State Bank of India is one of the leading banks in India that offers great financial products and services. SBI offers home loan to individuals who need money to buy a house. Loans can also be availed for a home extension, home renovation, etc. The house itself is considered as a security to the home loan.
| Rates and Charges | Specification |
|---|---|
| Rate of Interest | For general customers – 8.35% to 8.70% For women – 8.30% to 8.65% |
| Tenure of the loan | 30 years |
| Charges for pre-closure | Nil |
| Processing fees | 0.35% of Loan Amount, min of Rs.2,000 to a max of Rs.10,000 (plus applicable tax) |
The rate of interest that can be availed on housing loans by all the women customers of State Bank of India ranges between 8.30% and 8.65%. All the other customers can avail rates ranging between 8.35% and 8.70%.
Benefits offered By SBI Housing Loan
An individual can enjoy the following benefits upon taking a home loan from SBI:
- There are no prepayment charges for home loans with floating rates.
- Special rates are offered to all the women applicants.
- Any individual aged 18 years or above can apply for the loan.
Types of Home Loans offered By State Bank of India
- 2 Year Fixed Interest Rate Loan (Hamara Ghar)
- Floating Interest Rate Home Loan
- Floating Interest Card Rate Home Loans
- Maxgain – Floating Interest Card Rate Structure
- Insta Home Top Up Loan
- Home Top-Up Loans
SBI Home Loan Rate
2 Year Fixed Interest Rate Loan (Hamara Ghar)
| Women | Others | |
|---|---|---|
| Salaried (up to Rs.30 lakh) | 35 basis points above 1 year MCLR, ER: 8.30% | 45 basis points above 1 year MCLR, ER: 8.40% |
| Non-Salaried (up to Rs.30 lakh) | 40 basis points above 1 year MCLR, ER: 8.35% | 50 basis points above 1 year MCLR, ER: 8.45% |
The Hamara Ghar home loan offers a rate of 8.30% for salaried women. For all the other salaried customers, the bank offers a rate of 8.35%. For all the non-salaried women customers, the State Bank of India charges a rate of 8.40%. For the other non-salaried customers, the rate of interest associated with 2 Year Fixed Interest Rate Loan stands at 8.45%. All of this is applicable for a loan amount of up to Rs.30 lakh.
Floating Interest Rate Home Loan: Loans above Rs.30 lakh and up to Rs.75 lakh
| Women | Others | |
|---|---|---|
| Salaried (Loans above Rs.30 lakh and up to Rs.75 lakh) RG 1,2,3 | 35 basis points above 1-year MCLR, ER: 8.30% | 40 basis points above 1 year MCLR, ER: 8.35% |
| Salaried (Loans above Rs.30 lakh and upto Rs.75 lakh) RG 4,5,6 | 40 basis points above 1 year MCLR, ER: 8.35% | 45 basis points above 1 year MCLR, ER: 8.40% |
| Non-Salaried (up to Rs.30 lakh) RG 1,2,3 | 50 basis points above 1 year MCLR, ER: 8.45% | 55 basis points above 1 year MCLR, ER: 8.50% |
| Non-Salaried (up to Rs.30 lakh) RG 4,5,6 | 55 basis points above 1 year MCLR, ER: 8.50% | 60 basis points above 1 year MCLR, ER: 8.55% |
The Floating Interest Rate home loan offers a rate 8.30% for salaried women for RG 1,2,3. The Floating Interest Rate home loan offers a rate 8.35% for salaried women for RG 4,5,6. For all the other salaried customers, the bank offers a rate of 8.35% for RG 1,2,3. For all the other salaried customers, the bank offers a rate of 8.35% for RG 4,5,6.
For all the non-salaried women customers, the State Bank of India charges a rate of 8.45% for RG 1,2, and3. For non-salaried women customers with RG 4,5, and 6, the bank charges 8.50%. For the other non-salaried customers, the rate of interest associated with Floating Interest Rate home loan stands at 8.50% for RG 1,2, and 3. For the other non-salaried customers with RG 4,5, and 6, the rate of interest is 8.55%. All of this is applicable for a loan amount of up to Rs.30 lakh.
Floating Interest Rate Home Loan: Loans above Rs.75 lakh
| Women | Others | |
|---|---|---|
| Salaried RG 1,2,3 | 45 basis points above 1 year MCLR, ER: 8.40% | 50 basis points above 1 year MCLR, ER : 8.45% |
| Salaried RG 4,5,6 | 50 basis points above 1 year MCLR, ER: 8.45% | 55 basis points above 1 year MCLR, ER: 8.50% |
For loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.40% for salaried women under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, salaried women under RG 4,5, and 6, enjoy ER 8.45%.
For other salaried individuals, for loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.45% under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, individuals under RG 4,5, and 6, enjoy ER 8.50%.
| Women | Others | |
|---|---|---|
| Salaried RG 1,2,3 | 55 basis points above 1 year MCLR, ER: 8.50% | 60 basis points above 1 year MCLR, ER: 8.55% |
| Salaried RG 4,5,6 | 60 basis points above 1 year MCLR, ER: 8.55% | 65 basis points above 1 year MCLR, ER: 8.60% |
For loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.50% for non-salaried women under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, non-salaried women under RG 4,5, and 6 enjoy ER 8.55%.
For other non-salaried individuals, for loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.55% under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, individuals under RG 4,5, and 6, enjoy ER 8.60%.
Maxgain- Floating Interest Card Rate Home Loan for Salaried
| Women | Others | ||
|---|---|---|---|
| Loans above Rs.20 lakh and upto Rs.30 lakh | RG – 1, 2, 3 | 1 year MCLR+40 bps, ER:8.35 | 1 year MCLR+ 45 bps, ER:8.40% |
| RG – 4, 5, 6 | 1 year MCLR+ 40 bps, ER:8.35% | 1 year MCLR+ 45 bps, ER:8.40% | |
| Loans above Rs.30 lakh and upto Rs.75 lakh | RG – 1, 2, 3 | 1 year MCLR+45 bps, ER:8.40% | 1 year MCLR+50 bps, ER:8.45% |
| RG – 4, 5, 6 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% |
Under Maxgain Floating Interest Card Rate Home Loan, salaried women enjoy 8.35% interest rate on loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6. For other individuals, the bank offersa 8.40% interest rate for loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6.
For loans above Rs.30 lakh and upto Rs.75 lakh, salaried women under RG 1,2, and 3 enjoy an interest rate of 8.40% and salaried women under RG 4,5, and 6 can avail 8.45%. For other salaried individuals, the bank offers 8.45% for loans above Rs.30 lakh and upto Rs.75 lakh, salaried women under RG 1,2, and 3 and offer 8.50% for those who fall under RG 4,5, and 6.
Maxgain- Floating Interest Card Rate Home Loan for Salaried: For loans above Rs.75 lakh and upto Rs.3 crore
| Women | Others | |
|---|---|---|
| RG – 1, 2, 3 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 60 bps, ER:8.55% |
| RG – 4, 5, 6 | 1 year MCLR+ 55 bps, ER:8.50% | 1 year MCLR+ 65 bps, ER:8.60% |
Under Maxgain Floating Interest Card Rate Home Loan, salaried women enjoy 8.45% interest rate under RG 1,2, and 3 and 8.50% under RG 4,5, and 6 for loan above Rs.75 lakh and upto Rs.3 crore.
Other salaried individuals get 8.50% under RG 1,2, and 3 and 8.60% under RG 4,5, and 6 for loans above Rs.75 lakh and upto Rs.3 crore.
Maxgain- Floating Interest Card Rate Home Loan for Non-Salaried
| Women | Others | ||
|---|---|---|---|
| Loans above Rs.20 lakh and upto Rs.30 lakh | RG – 1, 2, 3 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% |
| RG – 4, 5, 6 | 1 year MCLR+ 50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% | |
| Loans above Rs.30 lakh and upto Rs.75 lakh | RG – 1, 2, 3 | 1 year MCLR+60 bps, ER:8.55% | 1 year MCLR+65 bps, ER:8.60% |
| RG – 4, 5, 6 | 1 year MCLR+65 bps, ER:8.60% | 1 year MCLR+ 70 bps, ER:8.65% |
Under Maxgain Floating Interest Card Rate Home Loan, non-salaried women enjoy 8.45% interest rate on loans above Rs.20 lakh and up to Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6. For other individuals, the bank offers 8.50% interest rate for loans above Rs.20 lakh and up to Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6.
For loans above Rs.30 lakh and up to Rs.75 lakh, non-salaried women under RG 1,2, and 3 enjoy an interest rate of 8.55% and non-salaried women under RG 4,5, and 6 can avail 8.60%. For other non-salaried individuals, the bank offers 8.60% for loans above Rs.30 lakh and up to Rs.75 lakh under RG 1,2, and 3 and offer 8.65% for those who fall under RG 4,5, and 6.
Maxgain- Floating Interest Card Rate Home Loan for Non-Salaried: For loans above Rs.75 lakh and upto Rs.3 crore
| Women | Others | |
|---|---|---|
| RG – 1, 2, 3 | 1 year MCLR+65 bps, ER:8.60% | 1 year MCLR+ 70 bps, ER:8.65% |
| RG – 4, 5, 6 | 1 year MCLR+ 70 bps, ER:8.65% | 1 year MCLR+ 75 bps, ER:8.70% |
Under Maxgain Floating Interest Card Rate Home Loan, non-salaried women enjoy 8.60% interest rate under RG 1,2, and 3 and 8.65% under RG 1,2, and 3 for loan above Rs.75 lakh and upto Rs.3 crore.
Other non-salaried individuals get 8.65% under RG 1,2, and 3 and 8.70% under RG 4,5, and 6 for loans above Rs.75 lakh and upto Rs.3 crore.
Insta Home Top Up Loan:
Insta Home Top Up Loan: 60 bps above one year MCLR, ER: 8.55%
SBI charges an interest rate of 8.55% on their Insta Home Top Up Loan
Home Top-Up Loans for Salaried: Term Loan
| RG-1, 2 ,3 | RG-4, 5, 6 | |
|---|---|---|
| Term Loan upto Rs. 20 lacs | 1 year MCLR+40 bps, ER: 8.35% | 1 year MCLR+50 bps, ER: 8.45% |
| Term Loan above Rs.20 lakh upto Rs.1 crore | 1 year MCLR+60 bps, ER: 8.55% | 1year MCLR+70 bps, ER: 8.65% |
| Above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+70 bps, ER: 8.65% | 1year MCLR + 80 bps, ER: 8.75% |
| Above Rs.2 crore and upto Rs.5 crore | 1 year MCLR+110 bps, ER: 9.05% | 1year MCLR + 120 bps, ER: 9.15% |
On term loans under Home Top Up Loans for salaried people, SBI charges 8.35% for term loan upto Rs.20 lakh under RG 1,2, and 3 and charges 8.45% under RG 4,5, and 6. For term loan above Rs.20 lakh upto RS.1 crore, SBI charges 8.55% under RG 1,2, and 3 and 8.65% under RG 4,5, and 6 for salaried individuals.
For term loan above Rs.1 crore and upto Rs.2 crore, SBI charges 8.65% under RG 1,2, and 3 and 8.75% under RG 4,5, and 6 for salaried individuals. For term loan above Rs.2 crore and upto Rs.5 crore, SBI charges 9.05% under RG 1,2, and 3 and 9.15% under RG 4,5, and 6 for salaried individuals.
Home Top-Up Loans for Salaried: Overdraft
| RG-1, 2, 3 | RG-4, 5, 6 | |
|---|---|---|
| Overdraft Above Rs.20 lakh and upto Rs.1 crore | 1 year MCLR+130 bps, ER: 9.25% | 1 year MCLR+140 bps, ER: 9.35% |
| Overdraft above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+ 150 bps ER:9.45% | 1 year MCLR+160 bps, ER: 9.55% |
For Overdraft Top Up Home Loan above Rs.20 lakh and upto Rs.1 crore, SBI charges 9.25% under RG 1,2, and 3 and 9.35% under RG 4,5, and 6 for salaried individuals.
For Overdraft Top Up Home Loan above Rs.1 crore and upto Rs.2 crore, SBI charges 9.45% under RG 1,2, and 3 and 9.55% under RG 4,5, and 6 for salaried individuals.
Home Top-Up Loans for Non-Salaried: Term Loan
| RG-1, 2 ,3 | RG-4, 5, 6 | |
|---|---|---|
| Term Loan upto Rs. 20 lacs | 1 year MCLR+50 bps, ER: 8.45% | 1 year MCLR+60 bps, ER: 8.55% |
| Term Loan above Rs.20 lakh upto Rs.1 crore | 1 year MCLR+70 bps, ER: 8.65% | 1year MCLR+80 bps, ER: 8.75% |
| Above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+80 bps, ER: 8.75% | 1year MCLR + 90 bps, ER: 8.85% |
| Above Rs.2 crore and upto Rs.5 crore | 1 year MCLR+120 bps, ER: 9.15% | 1year MCLR + 130 bps, ER: 9.25% |
On term loans under Home Top Up Loans for non-salaried people, SBI charges 8.45% for term loan upto Rs.20 lakh under RG 1,2, and 3 and charges 8.55% under RG 4,5, and 6. For term loan above Rs.20 lakh upto RS.1 crore, SBI charges 8.65% under RG 1,2, and 3 and 8.75% under RG 4,5, and 6 for non-salaried individuals.
For term loan above Rs.1 crore and upto Rs.2 crore, SBI charges 8.75% under RG 1,2, and 3 and 8.85% under RG 4,5, and 6 for non-salaried individuals. For term loan above Rs.2 crore and upto Rs.5 crore, SBI charges 9.15% under RG 1,2, and 3 and 9.125% under RG 4,5, and 6 for non-salaried individuals.
Home Top-Up Loans for Non-Salaried: Overdraft
| RG-1, 2, 3 | RG-4, 5, 6 | |
|---|---|---|
| Overdraft Above Rs 20 lacs and upto Rs.1 crore | 1 year MCLR+140 bps, ER: 9.35% | 1 year MCLR+150 bps, ER: 9.45% |
| Overdraft above Rs.1 crore and upto Rs.2 crores | 1 year MCLR+ 160 bps ER:9.55% | 1 year MCLR+170 bps, ER: 9.65% |
For Overdraft Top Up Home Loan above Rs.20 lakh and upto Rs.1 crore, SBI charges 9.35% under RG 1,2, and 3 and 9.45% under RG 4,5, and 6 for non-salaried individuals.
For Overdraft Top Up Home Loan above Rs.1 crore and upto Rs.2 crore, SBI charges 9.55% under RG 1,2, and 3 and 9.65% under RG 4,5, and 6 for salaried individuals.
SBI MCLR Rate for Home Loan:
| Tenor | Existing MCLR | Revised MCLR |
|---|---|---|
| Over night | 7.75% | 7.70% |
| One Month | 7.85% | 7.80% |
| Three Month | 7.90% | 7.85% |
| Six Month | 7.95% | 7.90% |
| One Year | 8.00% | 7.95% |
| Two Years | 8.10% | 8.05% |
| Three Years | 8.15% | 8.10% |
Factors on which the SBI Home Loan Interest Rate Depends
- Applicant’s Salary: The annual income helps the applicant to identify the rate of interest that he/she has to incur. Income and rate are indirectly proportional to each other. The applicant will be charged a lower rate of interest if he/she has a higher income.
- Amount of the Loan: If the applicant applies for a higher loan amount, the rate of interest associated with that loan amount will be lesser.
