SBI Home Loan | Interest Rate @ 8.50%*

SBI House Loan | Interest Rate @ 8.50%

SBI Home Loan offers affordable and flexible financing solutions for homebuyers. With competitive interest rates, easy eligibility criteria, and quick processing, SBI makes your dream home a reality.

State Bank of India (SBI), one the country’s largest banks, banking and financial services including home loans. SBI house loans come with competitive interest rates, flexible repayment options, and easy-to-meet eligibility criteria, ensuring that you find the right financial support to purchase your dream home. 

With rates starting from just 8.50% p.a. and a hassle-free online application process, applying for an SBI home loan is a smooth and transparent experience. Let us dive into the details and explore what SBI Home Loans have to offer.

SBI House Loan Details

Following are some of the most important reasons why you should choose a home loan for SBI:

SBI House Loan Interest Rates

Here is a list of all the SBI home loan interest rates for different home loan schemes:

• Tribal Plus Home Loan: 8.60% to 9.55% p.a. 
• Home Loan Maxgain (OD): 8.70% to 9.85% p.a. 
• YONO Insta Home Top-Up Loan: 9.35% p.a. 
• Home Loan (TL): 8.50% to 9.65% p.a. 
• Top-Up (OD) Loan: 9.00% to 9.95% p.a. 
• Top-Up Loan: 8.80% to 11.30% p.a. 
• P-LAP Loan: 10.00% to 11.30% p.a. 
• Reverse Mortgage Loan: 11.55% p.a. 

Types of SBI Home Loan Schemes

Check out the list of all the different home loans offered by SBI: 

• SBI Flexipay Home Loan:

Suitable for salaried borrowers, this scheme allows payment of only interest during the moratorium (pre-EMI) period, with the option of moderated EMIs later.

• SBI Regular Home Loan:

Individuals aged 18 to 70 years are eligible for regular loans with an interest rate starting from 9.15% per annum. This scheme also offers a 0.5% p.a. lower interest rate for women and no foreclosure charges.

• State Bank of India Tribal Plus:

These home loans are designed for individuals residing in tribal or hilly areas. The Tribal Plus SBI home loan interest rate starts at 9.25% p.a., while the repayment tenure is up to 15 years.

• SBI Pre-Approved Home Loan:

This home loan is sanctioned before property selection, providing more negotiating power with sellers or builders.

• SBI House Loan for Non-salaried:

It’s a special scheme for non-salaried individuals that offers loans for new homes, construction, repairs, or renovations, with amounts ranging from ₹50,000 to ₹50 crores.

• SBI Realty Home Loan:

It provides loans for purchasing land to build a home, with loan limits of up to ₹15 crore and repayment terms of up to 10 years.

• SBI Earnest Money Deposit (EMD) Home Loan:

This home loan is aimed at individuals purchasing residential plots or built-up houses from Urban Development Authorities. It offers short-term financial support for property purchases.

• SBI CRE Home Loan:

It’s a facility that allows customers with existing home loans to apply for up to three home loans at once, with benefits like lower interest rates for women and no prepayment charges.

How to Apply for SBI Home Loans?

You can apply for a home loan from the State Bank of India offline or online. Here is a detailed step-by-step guide on how you can apply the loan seamlessly:

• Online Application Process

Step 1: Visit the SBI official website or a third-party portal like NoBroker to apply online for a home loan.

Step 2: Fill out the online application form with all required details such as your name, income, employment status, property information, etc.

Step 3: Upload the necessary documents (ID proof, address proof, income proof, and property documents) on the platform.

Step 4: The bank will review the online application, and additional documents may be requested if needed.

Step 5: After the verification process, the loan is sanctioned, and the funds are disbursed directly to your bank account or the property seller as per the applicable terms and conditions. 

• Offline Application Process

Step 1: Visit the nearest SBI branch to inquire about various home loan schemes. The bank representative will explain your options and guide you based on your financial profile.

Step 2: After selecting a home loan, you need to fill out the application form. Provide accurate details about personal, financial, and employment information.

Step 3: Submit photocopies of the required documents for verification, including identity, address, and income proofs, along with the property documents.

Step 4: SBI will assess your application, verify the details provided, and evaluate the property you intend to purchase or construct.

Step 5: Upon successful verification, the loan is sanctioned, and you will be required to sign the loan agreement. The loan amount is then disbursed as per the agreement.

Eligibility Criteria for SBI Home Loan

The eligibility requirements may vary based on the loan scheme and applicant type. Here are the key eligibility criteria for home loans for SBI:

1. Age: The minimum age requirement is 18 years, and the maximum age limit is usually 70 years, subject to the borrower’s repayment capacity
2. Income: SBI assesses the applicant’s income stability and repayment capability to determine the loan amount eligibility.
3. Employment Type: SBI considers the applicant’s employment type, whether salaried, self-employed or a professional while evaluating the loan application.
4. Credit Score: A good credit score enhances the chances of loan approval and favourable interest rates. SBI evaluates the creditworthiness of the applicant.
5. Property Documents: The property being financed must meet the legal and technical requirements as specified by SBI.

Meeting these eligibility criteria increases the likelihood of getting your SBI house loan approved.

Documents Required for SBI House Loan Application

Applicants need to provide specific documents during the home loan application process. The following is a comprehensive list of the required documents:

• Residence Proof: A recent utility bill (electricity, water, or gas), telephone bill, passport, or Aadhaar card serves as proof of address.
• Income Proof for Salaried Applicants: Salary slips from the last three months, Form 16 for the last two years, or ITR copies for the last two years.
• Identity Proof: Applicants must submit any one of these—PAN card, Passport, Voter ID, or Driver’s License.
• Property Documents: Documents related to the property being financed, such as a registered sale agreement, property title, and No Objection Certificate (NOC) from the builder (if applicable).
• Bank Statements: Last six months’ bank statements showing all account activity and proof of any previous loan repayments.  
• Income Proof for Self-Employed Applicants: IT returns for the past three years, a profit and loss statement, a balance sheet, and a business license or professional degree certification (if applicable).

These documents help establish the applicant’s financial standing and ensure the property is legally sound, aiding the bank’s decision to approve the loan. SBI may require additional documents for the verification process. 

SBI Home Loan Customer Care

If you have any queries or require assistance regarding SBI House Loans, you can reach out to their customer care team. Here are the contact details for State Bank Of India Home Loan Customer Care:

Feel free to contact them for any information or support related to your SBI Home Loan journey.

Key Takeaways

With transparent eligibility criteria, a straightforward documentation process, and dedicated customer care, the State Bank of India offers one of the most accessible home loans. Furthermore, there are special SBI home loans for women applicants, government employees, defence personnel, etc. 

NoBroker makes your path to homeownership easier and more convenient by providing facilities like faster processing and priority approvals. With our help, your dream home will soon become a reality.