SBI

SBI Home Loan Interest Rate 2017

Last Updated 23rd Apr 2017

 

Interest Rate 8.40% – 8.45%
Lowest EMI Rs. 762 per lakh
Max Tenure 30 years
Processing Fee INR 10,000/- + S.T.
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed

Apply Home Loan SBI

SBI Home Loan

SBI home loan are for people who want money to either purchase a house or for home renovation or home extension etc. The house in this case acts as a security to the loan.

Home Loan SBI

Interest rates on Home loan offered by SBI depends upon MCLR.

  • Fixed rates: It allow borrower to borrow loan at a fixed of interest which won’t change in the whole tenure. It should be chosen if and only if you believe that the rates will not hike in future.
  • Floating rates: In this scenario any change in MCLR rate changes your loan tenure. You should go for floating rates only if you can take the risk of hike in interest rates or change of home loan tenure.

1 Year MCLR rates SBI is currently 8.00%.

SBI home loan interest rate depends upon

  • Loan amount: In SBI Home Loan rate depends upon the loan amount, ie lesser will be the interest rate, higher the loan amount.
  • Company where you work: SBI favors certain companies and in case your company is listed then your Interest rate will be less.
  • Your Salary: Golden rule is Higher the income, less will the rate of interest.

Home Loan Charges SBI

    • Foreclosure Charges – These charges are applicable in case you repay your entire loan amount before the end of tenure. SBI allows prepayment of home loan with Nil prepayment charges
    • Processing Fee – 0.35% of loan amount with applicable service tax
In addition to the processing fee, actual charges for the following will be payable by the customer :  

a) Pre-sanction

  • Advocate’s fee for property search and the title investigation report.
  • Valuer’s fee for valuation report.

b) Post-sanction

  • Stamp duty payable for Loan agreement & mortgage.
  • Property insurance premium.
  • Processing fee recovered.
  • CERSAI Registration Fee of Rs 50/- + service tax up to Rs 5 lakh limit and Rs 100+ service tax for limits above Rs 5lakhs

 

SBI Home Loan Eligibility Calculator

Home Loan eligibility criteria SBI

Besides other factors most important factor in determining home loan eligibility criteria SBI  is your ability to repay the loan. Some of the major factors on which the eligibility of an applicant depends are

  • Age: Age is a key player to evaluate your eligibility and repayment capacity. For salaried age is from 18 to 70 years and for self employed individuals it is 18 to 70 years for SBI Home loan offers.
  • Income: For salaried person, income plays a significant role for SBI Loan eligibility. To apply for house loan bank usually has a set minimum levels of income. For SBI it is minimum net monthly income of Rs. 25,000. Salaried employee should be working with a reputed private company or in government job getting regular salary in his bank account, having salary slip and form 16
  • Job stability and Profession: For Home loan from SBI, job stability is important to improve. For salaried, you be in a full time job for a minimum period of 2 months and in the case of self-employed, you be in current profession /  business for a minimum time period of 5 years and should own either your office or your place of residence. Also minimum net income and minimum turnover criteria may apply. Business should be registered with a minimum of one government agency eg. VAT, excise, service tax, shops and establishment registrar. Besides job stability, profession is another important factor which affects your SBI eligibility ie. in case you work with a reputed company, chances increases of getting home loan from SBI as the income is assumed to be stable
  • CIBIL Score: CIBIL history with repayment record of credit cards and existing loans has direct impact on your Home loan eligibility. If yours is a poor repayment record, then getting the home loan may be difficult  but on the flip side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Depending upon your income SBI gives you Home loan. Amount ranges from Rs. 15,00,000 to Rs. 10,00,00,000. Apply for a loan amount that you can comfortably service to improve chances of approval,

Home Loan Calculator

Home Loan Products

SBI offers following type of home loans products.

SBI FLEXIPAY HOME LOAN

Higher Home Loan eligibility with flexible repayment option.

  • Upto 1.2 times higher loan eligibility compared to loan eligibility under normal Home Loan schemes available to working professionals / executives.Loan amount, however, must be Rs.20 Lacs or higher.
  • Salaried applicants with minimum 2 year experience and aged between 21- 45 years will be eligible to avail of SBI FlexiPay Home Loan.
  • To neutralize the impact of such additional loan on monthly EMIs, customers have the option of paying only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.
  • Option of selecting moratorium of upto 36 – 60 months. Only interest to be repaid during the selected moratorium period.
  • Longer repayment of 25 to 30 years is available under the scheme. However, customers will be free to make prepayments towards their Home Loan loan without any pre-payment penalty.(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI MAXGAIN

HOME LOAN AS AN OVERDRAFT.

  • An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.
  • The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.
  • The product enables customers to park their surplus funds/savings in  SBI Maxgain (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.
    • Loan Amount

Minimum Loan Amount : Rs.20 lacs
Maximum Loan Amount : No Cap
(Other terms and conditions are as applicable to regular Home Loan Scheme)

NRI HOME LOANS

HOME LOANS TO NON RESIDENT INDIANS (NRIs) & PERSONS OF INDIAN ORIGIN (PIOs)

    • Eligibility

Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)
The applicants should have a regular source of income.
Minimum employment tenure in India/Abroad should not be less than 2 years.

    • Loan Amount

Minimum Loan Amount: Rs. 3 lacs
Maximum Loan Amount: No upper cap.
(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI REALTY

HOME LOANS FOR PURCHASE OF PLOT FOR CONSTRUCTION OF A DWELLING UNIT

    SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.

  • The construction of house should commence within 5 years from the date of availment of SBI Realty Loan.
  • Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty scheme. The outstanding in SBI Reality account will be first liquidated through disbursement from Home Loan and the remaining amount will be disbursed for construction of House in phases linked to the stages of construction
    • Loan Amount

Maximum Loan Amount: Rs.10 crores

    • Repayment Period

Upto 15 years
(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI PAL

PRE-APPROVED HOME LOAN

  • The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
  • The loan eligibility will be assessed on the basis of income details of the applicant.
  • Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

Validity Period

  • Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.

Loan Amount

    • Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates
    • Minimum Loan amount: Rs.10 Lacs.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI PRIVILEGE HOME LOAN

Eligible applicants – Employees of Central / State Governments including PSBs, PSUs of Central Government, and other individual(s) with pensionable service.

  • Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.
  • Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.
  • Full waiver of Processing Fee.Out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.
  • Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.
  • Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI SHAURYA HOME LOAN

Eligible applicants – Defense Personnel belonging to Army, Navy and Air force.

  • Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.
  • Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.
  • Full waiver of Processing Fee. Out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.
  • Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.
  • Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

RELATED HOME LOAN PRODUCTS

SBI TOP UP HOME LOAN

Eligibility

  • All Home Loans with a satisfactory repayment track of at least one year.
  • Valid mortgage should have been created in favour of the Bank.

Loan Amount

  • Minimum Loan Amount: Rs. 2 lacs
  • Maximum Loan Amount: Rs. 5 crores.
Interest Rate  (w.e.f. 01st May, 2016)
Top-up loan amount Term Loan
Upto Rs. 25 lacs 0.35% above 1 Year MCLR, effective rate 9.50%
Above Rs. 25 lacs & Upto Rs. 2 crores 0.80% above1 Year MCLR, effective rate 09.95%
Above Rs. 2 crs & upto Rs. 5 crores 2.05% above1 YearMCLR, effective rate 11.20%
Top-up loan amount Overdraft
Above Rs. 20 lacs & Upto Rs. 2 crores 1.80% above 1 Year MCLR, effective rate 10.95 %

SBI REVERSE MORTGAGE LOAN

LOAN FOR THEWELFARE OF SENIOR CITIZENS IN INDIA

House-owningSenior Citizens having inadequate income can avail this loan to meet their financial needs for renovation/repairs to house, medical & other personal uses.

  • No compulsion for the borrower to repay the loan amount during his or her lifetime or till such time he or she continues to stay in the house.
  • Borrowers have the options to prepay the loan at any time without any pre-payment penalty.

Processing Fee

Processing Fee0.50% of the Loan Amount with a Minimum of Rs 500/- and Maximum of Rs 10,000/-

Interest Rate

2.75% above the one year MCLR, present effective rate being 11.90% p.a. (Fixed) subject to reset every year for Public

Disbursement

Either in Monthly/Quarterly payments or 50% of the sanctioned limit in lump-sum and the remaining in periodic payments.

SBI BRIDGE LOAN

NEW PRODUCT : SBI BRIDGE HOME LOAN

SBI Bridge Loan is a Short Term Loan to meet shortfall in funds for purchase of a new home/flat by mortgaging existing unencumbered property.
The applicant for Home Bridge Loan should satisfy each of the below mentioned eligibility criterion :

  • a) Individuals who own an unencumbered fully constructed house/flat and intend to sell the existing home/flat for meeting temporary shortfall in cost for acquiring new home/flat.
  • b) In case of joint ownership of the existing property, all co-owners of the property should also join as co-borrowers for the Bridge Loan.

Loan will be given by way of Term Loan (No Overdraft facility.)

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