SBI Home Loan Interest Rate, Eligibility, and Documents

SBI Home Loan Interest Rate

Dreaming of owning a home is as much a part of the Indian ethos as the diverse cultures that dot its geography. And when it comes to turning these dreams into reality, the State Bank of India (SBI) stands out as a beacon of hope for many.

With its attractive home loan interest rates, lenient eligibility criteria, and straightforward documentation process, SBI makes home ownership accessible to millions. In this post, we’ll walk you through everything you need to know about securing an SBI home loan, helping you move one step closer to the keys to your dream home.

SBI Home Loan – Highlights:

  • Loan Amount: You can avail up to 90% of the property’s cost through SBI Home Loan.
  • Interest Rate: SBI offers competitive interest rates ranging from 8.50% to 10.15% per annum on its housing loans.
  • Loan Tenure: Borrowers can choose a flexible loan tenure of up to 30 years, allowing for comfortable repayment options.
  • Processing Fees: The processing fees stand at 0.25% of the loan amount.
  • Foreclosure Charges: SBI offers the benefit of nil foreclosure charges, providing borrowers with the freedom to close their loans without any additional fees.

SBI Home Loan Interest Rates 2024:

Below are the different home loan schemes offered by State Bank of India, along with the latest interest rates:

SBI Housing Loan Interest Rates

SBI Home Loan SchemeInterest Rates (Annual)
SBI Regular Home Loan8.40%-10.15%
SBI Tribal Plus9.25%-9.45%
SBI Realty Home Loan9.40%-9.85%
Commercial Real Estate (CRE) Home Loan9.35% – 9.85%
Top-up Loan9.75% – 10.15%
Loan Against Property10.90% – 11.30%
Note: Interest rates may vary based on specific criteria. Please cross-check with the bank for most accurate information.

Types of Home Loan Schemes:

SBI Regular Home Loan:

This scheme is available for applicants aged from 18 years to 70 years. The interest rate on the SBI Regular Home Loan is 9.15% per annum. The processing fee on this loan is 0.35% of the loan amount, with a minimum processing amount ranging between Rs. 2,000 to Rs. 10,000. SBI regular home loan offers a 0.5% lower interest rate for women, along with zero foreclosure charges.

State Bank of India Tribal Plus:

Launched for people residing in tribal or hilly areas, this loan’s interest rate starts from 9.25%, with a processing fee of 0.35% of the loan amount. The repayment tenure for this particular loan is 15 years.

Flexipay Home Loan:

This scheme offers higher loan eligibility exclusively for salaried borrowers, allowing them to pay only interest during the moratorium (pre-EMI) period and then opt for moderated EMIs. The interest rate today for Flexipay is based on the CIBIL score of the applicant. Applicants with a positive CIBIL Score of above 700 can get a lower interest rate on their loan amount.

SBI Home Loan for Non-salaried Differential Offerings:

This exclusive scheme offers home loans to non-salaried individuals for buying new homes, construction, and repairing/renovating existing houses. Loan amounts under this scheme range from Rs. 50,000 to Rs. 50 crores.

SBI Pre-Approved Home Loan:

This type of home loan is sanctioned even before the property has been finalized, providing more negotiating power with sellers or builders. The perks of this loan are similar to the SBI regular home loan.

Some other Schemes are,

SBI Earnest Money Deposit:

The SBI Earnest Money Deposit (EMD) scheme is designed for individuals seeking to buy built-up houses or residential plots sold by Urban Development Authorities. This initiative by SBI caters to those who require a short-term loan to facilitate their property purchases.

SBI Realty Home Loan:

This scheme offers loan amounts for purchasing plots of land to build homes. It has a loan limit of up to Rs. 15 crore with repayment terms of up to 10 years. It also provides an option to obtain a separate home loan for construction.

SBI CRE Home Loan:

This curated scheme is for individuals who already have a home loan and want to purchase another house. The maximum number of home loans under this scheme is three (for an individual), including existing home loans. The scheme offers lower interest rates for women and no foreclosure/prepayment charges.

SBI Suraksha:

SBI Suraksha is a group life insurance scheme offered to new and existing home loan customers who have chosen the SBI Life Cover. It provides various insurance coverages at nominal premium rates, including Personal Accident Insurance, Accidental Death Insurance, Accidental Total and Permanent Disability Insurance, and Accidental Partial Disability Insurance.

SBI Housing Loan Interest Rates Based on CIBIL Score

Interest rates on State Bank of India Home Loans may vary based on the applicant’s CIBIL score. Therefore, maintaining a good CIBIL score is essential to secure a low-interest rate on your loan amount.

The table below shows interest rates based on CIBIL scores:

CIBIL ScoreInterest Rates
NTC/No CIBIL Score/-19.35%
Note: Interest rates may vary based on specific criteria. Please cross-check with the bank for most accurate information.

Eligibility for SBI Home Loan:

Here are the eligibility criteria for different types of State Bank of India Home Loans:

Types of SBI Home LoansMinimum AgeMaximum AgeNationality
SBI Regular Home Loans/SBI Pre-approved Home Loans18 years70 yearsResident Indian
SBI Flexipay Home Loan21-45 years70 yearsIndian (Salaried)
SBI Realty Home Loan18 years65 yearsIndian
SBI Home Loan for Non-Salaried Differential Offerings18 yearsResident Indian (Non-salaried)
SBI CRE Home Loan18 years70 yearsResident Indian

Who Can Apply? SBI welcomes a wide range of applicants for its home loan products. Here’s a quick rundown of the basic eligibility criteria:

  • Age: The applicant must be at least 18 years old at the time of loan application and not more than 70 years old at the time of loan maturity.
  • Income: A steady source of income is essential, whether you’re salaried, self-employed, or running a business.
  • Credit Score: A healthy credit score (typically 750 or above) is indicative of your creditworthiness and can significantly impact your loan approval chances and interest rates.
  • Employment Stability: For salaried individuals, a stable job history is crucial, whereas self-employed individuals need to show a steady business income.

How to Apply ?

Applying for a home loan under the State Bank of India is convenient, whether through offline or online channels:

Offline Application Process: Visit the nearest SBI branch, consult with a bank representative, explore SBI Schemes, check eligibility criteria, and fill out the application form. Submit all required documents for background and income verification.

Online Application Process: Visit the official SBI home loans website (, check eligibility criteria for all home loans offered by the State Bank, and fill out the application form online. After submitting the application form and documents, an SBI representative will contact you to proceed with the application process.

Documents Required for SBI Housing Loan Application:

Here’s a list of documents needed to apply for a home loan with State Bank of India:

  • ID card issued by your current employer (for salaried individuals)
  • Duly filled application form
  • 3 passport-sized photographs
  • PAN/Voter ID/Passport/Driving License
  • Telephone bill/electricity bill/water bill/piped gas bill/passport/Aadhar card

Documents Accepted as Property Papers:

  • Permission for construction
  • Allotment letter
  • Stamped Sale Agreement
  • Occupancy certificate
  • Maintenance bill/electricity bill/property tax receipt
  • Copy of plan approved
  • Registered Development Agreement of the builder
  • Conveyance Deed
  • Bank account details or payment receipts

Account Statement Verification Documents:

  • Bank account statement for the last 6 months.
  • Loan account statement (for the last 1 year) for previous loans taken from other banks or financial institutions.

Documents for Income Proof:

For Salaried Individuals:

  • Last 3 months’ salary slip
  • Copy of ITR/Form 16

For Non-Salaried Individuals:

  • ITR for the last 3 years
  • Business Address Proof
  • Balance sheet for the last 3 years
  • TDS Certificate (Form 16)
  • Business License Details

Factors Affecting Interest Rates:

Several factors influence the interest rates offered by SBI on its home loans. Some key factors include:

  • SBI often links its floating interest rates to the RBI’s repo rate, impacting rates when the RBI makes changes.
  • A good credit score can help secure a lower interest rate, as SBI considers the applicant’s creditworthiness.
  • Loan amount and tenure can affect the interest rate, with higher amounts or longer tenures potentially having slightly higher rates.
  • The Loan-to-Value (LTV) ratio, indicating the loan amount in relation to the property’s value, can influence the interest rate.
  • Applicant’s employment and income source stability are important considerations for the interest rate.

These factors collectively shape the competitive interest rates offered by SBI Home Loans.


Owning a home is a significant milestone, and SBI’s home loan scheme is designed to make this journey as smooth and hassle-free as possible. With competitive interest rates, lenient eligibility criteria, and a streamlined documentation process, your dream home is no longer a distant dream but a tangible reality.

Remember, the key to a successful home loan application lies in thorough preparation and understanding of the process. Use this guide as your roadmap, and you’re already halfway there. Happy home buying!

home loan interest rates of other banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% to 10.75%8.50% to 10.55%8.50% to 10.35%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards


What is the maximum tenure SBI offers home loan for

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)

Are SBI housing Finance interest rates fixed or floating?

Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.

How is Interest Rate Determined for SBI Home Loan

SBI determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for SBI Home Loan?

You can calculate the EMI for using any online EMI Calculator

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