Summary of SBI Home Loan

Home Loan

Home Loan is a secured loan i.e, to buy a house, the fund is acquired from the bank against some collateral as a mortgage.

To opt for the loan, State Bank Of India i.e, SBI Home Loan is the best option to look for.

According to Study, SBI Home Loan has been successful in attaining the dream of acquiring your own house of over 30 million families.

It provides values like transparency, trust, integrity and value to the customers.

SBI Home Loan Interest Rates 

Amount of LoanFloating Interest Rate of SBI Home LoanInterest Rate for Female Borrowers
Below Rs. 30 lakhs8.50%8.45%
Rs. 30-75 lakhs8.65%8.60%
Rs. 75 lakhs-Rs. 1 crore8.75%8.70%
Above Rs.1 crore8.75%8.70%

Details Of Home Loans of SBI

AgeMinimum- 18 years and 70 years for both salaried and self-employed
Rate Of Interest8.45% onwards
Processing FeeUp to 0.5%
Maximum Tenure30 years
Lowest EMIRs. 765 lakhs per year
Charges For PrepaymentNil charges for Floating Rate Loans (Follow Prepayment Instructions)

Interest Rates of different products for SBI Home Loans

SBI provides a wide range of Home Loans with varying rates of interest.

As announced on 1st Aug ’18, Home Loan rates of SBI starts at 8.45% based on 1 year MCLR.

ProductsRate of Interest
SBI Gram Niwas8.45%-8.60%
SBI Flexipay Home Loan8.45%-8.85%
SBI Home Loan Floating8.45%-8.85%
SBI Tribal Plus8.55%-8.70%
SBI Sahyog Niwas8.45%-8.60%
SBI Pal8.45%-8.85%
SBI Home Loan Balance Transfer8.45%-8.85%
SBI Realty8.95%-9.05%
SBI Home Loan for Self Employed8.45% – 8.85%
SBI Privilege Home Loan8.45% – 8.85%
SBI Shaurya Home Loan8.45% – 8.85%
SBI NRI Home Loan8.45% – 8.85%
SBI Bridge Loan8.50% – 11.70%
SBI Top Up Loan8.70% – 9.85%
SBI Reverse Mortgage Home Loan11.00%

Factors deciding the Interest rates

  • Loan type

SBI offers different interest rates under their varied product offers.

  • Amount of Loan

The amount of loan is indirectly related to the interest rate. Lower the loan amount, higher the interest rates and vice-versa.

  • Income

The relation between income and interest rates are also inverse. Higher the income, lower the interest rate.

  • Existing Bank Customer

SBI offers lowest home loan rates to its existing customers.

Security Against Home Loan

  • Primary

The loan will be secured against the registered mortgage of the land or house/flat, for which the loan will be sanctioned.

  • Collateral

Liquid securities of equal value in the form of gold, certificates, life insurances or any other tangible securities in place of mortgage of registered property or flat financed by SBI.

  • Interim Security Pending Mortgage 

When there is a delay in mortgage creation for any valid reason, the 3rd part guarantee is taken into account for the interim period.

  • Insurance

The flat or house will be secured widely for the market value like natural calamities- Earthquake, Flood also Fire etc. in the joint names of the Bank and the Borrower. Cost of the same will be borne by the borrower.

  • Disbursement of the Loan

After the successful investigation from SBI, the loan will be approved and finally disbursed directly to the borrower, as requested.

  • Repayment

SBI repayment of loans is executed with EMIs(equated monthly instalments) on a monthly basis.

Apply Personal Loan Online at Lowest Interest Rate Upto Rs. 40 Lacs

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