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SBI Home Loan Interest Rates

Welcome to Finansh, your trusted home loan advisors.

Choosing SBI for your home loan means trusting India’s largest and oldest bank that serves over one-third of Indians.

“SBI home loan interest rates currently start at 8.40% for both new home loans and balance transfers.”

This campaign is presently available till 31st, March 2024. SBI is also currently offering discounts in processing fees and other charges.

This page offers detailed information on SBI home loan interest rates, helping you decide if SBI is the right fit for your home loan.

A graphic of a family sitting under a house outline with the 'SBI Home Loans' logo, representing SBI home loan interest rate.

What's Inside

Key Features of SBI Home Loans

SBI Home LoanHighlights
SBI Home Loan Interest Rates8.40% to 9.65%
(Discount Campaign Offer valid till 31.03.2024)
SBI Home Loan Tenureupto 30 Years (For Salaried and Self Employed);
Upto 25 Years (For Business Owners);
OR up-to the age of 70 years, whichever is earlier
Processing Fees0.35% of Home Loan Amount
(Maximum Rs 5000/- + GST till 31.03.2024)
Maximum Loan AmountUpto 90% of Property Value
Foreclosure ChargesNil
Pre-Payment ChargesNil
Women Applicant Discount0.05%
Moratorium Period / EMI HolidayUp-to 48 Months
(for Under-construction Properties only)
Average Approval TimeBetween 8 to 18 days

SBI Home Loan Interest Rate Chart

SBI Home Loan interest rate mainly depends on your CIBIL score. This method is different from other banks that also consider your employment status, property value etc.

SBI offers only floating interest rate home loans. State Bank of India has discontinued offering fixed interest rate home loans since 2011.

SBI Home Loan Interest Rates

CIBIL ScoreInterest Rate
(Ready Possession)		Interest Rate
(Under Construction)
More than 7998.40%8.50%
750 to 7998.40%8.50%
700 to 7498.50%8.60%
650 to 6999.45%9.45%
550 to 6499.65%9.65%
-1 or No CIBIL Score8.50%8.60%
151 to 2008.50%8.60%
101 to 1509.45%9.45%
Interest Rates updated as on April 27, 2024

1. If you’re applying for a home loan in SBI with co-applicants, your SBI home loan interest rate will depend on the average CIBIL score of all applicants.

2. SBI currently offers a minimum home loan interest rate of 8.40%. The minimum SBI home loan interest rate of 8.40% includes interest concessions for women borrowers and all other discounts.

3. SBI applies an extra interest of 0.10% for home loans up to 30 lakhs when the down payment made is less than 20%.

4. If you select a property under SBI’s Builder Tie-up arrangements, you’re eligible for an additional 0.10% discount on your SBI home loan interest rate. However, the final SBI home loan interest rate, inclusive of all concessions, will not go below 8.40%.

5. SBI Shaurya Home Loan scheme, including Shaurya, Shaurya Flexi, and Shaurya Flexi Vishisht products, is specially designed for Indian Defence Personnel. This scheme offers them an extra 0.10% discount. However, with all concessions applied, the minimum SBI home loan interest rate will be maintained at 8.40%.

6. If you are taking a home loan for purchase of your third loan, it will be treated as Commercial Real Estate (CRE) Home Loan and a premium of 0.20% will be charged on the above rates.

SBI Home Loan Interest Rate Calculator

We know reading comparison tables is difficult. Guessing the actual SBI home loan interest rate is even more tiring.

This is where our smart advisor, FinBO, steps in. FinBO calculates the exact SBI home loan interest rate you will get.

Try FinBO and see how we make home loans simpler, smarter, and stress-free.

How to Apply for SBI Home Loan

1. Finansh: If you are in Pune, Mumbai, or Bengaluru, book a free call with us, and let us connect you with a Finansh expert. Our team of experts helps you optimize your home loan application to get the lowest SBI home loan interest rate.

With our free at-home fulfillment service, we handle the hard work, and you need to visit the SBI branch only once. Our services are 100% FREE for you with no conditions.

2. Visit SBI Branch: Visit your nearest SBI branch that deals in home loans.

3. SBI Authorized Agents: SBI has a vast network of home loan agents. They are generally stationed at SBI branches and selected builder premises. But, make sure that you choose an experienced agent who puts your best interests first.

4. YONO SBI: If you are already a SBI customer, you can book an appointment through the YONO SBI app.

Apply for SBI Home Loan

(Pune, Mumbai and Bengaluru)

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Pros and Cons of SBI Home Loans

Graphic presenting pros and cons of SBI Home Loans by Finansh. Advantages include competitive interest rates, transparent pricing, and special offers for women applicants. Limitations involve strict eligibility criteria, inconsistent customer service, and extensive documentation required.

SBI Home Loan Processing Fees and Charges

Processing Fees: SBI’s Home Loan Processing Fee is 0.35% of the loan amount. You get 50% discount on processing fees till 31.03.2024. The processing fee currently ranges from a minimum of Rs. 2,000 to a maximum of Rs. 5,000, plus GST.

“Currently, SBI is offering Zero processing fees for Balance Transfers and New home loans for Resale, and Ready to Move in properties.”

Advocate Charges: Approximately Rs 3,000 + GST per legal report. Home loans exceeding Rs 1 Crore need two legal reports.

Valuation Charges: Property valuation charges are around Rs 1,500 + GST per valuation report. Home loans above Rs 1 Crore need two valuation reports.

If the builder/property is approved by SBI, legal and valuation reports are not separately required.

Certified Copies Charges: These charges are applicable only for SBI home loans over Rs 1 Crore. The charges are based on actual costs. They typically range from Rs 2,000 to Rs 3,000.

Penal Charges: 2% per month on the overdue amount for delayed EMI payments.

Documents Required for SBI Home Loans

The required documents for SBI Home Loans are categorized as follows:

General Documents: Complete Loan Application Form, Identity Proof (PAN) and Address Proof (Aadhar), 3 Passport Sized Photographs, Employer ID etc.

Property Papers: Construction Permission, Sale Agreement, Occupancy Certificate, Payment Receipts, and other related documents.

Account Statements: Last 6 months’ bank statements, and statements of any previous loans.

Income Proof for Salaried: 3-months Salary Slips, last 2 years Form 16 or IT Returns.

Income Proof for Non-Salaried: Business Proof, IT Returns, 2 years Balance Sheets, Business License, and Qualification Certificates.

For a detailed list of documents, please visit our Home Loan Documents Checklist.

Quick Tip: FinBo not only helps you compare banks. It compares the different home loan products offered by all major banks to find the right fit for you. It’s like visiting multiple banks and getting custom home loan offers. But it’s all at your fingertips.

Types of SBI Home Loan Products with Interest Rates

SBI Basic Home Loan

State Bank of India Basic Home Loan is the most popular choice among SBI’s home loan products. It is designed for both salaried and non-salaried individuals. The individuals must be between 18 and 60 years old. Salaried employees need at least one year of work experience. Self-employed professionals and business owners need at least two years of experience.

SBI Basic Home Loan is offered to borrowers with CIBIL scores starting from 550. The loan tenure extends up to the age of 70 or retirement, whichever comes first. SBI Home Loan Interest rates for basic home loan product vary from 8.40% to 9.65% (After applying the discount valid till 31st March 2024)

SBI Maxgain Home Loan

State Bank of India Maxgain Home Loan is an overdraft facility. It is suitable for those who occasionally have extra funds to park. It allows you to deposit your surplus money in this account. This reduces the principal and thus the interest you pay in the long term. If you need the extra funds later, you can easily withdraw them.

However, you need to pay the regular monthly EMIs as in a normal home loan. The amount for SBI Maxgain Home Loan ranges between Rs. 20 Lacs to Rs. 3 Cr, with an extra interest of 0.40% over SBI basic home loan interest rate. For example, if your SBI Basic Home Loan Interest Rate is 8.40%, you will have to pay 8.80% for switching to SBI Maxgain Home Loan.

SBI Flexipay Home Loan

SBI Flexipay Home Loan is specially designed for young salaried professionals. It allows them to borrow 20% more than they normally could. This scheme is for salaried people, aged 21-45, with at least 2 years of work experience. The minimum loan amount is Rs. 20 lacs. It offers the same interest rates as the SBI Basic Home Loan.

SBI NRI Home Loans

SBI NRI Home Loans cater to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who hold a foreign visa or passport. It is largely similar to the SBI Basic Home Loan. However, it is tailored for NRIs, requiring a minimum of two years of work experience in India or abroad.

The minimum loan amount is set at Rs. 3 lacs. The main difference lies in extra documentation like visas and work permits. This reflects the unique circumstances of NRIs.

At Finansh, we have a dedicated team to assist NRIs in applying for SBI NRI Home Loans in Pune, Mumbai, and Bangalore. Book a free call with us or drop us an email at [email protected] to connect with our NRI Home Loan Expert.

SBI Realty

SBI Realty provides home loans for purchasing land to construct your home. This scheme is only for salaried customers. SBI Realty offers loan amounts ranging from a minimum of Rs. 5 lacs to a maximum of Rs. 15 cr. SBI Realty home loan gives you a maximum construction period of 3 years to construct your home. SBI Realty offers a maximum repayment period of 10 years. This makes it an attractive option for those planning to build their own homes.

Rate of Interest for SBI Realty Loans is 0.30% higher than the basic SBI home loan interest rate you get as per your CIBIL Score

If your SBI Realty home loan exceeds Rs 3.00 Crores, the interest rate for CIBIL scores above 749 will be 10.90%, and for scores between 700 to 749, it will be 11.10%. 

SBI Home Top-Up Loan

SBI Home Top-Up Loan is designed to meet the extra financial needs of existing Home Loan borrowers. You can use the funds for personal purposes. These include education, marriage, healthcare, and home-related expenses such as repair or renovation. No detailed proof is required for the purpose the funds are to be used. To qualify for this top-up, the Home Loan limit should be above Rs. 30 lakhs, and property possession must be complete.

SBI Home Top Up Loans Interest Rates

CIBIL ScoreInterest Rate
More than 7999.10%
750 to 7999.10%
700 to 7499.30%
650 to 6999.85%
550 to 64910.15%
No CIBIL Score or -19.30%
101 to 1509.85%
151 to 2009.30%
Interest Rates updated as on April 27, 2024

If you’re transferring your home loan to SBI and also taking a top-up loan, you can enjoy a 0.20% interest rate discount on the top-up home loan. This is available if your CIBIL score is either 700 or above or -1 (New to Credit) . However, note that the interest rate on the top-up loan will not be lower than the interest on your primary home loan with SBI.

SBI PLAP (Personal Loan Against Property)

SBI PLAP is a secured personal loan designed for owners of residential homes/flats and commercial properties. It helps you meet personal needs, such as education, marriage, healthcare or business expenses.

The loan tenure ranges from a minimum of 5 years to a maximum of 15 years. The loan amount can vary, with a minimum of Rs. 5 Lakhs and a maximum of Rs. 7.50 Crores.

Processing Fees for SBI Personal Loan against Property (P-LAP) is Rs 10000/- plus GST presently.

SBI P-LAP Interest Rates

CIBIL ScoreInterest Rate
More than 79910.00%
750 to 79910.00%
700 to 74910.10%
650 to 69911.20%
550 to 64911.30%
No CIBIL Score or -111.10%
101 to 15011.20%
151 to 20011.10%
Interest Rates updated as on April 27, 2024

SBI Suraksha Loan

Home Loan Insurance provides optional insurance coverage for your home loan. It offers financial protection in the event of the borrower’s death.

Insurance for the property you buy is mandatory. The “home loan” insurance is optional and not mandated by any bank.

Unlike other banks, SBI does not increase the home loan interest rate for borrowers who choose not to opt for this coverage.

If you decide to take home loan insurance, SBI Suraksha Loan assists in funding 100% of the insurance premium. This is especially helpful if taking a term insurance cover is not a viable option for you. This facility is available for both new and existing home loan accounts. The interest rate matches the linked home loan.

Exclusive Benefits of SBI Home Loans

1. Online Pre-Payment through Yono SBI App: SBI allows you to make pre-payments in your SBI home loan via its YONO mobile app and Net banking. You can make extra repayments as small as Rs 100 without any restrictions or charges. This is a hidden perk as most banks ask you to visit their branch. They also impose minimum pre-payment limits.

2. Interest on Daily Reducing Balance: SBI home loan interest rate is calculated using the daily reducing balance method. In this method, SBI charges interest on your home loan’s balance at the end of each day. This feature is especially helpful if you are planning to make regular pre-payments. It helps to reduce the total interest you’ll pay on your home loan.

3. Additional Home Loan for Interiors/Furnishing: SBI provides an extra home loan for interiors or furnishing. The loan is up to Rs 50 Lacs or 15% of the house cost, whichever is lower. This can include expenses for modular kitchens, fixtures, or other interior work.

4. No Hidden Charges: SBI maintains transparency in its home loan interest rate and fee structure. This ensures you are not surprised by unforeseen costs.

5. Linked to RBI’s Repo Rate: SBI home loan interest rate is linked to the RBI’s Repo Rate. This ensures that your SBI home loan interest rate changes as soon as the repo rate is changed by RBI. It offers transparency and fairness in pricing.

SBI Home Loan EMI Calculation

Your EMI depends on the SBI home loan interest rate you will get. With FinBo, you can easily determine the exact EMI for your home loan.

Let FinBo do the math for you and find out your exact EMI in just a few clicks. Try FinBo

5 Tips to get lowest SBI Home Loan Interest Rate

1. Optimize CIBIL Scores: Ensure you and your co-applicants have high CIBIL scores before applying. Maintaining good scores also prevents interest rate increases over time.

2. Property Preference: SBI offers lower rates for ready-to-move-in properties compared to those under construction.

3. Prefer SBI-Approved Properties: Properties pre-approved by SBI get an additional 0.10% home loan interest rate discount.

4. Negotiate Offers: Don’t hesitate to ask for special offers or negotiate for personalized discounts.

5. Consult Finansh Experts: If you’re in Pune, Mumbai, or Bengaluru, consider getting advice from a Finansh expert for personalized strategies and local insights.

Check your CIBIL Score for Free

Visit SBI’s Official CIBIL Score Check to check your CIBIL score for free.

This service provides a spam-free way to access your credit score. It does so without the hassle of receiving unwanted loans or credit card offers.

What is the maximum home loan amount you can get from SBI?

When applying for a home loan in State Bank of India, the amount you can borrow is determined by two factors: your income and any co-applicants’ incomes. It is also determined by the Loan-to-Value (LTV) ratio, as per RBI guidelines. Here is a breakdown of how these factors influence your potential home loan amount:

1. Income based Eligibility: SBI checks your income and that of any co-applicants. This determines the monthly EMI you can comfortably afford.

2. Loan-to-Value (LTV) Ratio: As per RBI guidelines, the maximum permissible LTV ratios are:

Property ValueMax. LTVMax. Home Loan
Rs 33.33 Lacs90%Rs 30.00 Lacs
Rs 93.75 Lacs80%Rs 75.00 Lacs
Above Rs 93.75 Lacs75%25% Downpayment

Example for Clarity:
For a property costing ₹30 Lakhs: Maximum LTV-based loan is ₹27 Lakhs (90% of ₹30 Lakhs).

Income based eligibility: If your income suggests a maximum home loan repayment capacity of ₹29 Lakhs, the bank will still only approve ₹27 Lakhs. This is due to the LTV Cap.

When calculating the loan-to-value (LTV) ratio for a property, remember that the cost is not just limited to the agreement value of your property. It also includes GST, one-time charges, and other related costs you pay. SBI considers the latest valuation of the property to decide the maximum home loan amount, which can cover up to 90% of the total cost. (Excluding Stamp Duty and Registration Charges)

To calculate your exact eligibility, try FinBo

Share the Wisdom

FAQs on SBI Home Loans

If you’re in Pune, Mumbai, or Bengaluru, you can easily book a free call with us to connect with a local Finansh expert. This will allow you to apply for an SBI Home Loan through Finansh. Our team of experts are experienced ex-bankers. They help you optimize your home loan application to get the lowest SBI home loan interest rate. Our services including banker consultation are 100% Free.

We also offer at-home fulfillment services in Pune, Mumbai, and Bengaluru. We manage the entire application process with just one branch visit by you.

Yes, SBI considers the expected rental income from the property you want to buy when determining the maximum home loan amount you are eligible for. However, the amount considered from rental income is subject to a limit. It will not exceed your net monthly income.

No. When determining home loan eligibility, SBI considers only the value mentioned in the agreement of sale. This includes the cost of amenities and other related property costs. These may include one-time maintenance fund, development charges, electrical fittings, generator charges, clubhouse membership, GST charges, and one-time charges from utility boards.

However, costs like stamp duty, registration charges, and other documentation fees are not included in the property value for calculating SBI home loan eligibility.

Yes, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can apply for home loans with State Bank of India. The application process for NRIs incorporates some extra steps. These steps include submitting documents like visas and work permits. If you’re an NRI looking for a home loan from SBI in cities like Pune, Mumbai, or Bengaluru, our dedicated NRI team at Finansh is ready to assist.

SBI home loan interest rate is changed when the Reserve Bank of India adjusts the Repo Rate. The revised interest rates are implemented normally on the 10th day of the same month any change is made by RBI.

SBI also periodically reviews your SBI home loan interest rate. This happens if your CIBIL score declines during the home loan tenure. This could lead to an increase in the rate until your credit score improves.

Yes, SBI considers the income of all co-applicants. If they are either a co-owner of the property you are purchasing or a guarantor of the home loan. This can increase the home loan amount you are eligible for.

Yes, prepayment penalty is funded for SBI Home Loan Balance Transfer. However, the home loan amount for the balance transfer is based on your monthly income, LTV Ratio, EMI/NMI ratio, etc.

Considering a balance transfer to SBI is an important decision in your financial planning. Processing fees, advocate fees, property valuation charges, stamp duty, and mortgage charges are part of the process. These expenses are often balanced by the long-term benefits of reduced interest rates.

Try FinBO to check the health of your existing home loan. Find out the exact savings a home loan balance transfer can offer.

The eligibility criteria vary based on your employment status and income level. Generally, you must have a stable income and a good credit history. Specific requirements, such as minimum income and work experience, differs for salaried, self-employed, and business owners.

To find your exact eligibility, try FinBO. It helps you find your exact SBI Home Loan eligibility and the best offers you can qualify for.

For more detailed FAQs, please visit our comprehensive list of Home Loan FAQs

SBI Home Loan Customer Care

For any queries or to file a complaint related to SBI Home Loans, you can reach out to the dedicated customer care of SBI through the following toll-free numbers:

1800-1234; 1800-2100; 1800-11-2211; 1800-425-3800

If you are calling from abroad, use the toll number: 080-26599990

Email Addresses:
[email protected]; [email protected]

To directly lodge a complaint, you can also use the SBI Customer Request and Complaint Portal.

Data Sources and Verification

Our information on SBI Home Loan Interest Rates is reliably sourced from the official SBI website and verified independently by Team Finansh. To ensure accuracy, our dedicated team also conducts frequent checks through confirmation from local SBI branches. This approach guarantees that you receive the most current and credible SBI home loan interest rate information.

Related Posts

Home Loan 101 is a comprehensive guide for first-time buyers. It covers key aspects of home loans, from understanding eligibility and interest rates to selecting the right lender and managing hidden costs.

Latest Updates

01.02.2024: SBI home loan interest rate concession offer further extended until March 31, 2024, allowing you to benefit from up-to a 0.65% discount in interest rates and waiver of processing fees.

01.01.2024: SBI home loan interest rate concession offer extended for 30 days till 31.01.2024. Get up to 0.65% off on SBI Home Loan Interest Rate and no Processing Fees until January 31, 2024.

01.09.2023: SBI launches an exclusive offer for home loan borrowers. You can get a discount of up to 0.65% on the SBI Home Loan interest rate. Limited-time campaign until December 31, 2023, based on your CIBIL score. Your dream home just got more affordable with SBI!

Author Details

Team Finansh

This comprehensive guide on SBI Home Loan Interest Rates is the collaborative effort of Team Finansh in consultation with SBI bankers. The content is meticulously fact-checked by independent financial experts for accuracy. Additionally, the legal aspects, including charges, have been reviewed by experienced advocates for accuracy.

Disclaimer: The information provided on this page is for general informational purposes only and does not constitute professional financial advice. While every effort has been made to ensure the accuracy and completeness of the information, Finansh and its associates make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information.

Finansh is not a direct partner or an affiliate of SBI. Visit SBI’s website/branch office for more details. Trademarks, logos, and other intellectual property belong to their respective owners.