State Bank of India offers attractive interest rates on home loans starting at 6.80% p.a. SBI is offering interest concession of 70 bps with rates starting at 6.70% pa. and zero processing fee. This offer is valid till 31st March 2021. The loan tenure can be extended up to 30 years, ensuring a comfortable repayment period. The processing fee on these loans is 0.35% of the loan amount (Min. Rs.2,000; Max. Rs.10,000) plus applicable taxes. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans. No hidden charges and a full waiver of prepayment charges make them one of the most preferred housing loan products in the country.
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SBI Home Loan Details :
Interest Rate 6.80% p.a. – 7.50% p.a.
EBR 6.65%
Loan Amount Based on eligibility
Processing Fees 0.35% - 1% of loan amount
Prepayment/Foreclosure Charges Nil
Max Tenure 30 Years
Rate Packages Available Floating
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एसबीआई होम लोन विवरण:
ब्याज दर 6.80% प्रति वर्ष - 7.50% प्रति वर्ष
ईबीआर 6.65%
पात्रता के आधार पर ऋण राशि
प्रोसेसिंग फीस 0.35% - लोन राशि का 1%
पूर्व भुगतान / फोरक्लोज़र शुल्क शून्य
अधिकतम कार्यकाल 30 वर्ष
रेट पैकेज उपलब्ध फ्लोटिंग
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SBI Home Loan Festive Offer September 2021 :
Reduction in interest rate:
As part of its festive season offer, State Bank of India has reduced the interest rates on its home loans that are linked to credit scores. The festive offer interest rate is 6.70% p.a. This is irrespective of the quantum of the home loan. This interest rate is also applicable for balance transfer home loans. This is a reduction of nearly 45 basis points from the earlier interest rate. This translates to a savings of approximately Rs.8 lakh for a tenure of 30 years for a home loan of Rs.75 lakh.
According to the credit-score linked interest rate for home loans above Rs.30 lakh, individuals with a credit score above 800 will get an interest rate of 6.70% p.a., those with a credit score between 751 and 800 will get an interest rate of 6.80% p.a., and those with a credit score between 700 and 750 will get an interest rate of 6.90% p.a.
For home loans below Rs.30 lakh, those with a credit score above 800 would get an interest rate of 6.70% p.a. and those with a credit score below 800 would continue with the prevailing interest rates.
No difference between salaried and non-salaried
SBI has also leveled the gap in interest rates between salaried and non-salaried individuals by offering the same interest rate irrespective of occupation type. Earlier, non-salaried individuals were subject to an occupation-linked premium on interest rates which was 15 bps higher than for salaried individuals.
Waiver of processing fee
The bank has also waived processing fee on home loans as part of the festive period offer.
Cut in base rate and prime lending rate
Effective from 15 September 2021, SBI has also revised its prime lending rate to 12.2% and base rate to 7.45%.
SBI Home Loan Interest Rates 2021
SBI offers floating-rate packages on their home loans. SBI interest rates are pegged to floating interest card rate which currently stands lowest at 6.80% p.a. (Updated on 15 Oct 2021). The rates vary based on employment type: salaried or self-employed.
SBI Home Loan Schemes
SBI Regular Home Loan
Interest rate: 6.80% p.a. onwards
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
0.05% lower interest rate for women
Zero charges on pre-payments
Available for applicants aged between 18 and 70
SBI Flexipay Home Loan
Interest rate: Based on the credit score of the customer
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Choice to repay just the interest component during the pre-EMI period
Step-up EMIs in the following years
20% improvement in home loan eligibility for younger professionals
SBI Privilege Home Loan
Interest rate with check-off: 6.95% p.a. onwards
Interest rate without check-off: 7.00% p.a. onwards
Processing fee: Fully waived
Curated for central and state government employees
Discount on interest rates if check-off is given
No processing fee
SBI Shaurya Home Loan
Interest rate with check-off: 6.95% p.a. onwards
Interest rate without check-off: 7.00% p.a. onwards
Processing fee: Fully waived
Specifically for Defence personnel and the Armed Forces
Lower interest rates and longer tenure options
No processing fee
SBI Tribal Plus
Interest rate: 10 bps above final rate
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Specially for people living in tribal areas or hilly areas
Repayment tenure of a maximum of 15 years
Land mortgage not required; third-party guarantor allowed
SBI Home Loan to Non-Salaried Differential offerings
Interest rate (Male): 7.15% onwards
Interest rate (Female): 7.10% onwards
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Exclusive scheme for individuals who have an income but do not earn a monthly salary
Special offers on loans for buying a new residential unit, constructing a house, renovating or repairing your house, or transferring your loan from another bank
Available for proprietors, partners, and directors of companies as well
SBI Pre-Approved Home Loan (PAL)
Interest rate (Salaried male): 7.00% onwards
Interest rate (Salaried female): 6.95% onwards
Interest rate (Non-salaried male): 7.15% onwards
Interest rate (Non-salaried female): 7.10% onwards
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Loan sanctioned before a property is finalised
Gives you more negotiating power with the seller or builder
Benefits similar to that of the SBI Regular Home Loan
SBI Bridge Home Loan
Interest rate (For 1st Year): 9.50%
Interest rate (For 2nd Year): 10.50%
Processing fee: 0.35% of the loan amount (min. Rs.5,000)
Meant for people who are selling one property and buying another
Helps cover for lack of funds in buying a new house while you’re waiting for the sales proceeds of your existing property
Repayment tenure of up to 2 years
SBI Earnest Money Deposit (EMD)
Interest rate: 10.45%
Processing fee: 0.5% of the loan (min. Rs.1,000)
Funds to pay the advance amount for booking a house or plot
Can only be taken to pay booking amount for houses/plots sold by urban development authorities, housing boards, and other government entities
Short-term loans of 1 year
SBI NRI Home Loan
Interest rate (Salaried male): 7.00% onwards
Interest rate (Salaried female): 6.95% onwards
Interest rate (Non-salaried male): 7.15% onwards
Interest rate (Non-salaried female): 7.10% onwards
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Specifically for Non-Resident Indians (NRIs) to buy a house in India
Discount on interest rate for women applicants
No extra fees or interest rates when compared with Regular Home Loan
SBI Realty Home Loan
Interest rate (Male): 7.70% to 7.90%
Interest rate (Female): 7.65% to 7.85%
Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
Meant for purchase of a plot of land to construct your own house
Borrowing limit of up to Rs.15 crore with repayment tenures of up to 10 years
Option to take a separate SBI home loan for the actual construction
SBI Corporate Home Loan
Processing fee: 0.5% of the loan amount (min. Rs.50,000; max. Rs.10 lakh)
Exclusively for corporates to construct or buy houses for their employees
Available for both public limited and private companies
Also available for balance transfer of housing loans from one bank to another in the name of a company