SBI Home Loan
SBI Home Loan: Get quotes on Interest Rates 8.30% November ✓ Eligibility, Documents, Low EMI Rs.758/lakh, Application Status, Calculator Quotes at deal4loans.com.
Key Pointers of SBI Home Loan
Latest Update: 2 Years Fixed Rates for Women are 8.50%, 8.55% for Others. Loan amount maximum upto 30 lakhs only. State Bank of India has introduced two new Home Loan products SBI Privilege Home Loan for Government Employees and SBI Shaurya Home Loan for Defence Personnel.
Festival Bonanza : 0% Processing Fee, on Top up and Home Loan (New & Take Over). Offer Valid till 31.12.17
SBI Home Loan Interest Rates: Last updated as on 02 Nov 2017
HOME LOANS – INTEREST RATES With effect from 02.11.2017
Home Loan as Overdraft (Maxgain)*
Above 30 lakh Upto 75 lakhs
Above 20 lakh upto 30 lakhs
Above 30 lakhs Upto 75 lakhs
Above 75 lakhs Upto 3 crores
SBI – CLSS Home Loan Scheme
Prime Minister has announced interest subsidy of 4% on housing loans of up to Rs.9.00 lakhs of those with an income of Rs.12.00 lakh per year and of 3% on housing loans of up to Rs.12.00 lakh of those earning Rs.18.00 lakh per year. Under CLSS Scheme for MIG, if you take a loan amount of upto 9 lakh for maximum 20 years repayment period, built up area below 90 sq mtr (968 sq foot) and your yearly income is below 12 lakh. Than your savings are below:
Under CLSS Scheme for MIG, if you take a loan amount of upto 12 lakh for maximum 15 years repayment period, built up area below 110 sq mtr (1184 sq foot) and your yearly income is above 12 lakh and below 18 lakh than your savings are below:
SBI Hamara Ghar Home Loan Scheme – Fixed Interest rate product for affordable segment. Home Loan will be available by way of Term Loan only with fixed interest tenure of 2 years.
- Pre-payment penalty of 2% plus ST levied on loans foreclosed /prepaid during initial tenor of 2 years.
- Switch over from fixed interest rate to floating rate linked to 1 yr MCLR will be unavailable for period of first 2 years.
- Max Loan Amount INR 30 lakhs
Interest Rates of Hamara Ghar Home Loan Scheme
Interest Rates for Home Loan Top Up Scheme
SBI Home Loan Interest Rates 2015 – 9.80% – 9.85%. But after October’ 2015 it goes down to 9.50% -9.55%. It helps borrowers to save around Rs 21.98 on per lac emi for 30 years. For example if you can take a loan amount of around 20 lakh for 30 years at 9.50% rate of interest than you can save around Rs 439.60 on per month EMI or Rs 158256 in 30 years tenure.
State Bank of India is the country’s largest bank in terms of number of customers, employees, advances and deposits. Despite being a government-owned bank, it has not only managed to stay ahead of its private sector peers, but continue to be one of the most profitable banks. It remains the ‘trend-setter’ for the banking industry when it comes to taking decisions on interest rates, and product innovations. It has a market cap of Rs 1,90,000 crore and total loan outstanding as of March 2015 was Rs 11 lakh crore.
Eligibility Criteria, Documentation required for SBI Home Loan
2) Identity residence proof
3) Last 3 months salary slip
5) Last 6 months bank salaried credit statements
6) Processing fee cheque
2) Identity residence proof
3) Education qualifications certificate proof of business existence
4) Business profile,
5) Last 3 years profit/loss balance sheet
6) Last 6 months bank statements
7) Processing fee cheque
Above Rs. 30 Lacs. to 75 lac
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.
SBI Home Loan EMI Calculator
SBI MAXGAIN – Home loan as an Overdraft
Interest rates (w.e.f. 01 October 2016) for home loans is 9.25% for women and 9.30% p.a. for others.
SBI Tribal Plus Home Loan
Maximum Repayment period is 15 years
SBI Gram Niwas Home Loan
The home loans under Gram Niwas Scheme are sanctioned for purchase/construction/repair and renovation of house and purchase of plot for construction of a house/shed etc. The scheme covers all Rural and Semi-urban centres having population upto 50,000 as per 2001 census.
Maximum Repaymenet period is 15 years
SBI Sahyog Niwas Home Loan
Maximum loan amount per member is Rs.50,000
SBI Shaurya Home Loan
Full wavier of processing fees
Lower interest rate as a concession of 5bps over the Home Loan Card Interest Rate is available whrever check-off facility is extended by the Government inder tie-up arrangement with the Bank
Customers of other Banks/Fls to switchover their Home Loan outstanding balance to State Bank of India
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
SBI Reverse Mortgage Home Loan
No compulsion for the borrower to repay the loan amount during his or her lifetime or till such time he/she stays in the house.
SBI NRI Home Loans
Minimum employemnet tenure in India/Abroad should be 2 years
There is no maximum amount limit for this home loan scheme
SBI TOP UP HOME LOAN
0.35% of Loan Amount or Rs 10000 plus service tax whichever is less, subject to minimum of Rs 2000 plus taxes
Interest Rates charged on Top-up loan is different from Normal Home Loan
FAQS about SBI Home Loans:
Bank will determine your loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse’s income (if any), assets & liabilities, savings history and the stability & continuity of occupation.
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.
Yes, you could go in for a ‘Top up Home Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.