SBI Home Loan Interest Rates

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