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 Loan||Floating Interest Rate of SBI Home Loan||Interest Rate for Female Borrowers|
|Below Rs. 30 lakhs||8.50%||8.45%|
|Rs. 30-75 lakhs||8.65%||8.60%|
|Rs. 75 lakhs-Rs. 1 crore||8.75%||8.70%|
|Above Rs.1 crore||8.75%||8.70%|
Details Of Home Loans of SBI
|Age||Minimum- 18 years and 70 years for both salaried and self-employed|
|Rate Of Interest||8.45% onwards|
|Processing Fee||Up to 0.5%|
|Maximum Tenure||30 years|
|Lowest EMI||Rs. 765 lakhs per year|
|Charges For Prepayment||Nil 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.
|Products||Rate of Interest|
|SBI Gram Niwas||8.45%-8.60%|
|SBI Flexipay Home Loan||8.45%-8.85%|
|SBI Home Loan Floating||8.45%-8.85%|
|SBI Tribal Plus||8.55%-8.70%|
|SBI Sahyog Niwas||8.45%-8.60%|
|SBI Home Loan Balance Transfer||8.45%-8.85%|
|SBI Home Loan for Self Employed||8.45% – 8.85%|
|SBI Privilege Home Loan||8.45% – 8.85%|
|SBI Shaurya Home Loan||8.45% – 8.85%|
|SBI NRI Home Loan||8.45% – 8.85%|
|SBI Bridge Loan||8.50% – 11.70%|
|SBI Top Up Loan||8.70% – 9.85%|
|SBI Reverse Mortgage Home Loan||11.00%|
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.
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
The loan will be secured against the registered mortgage of the land or house/flat, for which the loan will be sanctioned.
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.
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.
SBI repayment of loans is executed with EMIs(equated monthly instalments) on a monthly basis.