Home Loan Interest Rates 202084023 views
Highlights
SBI home loan interest rates starting at 6.95%*
Zero processing fee for Government Employees
SBI home loan interest rate is presently the lowest starting at 6.95% 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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Table of Contents
SBI Home Loan Interest Rates for All Schemes in India August 2020
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.
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SBI Home Loan Interest Rates August 2020
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 | 6.95% - 7.60% |
| Loan Amount | Customized |
| Tenure | Up to 30 years |
| Processing Fees | 0.40% of the loan amount, subject to a minimum and maximum of INR 10,000 and INR 30,000 respectively, plus GST |
SBI Regular
| Profession | Loan Amount | Interest Rates for Women (p.a.) | Interest Rates for Others (p.a.) |
|---|---|---|---|
| Salaried Borrowers | Upto 30 lakhs | 6.95% - 7.05% | 7.00% - 7.10% |
| Above 30 to 75 lakhs | 7.20% - 7.30% | 7.25% - 7.35% | |
| Above 75 lakhs | 7.30% - 7.40% | 7.35% - 7.45% | |
| Non Salaried Borrowers | Upto 30 lakhs | 7.10% - 7.20% | 7.15% - 7.25% |
| Above 30 to 75 lakhs | 7.35% - 7.45% | 7.40% - 7.45% | |
| Above 75 lakhs | 7.45% - 7.55% | 7.50% - 7.60% |
SBI Top-Up
| Loan Amount | Interest Rates (p.a.) for Salaried | Interest Rates (p.a.) for Non Salaried |
|---|---|---|
| Above 5 lakhs - Up to 20 lakhs | 7.50% - 7.60% | 7.65% - 7.75% |
| Above 20 lakhs - Up to 1 Crore | 7.70% - 7.80% | 7.85% - 7.95% |
| Above 1 Crore - Up to 2 Crores | 7.90% - 8.00% | 8.05% - 8.15% |
| Above 2 Crores - Up to 5 Crores | 8.35% - 8.45% | 8.50% - 8.60% |
| Above 5 crores | 9.55% - 9.65% | 9.70% - 9.80% |
SBI Flexipay
| Loan Amount (₹) | Interest Rates for Salaried Women (p.a.) | Interest Rates for Salaried Others (p.a.) |
|---|---|---|
| Above 20 lakhs and Up to 30 lakhs | 6.95% - 7.05% | 7.00% - 7.10% |
| Above 30 lakhs and Up to 75 lakhs | 7.20% - 7.30% | 7.25% - 7.35% |
| Above 75 lakhs | 7.30% - 7.40% | 7.35% - 7.45% |
Maxgain-Home loan
| Profession | Loan Amount | Interest Rate for Women (p.a.) | Interest Rate for Others (p.a.) |
|---|---|---|---|
| Salaried Borrowers | Above 20 Lakh to 30 Lakh | 7.30% - 7.40% | 7.35% - 7.45% |
| Above 30 Lakh to 75 Lakh | 7.55% - 7.65% | 7.60% - 7.70% | |
| Above 75 Lakh to 3 Crores | 7.65% - 7.75% | 7.70% - 7.80% | |
| Non Salaried Borrowers | above 20 Lakh to 30 Lakh | 7.45% - 7.55% | 7.50% - 7.60% |
| Above 30 Lakh to 75 Lakh | 7.70% - 7.80% | 7.75% - 7.85% | |
| Above 75 Lakh to 3 Crores | 7.90% - 8.00% | 7.95% - 8.05% |
NRI Home Loan
| Loan Amount (₹) | Interest Rates for Salaried Women (p.a.) | Interest Rates for Salaried Others (p.a.) |
|---|---|---|
| Above 3 lakhs & Up to 30 lakhs | 6.95% - 7.05% | 7.00% - 7.10% |
| Above 30 lakhs & Up to 75 lakhs | 7.20% - 7.30% | 7.25% - 7.35% |
| Above 75 lakhs | 7.30% - 7.40% | 7.35% - 7.45% |
SBI Realty/Plot Home Loan
| Loan Amount (₹) | Interest Rates for Women (Per Annum) | Interest Rates for Men (Per Annum) |
|---|---|---|
| Upto 30 Lakh | 7.65% - 7.75% | 7.70% - 7.80% |
| Above 30 Lakh-75 lakh | 7.75% - 7.85% | 7.80% - 7.90% |
| Above 75 Lakh | 7.85% - 7.95% | 7.90% - 8.00% |
SBI Pre-approved Loan (PAL)
| Loan Amount (₹) | Interest Rates for Salaried Women (p.a.) | Interest Rates for Salaried Others (p.a.) | Interest Rates for Non-Salaried Women (p.a.) | Interest Rates for Non-Salaried Others (p.a.) |
|---|---|---|---|---|
| Above 10 lakhs & Up to 30 lakhs | 6.95% - 7.05% | 7.00% - 7.10% | 7.10% - 7.20% | 7.15% - 7.25% |
| Above 30 lakhs & Up to 75 lakhs | 7.20% - 7.30% | 7.25% - 7.35% | 7.35% - 7.45% | 7.40% - 7.50% |
| Above 75 lakhs | 7.30% - 7.40% | 7.35% - 7.45% | 7.45% - 7.55% | 7.50% - 7.60% |
Tribal Plus
| Category | Salaried | Non-Salaried |
|---|---|---|
| Women | 7.05% - 7.50% | 7.20% - 7.65% |
| Others | 7.10% - 7.55% | 7.25% - 7.70% |
Privilege Home Loan
| Category | Upto ₹30 lakhs | Above ₹30 lakhs & Upto ₹75 lakhs | Above ₹75 lakhs |
|---|---|---|---|
| Women | 6.95% - 7.05% | 7.20% - 7.30% | 7.30% - 7.40% |
| Others | 6.95% - 7.05% | 7.20% - 7.30% | 7.30% - 7.40% |
Shaurya Home Loan
| Category | Upto ₹30 lakhs | Above ₹30 lakhs & Upto ₹75 lakhs | Above ₹75 lakhs |
|---|---|---|---|
| Women | 6.95% - 7.05% | 7.20% - 7.30% | 7.30% - 7.40% |
| Others | 6.95% - 7.05% | 7.20% - 7.30% | 7.30% - 7.40% |
Bridge Home Loan
The interest rate for the first year is 9.50% per annum and then from second year onwards it changes into 10.50% per annum.
You can check your home loan EMI with the help of SBI home loan EMI calculator.
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 6.95% - 7.60% 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 7.40%-7.70% 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.
