SBI Home Loan Interest Rates

Interest Rates 2017 364 views

Being of the largest bank in the country, with an asset size of ₹37 Lakh Crore along with a happy customer base of 500 million, it would not be wrong to say that State Bank of India (SBI) is a name to reckon with.

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SBI Home Loan Interest Rates for New Customers

The bank, by offering the widest range of products such as Home Loan caters the financial need of home loan borrowers. Talking about SBI Home Loan Interest Rates, the lender offers this credit facility to all its applicants at an interest rate ranging between 8.35%-8.80% per annum. However, the interest rate offered by the bank varies according to the loan amount, offered home loan scheme and eligibility (salaried/self-employed). Not only this, the bank offers the loan to the applicants on both fixed as well as floating rates, which is being calculated on 1 Year MCLR (Marginal Cost of Funds Based Lending Rate) of 8%.

For your reference below are the tables showing SBI Home Loan Interest Rates of different schemes.

2 Year Fixed Interest Rates (Term Loan): Hamara Ghar

Upto ₹30 Lakhs:

BorrowersSalariedNon-Salaried
Women35 bps above 1 year MCLR, Effective Rate: 8.35% p.a.50 bps above 1 year MCLR, Effective Rate: 8.50% p.a.
Others40 bps above 1 year MCLR, Effective Rate: 8.40% p.a.55 bps above 1 year MCLR, Effective Rate: 8.55% p.a.

Floating Interest Rate Structure (Term Loans)

Upto ₹30 Lakhs:

BorrowersSalariedNon-Salaried
Women35 bps above 1 year MCLR, Effective Rate: 8.35% p.a.50 bps above 1 year MCLR, Effective Rate: 8.50% p.a.
Others40 bps above 1 year MCLR, Effective Rate: 8.40% p.a.55 bps above 1 year MCLR, Effective Rate: 8.55% p.a.

Floating Interest Card Rate Structure (Term Loans)

Up to ₹75 Lakh:

BorrowersSalariedNon-Salaried
RG-1,2,3RG-4,5,6RG-1,2,3RG-4,5,6
Women1 year MCLR+50 bps, Effective Rate:8.50% p.a.1 year MCLR+60 bps, Effective Rate :8.60% p.a.1 year MCLR+ 60 bps, Effective Rate:8.60% p.a.1 year MCLR+ 70 bps, Effective Rate:8.70% p.a.
Others1 year MCLR+ 55 bps, Effective Rate:8.55% p.a.1 year MCLR+65 bps, Effective Rate:8.65% p.a.1 year MCLR+ 65 bps, Effective Rate:8.65% p.a.1 year MCLR+ 75 bps, Effective Rate:8.75% p.a.

Above ₹75 Lakh:

BorrowersSalariedNon-Salaried
RG-1,2,3RG-4,5,6RG-1,2,3RG-4,5,6
Women1 year MCLR+55 bps, Effective Rate:8.55% p.a1 year MCLR+65 bps, Effective Rate:8.65% p.a.1 year MCLR+65 bps, Effective Rate:8.65% p.a.1 year MCLR+ 75 bps, Effective Rate:8.75% p.a.
Others1 year MCLR+60 bps, Effective Rate:8.60% p.a.1 year MCLR+ 70 bps, Effective Rate:8.70% p.a.1 year MCLR+ 70 bps, Effective Rate:8.70% p.a.1 year MCLR+80 bps, Effective Rate:8.80% p.a.

SBI Home Loan Interest Rates for Existing Customers

Now that we have talked about the home loan interest rates for new customers on the page above, how can the existing customers be missed? Yes, it is equally important to know the SBI home loan interest rates for existing customers. So, let’s just understand the same in the page below.

SBI Home Loan Interest Rates for Existing Customers Linked to Base Rate

If you are an existing home loan customer of SBI whose interest rate is linked to the current base rate of 9.10%, you have the chance to save more. Yes, the existing customers have the option of switching from base rate to MCLR linked regime, which ultimately gives them more savings. The transition from base rate to MCLR regime lowers the interest rate (8.35%) of the borrower, which also leads to the reduction in EMIs and interest outgo.

Suppose, on a principal outstanding of ₹25 Lakh, linked to the base rate of 9.10%, with a remaining tenure of 25 years, a borrower needs to pay an EMI of ₹21,151. Whereas, if we calculate the same at MCLR linked interest rate of 8.35%, so the EMI comes out to be ₹19,879. So, you can clearly see the EMI difference here, how switching to MCLR will allow the borrower to save more bucks as compared to the base rate.

But while switching, you need to pay a switch over fee as SBI charges the same. The bank charges a fee of 0.58% of the principal outstanding from the borrowers.

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