SBI Home Loan – Interest Rate @ 8.50%, Eligibility, in 2024

Dreaming of owning a home? SBI Home Loans can help turn that dream into reality. The State Bank of India (SBI), one of the most reliable names in banking, offers home loans with interest rates starting as low as 8.50%. Whether you’re buying your first home or upgrading to a new one, SBI’s home loans are designed to fit your needs and budget.

Interest rates on SBI Home Loans depend on factors like the loan amount, the loan tenure, and your CIBIL Score. In this guide, we’ll cover everything you need to know about SBI Home Loan interest rates and eligibility. Get ready to discover how SBI can help you achieve your homeownership goals with flexible and affordable loan options.

SBI Home Loan – Important Details

SBI Home Loan Interest Rates 2024

Types of SBI Home Loan Schemes

1. SBI Regular Home Loan

The SBI Regular Home Loan caters to a broad range of applicants, from 18 to 70 years old. This loan comes with an annual interest rate of 9.15%. Applicants are required to pay a processing fee of 0.35% of the total loan amount, with a minimum charge ranging between Rs. 2,000 and Rs. 10,000. A notable benefit is the 0.5% reduction in interest rates for female borrowers. Additionally, this loan does not have any charges for prepayment or early closure.

2. SBI Tribal Plus

The SBI Tribal Plus scheme is specifically designed for people residing in tribal or hilly regions. The loan under this scheme starts with an interest rate of 9.25% per annum. The processing fee is also 0.35% of the loan amount. This loan has a repayment period that extends up to 15 years, making it suitable for those who need a longer timeframe to repay their loans.

3. SBI Flexipay Home Loan

The SBI Flexipay Home Loan is aimed at salaried individuals, offering them the advantage of higher loan eligibility. During the initial phase of the loan, borrowers are required to pay only the interest (known as pre-EMI), which is followed by a period where they can opt for more manageable EMI payments. The interest rate for this scheme is determined by the applicant’s CIBIL score; those with a score above 700 are eligible for lower interest rates.

4. SBI Home Loan for Non-Salaried Individuals

This scheme is tailored for non-salaried individuals, offering competitive loan terms for various purposes such as purchasing new properties, constructing homes, or renovating existing ones. The loan amounts available range significantly, from Rs. 50,000 to Rs. 50 crores, making it a flexible option for diverse needs.

5. SBI Pre-Approved Home Loan

The SBI Pre-Approved Home Loan is granted before the property purchase is finalized. This pre-approval allows borrowers to negotiate better terms with sellers or builders, as they are assured of having the necessary funds. The terms and conditions of this loan are similar to those of the SBI Regular Home Loan.

6. SBI Earnest Money Deposit (EMD) Home Loan

The SBI Earnest Money Deposit Home Loan is designed for individuals who wish to buy properties from Urban Development Authorities like HUDA, PUDA, or Housing Boards. It is a short-term loan intended to cover the earnest money required to secure a property purchase.

7. SBI Realty Home Loan

The SBI Realty Home Loan is aimed at individuals looking to purchase plots of land for future home construction. This scheme offers substantial loan amounts, up to Rs. 15 crore, with a repayment period of up to 10 years. Additionally, borrowers can apply for a separate SBI home loan to finance the construction of their new home.

8. SBI CRE Home Loan

The SBI CRE Home Loan is designed for individuals who already hold a home loan and wish to take on additional loans for new properties. The scheme allows up to three home loans per person, including any existing loans. It features benefits such as lower interest rates for women and no charges for loan prepayment or foreclosure.

9. SBI Suraksha

SBI Suraksha is a group life insurance scheme offered by the State Bank of India. It is available to both new and existing home loan customers who opt for SBI Life Cover. This insurance plan provides a range of coverages at affordable premium rates, including Personal Accident Insurance, Accidental Death Insurance, Total and Permanent Disability Insurance, and Partial Disability Insurance.

SBI Housing Loan Interest Rates Based on CIBIL Score

Comparison Between SBI Bank Home Loan Interest Rates and Other Lenders

Eligibility for SBI Home Loans

SBI Regular Home Loan

• Minimum Age: 18 years
• Maximum Age: 70 years
• Nationality: Resident Indian

2. SBI Tribal Plus Home Loan

• Minimum Age: 18 years
• Maximum Age: 70 years
• Nationality: Indian (specifically for tribal areas)
• Additional Criteria: Applicants must belong to the tribal communities identified by the government and must be residents of the specified tribal areas.

3. SBI Flexipay Home Loan

• Minimum Age: 21 years
• Maximum Age: 45 years (at the time of application)
• Maximum Age at Loan Maturity: 70 years
• Nationality: Indian (Salaried individuals)

4. SBI Home Loan for Non-Salaried Individuals

• Minimum Age: 18 years
• Maximum Age: No specific upper limit mentioned
• Nationality: Resident Indian (Non-salaried individuals)
• Additional Criteria: Non-salaried individuals must have a stable source of income and sufficient repayment capacity.

5. SBI Pre-Approved Home Loan

• Minimum Age: 18 years
• Maximum Age: 70 years
• Nationality: Resident Indian
• Additional Criteria: Pre-approval is based on the applicant’s credit profile and financial standing, typically before the property is selected.

6. SBI Earnest Money Deposit (EMD) Home Loan

• Minimum Age: 21 years
• Maximum Age: No specific upper limit mentioned
• Nationality: Indian residents only
• Additional Criteria: This loan is specifically for providing earnest money during the property purchase process.

7. SBI Realty Home Loan

• Minimum Age: 18 years
• Maximum Age: 65 years
• Nationality: Indian
• Additional Criteria: This loan is intended for the purchase of real estate properties and may have specific requirements based on the type of property.

8. SBI CRE (Commercial Real Estate) Home Loan

• Minimum Age: 18 years
• Maximum Age: 70 years
• Nationality: Resident Indian
• Additional Criteria: This loan is meant for commercial real estate and requires the applicant to meet additional criteria related to the commercial property.

9. SBI Suraksha

• Minimum Age: 18 years
• Maximum Age: 79 years
• Nationality: Indian
• Additional Criteria: This insurance product provides coverage and is designed for borrowers to protect their home loan repayments.

How to Apply for SBI Home Loans?

Online Application Process

1. Visit the SBI Home Loan website and access the loan application portal.
2. Check your eligibility using the online eligibility calculator.
3. Fill out the application form with personal, employment, and loan details.
4. Upload required documents such as ID proof, address proof, and income proof.
5. Submit the application form online through the SBI portal.
6. Track your application status using the reference number provided.
7. Complete further processing by visiting the bank if required.

Offline Application Process

1. Visit the nearest SBI branch that offers home loan services.
2. Obtain and fill out the application form from the branch.
3. Prepare and gather required documents like ID proof, address proof, and income proof.
4. Submit the completed form and documents at the branch.
5. Undergo processing and verification as scheduled by the bank.
6. Receive the loan sanction letter upon approval.
7. Complete formalities and sign the loan agreement for disbursement

Documents Required for SBI Housing Loan Application

Personal Identification:

1. Employer ID Card (for salaried applicants)
2. Completed Application Form
3. 3 Passport-sized Photographs
4. Proof of Identity: PAN Card, Voter ID, Passport, or Driving License
5. Proof of Address: Utility bills (telephone, electricity, water, piped gas), Passport, or Aadhar Card

Property-Related Documents:

1. Construction Permission
2. Allotment Letter
3. Stamped Sale Agreement
4. Occupancy Certificate
5. Recent Maintenance Bill, Electricity Bill, or Property Tax Receipt
6. Approved Building Plan Copy
7. Registered Development Agreement with the Builder
8. Conveyance Deed
9. Bank Account Details or Payment Receipts

Account Statement Verification:

1. Bank Account Statement (last 6 months)
2. Loan Account Statement (last 1 year) from any previous loans with other banks or financial institutions

Income Verification:

• For Salaried Individuals:

1. Last 3 Months’ Salary Slips
2. Income Tax Return (ITR) or Form 16

• For Non-Salaried Individuals:

1. 1. ITR for the Last 3 Years
   2. Business Address Proof
   3. Balance Sheet for the Last 3 Years
   4. TDS Certificate (Form 16)
   5. Business License Details

Factors Affecting SBI Home Loan Interest Rates

1. Repo Rate Connection: SBI’s floating interest rates are closely tied to the Reserve Bank of India’s (RBI) repo rate. The repo rate is the rate at which the RBI lends to commercial banks. When the RBI raises or lowers this rate, SBI often adjusts its own rates accordingly. Thus, fluctuations in the repo rate can directly impact the cost of your home loan.
2. Credit Score Considerations: Your credit score is a crucial indicator of your financial health and reliability. A high credit score, typically above 750, reflects a strong history of managing debt and making payments on time. SBI uses this score to gauge the risk associated with lending to you. A higher credit score can potentially lead to a lower interest rate, as it indicates to SBI that you are a lower-risk borrower.
3. Loan Amount and Tenure: The size of the loan you request and the length of time you need to repay it can influence the interest rate. Generally, larger loan amounts or extended repayment periods might come with slightly higher interest rates. This is because the bank is taking on more risk over a longer period or for a larger sum.
4. Loan-to-Value (LTV) Ratio: The LTV ratio compares the amount of the loan to the value of the property being purchased. A lower LTV ratio means you are borrowing a smaller percentage of the property’s value, which usually results in a lower interest rate. This is because a lower LTV ratio indicates that you are contributing more of your own money towards the purchase, reducing the lender’s risk.
5. Employment and Income Stability: Your job stability and income consistency play a significant role in determining your interest rate. SBI considers how secure your employment is and how stable your income is when setting the interest rate. A stable job and a reliable income source reduce the risk for the lender, which can potentially lead to better interest rates for you.

How to Check SBI Home Loans Application Status

Online:

1. Visit the SBI Home Loan Portal.
2. Click on “Track Your Application” or “Check Status.”
3. Enter your application details and submit.

Offline:

1. Call or visit the SBI branch.
2. Provide your application number.
3. Request the status update.

Through SMS:

1. Send your application number to the SBI SMS number.
2. Receive your application status

SBI Home Loan Customer Care/Grievance Redressal

Toll-Free Numbers:

• 1800 11 2018
• 1800 12 34
• 1800 21 00
• 1800 11 2211
• 1800 42 53800

Toll Number:

• 080-2659 9990

For Reporting Unauthorized Electronic Transactions:

• 1800 11 1109 (Toll-Free)
• 9449 112 211 (Mobile, Toll-Free)
• 080-2659 9990

Email IDs:

• customercare@sbi.co.in
• contactcentre@sbi.co.in

FAQs

Conclusion

Dreaming of owning your own home? SBI Home Loans can help you turn that dream into reality. With interest rates starting as low as 8.50%, SBI offers a variety of loan options, flexible terms, and no prepayment charges. Special discounts for women borrowers make it even more affordable. The application process is straightforward, and SBI’s dedicated customer support team is ready to assist you. Partner with a trusted bank that prioritizes your financial well-being. Apply now and take the first step toward securing your dream home with SBI