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SBI Home Loan Interest Rates
Find the perfect SBI home loan interest rates to suit your budget and make your dream home a reality. With competitive rates and flexible repayment terms, SBI offers a variety of home loan options to suit your needs. Get the best interest rate on your home loan today with SBI. The loans can be availed by NRIs, salaried and self-employed individuals for up to 30 years with no hidden charges.
Home Loan offer for You
8.4% - 10.15%
Interest Rate (p.a.)₹5L - ₹40Cr
Tenure(Up to 30 Years)₹2,047 - ₹2,132
EMI Per Lakh
- Home Loan offer for You
8.4% - 10.15%
Interest Rate (p.a.)₹5L - ₹40Cr
Tenure(Up to 30 Years)Up to 1.3%
Processing Fee
Compare State Bank of India Home Loan Interest Rates with Other Lenders
The table given below shows how a home loan from SBI compares to home loans offered by other lenders:
- Starting Interest Rate (p.a)
- Processing Fee
- Rating
- Min. Loan Amount
Clix Capital HL Interest Rate
15% - 25%
Up to 10% of loan sanctioned
4.5
₹2L - ₹2Cr
Tenure(1 - 25 Years)
Hero Housing Finance HL Interest Rate
15%
Initial Processing Fees- Up to Rs 5,000 Processing Fees including initial processing fee Up to 1% for cheque salaried Up to 3% for others
4.5
₹1L - ₹3Cr
Tenure(Up to 30 Years)
Hero FinCorp HL Interest Rate
13.22%
2.5% of the loan amount + applicable taxes
4.5
₹10L - ₹3Cr
Tenure(1 - 30 Years)
Vastu Housing Finance HL Interest Rate
12.5% - 19.5%
Up to 3% of the loan amount
4.5
Up to ₹50L
Tenure(Up to 20 Years)
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
State Bank of India Home Loan Interest Rate
SBI offers home loans with interest rates starting at 8.75% per annum for a tenure of up to 30 years and a loan of up to 90% of the property value. The bank also offers various special home loan products, including loans for borrowers purchasing green homes, individuals residing in tribal areas, government employees, defence employees, non-salaried applicants, etc. Some benefits of a home loan from SBI include interest rate concessions to women applicants, overdraft facilities, step-up loans, balance transfers, etc. In this piece, we will take a look at the interest rates for different SBI home loan products.
SBI Home Loan Interest Rates for All Schemes in India
SBI offers a floating rate of interest on their home loan products linked to the floating card interest rates. This currently stands at 8.55% per annum. Given below are the interest rates for SBI home loan schemes:
SBI Home Loan Product | Interest Rates (per annum) |
Regular Home Loan | 8.40% to 8.75% |
Top-up Loan | 8.80% to 9.15% |
Tribal Plus | 8.65% to 8.85% |
CRE Home Loan | 8.75% to 8.95% |
Realty Loan | 8.85% to 9.05% |
P-LAP | 10.00% to 10.50% |
SBI Home Loan Interest Rates Scheme Wise
Let’s take a look at the SBI Home Loan interest rate for each scheme:
SBI Home Loan Regular
Applicant Credit Score | Term Loan Interest Rate Per Annum | Maxgain Interest Rate Per Annum |
>=800 | 8.05% | 8.45% |
750-799 | 8.15% | 8.55% |
700-749 | 8.25% | 8.65% |
650-699 | 8.35% | 8.75% |
550-649 | 8.55% | 8.95% |
No Credit Score | 8.25% | 8.65% |
SBI Top-Up Home Loan Interest Rate
Credit Score | Interest Rate per annum |
800 and above | 9.15% |
750 – 799 | 9.25% |
700 – 749 | 9.35% |
650 – 699 | 9.60% |
550 – 649 | 9.90% |
No Credit Score | 9.50% |
SBI Flexipay Interest Rate
Credit Score | Interest Rates per Annum |
>= 800 | 8.75% |
750-799 | 8.75% |
700-749 | 8.90% |
650-699 | 9.20% |
550-649 | 9.40% |
No Credit Score | 9.10% |
Maxgain Home Loan Interest Rates
Credit Score | Interest Rates per Annum |
>=800 | 9.30% |
750-799 | 9.40% |
700-749 | 9.50% |
650-699 | 9.60% |
550-649 | 9.80% |
No Credit Score | 9.50% |
NRI Home Loan Interest Rates
Credit Score | Interest Rates per Annum |
>= 800 | 8.05% |
750-799 | 8.15% |
700-749 | 8.25% |
650-699 | 8.35% |
550-649 | 8.55% |
No Credit | 8.25% |
SBI Realty/Plot Loan Interest Rate
Credit Score | Interest Rates per Annum |
800 and above | 9.20% |
750 – 799 | 9.30% |
700 – 749 | 9.40% |
650 – 699 | 9.50% |
550 – 649 | 9.60% |
No Credit Score | 9.40% |
SBI Pre-approved Home Loan Interest Rates
Applicant Credit Score | Term Loan Interest Rate Per Annum |
>=800 | 8.05% |
750-799 | 8.15% |
700-749 | 8.25% |
650-699 | 8.35% |
550-649 | 8.55% |
Privilege Home Loan Interest Rates
Credit Score | Interest Rates per Annum |
>= 800 | 8.75% |
750-799 | 8.75% |
700-749 | 8.90% |
650-699 | 9.20% |
550-649 | 9.40% |
No Credit Score | 9.10% |
Shaurya Home Loan Interest Rates
Credit Score | Interest Rates per Annum |
>= 800 | 8.75% |
750-799 | 8.75% |
700-749 | 8.90% |
650-699 | 9.20% |
550-649 | 9.40% |
No Credit Score | 9.10% |
Tribal Plus Home Loan Interest Rates
Credit Score | Interest Rates per Annum |
800 and above | 8.15% |
750-799 | 8.25% |
700-749 | 8.35% |
650-699 | 8.45% |
550-649 | 8.65% |
No Credit Score | 8.35% |
How to Calculate SBI Home Loan EMI?
You can use the EMI calculator present online to determine the equated monthly instalment you will have to pay. This enables the borrower to create a budget and plan accordingly. Given below is the formula used to calculate the EMI for an SBI home loan:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
- ‘P’ stands for the Principal amount,
- ‘R’ stands for the interest rate,
- ‘N’ stands for tenure.
Why are SBI Home Loan Interest Rates the Best for Customers?
SBI is one of the leading mortgage lenders in the country. They offer a wide variety of home loan products, attractive interest rates, and low processing fees. Further, there are no hidden costs for prepaying the loan amount. The bank also offers overdraft facilities to home loan borrowers and preferential interest rates to women borrowers. The home loan is calculated using the daily balance-reducing method, which makes the repayment easier.
SBI Home Loan Interest Rates for Women
CIBIL Score | Interest Rates for Women Per Annum |
>=800 | 8.00% |
750-799 | 8.10% |
700-749 | 8.20% |
650-699 | 8.30% |
550-649 | 8.50% |
No Credit Score | 8.20% |
SBI Home Loan Interest Rates for Existing Customers
If you are an existing home loan borrower with SBI having a home loan with an interest rate linked to the base MCLR rate (Marginal Cost of Funds Based Landing Rate), you can potentially save more. SBI now provides home loans linked to the Repo Rate; this is the rate the RBI lends to other commercial banks in the country. This is known as the External Benchmark Rate Rate, which has dropped to 6.65% following a 115-point reduction in the repo rate in 2020.
If your loan is linked to the MCLR, the rate reduction will not have an instant effect. Your interest rate will change every year according to the prevailing rates. For example, if you acquired the loan in August 2022, the interest rate will reset in August 2023 based on the prevailing rates. On the other hand, the EBLR-linked home loan rates will change a few days after the RBI rate is changed. If you want to save on your home loan payments, you can switch from MCLR to EBLR. The bank charges a fee of Rs. 5,000 + 18% GST for the same.
Factors that affect SBI Home Loan Interest Rate and EMI
Understanding the factors that affect the SBI home loan interest rate can help a borrower choose loan policies with more awareness. The factors affecting interest rates can also improve the credit profile, reduce EMIs, plan the budget, etc. Some of the main aspects that affect the home loan interest rates are as follows:
- Whether the loan is obtained on mixed, floating, or fixed interest rates
- Central banking authority policies on market interest rates
- Property valuation and loan-to-value ratio
- Condition and location of the property
- Repayment tenure
- Applicant’s credit profile
- Repayment history and pattern of the applicant
Frequently Asked Questions (FAQs)
What is the EMI for an Rs. 35 lakhs home loan in SBI?
For this instance, we assume the interest rate to be 8.25% per annum. In this case, the EMI for a loan of 10 years would be Rs. 42,835; for 20 years, it would be Rs. 29,713; and for 30 years, it would be Rs. 26,171.
Is the SBI home loan interest rate floating?
SBI provides home loans above Rs. 75 lakhs at floating interest rates at prevailing standards based on a monthly reducing balance.
What is the interest of Rs. 25 lakh in SBI?
For this instance, we assume the interest rate to be 8.25% per annum. In this case, the EMI for a loan of 10 years would be Rs. 31,655. For 20 years, it would be Rs. 22,477, and for 30 years, it would be Rs. 20,098.
When do the SBI home loan interest rates change?
SBI issues a change in the home loan interest rate policies following a change in the Repo Rate offered by the Reserve Bank of India.
What is the EMI for a Rs 60 lakh SBI home loan?
For this instance, we assume the interest rate to be 8.25% per annum. In this case, the EMI for a loan of 10 years would be Rs. 73,911. For 20 years, it would be Rs. 51,501, and for 30 years, it would be Rs. 45,498.
What is the processing fee for SBI Home Loan?
SBI charges a processing fee to the tune of 0.35% of the sanctioned amount, subject to a minimum of Rs. 2,000 to a maximum of Rs. 10,000.
Quick Links
Bank Wise Home Loan Interest Rate
- Reliance Capital Home Loan Interest Rate
- DCB Bank Home Loan Interest Rate
- YES Bank Home Loan Interest Rate
- RBL Bank Home Loan Interest Rate
- ICICI Bank Home Loan Interest Rate
- Federal Bank Home Loan Interest Rate
- IDFC FIRST Bank Home Loan Interest Rate
- Deutsche Bank Home Loan Interest Rate
- HDFC Bank Home Loan Interest Rate
- Axis Bank Home Loan Interest Rate
- Kotak Bank Home Loan Interest Rate
- Housing Development Finance Corporation Home Loan Interest Rate
- IndusInd Bank Home Loan Interest Rate
- karnataka bank Home Loan Interest Rate
- LIC Housing Finance Home Loan Interest Rate
- IDBI Bank Home Loan Interest Rate
- HSBC Home Loan Interest Rate
- CITI Bank Home Loan Interest Rate
- HDFC Sales Home Loan Interest Rate
- Punjab & Sind Bank Home Loan Interest Rate
- Canara Bank Home Loan Interest Rate
- Bank of Baroda Home Loan Interest Rate
- State Bank of India Home Loan Interest Rate
- Punjab National Bank Home Loan Interest Rate
- Indian bank Home Loan Interest Rate
- Bank of India Home Loan Interest Rate
- Union Bank of India Home Loan Interest Rate
- Bank of Maharashtra Home Loan Interest Rate
- Clix Capital Home Loan Interest Rate
- Hero Housing Finance Home Loan Interest Rate
- Hero FinCorp Home Loan Interest Rate
- Vastu Housing Finance Home Loan Interest Rate
- Aadhar housing Finance Home Loan Interest Rate
- DHFL Home Loan Interest Rate
- Muthoot Finance Ltd Home Loan Interest Rate
- Edelweiss Financial Services Home Loan Interest Rate
- Piramal Housing Finance Home Loan Interest Rate
- Fullerton India Home Loan Interest Rate
- Aditya Birla Finance Limited Home Loan Interest Rate
- Capri Global Home Loan Interest Rate
- Capital First Ltd. Home Loan Interest Rate
- Poonawalla Fincorp Limited Home Loan Interest Rate
- Cholamandalam Finance Home Loan Interest Rate
- IndiaBulls Home Loan Interest Rate
- Ujjivan Small Finance Bank Home Loan Interest Rate
- Tata Capital Housing Finance Limited Home Loan Interest Rate
- L&T Finance Home Loan Interest Rate
- Godrej Housing Finance Home Loan Interest Rate
- Punjab National Bank Housing Finance Home Loan Interest Rate
- IIFL Finance Home Loan Interest Rate
- Bajaj Finserv Home Loan Interest Rate
- Home First Finance Company Home Loan Interest Rate
Home Loan by Private Bank
- Reliance Capital Home Loan
- DCB Bank Home Loan
- YES Bank Home Loan
- RBL Bank Home Loan
- ICICI Bank Home Loan
- Federal Bank Home Loan
- IDFC FIRST Bank Home Loan
- Deutsche Bank Home Loan
- HDFC Bank Home Loan
- Axis Bank Home Loan
- Kotak Bank Home Loan
- Housing Development Finance Corporation Home Loan
- IndusInd Bank Home Loan
- karnataka bank Home Loan
- LIC Housing Finance Home Loan
- IDBI Bank Home Loan
- HSBC Home Loan
- CITI Bank Home Loan
- HDFC Sales Home Loan
Home Loan by Nationalized Bank
Home Loan by NBFC
- Clix Capital Home Loan
- Hero Housing Finance Home Loan
- Hero FinCorp Home Loan
- Vastu Housing Finance Home Loan
- Aadhar housing Finance Home Loan
- DHFL Home Loan
- Muthoot Finance Ltd Home Loan
- Edelweiss Financial Services Home Loan
- Piramal Housing Finance Home Loan
- Fullerton India Home Loan
- Aditya Birla Finance Limited Home Loan
- Capri Global Home Loan
- Capital First Ltd. Home Loan
- Poonawalla Fincorp Limited Home Loan
- Cholamandalam Finance Home Loan
- IndiaBulls Home Loan
- Ujjivan Small Finance Bank Home Loan
- Tata Capital Housing Finance Limited Home Loan
- L&T Finance Home Loan
- Godrej Housing Finance Home Loan
- Punjab National Bank Housing Finance Home Loan
- IIFL Finance Home Loan
- Bajaj Finserv Home Loan
- Home First Finance Company Home Loan
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