State Bank of India Home Loan

State Bank of Indiastar star star star star4.0 / 5.04 users

State Bank of India Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. SBI home loan is most sought after, as the bank provides one of the lowest interest rates on housing loan in India. The State Bank of India introduces a wide range of home loan products to its customers. One can choose among the different options based on their requirement and suitability.

These loans come up with exclusive packages that can cater all your financial needs while you plan to buy a house. At Loanbaba.com, you will come across all types of SBI Home Loans in India. Some of the SBI home loan options available are as follows.

State Bank Home Loan Details Updated on 21st August 2018

Loan Amount

Up to Rs. 10 crore

Loan Tenure

1 year to 30 years

Interest Rate

8.30% to 8.65% floating rate of interest

Why Choose State Bank of India Home Loan?

  • The advantage of this loan is its same interest throughout the duration, if fixed, but flexible on floating rate of interest.
  • Simple documentation is needed and the home loan in SBI then gets processed faster.
  • The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
  • You can check out State Bank home loan eligibility and State Bank Home Loan EMI calculator at Loanbaba.com.

Features of Home Loans at SBI

Home loan by SBI are for varied customer and some of the important features of housing loan scheme by the bank is discussed below.

  1. SBI MaxGain Home Loan
  2. This loan is offered to people who look forward to taking credit at low-interest rates at no additional cost. The SBI MaxGain loan scheme also behaves an overdraft account giving the customer a benefit to withdraw and deposit the money value depending on their cash availability.

    • One can avail an amount starting from Rs 5 lakh, there being no upper limit.
    • The interest rates are fixed at 0.25% added to the existing home loan interest if any.
    • The floating interest rate is applicable at 10.15%.
    • This scheme is highly liquid and lets you save on the total interest paid.
    • It does not attract any pre-closure charges.
  3. SBI Yuva Home Loan
  4. This is a special home loan offered to people who are young and plan to take their first house. The age eligibility for this scheme is 21 – 45 years. The credit is offered at 20% added to the regular loan amount.

    • The minimum monthly income of the applicant should be at least Rs 30,000 per month.
    • The loan attracts no pre-closure charges
    • The floating interest rate applies at 10.15%.
  5. SBI NRI Home Loan
  6. As the name itself says, this home loan is offered to Non-Resident Indians (NRIs) and the People of Indian Origin (PIOs). It is provided to people who earn a regular income having their minimum employment period in India or abroad at least for 2 years.

    • One can avail an amount starting from Rs 3 lakh, there being no upper limit.
    • Only NRIs and PIOs can apply for this loan.
    • The loan attracts no pre-closure charges
    • The floating interest rate applies at 10.15%.

    Why Apply for State Bank Home Loan on Loanbaba.com?

    At Loanbaba, you can compare and apply for home loans online. You can check out several home loan schemes by State Bank of India go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. You can also quickly apply for SBI Home Loan online on our website without having to visit the branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

    How to Apply for SBI Home Loan on Loanbaba?

    You can apply for Home Loan SBI or loan with any other bank /NBFC home loan at Loanbaba.com.

    SBI Home Loan Interest Rates

    The State Bank home loan interest rate starts at 8.30% to 8.65%, but varies as per individual profile. Keep a check on this page to note the updated SBI home loan interest rates for the current year.

    SBI Home Loan Eligibility Calculator

    Home loan eligibility may differ from one candidate to another. You can also use free-of-cost SBI Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for SBI housing loan are discussed below:

    • The applicant for home loan SBI needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
    • He/she meet the requirement for credit score and should not be under too many debts.

    Documentation requirements for salaried and entrepreneurial individuals

    • Filled application form for Reliance Home Loan
    • Passport sized photographs of both the applicant and the co-applicant.
    • KYC documents including their identity and residential proof. This may include a copy of your Aadhar card, voter ID, passport, PAN card, driving license, etc.
    • Form 16
    • Salary slips of past 3 months.
    • Bank statement of past 6 months.
    • Repayment track record

    Documentation requirements for sole proprietorship or partnership or a private limited firm

    • Passport sized photographs of the applicant and the co-applicant.
    • Fully filled application form for Reliance Home Loan
    • KYC documents including their identity and residential proof. This may include a copy of your voter ID, passport, Aadhar card, PAN card, driving license, etc.
    • Attested copies of your partnership, AOA or MOA.
    • Audited financial papers of the previous 2 years.
    • Income tax returns of the partners or the directors for past 2 years.
    • Bank statement of the operating account for past 6 months.
    • Qualification certificate if the candidate is an expert such as a doctor, advocate, charted accountant, architect or a civil engineer.

    Types of SBI Home Loans

    SBI has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. The State Bank of India has various options that can help uplift the tribal and people from rural areas of the country as well as fund for houses in urban and semi-urban areas. These schemes coordinate with the organisation’s commitment to building our nation. Some of these housing schemes are:

  7. SBI Realty Home Loan
  8. This loan scheme is for people wanting to buy a land or a plot to build their house. The construction should, however, start within 2 years from the loan sanctioning date.

    • One can avail an amount of maximum 15 crores.
    • The tenure of the loan is not more than 15 years.
    • The loan attracts no pre-closure charges
    • The floating interest rate applies at 10.15%.
  9. SBI PAL
  10. This is a pre-approved home loan by SBI. The loan under this scheme does not depend on the property you’ve bought. Instead, it gives the freedom first to get the loan and then decide what property to buy.

    • The eligibility for the loan will depend on the annual income of the applicant.
    • The pre-approved letter is valid only for 4 months.
    • One needs to avail at least Rs 10 lakh under this scheme, there being no upper limit.
    • The loan attracts no pre-closure charges
    • The floating interest rate applies at 10.15%.
  11. SBI Her Ghar Home Loan

This scheme is specially designed for women applicants. A woman should be a sole applicant of the loan or the primary applicant of the loan. The property also should be in the name of the woman applicant or should be the primary owner in case of a joint ownership.

  • The tenure of the loan is not more than 30 years.
  • The loan attracts no pre-closure charges
  • The floating interest rate applies at 9.40%.

SBI Home Loans FAQs

Below provided are important questions about home loan State Bank of India.

  • addFAQs
    1. What is SBI Tribal Plus Home Loan SBI?
    2. The details about SBI Tribal Plus are as follows:

      This loan is meant for people from hilly or tribal regions where property mortgage isn’t available. The loan is offered for purchase or construction of a new house. The loan value may also be used for renovation purposes. One can avail the loan amount up to Rs 10 lakhs for a period, not more than 15 years.

    3. What is Gram Niwas Home Loan by SBI?
    4. This scheme aims at providing housing finance to people from rural regions of the country. It covers people from rural and semi-urban areas of the nation, i.e., areas with a population less than 50,000 as per 2001 census. In this scheme, the home loans can be availed for the purpose of purchasing, construction or renovation of a house. One can avail the loan amount up to Rs 5 lakhs for a period, not more than 15 years.

    5. What is Sahyog Niwas Home Loan by State Bank of India?

    This scheme aims at providing housing finance to self-help groups who hold a positive credit history. The money is lent to members of the group to buy, construct or renovate their land or house. One can avail the loan amount up to Rs 50,000 thousand per person of the group.

State Bank of India Home Loan Review


Home Loan
star star star star star15.0/5
The Home Loan in Kolkata from SBI bank has to be the best in deal. Other banks at the time of taking the loan, were offering me lower amount.
Mumbai August 18, 2018
Home Loan
star star star star star15.0/5
SBI bank provided me an instant response in regards to my Home Loan application. The processing charges were minimal. It is a trusted service from their team.
Mumbai August 17, 2018
Home Loan
star star star star star13.0/5
This is first experience with SBI bank and the Home Loan process was on time. The SBI team followed up as well properly. There were no issues in getting the amount.
Mumbai August 16, 2018
Home Loan
star star star star star15.0/5
I requested for Home Loan in Ahmadabad from SBI bank. At first there were some issues as their charges were increasing my expenses than expected, but worked out a solution to it. All thanks to their customer service.
Mumbai August 16, 2018

Subscribe to our newsletter

close
Top

Did not find what you were looking for?

Browse through our Knowledge Bank for more articles.

Loanbaba Blog

Check your Loan eligibility!

Apply for a Loan online: