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Nirmal had a good education, a stable government job, was engaged to be married within two months, and now he wanted a house to call his own to begin the next chapter of his life. He needed some help in the form of a house loan to buy his dream home.

With the rapid urbanization going on, owning a home is the dream of almost everyone today. But not everyone has the financial wherewithal to buy or own a home. Hence, banks and other loan issuers have come up with affordable home loan options in order to make your dream into a reality.

Whether you are only thinking about buying a property, or have already started looking at properties, the most important deciding factor when considering various home loan options is typically the interest rate. Interest rates for home loans in India starts from 8 – 9% onwards and are influenced by a variety of factors. Hence, it becomes doubly important to compare and contrast different features of a housing loan before zeroing in on offer.

SBI Home Loan Overview

Whether you are looking for a property, or wish to construct your own house, you could perhaps consider SBI Home Loans.Home loan interest rates in SBI are competitive. Some of the features and benefits include:

  • Flexible repayment tenure up to 30 years.
  • Balance transfer facility
  • AttractiveSBI home loan interest rate, charged on a daily reducing balance
  • Pre-approved offers and preferentialSBI home loan interest ratefor existing customers
  • Minimal documentation required
  • Part prepayment and full prepayment allowed
  • Low Processing charges
  • No prepayment penalties.

SBI Home Loan Eligibility

  • You must be at least 18 years of age on sanction of the loan
  • You must be 70 years of age at loan maturity, by the time all the EMIs should be repaid.
  • You must be salaried or self-employed with a regular source of income
  • Home loans are available for resident as well as non-resident Indians.

SBI Home Loan Interest Rate 2018: Starting from 8.50% p.a. – subject to periodic review

SBI home loan interest rate is influenced by a variety of factors, including loan amount, your net income, your repayment history, internal SBI loan assessment parameters. Following is an overview:

SBI current home loan interest rate and other charges

Borrowers' categoryHome Loan (Term Loan)Home Loan (Term Loan)Home Loan (Max Gain) Floating RateCRE Max gain irrespective of loan amount
2 years Fixed Interest Loans up to Rs. 30 lakhFloating Rate Loans Upto Rs.75 lakhFloating Rate Loans above Rs.75 lakhMax gain above Rs. 20 lakh & upto Rs. 75 lakhLoans above Rs.75 lakh
Women8.50% for first two years thereafter linked to floating rate.0.60% above 1 year MCLR, effective rate 8.60% p.a.0.65% above 1 year MCLR, effective rate 8.65% p.a.0.75% above 1 year MCLR, effective rate 8.75% p.a.0.95% above 1 year MCLR, effective rate 8.95% p.a1.05% above 1 year MCLR, effective rate 9.05% p.a
Others8.55% for first two years thereafter linked to floating rate.0.65% above 1 year MCLR, effective rate 8.65% p.a.0.70% above 1 year MCLR, effective rate 8.70% p.a.0.80% above 1 year MCLR, effective rate 8.80% p.a.0.80% above 1 year MCLR, effective rate 8.80% p.a.1.10% above 1 year MCLR, effective rate 9.10% p.a.

Note: The above interest rates and other charges are subject to periodic review. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time.

How to calculate Interest/EMI on a SBI home Loan

Using a Home Loan EMI calculator takes the guesswork out of figuring out what kind of loan you can afford. There is no need to manually calculate the cost of different loan products offered by various lenders. It is quick, simple, accurate, and you need to know only three things when using the home loan calculator: the loan amount, the interest rate and the tenure. The Home Loan calculator will do the hard number crunching and present you with a breakup of the EMI amount. The whole process of calculating your EMI only takes a few minutes.

You can use SBI’s Home Loan EMI calculator to calculate the exact amount that you will need to pay on a monthly basis provided that you enter all the amounts correctly. The tool will show you a detailed break up that includes the amount borrowed, the amount of interest payable and the processing fee. Using an EMI calculator will help you gauge an understanding of the actual amounts involved in an EMI.

SBI Home Loan FAQs

Who is eligible to avail a home loan from SBI?

Salaried individuals, self-employed professionals, and self-employed business people are eligible to apply for a home loan from SBI.

How long does it take to get my loan sanctioned?

Your loan can get sanctioned in a matter of days provided you have all the documents in place.

What is the maximum loan term that I can avail by taking a home loan from SBI?

The maximum loan tenure offered by SBI on its home loan is 30 years.

Is there a prepayment charge?

You can prepay the loan at any stage. There is no pre-closure/ prepayment penalty applicable on SBI Home Loans.

SBI Home Loan Status

Once you submit your application with your complete contact details and employment history, an SBI representative will collect the required documents from you. Upon the successful verification of your documents, and if you are found eligible, SBI will make a loan offer.

You can check your SBI Home Loan status by contacting your branch and referencing the application number. You can also contact SBI customer care for help with tracking your application.

How to Apply for SBI Home Loan

You can check your eligibility and apply for a home loan by signing up with dvweek. It is quick, simple and above all, free.

dvweek matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we prescreen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence the chances of your home loan application getting approved is higher.

to sign up and apply for loans and credit cards, the dvweek way!

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