SBI Privilege and Shaurya | 6.95% p.a. onwards | |
| SBI Realty | 7.65% p.a. onwards |
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Read more: How to change SBI home loan interest rate? What is the SBI home loan disbursement process for under construction property? How to close SBI Maxgain home loan? How to transfer home loan to SBI?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is the Home Loan Interest Rate in SBI?
Sangeeta
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2 Answers
3 Year
2021-09-16T16:50:48+00:00 2024-12-09T10:52:08+00:00Comment
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