SBI Home Loan Interest Rate April 2023
State Bank of India (SBI) home loan interest rates are currently starting from 9.15%* p.a. Women applicants get an additional concession of 5 basis points on the regular interest rates, subject to a minimum of 9.15% p.a. Typically, the tenure of SBI home loans go up to 30 years, ensuring convenient repayment, while borrowers can avail of a variety of home loans of up to 90% of the assessed property value. For specific home loan categories, the loan amount can also go up to ₹15 crore.
The bank considers applications with CIBIL scores of as low as 550, or no CIBIL score; however at higher applicable interest rates. The lowest applicable rates are usually reserved for eligible applicants with a CIBIL score of 800 and above.
SBI Home Loan Interest Rates 2023 Highlights
Here’s a list of the current SBI home loan interest rates.
| Different Home Loan Schemes | Interest rate range (p.a.) |
| SBI Regular Home Loan | 9.15% – 10.05% |
| SBI Flexipay Home Loan | 9.15% – 10.05% |
| SBI NRI Home Loan | 9.15% – 10.05% |
| SBI Privilege Home Loan | 9.15% – 10.05% |
| SBI Shaurya Home Loan | 9.15% – 10.05% |
| SBI Home Loan to Non-Salaried – Differential Offerings | 9.15% – 10.05% |
| SBI Commercial Real Estate (CRE) Home Loan | 9.35% – 10.15% |
| SBI Home Top Up Loan | 9.75% onwards |
| SBI Realty Home Loan | 9.45% – 10.05% |
| SBI Tribal Plus | 9.25% onwards |
| SBI Loan against Property (P-LAP) | 10.90% – 11.30% p.a. |
| Apon Ghar | 9.15% – 10.05% |
Concessions
- Premium of 10 bps to card rate (loan value up to ₹30L; LTV >80% & <=90%)
- 5 bps concession for Privilege/Shaurya/Apon Ghar HL if maintaining salary account with SBI
- 5 bps concession to women borrowers subject to minimum of 9.15%*
SBI Home Loan Interest Rate Calculator – How to Calculate SBI Home Loan EMI
Calculating your home loan EMIs before taking a loan is extremely important to assess the loan affordability. To calculate your SBI Home Loan EMI, the most convenient option is to use an online home loan EMI calculator (like the one mentioned below).
Navi Home Loan EMI Calculator
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Simply enter the loan amount, the current rate of interest, and the loan tenure, and the calculator would show the estimated EMI amount in seconds!
In addition, the SBI home loan calculator would also show the amortization or payment schedule, giving you a better idea of loan repayment. Do note, the rate of interest for flexi rate home loans could change from time to time; however, the SBI home loan EMI calculator would assume the same rate of interest throughout the loan tenure.
For example, a home loan of ₹50 lakh at 9.15% p.a. taken for 20 years would result in an EMI of ₹45,470. The total interest payout for the entire loan duration would be ₹59,12,747, taking the total payable amount to ₹1,09,12,747 inclusive of ₹50 lakh principal and ₹59,12,747 interest.
Factors that Affect SBI Home Loan Interest Rate
1. Interest Rate Benchmark
Interest rate benchmark is the interest rate system that is used to ascertain the applicable loan rates. The State Bank of India typically uses two benchmarks for its home loans:
- External Benchmark based Lending Rate (EBLR) is an externally-linked interest rate system that is now the only option for new flexi rate home loans offered by the public bank. As on February 15, 2023, the SBI EBLR stands at 9.15%+credit risk spread (CRP)+BSP.
- Marginal Cost of Funds Based Lending Rate or MCLR is also used to determine applicable home loan interest rates. Here are the current SBI MCLR rates:
| MCLR type | Revised rate (wef Feb 15, 2023) |
| 1-month MCLR | 8.10% p.a. |
| 3-month MCLR | 8.10% p.a. |
| 6-month MCLR | 8.40% p.a. |
| 1-year MCLR | 8.50% p.a. |
| 2-year MCLR | 8.60% p.a. |
| 3-year MCLR | 8.70% p.a. |
- SBI Repo Linked Loan Rate or RLLR is linked to the repo rate – the key policy rate of the Reserve Bank of India. The SBI RLLR currently stands at 8.75% + credit risk spread.
2. CIBIL Score
The loan applicant’s CIBIL score, representing his/her creditworthiness and loan repayment track record, also plays an important role in determining the applicable interest rate. The higher the CIBIL score (or as near to the maximum score of 900), the better are the chances to bag lower rates. Here’s a list of SBI Regular Home Loan interest rates as per the applicant’s CIBIL score:
| CIBIL Score Range | SBI Home Loan Interest Rate Range (p.a.) wef Feb 15, 2023 |
| >=800 | 9.15% – 9.55% |
| 750 – 799 | 9.25% – 9.65% |
| 700 – 749 | 9.35% – 9.75% |
| 650 – 699 | 9.45% – 9.85% |
| 550 – 649 | 9.65% – 10.05% |
| NTC/No CIBIL Score | 9.35% – 9.75% |
3. Loan to Value (LTV) Ratio
This is a percentage of the loan amount against the value of the property. For example, a loan amount of ₹80 Lakh for a ₹1 Crore property means an LTV of 80%. Generally, a low LTV could translate to faster loan approval at lower interest rates. Applicants can lower the LTV by increasing the downpayment contribution and going for an affordable property. Here are the current LTV norms for SBI home loans:
| Loan Amount | Maximum Permissible LTV |
| Up to ₹30 Lakh | 90% |
| > ₹30 Lakh <= ₹75 Lakh | 80% |
| > ₹75 Lakh | 75% |
4. Loan Amount
In addition to LTV, the loan amount is also an important factor in loan approval and ascertaining the applicable interest rates. A low loan amount, say, less than ₹30 Lakh, could also result in lower interest rates than a higher loan amount (say, ₹1 Crore).
5. Income
Your monthly household income is also a key factor in determining your loan eligibility and applicable interest rate. Do note, multiple earning members in your immediate household or multiple sources of income could increase the monthly household income. Higher the household income, better are the chances to get the desired loan amount at lowest applicable interest rates.
6. Property Location
Whether your chosen property is located at a metropolitan city or a smaller town could also impact the loan eligibility and the applicable rates. You might be able to get a bigger loan amount sanctioned for a property in a big city, based on your eligibility.
7. Gender
The SBI also offers concessional rates if a woman is an applicant or co-applicant for the loan. For example, currently the SBI is offering a 5 basis points or 0.05% concession to women borrowers, subject to the minimum EBLR of 9.15%.
8. Type of Occupation
The prominent public sector lender could also offer concessional interest rates to central and state government employees and defence personnel.
Also Read
SBI Home Loan Interest Rate and Benefits for Women
If you’re a woman applicant or co-applicant to a home loan, the SBI will offer you a 5 basis points or 0.05% concession on the applicable home loan interest rate. The concession, however, is subject to the minimum EBLR of 9.15%; meaning the final reduced rate for women borrowers cannot go below 9.15% as per the current rates.
For example, if the bank is offering 9.25% to a male applicant, it could offer 9.20% if there’s a woman co-applicant subject to other terms and conditions.
SBI Home Loan Interest Rate for NRIs
SBI also offers home loans to eligible Non Resident Indians. Interested applicants can get in touch with their city’s NRI home loan point of contact to proceed. Here are the details:
| Type of Residents | NRIs or Persons of Indian Origin (PIOs) |
| Age | 18 to 60 years |
| Loan Tenure | Up to 30 years |
| Interest Rate | 9.15% p.a. to 10.05% p.a. (wef Feb 15, 2023 as per credit score among other factors) |
| Other benefits | Low interest rates and processing feeNo hidden chargesNo prepayment penaltyOverdraft availableConcessional rates for women borrowers |
SBI Home Loan Interest Rate for Salaried
| CIBIL Score Range | SBI Home Loan Interest Rate Range (p.a.) wef Feb 15, 2023 |
| >=800 | 9.15% – 9.55% |
| 750 – 799 | 9.25% – 9.65% |
| 700 – 749 | 9.35% – 9.75% |
| 650 – 699 | 9.45% – 9.85% |
| 550 – 649 | 9.65% – 10.05% |
| NTC/No CIBIL Score | 9.35% – 9.75% |
SBI Home Loan Interest Rate for Self Employed
| CIBIL Score Range | SBI Home Loan Interest Rate Range (p.a.) wef Feb 15, 2023 |
| >=800 | 9.15% – 9.55% |
| 750 – 799 | 9.25% – 9.65% |
| 700 – 749 | 9.35% – 9.75% |
| 650 – 699 | 9.45% – 9.85% |
| 550 – 649 | 9.65% – 10.05% |
| NTC/No CIBIL Score | 9.35% – 9.75% |
SBI Home Loan Interest Rate Comparison with Other Banks
| Bank Name | Home Loan Interest Rate Range (p.a.) |
| Bank of Baroda | 9.15% – 10.90% |
| Punjab National Bank | 8.65% – 9.60% |
| HDFC | 8.50% – 10.70% |
| ICICI Bank | 9.00% – 10.05% |
| Kotak Mahindra Bank | 8.85% onwards |
| Union Bank of India | 8.75% – 10.95% |
| Canara Bank | 8.85% – 11.25% |
| Axis Bank | 8.75% – 12.70% |
| Bandhan Bank | 9.15% – 15.00% |
Table of 10 Years SBI Home Loan Interest Rate
| Month and Year | SBI Home Loan Interest Rate Range (p.a.) | Interest Rate Regime |
| February 2013 | 9.75% – 10.10% | Base Rate |
| December 2013 | 10.00% – 10.30% | Base Rate |
| August 2014 | 10.00% – 10.15% | Base Rate |
| April 2015 | 9.75% – 9.90% | Base Rate |
| October 2015 | 9.30% – 9.95% | Base Rate |
| April 2016 | 8.95% – 9.35% | MCLR |
| November 2017 | 7.70% – 8.10% | MCLR |
| September 2018 | 8.10% – 8.65% | MCLR |
| November 2019 | 7.65% – 8.20% | MCLR |
| July 2020 | 6.65% onwards | EBLR |
| October 2020 | 6.90% onwards | EBLR |
| January 2021 | 6.80% onwards | EBLR |
| March 2021 | 6.70% onwards | EBLR |
| April 2021 | 6.95% onwards | EBLR |
| June 2022 | 7.55% onwards | EBLR |
| August 2022 | 8.05% onwards | EBLR |
| January 2023 | 8.90% onwards | EBLR |
| February 2023 | 9.15% onwards | EBLR |
Feature and Benefits of SBI Home Loan
1. Home loans for all Types of Requirements
The State Bank of India offers home loans for multiple types of customer needs, including regular home loans, flexipay home loans, pre-approved home loans, realty home loans, NRI home loans, commercial real estate home loans, home loan top-ups, loan against property, etc.
2. Multiple Concessions
Being the largest government lender in the country, SBI also offers concessions for certain types of customers including women borrowers, central and state government officials, defence personnel, etc. For example, SBI is currently offering a 5 bps or 0.05% concession to women borrowers, subject to terms and conditions.
3. Competitive Interest Rates
SBI also offers one of the lowest home loan interest rates in the country, currently starting from 9.15% p.a.
4. Low Processing Fee
SBI Home Loans also come with low processing fees ranging between ₹2,000 to ₹10,000 (plus applicable GST) as per loan type and amount.
5. Long Repayment Tenures
SBI home loans usually come with a maximum permissible tenure of 30 years, allowing borrowers ample time to comfortably repay their loans.
6. No Prepayment Penalty
Like many other lenders, SBI also charges zero prepayment and part prepayment penalty to close a flexi rate home loan before the end of its tenure. This allows borrowers to better manage their loan burden with increase in their income.
7. Overdraft Facility
SBI home loans also come with an overdraft facility depending on the loan type, allowing borrowers to park their savings in the loan account to cut down on the loan outstanding.
8. Wide Network
With over 28,000 branches across the country, SBI offers home loan facilities in every district and town in India.
Different Types of Home Loans Offered by SBI
1. SBI Regular Home Loan
This is the no-frills home loan offering from SBI covering purchase of ready-to-move-in, under construction and pre-owned properties apart from construction, extension and renovation of a house. Here are the details:
- Type of Applicant: Resident Indians
- Age: 18 to 70 years
- Loan Tenure: Up to 30 years
- Loan Amount: As per bank’s discretion
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: 0.35% of loan amount or ₹2,000 to ₹10,000, plus applicable GST
- Interest Rate: 9.15% to 10.05% p.a. (wef Feb 15, 2023)
2. SBI NRI Home Loan
This is a home loan specially designed for Non Resident Indians. Interest applicants can get in touch with their respective points of contact for NRI Home Loans, or apply online. Here are the details:
- Type of Applicant: NRIs or PIOs
- Age: 18 to 60 years
- Loan Tenure: Up to 30 years
- Loan Amount: As per bank’s discretion
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: 0.35% of loan amount or ₹2,000 to ₹10,000, plus applicable GST
- Interest Rate: 9.15% to 10.05% p.a. (wef Feb 15, 2023)
3. SBI Flexipay Home Loan
This loan facility is meant for salaried borrowers offering a higher loan amount. Eligible customers can pay only the interest during the pre-EMI period followed by moderated EMIs, and subsequently moving to higher EMIs in line with increasing income. This is a great option for young salaried applicants planning to realise their home-buying dream. Here are the details:
- Type of Applicant: Resident Indian (salaried)
- Age: 21 to 45 years (up to 70 years for repayment)
- Loan Tenure: Up to 30 years
- Loan Amount: As per bank’s discretion
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: 0.35% of loan amount or ₹2,000 to ₹10,000, plus applicable GST
- Interest Rate: 9.15% to 10.05% p.a. (wef Feb 15, 2023)
4. SBI Privilege Home Loan
This home loan is specifically designed for central and state government employees and other individuals with pensionable service. Here are the details:
- Type of Applicant: Resident Indian (government employee)
- Age: 18 to 75 years
- Loan Tenure: Up to 30 years
- Loan Amount: As per bank’s discretion
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: Zero
- Interest Rate: 9.15% to 10.05% p.a. (wef Feb 15, 2023)
- Concession: Interest concession if check off provided
5. SBI Shaurya Home Loan
This home facility is only offered to army and defence personnel involving lower rates and more relaxed repayment options. Here are the details:
- Type of Applicant: Resident Indian (defence personnel)
- Age: 18 to 75 years
- Loan Tenure: Up to 30 years
- Loan Amount: As per bank’s discretion
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: Zero
- Interest Rate: 9.15% onwards (wef Feb 15, 2023)
- Concession: Interest concession if check off provided
6. SBI Realty Home Loan
This loan can be used to purchase a plot to construct a house. However, the construction should begin within 5 years from the date of loan sanction.
- Type of Applicant: Resident Indian (defence personnel)
- Age: 18 to 65 years
- Loan Tenure: Up to 10 years
- Loan Amount: Up to ₹15 crore
- CIBIL Score: 550 and above (applicants with no CIBIL score also eligible)
- Processing Fee: 0.35% of loan amount or ₹2,000 to ₹10,000, plus applicable GST
- Interest Rate: 9.45% to 10.05% (wef Feb 15, 2023)
- Concession: Interest concession if check off provided
Also Read
How to Apply for an SBI Home Loan?
Step 1: Fill up application form
The loan applicant, co-applicant and guarantor should fill up the SBI home loan application form including all its parts and an Annexure A.
Step 2: Submit all the required documents
Along with the filled application form, submit all the required documents based on the type of home loan you’re applying for. These include identity proof, address proof, salary slips of last 3 to 6 months, Form 16 copies or ITRs of last 2 years, all property documents (including sale agreement with franking) and three passport size photos. Do note, the document requirements would be slightly different for salaried, non-salaried and NRI applicants. The bank could also reach out to your builder or promoter for other property and legal documents like the sanctioned site plan, among other necessary approvals.
Step 3: Processing
After you submit the documents and the application form, the bank will verify your eligibility by checking your income, CIBIL score, property documents, etc. Based on the verification, the bank will give a soft approval to eligible applicants.
Step 4: Verification
The SBI’s panel of lawyers will parallelly check and verify the property documents and do a legal and technical check. They will also do a property inspection and valuation and collect the valuator’s statement.
Step 5: Loan sanction and disbursement
Upon successful verification, the bank will sanction the loan and eventually disburse the amount typically directly to the builder’s account. A bank representative will also collect the original property documents at the time of registration.
For under-construction properties, the disbursement will be based on the builder’s requirement as per the construction stage.
Apply for an SBI Home Loan Via Yono
You can also apply for an SBI home loan through the Yono app. Here are the steps:
- Download and login to the Yono app
- Visit the Loans menu and click on Home Loan
- Check loan eligibility by entering your date of birth, income source, net monthly income and other loan details and proceed
- Fill in all other details and click on Submit
SBI Home Loan Eligibility
- Resident Type: Indian Residents, NRI or PIOs
- Age: 18 to 70 years
- CIBIL score: 550 and above (applicants without a credit history also eligible)
- Loan amount: Up to ₹15 crore as per loan type, eligibility of the applicant, etc.
- Type of occupation: Salaried (government or non-government employees), non-salaried, farmers, businesspersons, defence personnel, etc.
- Income: Varies as per loan type and eligibility
SBI Home Loan Charges
1. SBI Home Loan Processing Fee
0.35% of the loan amount plus applicable taxes (a minimum of ₹2,000 and a maximum of ₹10,000). This charge could be waived off in certain cases like SBI Privilege and Shaurya Home Loans.
2. Non-refundable Legal Charges and Valuation Fee
Varies from case to case as per bank’s discretion
3. Home Loan Conversion Charges
SBI charges a switch-over fee of 0.5% of loan outstanding or ₹5,000, whichever higher, for transferring your home loan from another lender.
Documents Required for an SBI Home Loan
1. Mandatory Documents
- Employer Identity Card
- Duly filled loan application form
- 3 passport size photographs
- Any one identity proof: PAN/ Passport/ Driver’s License/ Voter ID card
- Any one residence proof: Aadhaar Card/ Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License
2. Property Documents
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Sale Agreement
- Occupancy Certificate (for ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
3. Account Statement
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant and co-applicant
- If any previous loan from other lenders, then Loan A/C statement for last 1 year
4. Income Proof for Salaried Applicant/ Co-applicant/ Guarantor
- Salary Slip of last 3 months
- Copy of Form 16 for last 2 years or copy of I-T Returns for last 2 financial years, acknowledged by I-T Dept.
5. Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor
- Business address proof
- I-T returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ doctor and other professionals)
Tips to Avail SBI Home loan at a Lower Interest Rate
1. Improve your CIBIL score
Ensure you repay all your existing loans in full on time and never miss a loan repayment to improve your CIBIL score over time. A CIBIL score of 800 and above could help you qualify for the lowest applicable interest rate.
2. Get a Co-applicant
Including a co-applicant for your home loan could not just enhance your loan eligibility but also help you secure a lower interest rate, especially if the co-applicant’s credit score is high. That said, a woman applicant or co-applicant will also result in an extra concession of 0.05% on your home loan interest rate.
3. Increase your Down Payment Contribution
Increasing your down payment contribution is likely to decrease your loan to value ratio, which, in turn, could help you get a lower interest rate on your home loan.
Final Word
The State Bank of India is one of the biggest home loan providers in the country offering loans with competitive rates and zero hidden charges for multiple customer requirements. However, ensure you have a high credit score and adequate household income to lower your applicable SBI home loan interest rate. Also, ensure you’re able to repay your SBI home loan EMIs on time to avoid a credit score hit and a possible loss of a precious asset (your home, in this case). Moreover, consider part-prepaying your loan at zero extra charges from time to time to drastically reduce your loan burden and become debt-free faster.
FAQs
Your annual principal contribution and one-time stamp duty and registration charges qualify for tax deduction benefits up to ₹1.5 lakh under Section 80C of the Income Tax Act. Your interest contribution also qualifies for tax deduction benefits up to ₹2 lakh under section 24. Additionally, there are other tax benefits for eligible borrowers available under Section 80EE or 80EEA. All these tax benefits are available under the old regime of income tax.
Yes, SBI offers a home loan balance transfer facility from any bank or housing finance company (HFC). Switching your loan to SBI could result in lower applicable interest rates among other benefits.
The minimum salary requirement for an SBI home loan could be ₹25,000, or something higher or lower based on loan type and eligibility norms among other factors.
Inability to repay your SBI home loan EMIs could result in credit score drops for both the applicant and co-applicant. The bank may offer to restructure the loan by extending the loan tenure to help you repay the loan. As a last resort, the bank may be forced to auction off the property to recover their dues.
Yes, SBI offers home loan top-ups for home renovation purposes.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
