SBI Home Loan Interest Rates
SBI Home Loans interest rates in 2024 are as low as 8.50% - 10.05% p.a. Choose from over 20 customized home loan schemes. Whether you are salaried or self-employed, SBI home loan eligibility includes all. Female applicants enjoy special discounts on SBI Home Loans interest rates for 2024. With up to 30 years of tenure, enjoy the lowest EMI.
SBI Home Loan Interest Rates - 2024
| Rate of Interest | 8.50% - 10.05% |
|---|---|
| Loan Amount | Up to 90% of Property Value |
| Tenure | Up to 30 years |
| Processing Fee | Up to 0.35% of the loan amount |
| Foreclosure Charges | Nil for floating rates |
SBI Home Loan Interest Rates for All Schemes in India 2024
The EMIs for all SBI Home Loans are calculated at the reducing balance method. Thus, a monthly interest component is charged on the balance principal amount and your liability reduces as the tenure of the loan grows.
The latest interest rates for different types of SBI Home Loans are:
Regular Home Loans
| Credit Score | Term Loan | MaxGain |
|---|---|---|
| >=800 | 8.40% | 8.80% |
| 750-799 | 8.50% | 8.90% |
| 700-749 | 8.60% | 9% |
| 650-699 | 8.70% | 9.10% |
| 550-649 | 8.90% | 09.30% |
| NTC/ NO CIBIL Score | 8.60% | 9% |
Top-Up Home Loans
| Credit Score | Term Loan | Overdraft |
|---|---|---|
| >=800 | 8.80% | 9.15% |
| 750-799 | 8.95% | 9.25% |
| 700-749 | 9.05% | 9.35% |
| 650-699 | 9.15% | 9.45% |
| 550-649 | 9.40% | 9.75% |
| NTC/ NO CIBIL Score | 9.05% | 9.35% |
Tribal Plus Home Loans
| Credit Score | Term Loan |
|---|---|
| >=800 | 8.50% |
| 750-799 | 8.60% |
| 700-749 | 8.70% |
| 650-699 | 8.80% |
| 550-649 | 9% |
| NTC/ NO CIBIL Score | 8.60% |
Realty Home Loans
| Credit Score | Term Loan | CRE Term Loan |
|---|---|---|
| >=800 | 8.75% | 8.95% |
| 750-799 | 8.85% | 9.05% |
| 700-749 | 8.95% | 9.15% |
| 650-699 | 9.05% | 9.25% |
| 550-649 | 9.15% | 9.35% |
| NTC/ NO CIBIL Score | 8.95% | 9.15% |
SBI offers diversified home loans to cater to varied customer needs. For instance, a bridge loan is a short-term loan option that can be availed of by borrowers as a short-term loan for meeting the cash gap faced during the selling and buying of property consecutively. These are ideal for home borrowers who want a loan to buy a new home and also want to sell their existing property. As the name suggests Bridge Loans help borrowers buy time. These loans also offer the option to convert the loan into a term Home Loan.
Compare SBI Bank Home Loan Interest Rate with Top Banks
Before applying for SBI Home Loan do take a quick overview of SBI Bank home loan interest rates offered by leading lenders in the country.
| Bank/NBFC | Interest Rate | Processing Fee |
|---|---|---|
| SBI Home Loan | 8.50% - 10.05% | Up to 0.35% + GST |
| HDFC Home Loan | 8.75% - 9.65% | Up to 0.50% + applicable taxes |
| Kotak Home Loan | 8.75% | Up to 0.50% + applicable taxes |
| HSBC Home Loan | 8.50% | Up to 1% + applicable taxes |
| ICICI Bank Home Loan | 8.75% | 0.50% - 2% + GST |
| Bank of Baroda Home Loan | 8.40% - 10.60% | Up to 0.50% +GST |
| Axis Bank Home Loan | 8.75% - 9.10% | Up to 1% +GST |
SBI Home Loan MCLR Interest Rates for Existing an Revised Customers
The borrowers have the option to switch to a repo-linked home loan regime on payment of the one-time nominal fee.
Tenor-wise SBI Home Loan MCLR interest rate, effective from 15th Apr 2024:
| Tenure | Existing MCLR (in %) | Revised MCLR (in %) |
|---|---|---|
| Overnight | 8.00 | 8.00 |
| 1 Month | 8.20 | 8.20 |
| 3 Month | 8.20 | 8.20 |
| 6 Month | 8.55 | 8.55 |
| 1 Year | 8.65 | 8.65 |
| 2 Years | 8.75 | 8.75 |
| 3 Years | 8.85 | 8.85 |
On the other hand, SBI Home Loan Interest Rates for existing customers who opted for repo-linked products will change as per the change in repo rate. The rate changes on the first day of every quarter.
Factors Affecting SBI Home Loan Interest Rates
The loan amount and interest rate for your SBI Home Loan application are determined considering factors such as age, income, debt-to-income ratio, number of dependents, assets and liabilities, LTV ratio & cost of house or flat in the discussion. Furthermore, the rate of interest will also vary as per the loan variant chosen. For example, SBI Maxgain offers a low OD facility and its benefits outweigh the rate differential with SBI Term Home Loan.
Interest rates also vary on the basis of credit score, a person with having good credit score will get a loan at a low interest rate.
Another factor that helps you lock in the best rate of interest for a home loan is the existing relationship with the SBI bank. The lender offers special schemes, preapproved offers, and rate discounts to SBI existing customers with good history.
The online applications sourced through YONO apps are also eligible for rate concession. So, use professional advice & factor in all these points before applying for an SBI Home Loan.
How to Calculate SBI Home Loan Interest Rate?
SBI Home Loan Interest amount can be calculated instantly using the Home Loan EMI calculator or manually using the formula:
Interest Amount = Principal Loan Amount x Interest Rate x Time
To calculate using an online calculator, fill in the loan details like loan amount, interest rate, and tenure and click on submit. Instantly you will get loan EMI, total repayment, and total interest amount.
You can also access the loan amortization schedule using the home loan calculator.
SBI Bank Home Loan EMI Calculation
Let’s use the EMI Calculator and find out the EMI for SBI Home Loans with different combinations of Home Loan Amount and tenor. Below we have calculated EMI for 10 Lakh, 20 Lakh, 30 Lakh, 40 Lakh, and 50 Lakh SBI Home Loans for 10, 20 & 30 years respectively.
| Loan Amount | 10 years | 20 years | 30 years |
|---|---|---|---|
| Rs. 10 Lakh Home Loan EMI | Rs. 12,399 | Rs. 8,678 | Rs. 7,689 |
| Rs. 20 Lakh Home Loan EMI | Rs. 24,797 | Rs. 17,356 | Rs. 15,378 |
| Rs. 30 Lakh Home Loan EMI | Rs. 37,196 | Rs. 26,035 | Rs. 23,067 |
| Rs. 40 Lakh Home Loan EMI | Rs. 49,594 | Rs. 34,713 | Rs. 30,757 |
| Rs. 50 Lakh Home Loan EMI | Rs. 61,993 | Rs. 43,391 | Rs. 38446 |
| Rs. 60 Lakh Home Loan EMI | Rs. 74,391 | Rs. 52,069 | Rs. 46,135 |
*For EMI calculation, a flat rate of Interest @ 8.50% - 10.05% p.a. is considered. The calculation is indicative only and will change as per the effective rate of interest offered to you.
FAQs
Currently, SBI Home Loan interest rates for online applications start at 8.50% - 10.05% for all other applicants. All new SBI Home Loan products are linked to repo rates and thus rate of interest will change each quarter as per the latest benchmark rates.
To switch your existing SBI Home Loan linked to MCLR or base rate to external benchmark rate or repo-linked home loan, you need to visit any of the nearest branches and submit an application. It will cost you one one-time service charge of Rs 5,000 plus GST. Switching a home loan to MCLR can help you save a substantial amount during the tenure of the loan.
Yes, SBI offers a concession of 5 bps to women borrowers. A home loan with a woman as the main applicant or co-applicant will be eligible for this rate reduction.
SBI uses a daily reducing balance method for calculating loan repayments and it is most beneficial for the customers. As the principal amount is deducted with each repayment, the effective interest amount substantially reduces with each EMI payment.
In the fixed interest rate home loans the rate of interest remains the same throughout the loan tenure thus your EMI remains fixed during the loan life. On the other hand, in the floating rate of interest or variable regime, the rate of interest changes as per the change in benchmark lending rates. Currently, SBI Home Loan fixed interest rates are not available. You can only apply for a floating rate variant.
SBI Home Loan interest is calculated on a monthly reducing, yearly, or daily reducing balance by the Bank. The same will be communicated to you before the loan agreement. The EMI charged at the daily reducing balance method will be lower than the one calculated by the monthly reducing or annually reducing method.
Yes, you can foreclose or part-prepay your SBI Home Loan any time during the loan term. There is no foreclosure fee or charge applicable on SBI Home Loans on floating rates.
One of the major benefits of part pre-payments is reducing the outstanding amount of Home Loan which cuts down your interest payout. Thus it saves you on the interest component.
The SBI Bank Home Loan interest rate will change quarterly on 1st day of the calendar quarter. The change is effectuated basis the change in the Repo Rate as governed by RBI.
Yes, floating-rate home loans change as per market fluctuations and thus as per the switch-over rate of your loan, you will enjoy the latest rate.
EBLR stands for External Benchmark Lending Rate. Since Oct 1, 2019, SBI is offering home loans linked to external benchmarks (repo rates).
Currently, SBI EBLR for Term Home Loans under Rs 30 Lakh start from 8.50% - 10.05% p.a. while for SBI Maxgain Home Loans interest rate starts from 9.55% p.a. The final rate will vary as per LTV% and your repayment capacity. The minimum EMI for Rs 25 Lakh home loan for 15 years for term loan and maxgain will be Rs 25,134 and Rs 26,181 respectively.
The interest rates for SBI Home Improvement Loan will depend on the card rates. You can apply for a Home Loan OD or a home loan top-up for home repair or modification purposes or apply for a separate home improvement loan. If you avail of an unsecured home renovation loan, the rate of interest will be as per current personal loan rates. So based on the loan category, the rate will change.
SBI home loan interest ranges from 8.50% - 10.05% p.a. and HDFC home loan interest ranges from 8.75% - 9.65% p.a. The interest rates are at par for lower amounts, but HDFC interest rates increase for higher amounts. The advantage of SBI Home Loans is the various tailor-made schemes to meet individual requirements apart from the lower interest rates.
You can check the EMI using the SBI Home Loan EMI Calculator. The EMI for a home loan of Rs. 20 lakhs at 8.50% for 15 years is Rs. 19,695/-
SBI Home Loan Interest Rate 2024 for Rs. 30.00 lakhs is 8.50% for salaried individuals and 11.15% for non-salaried individuals. A concession of 0.05% for women borrowers will be provided.
The processing charges for SBI Home Loan is 0.35% of the loan amount with a minimum of Rs.2000/- and a maximum of Rs. 10000/-