State Bank of India is one of the largest public sector banks in India. SBI largely deals in offering insurance, home loan, credit card, and banking-related services to residents in India. SBI offers home loans to both salaried and self-employed individuals at a nominal rate to fulfill the desire of owning a home. State Bank of India offers an attractive SBI home loan interest rates starting at 6.70% p.a. Apart from the interest rate, SBI also has different types of charges such as processing fees, foreclosure charges, and others when an individual applies for a home loan.
SBI Home Loan Interest Rates
| Loan Amount | CIBIL/Credit Score | Interest Rate |
| Up to Rs.30 lakh | >=750 | 6.70% p.a. |
| Above Rs.30 lakh | >=750 | 6.70% p.a. |
| Above Rs.30 lakh | >=700-749 | 6.80% p.a. |
| Above Rs.30 lakh | New to Credit (-1) | 6.90% p.a. |
Types of SBI Home Loans
SBI offers home loans to individuals based on their requirements and budget. It also depends upon the CIBIL Score, that an individual carries. Here are some of the important and different types of SBI Home Loan that you should be aware of:
SBI Regular Home Loan
This loan is availed by the individuals who are willing to purchase an already built/under-construction property, house construction, repair/renovation, or extension of the house. This loan can be availed for up to 30 years.
SBI Balance Transfer of Home Loan
SBI offers this type of home loan in case of transferring the existing home loans from other banks/NBFCs to the State Bank of India at very nominal or lower interest rates. Under this type of loan, interest is charged on a daily reducing balance, and concession on interest is offered to women borrowers.
SBI Flexipay Home Loan
Under this type of SBI Home Loan, individuals can avail of a higher loan amount. This type of loan is only available to salaried professionals. This loan offers individuals the option to pay only the interest amount during the Pre-EMI period and thereafter moderated EMIs. This loan can be availed for up to 30 years.
Privilege Home Loans
This type of home loan is designed especially for government employees. Any individual who is an employee of central or state government which include PSBs, PSUs, or central government, and any other individual who carries pensionable service are eligible to apply for the home loan. This loan can also be availed for up to 30 years.
SBI Shaurya Home Loan
This scheme by SBI is specially designed for Army and Defence Personnel of the country. This type of home loan offers lower interest rates and other benefits to defense employee applicants only. Applicants are provided with easy repayment options and a longer repayment period of the loaned amount. This type of loan can be availed for up to 30 years.
SBI Pre-Approved Home Loan
This SBI home loan facility offers pre-approved loan sanctions to the individual even before the finalization of their properties. This loan amount is sanctioned based on the income details of the applicant. This type of home loan attracts a non-refundable processing fee and is collected at the time of sanction. The loan can be availed for a tenure of up to 30 years.
SBI Realty Home Loan
This loan can be availed for plot purchase to construct a residential unit. An individual can avail of a loan amounting to Rs. 15 crores for up to 10 years.
Processing Fees and Charges for SBI Home Loan
SBI Home Loan Processing Fee is nil on home loans in approved projects. The other SBI housing loan charges are as follows:
| Processing Fees | NIL under Home Loan Festive Offer |
| Pre-payment Charges | NIL |
| CERSAI Charges | Up to Rs 5 lakh- Rs 50 Above Rs 5 lakh-Rs 100 |
Document Required for SBI Home Loan
Mentioned below are some of the general documents required for SBI Home Loan:
- ID card of the employer
- Duly filled application form with 3 passport sized photographs
- ID Proof: PAN/Voter ID/Passport/Driving License
- Address Proof: Copy of telephone bill/electricity bill/water bill/piped gas bill/passport copy/Aadhar card
