SBI Home Loan Overview: Eligibility, Interest Rates, Required Documents

SBI Home Loan: Securing a home loan is a crucial and significant financial decision in our lives. Before finalizing the bank for your home loan, it’s essential to gather information about the sbi home loan documents current interest rate offered by different banks. Compare the offerings of various banks, considering factors such as eligibility criteria for government and private banks. Evaluate whether fixed rates or floating rates are more flexible and affordable.

To simplify the home loan process, consider aspects like the ease of prepayment options and the feasibility of balance transfer. We aim to provide answers to these questions and streamline the home loan process for you. An ideal home loan is one that offers the lowest rates throughout the tenure, provides options for part payments, and allows for balance transfer if desired. sbi home loan rate, sbi home loan rate

SBI Home Loan Latest Offer: The State Bank of India is providing a concession of 15 basis points to 25 basis points on its regular home loans from October 4, 2024, to January 31, 2023.

SBI Home Loan
SBI Home Loan

Kotak Mahindra Bank offers the most affordable home loan with an interest rate of 6.65%. Additionally, LIC Housing Finance Limited offers home loan interest rates starting from 6.66%. Currently, several banks are providing home loans at rates below sbi home loan interest

BankInterest Rate (in %)Processing Fee
Kotak Mahindra Bank6.65🚀 Maximum ₹10,000
LIC Housing Finance Ltd.6.66💼 ₹10,000 to ₹15,000
ICICI6.70📊 0.25% and up to a maximum of ₹5,000
SBI6.70⚠️ Sorry, until 31st August

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SBI Home Loan Eligibility Requirements

SBI Home Loans stand as the largest Mortgage Lender in India, facilitating the realization of the homeownership dream for over 30 lakh families. To avail the Home Loan from SBI, specific criteria apply based on the type of loan and different categories. The eligibility criteria for SBI Home Loan are outlined in the table below: sbi home loan interest

👤 SalariedSelf-employed
📅 Age18 years to 70 years
💰 IncomeRs. 1,20,000 (p.a.)
💸 Loan Amount Offered5,00,000 – 1,00,00,000
Tenure5 years – 30 years
🗓️ Current Experience2 years
📄 Documentation1) Application form with photograph
2) Identity & residence proof2) Identity & residence proof
3) Last 3 months salary slip3) Education qualifications certificate & proof of business existence
4) Form 164) Business profile
5) Last 6 months bank salaried credit statements5) Last 3 years profit/loss & balance sheet
6) Processing fee cheque6) Last 6 months bank statements
7) Processing fee cheque

SBI Home Loan Interest Rates Overview

The interest rates for SBI home loans are categorized and explained as follows:

Loan AmountSBI Repo Rate Home Loan RateRate For Female BorrowerSBI Maxgain
Upto ₹30 Lakh6.70%6.70%7.00%
₹30 Lakh – ₹75 Lakh6.95%6.90%7.25%
₹75 Lakh – ₹1 Cr7.05%7.00%7.25%
Above ₹1 Cr7.05%7.00%7.35%

Documents Required for SBI Home Loan

Applicable to All SBI Loan Seekers:

  • Duly filled loan application
  • 3 passport-size photographs
  • Identity Proof (Voter ID Card/Passport/Driving License/PAN Card)
  • Proof of Residence (Current Address Proof)
  • Bank Statement for the last 6 months
  • Personal assets and liabilities declaration
  • Proof of property
  • Income Tax Proofs (If required)
  • Signature Identification from present banker

Documents Required for Guarantor

  • Assets and liabilities Statement
  • 2 passport-size photographs
  • Identity Proof (Voter ID Card/Passport/Driving License/PAN Card)
  • Address Proof (Telephone Bill/Electricity Bill/Property Tax Receipt/Passport/Voter ID Card)
  • Signature Identification from present banker

Late Fees, Penalty, and Other Charges

Penal Interest: In the event of default in payment or any irregularity in the account, the Bank reserves the right to levy a higher rate of interest as it deems fit. An enhanced rate of interest @2% p.a on the irregular amount for the period of irregularity, over and above the applicable rate, will be charged if the Equated Monthly Installment (EMI) remains unpaid for a period of 30 days from the due date, for any reason, including a bounced cheque. sbi home loan eligibility, sbi home loan eligibility, sbi home loan documents, sbi home loan documents

Most Important Terms and Conditions

SBI Home Loans 2 Failed or Non-payment EMI / Cheque returned/ SI dishonours:

  • Reason: Penalty Failed / Non-Payment of EMI – Rs.500 + Service Tax (ST) per EMI missed.
  • Reason: Cheque returned (for insufficient funds only) – For cheques up to Rs.1 Lac Rs.225 + ST For cheques above Rs.1 Lac Rs.350 + ST
  • Reason: Failed SI – Rs.225 + ST per failed SI

The above-mentioned rates may vary from time to time. Repayment: The loan is to be repaid in Equated Monthly Installments over the tenure of the loan. The repayment installment commences from a date specified in the sanction letter. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of the residual amount, if any.


The loan will be disbursed only on the following conditions:

  1. All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s
  2. A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favor of the Bank as per the laws of the State.

Wherever the creation of the mortgage is likely to be delayed for any valid reason, suitable security, including third party guarantee, has been taken for the interim period.

The loan will be disbursed in stages where a loan for construction is desired or purchase is through payment to the seller in installments.

All necessary statutory compliances are in place. SBI may disburse the quantum of the loan in a lump sum or in installments at its discretion depending on the level of construction of the House/Flat as acceptable to SBI.

SBI will disburse the loan amount directly to the builder/seller/society as the case may be and as requested/specified/directed by the customer to SBI at the time of each disbursement. SBI shall not be responsible/liable in any manner whatsoever for any delay by the customer in providing such request/specification/direction to SBI, and the customer shall not claim any costs, charges, and expenses in any relation to any non-disbursal by SBI due to any such delay by the customer.

The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction.

FAQ’S about SBI Home Loans

How will SBI decide the loan amount I am eligible for?

The bank will determine your loan eligibility primarily based on your income and repayment capacity. Other essential factors include your age, qualification, number of dependents, your spouse’s income (if any), assets and liabilities, savings history, and the stability and continuity of occupation.

Do I get tax benefits on the SBI home loan?

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 check with our Loan Counselor about the tax benefits you could avail of on your loan.

Can I get a higher loan through my existing loan account to buy a new property?

Yes, you could opt for a ‘Top-up Home Loan,’ whereby your existing loan (taken 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 allows you to move into your new home without pre-paying your existing loan.

What is an under construction property?

An under-construction property refers to a home that is in the process of being constructed, and possession will be handed over to the buyer at a subsequent date.

Can I repay my loan ahead of schedule?

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.

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