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State Bank of India Home Loans

State Bank of India home loans are one of the best products that you will come across in the market. The bank has designed a range of loan products to satisfy various requirements of the consumers.

About State Bank of India Home Loans

State Bank of India home loans are available with attractive interest rates and repayment terms that are suitable for the borrowers. These loans are offered by the personal banking division of State Bank of India. The bank has been recognized as the most favored home loan provider in Awaaz Consumer Awards. In addition, the bank has also achieved the award of the most favored bank in an opinion poll carried out by TV18 in collaboration with AC Nielsen – ORG Marg in 21 locations in India.
SBI home loans are approved for the purpose of purchase or construction or extension or repairs or renovation of new/second-hand residential house/flat/plot of land/purchase of consumer durables/furnishings.

Two kinds of Rate of Interest are considered for calculation:

  1. Floating Rate of Interest :- It is charged at current floating rate of interest on a daily reducing balance at monthly time interval and is subject to revision from time to time.
  2. Fixed Rate of Interest: It is chargedat the existing fixed rate of interest on daily reducing balance at monthly intervals, subject to interest rate change at the end of every two years on the basis of fixed interest rates prevailing then.

Also, notice of changes in the rate of interest are always intimated to the borrower.

SBI home loans are now available with attractive discounts on Green Homes in line with the vow of State Bank of India to Environmental Safety.

Benefits offered

Given below are the key benefits offered by State Bank of India home loans:

  • Package of special benefits.
  • Affordable interest rates. In addition, SBI imposes interest on the basis of daily reducing balance method.
  • Nominal processing fees.
  • No administrative costs or hidden fees.
  • There are no prepayment penalties. You can lower your interest burden and use your excess funds in the most desirable way through prepaying the loan.
  • With more than 13,700 branches throughout the country, you can receive your account placed at a branch which is closest to your current or future home.


State Bank of India home loans are available in the following categories:

  1. SBI Easy

  2. If you are applying for a home loan which is below 30 lakhs, then this is the best option for you as it provides affordable interest rates.
  3. SBI Hi-Five Loan

  4. This product is for loan up to Rs 5 lakh. Here the Interest rate is fixed at 8% PA for first 60 months.
  5. SBI Advantage

  6. This product is for loan amount above RS. 30 lacs & upto RS. 75 lacs
  7. SBI preminum

  8. This product is for loan amount above Rs 75 lakhs to rs 5 crores and also above .
Other Products of SBI
  • SBI Maxgain

  • You can get your home loan as an overdraft facility. Here you can deposit your surplus money and can withdraw it whenever required. The minimum loan amount is Rs.5 lacs and maximum is Rs.1 Crore.
  • SBI Realty

  • If you are planning to purchase a plot of land then this loan is there to fulfill your needs. It is available for a maximum amount of Rs.10 crore where the repayment period is upto 15 years.
  • SBI Home Plus

  • It is for the home loans customers of the bank, who have savings/currents accounts with the bank and have a satisfactory repayment track record of atleast one year.
  • NRI Home Loans

  • This product is for Non Resident Indians and persons of indian origin, who fulfill certain eligibility norms. The minimum loan amount is Rs. 3 lacs and maximum amount variable. It is 30% for Net Annual Income (NAI) upto Rs.2 Lac, 50% for NAI above Rs.2 Lac and upto Rs.5 Lac, 55% for NAI above Rs.5 Lacs and upto Rs.10 Lacs, 65% for above Rs.10 Lacs.
  • SBI Tribal Plus

  • This loan specially caters to the residents of Hill/Tribal areas for helping them financially. Maximum loan term and repayment term Rs.10 lacs and 15 years respectively.
  • Gram Niwas

  • This product specially caters to the home loans needs of the farming and poorest section of rural areas  
  • Sahyog Niwas

  • This product provides financial assistance to the self-help groups specially in rural areas.
  • SBI Green Home Loan

  • This product comes under the initiatives took by SBI to contribute towards fight against adverse climate changes by promoting Green Projects (which reduce carbon emission and promote Renewable Energy). It is promoting these projects by offering reduced interest rate and waiver of processing fees, on the existing home loan products.
  • Earnest Money Deposit (EMD) Scheme

  • The EMD schemes are the schemes where allotments are made by draw of lots and where loan applicants have to deposit a certain percentage of the cost of plot/house.
  • SBI Reverse Mortgage Loan

  • It is a loan for senior citizen welfare in India.
  • SBI Surakshit Home Loan

  • This products ensures life coverage
  • SBI Yuva Home Loan

  • This product is designed for Salaried employees of Various Companies like private sector, MNCs, PSUs, Government employees etc. The maximum loan term is 300 months
  • SBI Home Loan PAL

  • Here the eligible loan amount is calculated before finalization of property deal and you recieve a Pre-Approved Loan Arrangement Letter from the bank. The minimum loan amount is Rs.10 Lacs.

Eligibility Criteria for State Bank of India home loans

The minimum eligibility criteria is to be at least 18 years of age. The maximum age (limit) for a loan applicant is 70 years by which the loan has to be paid in full. However, this is dependent on availability of adequate, constant and steady source of earnings for paying off the loan. However there are many factors which are taken into account to determine the exact loan amount.

  1. Income details
  2. Repayment ability
  3. Age
  4. The cost of the house/flat/property
However anybody can enhance his loan eligibility if he wishes by adding income from various sources


Equitable mortgage of the property will work as security against a home loan offered by State Bank of India. Other substantial security of sufficient amount such as Life Insurance policies and National Savings Certificates can work as security for the loan in case the property can’t be mortgaged.


Loan Amount Margin (Minimum) Maximum LTV Ratio (Maximum)
Upto Rs.20 Lakhs 10% 90%
More than Rs.75 Lakhs. 20% 80%

N.B.: LTV Ratio is Loan to Value Ratio.

Quantum of Finance:

The amount of loan will be decided after taking into account factors like earnings and repayment ability of the loan applicant, his assets and liabilities, his age and property (flat/house) value. For increasing loan eligibility, you are allowed to club:

  • Your spouse’s income or income of your daughter/son staying with you, given that they have a stable source of income and his/her salary account is kept with State Bank of India.
  • Depreciation, dependent on certain stipulations.
  • Probable rent receivables (minus taxes, surcharges and so on) in case the flat/house being bought is planned to be leased out.
  • Steady income from all other sources.

Documents required to apply :

  • Filled out loan application form
  • Identification proof (photocopies of Passport/Voters Identity Card/IT PAN card/ Driving licence)
  • 3 Passport size photographs
  • Business address proof for non-salaried applicants
  • Residence/address proof (photocopies of latest electricity bill/telephone bills/ passport/property tax receipt/Voters identity card)
  • Pass Book or bank account statement for past 6 months
  • Statement about individual assets and liabilities
  • Signature authentication from current bankers

For guarantor (whenever applicable)

  • Statement about individual assets and liabilities
  • 2 Passport size photographs
  • Identity proof as mentioned above
  • Residence/address proof as mentioned above
  • Business address proof as mentioned above
  • Signature authentication from his/her current bankers

Other documents required for salaried individuals

  • Copy of Income Tax Returns for past two financial years or TDS certificate on Form 16 properly approved by the Income Tax Department.
  • Original Salary Certificate/Pay Slip from employer

Other documents required for self- employed individuals/Professionals/other Income Tax assessees:

  • Certified copies of Income Tax Assessment Orders/Returns for the last three years.
  • Photocopies of receipts showing Advance Income Tax payment.


  1. They are to be repaid in EMI over the tenure of the loan where the loan tenor is maximum 25 years (or) up to the age of 70 years.
  2. The EMI starts either after 2 months of completion of construction of house/flat or after 18 months from disbursement of first instalment, depending on whichever is earlier.
  3. Or from the next month after the date of full disbursement in respect of outright purchase or property or repairs or renovation of an existing property.
The charges apart from processing charges like (stamp duty, registration charges, legal, valuation etc) are payable by the borrower. In case of any default

State Bank of India Home Loan Rates

SBI home loan rates are one of the most competitive rates that you will get in the market. The rates are subject to change as per the sole discretion of SBI. Know more

SBI Home Loan Calculator

SBI comes up with a unique SBI home loan calculator to enable its customers an easy and simple way to calculate their monthly installments and get an estimate of the amount for successive payments in settlement of their debt. Know more

SBI Home Loan Insurance

The State Bank of India comes up with the SBI Home loan insurance product providing a shield to the customer's home loan in wake of any unexpected occurrence. Know more

SBI Home Loan Application

SBI Home loan application form is available on the SBI Bank website. State Bank Of India offers an easy and facile way for its clients to apply for schemes offered by the bank on the web . Know more

SBI Loan Against Property

The State bank of India offers LAP commonly called the loan against property which offers you a finance on the property you own. Know more

SBI Home Loan Customer Care

SBI home loan customer careservices can be accessed from everywhere and at any time using the toll-free helpline numbers or the Internet . Know more

Home Loan Calculator

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