Highlights
SBI home loan interest rates starting at 8.05%* Terms & Conditions Apply
Zero Processing Fee
SBI home loan interest rate is presently the lowest starting at 8.05% per annum. It gives you the chance to book your own home within your budget. If you are an existing home loan borrower from another bank, you can transfer it to SBI. Read below the rates and other important details associated with SBI home loan.
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SBI Home Loan Interest Rates for All Schemes in India January 2023
SBI offers affordable home loan interest rates that vary according to the loan amount, offered home loan scheme and eligibility (salaried/self-employed). The bank also offers the loan to the applicants on both fixed as well as floating rates.
Apply SBI Home Loan @ 8.05%* Rate
SBI Home Loan Interest Rates January 2023
Below is the table showing the rate of interest, tenure, maximum loan amount, and processing fee applicable to SBI home loans.
| Particulars | Details |
|---|---|
| Home Loan Interest Rate | 8.05%-8.55% |
| Loan Amount | Customized |
| Tenure | Up to 30 years |
| Processing Fees | 0.35% of the loan amount + GST Minimum 2000/- + GST Maximum of 10000/- + GST Advocate & Valuer Fee - Actual expenses will be realised separately. |
| Prepayment Charges | NIL |
Note:- 5 bps Concession available to women borrowers subject to minimum EBR, 8.05%
SBI Home Loan Regular
SBI home loan rates start from 8.05%. Terms & Conditions Apply* Check the table below to know the rates as per the CIBIL Score.
| CIBIL Score | Interest Rates (In Per Annum) |
|---|---|
| >=800 | 8.05% |
| 750-799 | 8.15% |
| 700-749 | 8.25% |
SBI Top-Up
| CIBIL Score | Interest Rates (p.a.) |
|---|---|
| >=800 | 8.45% |
| 750-799 | 8.55% |
| 700-749 | 8.65% |
| 650-699 | 8.75% |
| 550-649 | 9.05% |
SBI Flexipay
| CIBIL Score | Interest Rates for Salaried Women (p.a.) | Interest Rates for Salaried Others (p.a.) |
|---|---|---|
| >=800 | 8.00% | 8.05% |
| 750-799 | 8.10% | 8.15% |
| 700-749 | 8.20% | 8.25% |
| 650-699 | 8.30% | 8.35% |
| 550-649 | 8.50% | 8.55% |
| NTC="101-200" | 8.20% | 8.25% |
Maxgain-Home loan
| CIBIL Score | Interest Rate (p.a) |
|---|---|
| >=800 | 8.05% |
| 750-799 | 8.15% |
| 700-749 | 8.25% |
| 650-699 | 8.35% |
| 550-649 | 8.55% |
| NTC/NO CIBIL Score/-1 | 8.25% |
Note:- Maxgain available only for “Ready to move-in” Properties.
NRI Home Loan
| CIBIL Score | Interest Rates for Salaried Women (p.a.) | Interest Rates for Salaried Others (p.a.) |
|---|---|---|
| >=800 | 8.00% | 8.05% |
| 750-799 | 8.10% | 8.15% |
| 700-749 | 8.20% | 8.25% |
| 650-699 | 8.30% | 8.35% |
| 550-649 | 8.50% | 8.55% |
| NTC="101-200" | 8.20% | 8.25% |
SBI Realty/Plot Loan
| CIBIL Score | Interest Rates (P.a) |
|---|---|
| >=800 | 8.35% |
| 750-799 | 8.45% |
| 700-749 | 8.55% |
| 650-699 | 8.65% |
| 550-649 | 8.75% |
| NTC/No CIBIL Score/-1 | 8.55% |
SBI Pre-approved Loan (PAL)
| CIBIL Score | Interest Rates (p.a) |
|---|---|
| >=800 | 6.65% |
| 750-799 | 6.75% |
| 700-749 | 6.85% |
| 650-699 | 6.95% |
| 550-649 | 7.15% |
| NTC/No CIBIL Score/-1 | 6.85% |
Tribal Plus
| CIBIL Score | Interest Rate (p.a) |
|---|---|
| >=800 | 8.15% |
| 750-799 | 8.25% |
| 700-749 | 8.35% |
| 650-699 | 8.45% |
| 550-649 | 8.65% |
| NTC/No CIBIL Score/-1 | 8.35% |
Privilege Home Loan
| CIBIL Score | Interest Rate (p.a) |
|---|---|
| >=800 | 8.05% |
| 750-799 | 8.15% |
| 700-749 | 8.25% |
| 650-699 | 8.35% |
| 550-649 | 8.55% |
| NTC/No CIBIL Score/-1 | 8.25% |
Shaurya Home Loan
| CIBIL Score | Interest Rate (p.a) |
|---|---|
| >=800 | 8.05% |
| 750-799 | 8.15% |
| 700-749 | 8.25% |
| 650-699 | 8.35% |
| 550-649 | 8.55% |
| NTC/No CIBIL Score/-1 | 8.25% |
Note:- 5 bps concession under Privilege & Shaurya if maintaining Salary Account with SBI Under Salary Package
You can check your home loan EMI with the help of SBI home loan EMI calculator.
What Makes SBI Home Loan Interest Rates the Best for Customers?
SBI home loan interest rates remain the best owing to numerous reasons discussed below.
Lowest in the Market
SBI offers home loans at interest rates as low as 8.05%, thereby reducing the EMI significantly and raising the eligibility for numerous customers who could not get the nod earlier. The reduced EMI will further translate into reduced interest payments.
Special Rates for Salaried
Salaried will get interest rates lower than their self-employed counterparts by as much as 0.15% per annum.
Risk-grading Based Rates
SBI Home Loan Interest Rates are based on the risk profile of the customers too. In case you pose less credit risk to the bank, you could get lower interest rates than the ones putting the lender at a greater risk. Now, the risk profile is assessed based on your credit score and overall financials. If your credit score is say above 750 and you earn high, the interest rate can lessen considerably.
SBI Home Loan Interest Rates for Existing Customers
If you are an existing borrower of a home loan at SBI whose interest rate is linked to base rate or MCLR, you have the chance to save more. SBI has started offering home loans based on Repo Rate, the rate at which the Reserve Bank of India (RBI) lends to commercial banks, from October 1, 2019. This rate is called External Benchmark Rate (EBLR), which has fallen to 6.65% following 115 basis point reduction in the repo rate so far in 2020. After adding some spread to it, SBI home loan interest rates come as 8.05%-8.55% The rate is at least 30-40 basis points lower than that of MCLR-based home loans. Although SBI has cut both MCLR and base rate recently, they are still higher than EBLR-based home loans.
If your home loan is on a Marginal Cost of Lending Rate (MCLR), the rate reduction will not have an immediate impact. Your loan rate will change every year based on the prevailing rates. So, if your loan was booked on 1st January 2018, the interest rate will reset 1st January every year based on the prevailing MCLR rates, irrespective of the changes made by the bank in between. In contrast, the EBLR-based home loan rates will change a few days or a month after the RBI changes the repo rate. So, there’s a greater degree of rate cut transmission with EBLR home loans. You can thus switch your existing MCLR or base rate home loan portfolio to that of EBLR and save on your payments. The bank will charge a fee of INR 5,000+18% GST for the same.
SBI Home Loan Balance Transfer Rates
Already paying the home loan somewhere? Does that lender charge a greater rate of interest on the loan? In that case, you can transfer the outstanding loan balance to SBI and pay a lower EMI. The lower rate will further result in the reduction of interest outgo over time. But how much can you save on a balance transfer? That will depend on the outstanding balance amount, the difference in the rate of interest, and the time by which you transfer the outstanding balance. Let’s consider an example to get an idea of the savings on offer.
Example – You availed a home loan of INR 60 lakh for 20 years 3 years back at 9.00%. In 3 years time, the outstanding balance would reduce to INR 56,30,202. So, if you want to transfer the said balance to SBI, the rate of interest could be 7.55%-8.05% in the present scenario. Suppose you get the deal at 7.60%, how much can you save? The table below will give you the answer.
| Repayment Aspects | Details |
|---|---|
| Original Loan Amount | INR 60,00,000 |
| Interest Rate | 8.60% |
| Tenure | 20 Years |
| EMI | INR 52,450 |
| Estimated Interest Outgo Over 20 Years | INR 65,87,944 |
| Interest Paid Over 3 Years | INR 15,01,654 |
| Outstanding Balance at the End of 3 Years | INR 56,13,462 |
| New EMI @ 7.60% for the Next 17 years | INR 49,094 |
| Interest Payable Over the Next 17 Years | INR 44,01,750 |
| Interest Paid Over 3 years + Interest Payable Over the Next 17 Years | INR 59,03,404 |
| Savings on a Balance Transfer | INR 6,84,540 |
SBI will ask for a nominal fee for the balance transfer. Pay that and get the transaction executed.
Frequently Asked Questions
1. What is the current SBI home loan processing fee?
The current processing fee for SBI home loans is 0.40% of the loan amount + applicable GST. The minimum and maximum amounts are INR 10,000 plus GST and INR 30,000 plus GST, respectively.
2. Does SBI offer pre-approved home loans?
Yes, SBI offers pre-approved home loans, which makes it easy for the applicants to apply for a home loan.
3. Does SBI take into consideration the spouse's income while an individual applies for SBI home loan?
Yes, if the spouse is a co-owner of the property or a guarantor of the loan that is being purchased with the loan amount, then SBI considers the spouse’s salary while determining the loan amount.
4. When does the SBI home loan interest rate change?
SBI’s home loan interest rates fluctuate on the first day of each quarter of the calendar year if there is any change in the Reserve Bank of India’s repo rate.
5. Is the prepayment penalty included in SBI balance transfer loans?
Yes, the prepayment penalty will be included in SBI balance transfer loans. However, the total loan amount will be evaluated as per the relevant SBI home loan eligibility requirements.
6. What is the current SBI home loan rate?
The current SBI home loan rate is around 8.05% p.a. to 8.55% p.a.
7. Will SBI home loan rate of interest go down in 2022?
In 2022, SBI offers home loans at affordable rates of interest ranging from 8.05% p.a. to 8.55% p.a. However, the fact that the rate of interest would go down cannot be ascertained.
8. When does the interest rate of SBI home loan change?
The interest rate of SBI home loans would change at quarterly intervals i.e. on the first day of the calendar quarter following the change in RBI’s Repo Rate.
9. What is the interest for 1 crore loan in SBI Housing Loan?
You can avail a home loan worth INR 1 crore at an interest rate of 8.05% p.a. However, the actual interest rate can be influenced by various factors.
10. How can I reduce my home loan interest rate in SBI?
You can opt for the floating rate of interest, and can migrate to the new SBI interest rate structure.
11. What is the SBI home loan interest rate for senior citizens?
Generally, the SBI home loan interest rate for senior citizens can start from 8.05% p.a. and can range upto 8.55% p.a. However, the final rate of interest is determined by the bank and the actual figure might differ.
12. How much home loan can a government employee get in SBI?
SBI has launched Privilege Home loan especially for government employees. However, the loan amount is evaluated by considering factors like the applicant’s income and repaying capacity, age, assets and liabilities, cost of the property, etc.
13. Does SBI Provide 90% Home Loan?
Generally SBI provides home loans up to 90% of the property’s value only if the loan amount is up to INR 20 lakh. Any home loan above INR 20 lakh, will have an LTV ratio of 80%.
14. Is prepayment allowed in SBI home loan?
Yes, you can make prepayment in SBI home loan. All you need to do is transfer money to your loan account. Moreover, if you use the SBI net banking facility, you can transfer money and see the outstanding balance go down.