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SBI Home Loan scheme – State Bank Loan Schemes

The State Bank of India (SBI) home loan scheme has several benefits like tenure flexibility, no prepayment penalty, and zero processing fees. In India almost every loan seeker’s first choice for a loan is SBI.

A home loan offered by the State Bank of India is an excellent option due to lower interest rates on the loans, low transaction fees, special offers for women, Govt. employees, etc.

You can apply for an SBI housing loan to purchase ready-made/under construction/used real estate. SBI housing loans can also be used to build, expand, repair, and renovate existing properties.

Read continue to know about the home loans from SBI, which will help you make a decision that will benefit you with a long-term home loan.

SBI Home Loan scheme

Benefits and Features of SBI Home Loan Scheme

Home loan offered by SBI has several features Like: 

  • Interest rates are low starting from 6.75% per annum.
  • The repayment period of the loan is flexible which is up to 30 years.
  • 0.05% concession in interest for women borrowers.
  • Loan amounts 0.40% as processing fees (minimum 1000 Rs and maximum 30000 Rs).
  • On floating rate home loan no prepayment penalty is charged.
  • Interest is charged on a daily reducing balance.
  • A balance transfer, top-up, and overdraft facilities are available.

What is the Eligibility for SBI Home Loan Scheme?

There are many home loan schemes that SBI offers to its customers. Individuals who want to get a home loan from SBI must check the eligibility criteria before applying for the loan to avoid rejection. Below are the eligibility criteria to get a home loan from SBI.

  • The borrower should be an Indian resident/NRI/PIO.
  • Salaried or self-employed.
  • Should 18 – 75 of age.
  • The preferable credit score is 750 and above.
  • Income varies from case to case.

What is the State Bank Home Loan Interest Rates 

Interest rates for various SBI home loans are as under:

    Type of SBI Home Loan   Rate of Interest For Salaried        Persons Rate of Interest For Self-                Employed
Regular Home Loan 6.75% onwards for Term Loan

7.15  onwards for MaxGan

6.90% onwards for Term Loan

7.30  onwards for MaxGan

Realty Home Loan  7.45  – 7.85% 7.45% – 7.85% 
Privilege Home Loan Credit Assessment According
Shurya Home Loan Credit Assessment According
Flexipay Home Loan Credit Assessment According
Non-Salaried Home Loan Credit Assessment According
NRI Home Loan Credit Assessment According
Bridge Home Loan  9.50% for the first year
10.50% for the second year
SBI Balance  Transfer Home Loan

6.75 onwards

6.75 onwards

Top-up Home Loan 7.50% – 9.65% for the term loan
8.40% – 8.65% overdraft
7.65% –  9.80% for the term loan
8.55% – 8.80% overdraft
Smart Home Top up Loan 7.50% – 9.65% for term loan
8.40% – 8.65%-overdraft
 7.65% –  9.80% term loan
 8.55% – 8.80% 0verdraft
Top up Insta Home Loan 8.20% 8.20%
Ernest Home Deposit (EMD) 10.45% onwards
Home Loan Tribal Plus

An additional 10 bps will be added to the Final interest Rate

Corporate Home Loan Credit assessment according
Commercial Real Estate (CRE) Home Loan  An additional 50 bps will be added to the Final Interest Rate

SBI Home Loan Schemes 2021 

SBI Home Loan for Women Home Owners

Regular home loans of the State Bank are offered to salaried and self-employed residents of India for various purposes such as buying and building a new home and expanding, renovating, or repairing the existing property.

Women borrowers under the home loan program, receive 0.5% of interest concession. Home loans are also available as overdrafts.

  • The loan is sanctioned according to eligibility.
  • The interest rate on term loan for salaried is 6.75% and for Self-Employed is 7.15%.
  • The interest rate on max gain for a salaried person is 6.90% and for Self-Employed, it is 7.30%.
  • Up to 30 years loan tenure.
  • 0.40% of the loan amount as processing fees (Rs 10,000 and RS. 30, 000 is minimum and maximum processing fees) plus GST.
  • 18 -70 year age limit.

State Bank Realty Home Loan – For House Construction and Purchase of Land

Any Indian professional salaried or non-salaried who wants to buy land to build a house can avail SBI Realty home loan. To take advantage of this scheme, the beneficiary must ensure that the construction of the house begins within 5 years from the date of loan approval.

Another home loan can be availed by the customers for the construction of the house.

  • Up to Rs 15 crore loan amount.
  • Up to Rs, 30 lakhs interest rate is 7.50%, for Rs. Above 30 lakhs interest rate is 7.60%, and for Rs. Above 75 lakhs it is 7.70%.
  • The loan duration is up to 10 years.
  • Loan amount’s 0.40% as processing fees Rs 10,000 and Rs 30,000 is max. and min. processing fees plus GST.
  • 18 -65 years age limit.

Also Read: State Bank of India Education Loan Scheme

State Bank Privilege Home Loan – Government Employees

SBI privilege home loan is uniquely for the central and state government employees. This loan scheme includes PSBs, Central Government, and other individual PSUs having pensionable services.

  • The loan is sanctioned as per eligibility
  • Interest rate according to credit assessment.
  • 30 years of the loan tenure.
  • Zero processing fees.
  • 18 – 75 years age limit.

Shaurya Home Loan – For Defense Personals  

SBI’s Shaurya Home Loan program is dedicated to the Indian armed forces and Defense staff. Shaurya home loan is offered at attractive interest rates. This plan also has other benefits including zero transaction fees, zero prepayment penalties, a discount on interest rates for women borrowers, and in case of a check-off.

  • The loan is sanctioned as per eligibility
  • Rate of interest according to credit assessment.
  • 30 years of the loan tenure.
  • Zero processing fees.
  • 18 – 75 years age limit.

Flexipay Home Loan – For Salaried Persons

This loan is another SBI home loan scheme. The SBI Flexipay Home Loan offers a higher loan amount, which is only suitable for all salaried borrowers of the country. The schemes provide the borrower the option to pay interest part during the moratorium (Pre-EMI) period and after that pay the moderated EMIs. In the following years, monthly payments will increase.

  • Loan sanction is according to eligibility
  • Rates of interest according to credit assessment. 
  • The tenure of the loan is up to 30 years.
  • 0.40% of the loan amount as processing fees (Rs 10,000 and Rs. 30,000 is the lowest and highest processing fees) plus GST.
  • 21 -45 years to apply for the loan and for loan repayment 70 years.  

State Bank Home Loan for Non-Salaried

Non-salaried professional Indian citizens can take benefit from this SBI home loan scheme to build/buy /repair/renovate a house/apartment. As part of the program, the bank also provides a home loan transfer facility.

  • Rs. 50,000 – Rs. 50 crore loan amount.
  • Interest charged according to credit assessment.
  • Up to 30 years of the loan tenure.
  • The processing fee is loan amount’s 0.40% (lowest fees is Rs. 10,000 and highest is 30,000) plus GST.
  • The minimum age is 18 years for applying.

SBI Non Indian Resident (NRI) Home Loan – NRIs/PIOs

NRI home loan of the State Bank allows self-employed and salaried NRIs (Non-Resident Indian) or PIOs (Persons of Origin) to get the loan facility when they invest in properties.

  • Eligibility according to the loan amount.
  • The rate of interest is as per credit assessment.
  • The duration of the loan is 30 years.
  • 0.40% of the loan amount as processing fees (lowest and highest processing fee is Rs. 10,000 and Rs. 30,000 respectively) plus GST.
  • 18 – 60 years of age.

State Bank Bridge Home Loan – Coves Short-term Fund Requirement

This Bridge loan from SBI is a short-term loan that facilitates you to bridge the gap between your short-term financing needs and long-term loans. It allows the borrower to settle its current liabilities when current cash flow is required. There is a requirement of collateral or guarantee to avail of the Bridge loan.

  • The borrower should be an Indian resident.
  • Rs. 20 to Rs. 2 crore loan amount.
  • 9.50% interest rate for first-year per annum and 10.50% for the second year per annum.
  • 2 years loan duration.
  • 0.35% of the loan amount as processing fees (Rs. 5,000 max. processing fees) plus GST
  • 18 – 70 years age limit.

State Bank Home Loan Balance Transfer Scheme– All Home Loan Borrowers

The home loan balance transfer scheme of SBI allows Indian residents to transfer their home loans from regulated commercial banks (SCBs), private and foreign banks, housing finance companies (HFCs) registered with the National Housing Bank (NHB) and borrow from employers if they are a central/state government or their companies or public sector undertakings.

These loans offer many benefits, including interest rate relief for women borrowers, no penalties on prepayments, and facility of overdrafts.

  • Loan according to eligibility.
  • 6.75% interest rate.
  • Tenure of loan can be extended as per eligibility.
  • 0.40% of the loan amount as processing fees (max. and min. processing fees is Rs. 10,000 and Rs. 30,000).
  • 18 – 70 years ago.

State Bank Top Up Loan – For Home Loan Borrowers

Top-up home from SBI is an additional amount of loan that the lender can get in addition to the existing loan. Under a top-up home loan, the maximum amount and duration of the loan vary depending on the borrower.

Under this scheme, customers have the option to take a top-up home loan from the existing lender or another lender with a balance transfer

  • Eligibility accord loan amount.
  • For term loan interest rate up to Rs. 20 lakhs is 7.5%, above 20 lakh up to 1 crore interest rate is 7.70%, above 1 crore and up to 2 crore interest rate is 7.90%, above 2 crores and up to 5 crore interest rate is 8.35% and above 5 crore interest rate is 9.55%
  • 30 years loan tenure.
  • 0.40% of the loan amount as processing fees (min 10,000 and max. 30,000) plus GST.
  • 18 – 70 years age limit.

Earnest Money Deposit (EMD) Loan Scheme – Covers Advance Booking Cost 

Citizens of India looking for earnest money to book residential plots/homes built by government housing agencies, such as urban development authorities, such as Punjab Urban Planning and Development Authority (PUDA), Haryana Shehri Vikas Pradhikara (HUDA), and Housing Boards, can take advantage of this loan scheme.

There are no minimum income criteria to apply for a credit under this scheme. In the event of successful loan allocation, buyers must repay the loan in a lump sum.

  • For CSP/DSP account holders loan amounts up to 15 lakhs and for others, it is up to 10 lakhs.  
  • 10.45% onwards rate of interest.
  • The loan duration is up to 1 year.
  • 0.50% of the loan amount as processing fees (min. 1,000) plus GST.
  • 21 years age limit.

State Bank Tribal Plus Loan Scheme – Indians Residents living in Tribal/Hilly Areas 

This scheme is specially designed for individuals living in hilly/tribal areas. The SBI Tribal Plus housing loan can be used to buy or build a new house/apartment (without a mortgage on the land), for an (old) house/apartment not exceeding 10 years from the purchase of the old house and repair/renovation/extension of an existing house or apartment.

  • 10 lakhs loan amount.
  • An additional 10bps will be added to the final interest rates.
  • The tenure of the loan is 15 years.
  • 0.40% of the loan amount as pressing fees (min 10,000 and max. 30,000) plus GST.
  • 21 -60 years age limit.

State Bank Corporate Home Loan – Corporate Entities (Public and Private)

Clients can avail of this loan to finance the construction/purchase of residential units. The loan must be used in the name of the Company for use by its directors/promoters and employees. Under the corporate home loan scheme, the home loan transfer function is also available.

  • Loan amount as per credit eligibility.
  • Rate of interest according to credit assessment.
  • 0.50% of the loan amount as processing fee (min. 50,000 & max. 10 lakh) plus GST.

State Bank Commercial Real Estate (CRE) Home Loan 

State Bank commercial real estate home loan is most suitable for all Indian real estate property investors. However, to apply for this SBI program for housing loans, the maximum number of home loans, including existing and proposed loans on behalf of a person, will be limited to three, excluding closed accounts.

CRE home loan plan is also available as an overdraft and provides interest concessions to women borrowers.

  • Eligibility criteria according to the loan amount.
  • An additional 50bps will be added to the final interest rates.
  • 0.35% of the loan as processing fee (max. Rs 5,000) plus GST.
  • 18 -70 years age limit.

 

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