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SBI Home Loans
home loans

SBI Home Loans- Home Loans For Every Condition

SBI home loans is widely chosen by lenders, because State Bank of India is India’s largest government bank, hence more people feel safer with SBI as if something goes wrong then government will help customers on their appeal.

SBI home loan Features

Trust factor is given utmost importance in banking and home loan sector, where SBI has been very successful to gain customer’s trust and if is proved by long queues at their branches.


SBI Privilege Home Loan & SBI Shaurya home Loan are two new schemes of home loan by State Bank of India. In which SBI privilege home loan is for government employees and SBI Shaurya home loan is for defense personnel.


There are several more reasons for opting home loan from SBI all of which are mentioned here:

  • Lower Rate of Interest.
  • Difference of 0.1% rate saves 4 EMI for 20 Year loan
  • Exceptional legal examination of projects & construction progress check.
  • No unseen cost & minimum expenses.
  • ROI based on MCLR (Floating, auto revisions, no charges). MCLR is marginal cost lending rate.
  • Interest on daily reducing balance.
  • Prepay any amount any number of times from internet banking.(No Charges)
  • Top-Up loan @home loan rates.
  • Easy & hassle free door service.
  • User-Friendly internet banking interface.



Eligibility Criteria:

Customer’s eligibility is decided by bank on basis of certain parameters which are age, financial position, credit history, credit score & financial stability.


  • MCLR Rate for 1 year is 7.95% for which base rate is 8.65%.
  • Repayment period is 5-30 years.
  • Under bonanza scheme processing fees is Zero INR till 31st March 2018.
  • Maximum LTV upto 30 lacs is 90%. This means for property value of 30 lacs sanctioned loan amount will be 27 lacs.
  • Maximum LTV above 30 lacs is 80-85% of the property value.
  • Minimum gross monthly income required :
    • Salaried: 10,000 INR
    • Self Employed: 16,500 INR
  • Age Eligibility Range: 18-70 Years
  • Balance Transfer Processing Fees: 0 INR under bonanza scheme till 31st March 2018.


SBI Home Loan Interest Rates: Last updated as on 02 Jan 2018


Category Home Loan (Term Loan)* Home Loan as Overdraft (Maxgain)*
Upto 30 lakhs Above 30 lakh Upto 75 lakhs Above 75 lakhs Above 20 lakh upto 30 lakhs Above 30 lakhs Upto 75 lakhs Above 75 lakhs Upto 3 crores
Women 8.30% 8.30% – 8.35% 8.40%-8.45% 8.35% 8.40%-8.45% 8.45%-8.50%
Others 8.35% 8.35%-8.40% 8.45%-8.50% 8.40% 8.45%-8.50% 8.55%-8.60%
Women 8.40% 8.45%-8.50% 8.50%-8.55% 8.45% 8.55%-8.60% 8.60%-8.65%
Others 8.45% 8.50%-8.55% 8.55%-8.60% 8.50% 8.60%-8.65% 8.65%-8.70%


Interest Rates of Hamara Ghar Home Loan Scheme

Loan upto 30Lac Salaried Non Salaried
Women 8.35% 8.50%
Others 8.40% 8.55%

Interest Rates for Home Loan Top Up Scheme

Insta Home Top Up Loan (Rs.1 lac to Rs.5 lacs) 1% above 1 year MCLR present ER: 9%, irrespective of Risk Grades, gender and occupation (No change).
For Salaried 8.40% – 9.20% (Term loan) 9.30% – 9.60% (Overdraft)
For Self Employed 8.50% – 9.30% (Term loan) 9.40% – 9.70% (Overdraft)


SBI Home Loan Products

  • SBI Flexipay Home loan
    •SBI Maxgain
    •SBI Hope Loan
    •NRI Home Loans
    •SBI Realty
    •SBI Pal
    •SBI Tribal Plus
    •Gram Niwas
    •Sahyog Niwas
    •SBI Privilege Home Loan
    •SBI Shaurya Home Loan
    •SBI Top Up Home Loan
    •SBI Reverse Mortgage Loan

SBI Hope Loans

Latest initiative by State Bank of India planned for all section of society. With lower interest rate and attractive benefits, hope loans of SBI has been a real ray of hope, mainly for underprivileged section of society.


Interest rates: From October’ 16

  • For women- 9.25%
  • For Others – 9.30%

SBI Tribal Plus Home Loan

Special scheme designed for tribal areas where mortgaging of the property is not possible. This type of loan is sanctioned for building of new house or purchasing of new house on the land which is not mortgaged.

  • INR 10 Lacs is the maximum amount of loan sanctioned.
  • 15 years is Maximum Repayment period.

SBI Gram Niwas Home Loan

For all rural and Semi-urban location where customer wants to purchase house or a plot for construction, are covered under Gram Niwas home loan scheme. Locations considered under rural and semi-urban must  have maximum population upto 50,000 according to 2001 census.

  • INR 5 Lacs is the maximum loan amount sanctioned under this scheme.
  • 15 years is maximum repayment period.

SBI Shaurya Home Loan

Great initiative by SBI for our country’s proud customers who serve in the Army, Navy or Air-Force. SBI Shaurya home loan is only applicable for customer employed in defense sector of our country.

  • Zero processing fees for applicants of SBI Shaurya Home Loan.
  • Least Interest Rate for such applicants under tie-up arrangement with banks by government.
  • 5 years of benefit in repayment of home loan , as applicants under this scheme can repay their loan till age of 75 years whereas for normal applicants it is 70 years.

SBI NRI Home Loans

For applicants of Indian origin residing abroad, NRI’s (Non Resident of India) & PIOs (Persons of India Origin) having a regular source of income can apply under this scheme.

  • Must be employed for past 2 years either in India or Abroad.
  • No such maximum amount limit under this scheme.

SBI Top Up Home Loan

After repayment of at least 1 year, applicants are eligible for top-up considering their payment was satisfactory.

  • Top-up amount ranges between 3 Lacs- 5 Crore INR
  • Processing fees for top-up is 0.35% of loan amount or 10,000 INR plus GST.
  • Interest Rates charged on Top-up loan is different from Normal Home Loan
Top-up loan amount Term Loan
Upto Rs. 20 lakhs 8.35% – 8.45%
Above Rs. 20 lakhs – Rs. 1 crore 8.55% – 8.65%
Above Rs. 1 crore – Rs. 2 crores 8.65% – 8.75%
Above Rs. 2 crores – Rs. 5 crores 9.05% – 9.15%




Documentation Required:


  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph each for applicant and guarantor.
  • Last 3 Months salary slip.
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.


Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.



  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.


SBI Home Loans Pre Closure Procedure:


  1. Visit your servicing SBI branch from where you have applied for home loan.
  2. Get an appointment from bank for pre-closure of your home loan.
  3. Visit on scheduled date, fill out a disclosure form provided by bank. There you have to provide details of source of income through which you are planning to pay off your loan.
  4. After submitting the disclosure form, Bank will calculate the remaining loan amount that you have to repay to bank.
  5. Pay that mentioned amount via cheque or Demand Draft.
  6. Once bank receives the payment, they will complete the formalities and will close home loan on your account, you will get a receipt for the complete payment you have done to the bank
  7. Ask for Amortization sheet. It is nothing but details of all your payment through EMIs and final payment that you have done to bank from day one.
  8. As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  9. Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it

Documents that you should receive on SBI Home Loans Closure:


  • Property Deed.
  • NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)
  • Updated CIBIL Score
  • MOD*(Memorandum of deposit)
  • Promissory Note.


*MOD must have been received at the time you had started home loan with bank