SBI Home Loan Interest Rates

Interest Rates 2017 1094 views

SBI is known for its customer-friendly products and services. Having said that, loans like home loans have given people the opportunity to live their dream. So, if you have been waiting to get a lender that can offer you a housing loan with lowest interest rates, apply at SBI. The rate offered by the bank gives you the privilege to book your own home. The bank offers loans to both salaried as well as self-employed individuals depending on the main factors like the property value for which the loan is applied and the repayment capacity of the applicant. If you are an existing home loan borrower from another bank where the rate is higher, SBI has the facility of balance transfer as well. Thus, you can transfer your existing home loan to SBI and pay a much lower EMI as compared to the existing one. However, if you are applying for a home loan for the first time, read below the rates and other important details associated with SBI home loan.

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SBI Home Loan Interest Rates for New Customers

SBI offers home loan at affordable 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, which is calculated on 1 Year MCLR (Marginal Cost of Funds Based Lending Rate) of 8%.

SBI Home Loan Interest Rates

ParticularsDetails
Interest Rate8.35% - 8.65%
Loan AmountCustomized
TenureUp to 30 years
Processing Fees0%
Prepayment Charges0%

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 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 of the borrower, which also leads to the reduction in EMIs and interest outgo.

SBI Home Loan Processing Fees

There is no processing fee for Home Loans and Home Top-up Loans (both Takeover and New) sourced for the period 01.09.2017 to 31.12.2017 provided the loans are disbursed fully/partially on or before 31.01.2018. Also, SBI levies 0% processing fee for all Central / State Govt. Employees. There is also no SBI switchover fee on the balance transfer. So, now you do not have to pay any additional charges for transferring your home loan.

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