SBI Home Loan Interest Rate as on 16 Aug 2020. Eligibility,Types and More Details

Updated: Aug 30,2019 16:59 IST

Dinesh

SBI Home Loan Interest Rate are considered to be the most economical among the home loan interest rates provided by other banks. Also, SBI Home Loan Interest Rate are given at the lowest rates which makes it the most preferable home loan to be availed. Details on SBI Home Loan Interest Rate, its types and other details are given here in the article.

Information on SBI Home Loan Interest Rate

SBI Home Loan Interest Rates are considered to be the best and the lowest among both the public and private sector banks. SBI Home Loan Interest Rate has three scales of interest rates based on the loan amount. SBI Home Loan offers special interest rates for women to encourage own a dream house independently. With the most number of branches across India and lowest interest rates on Home loans makes SBI a top home loan provider. SBI Home Loan Interest Rate being very low, attracts many borrowers. SBI Home Loans are available at low SBI Home Loan Interest Rate as well as minimal procedures. SBI Home Loan Interest Rate vary for women, salaried people and self- employed people with slight difference in percentage. The proof of submission list for application of SBI Home Loan also varies slightly according to the employment and position of the borrower. SBI bank has many number of branches all over the country enhancing the connectivity and easy accessing for their customers for any kind of financial services. Some of the details related to SBI home loan and few charges are given in the below table.
 

SBI Home Loan interest rates

8.30% - 8.65% p.a

Processing Fees

0.35% of loan amount, minimum Rs. 2000 and maximum Rs. 10000

Loan amount

Upto 10 crore

Loan tenure

1 to 30 years

Cheque Bounce Charges

Rs.500 per instance

Cheque swap charges

Rs.500 per instance

Prepayment or foreclosure charges

Nil

What are the types of SBI Home Loan Interest Rates ?

SBI Home Loan is provided at attractive interest rates. SBI Home Loan also provided flexibility in repayment. SBI Home loans are available with no hidden charges. Borrower who already has very good credit history can bargain with the SBI Home Loan Interest Rate at the bank. With minimal procedures and low processing charges, one can easily procure the SBI Home Loan at minimum SBI Home Loan Interest Rates. SBI Home Loan Interest Rates offered by the SBI  bank across India have two types of Interest rates. They are as follows.

(i) Fixed Interest Rates 
(ii) Floating Interest Rates

Fixed Interest Rates 

Fixed Interest are always higher when compared with Floating Interest Rates . SBI Home Loan Interest Rate which follows the fixed rate remains same throughout the entire loan tenure. EMI of every month throughout the completion of repayment is calculated on the same percentage of rate of interest.

Floating Interest Rates 

Floating Interest Rates changes according to the market fluctuations. SBI Home Loan Interest Rate which follows floating rate of interest is  based on current financial state of the economy. Majority of the Home Loan Interest Rates prefered with SBI are Floating Interest Rates. 

SBI Home Loan Interest Rates of Salaried Loan Applicant

SBI Home Loan Interest Rate are influenced by various factors.  SBI Home Loan Interest Rate varies according to loan amount applied by the borrower. Also, the position of the loan applicant is also considered while fixing the  SBI Home Loan Interest Rate.  SBI Home Loan Interest Rate are charged for women at discount of 0.5% when compared to the other salaried loan applicants. SBI Home Loan Interest Rate for the salaried people for different loan amounts are provided in the below table.
 

Upto 30 Lakh

For Women

8.35% to 8.45%

For Others

8.40% to 8.50%

30 Lakh - 75 Lakh

For Women

8.50% to 8.60%

For Others

8.55% to 8.65%

Above 75 Lakh

For Women

8.60% to 8.70%

For Others

8.65% to 8.75%

SBI Home Loan Interest Rates of Self-Employed Loan Applicant

SBI Home Loan Interest Rate of Self employed people are relatively higher when compared to the interest rate of women. SBI Home Loan Interest Rate is more or less same as that of the salaried people in case of SBI Bank home loan. SBI Home Loan Interest Rate for the self-employed applicants are mostly floating interest rate which often changes according to the changes in the market trends. SBI Home Loan Interest Rate for the self-employed people are given in the below table.
 

Upto 30 Lakh

For Women

8.50% to 8.60%

For Others

8.55% to 8.65%

30 Lakh - 75 Lakh

For Women

8.65% to 8.60%

For Others

8.55% to 8.65%

Above 75 Lakh

For Women

8.60% to 8.70%

For Others

8.65% to 8.75%

What are the Factors Influencing the SBI Home Loan Interest Rates ?

Not only the type of SBI Home Loan Interest Rate decide the real rate of interest, it actually depends on many things which are considered at the time of sanctioning the SBI home loan. SBI Home Loan Interest Rate are influenced by many factors and it varies from person to person. Some of the factors like applicant’s salary, amount being procured as loan, etc. influence the SBI home loan interest rates. The factors influencing the SBI Home Loan Interest Rate  are as follows:
  • Applicant’s salary - The applicant salary is proportional to the rate of interest. When there is a high income then there is a low rate of interest and vice versa. In case of self-employed applicant, the net income, profits and bank statements are taken into consideration. This is because the bank should know whether the person would repay the loan amount on time.
  • Loan amount - The total amount which borrowed as home loan influences the SBI Home Loan Interest Rate. There are different slabs for loan amount and the rate of interest.
  • Tenure - The tenure means the total number of years provided for repayment of the SBI Home Loan. This is also a factor that influences the SBI Home Loan Interest Rate.
  • Home loan scheme - There are different types of SBI Home Loan and SBI Home Loan Interest Rate vary between those schemes.

What is SBI Home Loan Interest Rates in case of SBI Top Up Home Loans ?

SBI also provides Top Up Home Loan facility at higher SBI Home Loan Interest Rates. A person purchasing or constructing a dream house, may be in need of more finance at any stage of the construction phase. To provide sufficient fund to their borrowers and to help them achieve their dream without any incompletion of the construction, the SBI bank provides top up home loan feature. SBI Home Loan Interest Rate for the SBI Top Up Home Loans are provided in the below table for reference.

Home Loan Top Up Amount

Term Loan Option Rates

Upto 25 lakhs

9.50%

Above 25 lakhs to 2 crores

9.95%

Above 2 crores and upto 5 crores

11.20%

How much is the SBI Home Loan Interest Rates for Overdraft Feature?

Overdraft option interest rate provided by the SBI home loan for amount over 20 lakhs and not over 2 crores is 10.95%. SBI provides a home loan scheme named SBI Maxgain provides overdraft facility for construction or purchase of a house. The SBI Home Loan Interest Rate regarding the overdraft option are subject to periodic change. Any changes in SBI Home Loan Interest Rate will be intimated by the SBI bank through bank notifications. The SBI MaxGain Home Loan scheme provides the Overdraft feature. The property for which the Home loan is availed, is considered as the underlying security for the overdraft amount. SBI Home Loan Interest Rate for overdraft option is more or less same as the normal SBI Home Loan Interest Rate like in any other scheme. SBI Home Loan Overdraft option is a innovative solution to certain financial emergencies. The SBI bank links both the loan account and person’s savings or current account, so that any overdraft option is reflected in the person’s loan account and they easily repay using the personal savings account which has been linked.

What is Margin or LTV Ratio in SBI Home Loan ?

LTV Ratio is the Loan To Value Ratio used by banks and other money lending institutions to express the ratio of the loan to the asset or house purchased. The margin is the percentage of amount which is paid by the borrower from his own pocket, to purchase the house and the rest is directly paid by the bank. On making the margin amount as payment, you would receive a receipt known as Margin Money Receipts. The Margin amount you pay brings a trust in the lender of the home loan. The SBI Home loan margin or LTV Ratio are given below. 
 

Home Loan Account

Margin

LTV

Upto 25 lakhs

10%

90%

25 lakhs to 75 lakhs

20%

80%

Above 75 lakhs

25%

75%

What are the Other Charges related to SBI Home Loan?

When you are applying for the Home Loan the basic charge associated with the loan amount will be the interest rates. Apart from the interest rates, other charges applied for SBI Home Loan will be Processing fees, Pre-sanction charges, and Post-sanction charges. Processing Fees is the fees payable by the borrower to the lender upon availing the loan. Processing fees is either a fixed amount or a certain percentage of the loan amount.
Prepayment charges is the another type of fees related to SBI Home Loan, and prepayment fees are charged by the banks when a loan is repaid before the scheduled time. As of this date, SBI does not charge any fees as prepayment charges. Other charges that are applied along with SBI Home Loan are actual charges towards valuation fee, advocates fee for property search and title investigation report and stamp duty as applicable.

 

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