Buying a home will be one of the most significant decisions you will make and will involve a financial commitment for decades. You should be very prudent while making such a vital decision. The first major step would be to scout for the best deal that will suit your financial profile. At present, SBI Home Loan are available at reasonably affordable rates. There are various schemes to suit your requirement and the SBI Home Loan Interest Rates on each of these schemes are quite economical.
SBI Home Loan Interest Rates start at 6.80% p.a.and go up to 8.55% p.a.depending on the loan amount and the employment. There are several schemes under SBI Home Loans that have individual eligibility criteria and interest rates.
Before applying for SBI Home Loan you should check for eligibility in order to avoid rejection of the loan application.
Features and Benefits of SBI Home Loans
- Affordable interest rate starting at 6.80% p.a.
- Flexible repayment period extending up to 30 years
- Nominal processing charges.
- No prepayment charges
- Balance Transfer available.
- Top-up loan available.
- An overdraft facility is available.
- Tailor-made schemes.
SBI Home Loan Interest Rates for 2021
The following are the SBI Home Loan Interest Rates for 2021
|Home Loan Scheme||ROI for Salaried||ROI for Non-Salaried|
|Regular Home Loan||Term Loan: 6.80% to 7.15% p.a.
MaxGain: 7.15% to 7.50% p.a.
|Term Loan: 6.95% to 7.30% p.a.
MaxGain: 7.30% to 7.65% p.a.
|SBI Flexipay Home Loan||In line with credit rating|
|SBI Shaurya Home Loan||In line with credit rating|
|SBI Privilege Home Loan||In line with credit rating|
|SBI NRI Home Loan||In line with credit rating|
|SBI Home Loan to Non-salaried||In line with credit rating.|
|SBI Home Top Up Loan||Term Loan: 7.50% to 9.55% p.a.:
Overdraft: 8.40% to 8.85% p.a.
|Term Loan: 7.65% to 9.70% p.a
Overdraft: 8.55% to 9.00% p.a.
|SBI Bridge Loan||First Year: 9.50% p.a.
Second Year: 10.50% p.a.
|SBI Smart Home Top-up Loan||Term Loan: 8.05% p.a.
Overdraft: 8.55% p.a.
|Term Loan: 8.55% p.a.
Overdraft: 9.05% p.a.
|SBI Home Loan Balance Transfer||6.80% p.a onwards||6.95% p.a. onwards|
|SBI EMD Loan||10.45% p.a.|
|SBI Corporate Home Loan||In line with credit rating|
|SBI Tribal Plus||10 bps above the final rate|
|ssSBI CRE Home Loan||50 bps above the final rate|
|SBI Insta Home Top-up Loan||8.20% p.a.|
|SBI Realty Homenoal||7.50% too 7.70% p.a.|
SBI Home Loan Eligibility for SBI Home Loan Schemes
The SBI Home Loan Eligibility norms are unique to each of its schemes. Below are the details of criteria to be complied with to be eligible for SBI Home Loans
- Nationality: Indian
- Credit Score: 750 and above
- Employment: Salaried or Self-employed
- Age: 18 years to 70 years
Various SBI Home Loan Schemes
Following are the different SBI Home Loan Schemes
|Scheme||Loan Amount||Interest||Tenure||Processing charges|
|SBI Regular Home Loan||Need-based and in line with income and market value of property||Term Loan
6.80% onwards for salaried individuals and 7.30% onwards for the self-employed
6.95% p.a.onwards for salaried individuals and 7.45% p.a. & above for the self-employed
|30 years||0.40% of the loan amount
|SBI Realty Home Loan||Maximum Rs.15/- Crores||7.50% to 7,70% p.a.depending on the loan amount||10 years|
|SBI Flexipay Home Loan||In line with eligibility||Based on the credit rating||30 years|
|SBI NRI Home Loan||In line with eligibility||Based on the credit rating||30years|
|SBI Home Loan to Non-Salaried||Between Rs. 50000/- to Rs. 50.00 Crores||15 bps in addition to the final rate||30 years|
|SBI Shaurya Home Loan||In line with eligibility||6.75% to 7.10% p.a.where salary account is maintained with SBI
6.80% to 7.15% p.a.where salary account is not maintained with SBI depending on the LTV, risk rating and the loan amount
|30 years||Fully waived|
|SBI Privilege Home Loan||In line with eligibility||30years||Fully Waived|
|SBI Bridge Loan||Rs.20.00 lakhs to Rs. 2.00 Crores||1st year: 9.50% p.a.
2nd year: 10.50% p.a.
|2 years||0.35% of the loan amount with a minimum of Rs. 5000/-|
|SBI Home Top-up Loan||In line with the eligibility||7.50% to 9.55% p.a.for Term Loan and 8.40% to 8.65% p.a.for overdraft depending on the amount||30 years||0.40% of the loan amount.
Minimum: Rs. 10000/-
Maximum: Rs. 30000/-
|Yono Insta Home Top-up Loan||In line with eligibility||6.75% to 7.10% p.a.for term loan and 7.10% to 7.35% p.a.for MaxGain depending on the loan amount, LTV ratio and credit rating||Overdraft facility||Rs. 2000/- flat|
|SBI Smart Home Top-up Loan||Rs. 5.00 lakhs||8.05% p.a.for Term Loan and 8.55% p.a.for overdraft for loans to salaried individuals.
An additional 50 bps for the self-employed
|20 years||Rs. 2000/- flat|
|SBI EMD||Rs.15.00 lakhs for CSP/DSP account holders and Rs. 10.00 lakhs for others||10.45% sp.a.||12 month||0.50% of the loan amount. Minimum Rs. 1000/-|
|SBI Corporate Home Loan||In line with eligibility||Based on credit rating||0.50% of the loan amount. Minimum: Rs. 50000/-
Maximum: Rs. 10.00 lakhs
|SBI CRE Home Loan||As per eligibility||50 bps in addition to the final rate||30 years||0.35% of the loan amount
Minimum: Rs. 5000/-
|SBI Tribal Plus Home Loan||Up to Rs. 10.00 lakhs||Additional 10 bps to the final rate||15 years||0.40% of the loan amount.
Maximum: Rs. 30000/-
Apart from the above schemes, there a few specific schemes under SBI Home Loans and the details are as given below:
- SBI Green Home Loans: Wherein the loan is provided for investment in Green Projects i.e, projects that enhance Renewable Energy by reducing Carbon Emission.
- SBI Pre-EMI by Builders’ Scheme: For approved projects having a tie-up with SBI wherein the builders service the EMI in part or full during the moratorium period. This is the incentive given to customers to boost sales.
- SBI Suraksha Scheme: To fund the premium for the SBI Home Loan linked insurance policy.
SBI Home Loans are ideal for customers who are looking for an economical deal with variety.