SBI offers home loans at competitive interest rates to individuals who want to buy their dream home. They offers attractive financing options with interest rates starting from 8.70% per annum and various tenors up to 30 years.SBI considers the creditworthiness of the applicant and requires a minimum credit score of 650-700 for loan approval. SBI home loans various system interest rates in April 2024
Schemes
Interest Rates
Normal Home loan
8.70% – 9.65%
Flexi pay home loan
8.70% – 9.65%
NRI home loan
8.70% – 9.65%
privilege home loan
8.70% – 9.65%
personal loan against property
10.60% – 11.30%
Top-up home loan
9.10% – 10.15%
Shaurya home loan
8.70% – 9.65%
Different Types of Home Loans and Eligibility:
SBI Normal/regular home loan:
SBI regular home loans are suitable for individuals who want to purchase residential property for their own use or for investment purposes. We offer competitive interest rates, flexible repayment options, and loan amounts based on the borrower’s eligibility.
Applicant’s Category: Individuals (employed & self-employed)
Age criteria: 18-70 years
CIBIL: minimum credit score required
Tenure for loan: up to 30 years
Loan amount: Depends on property and eligibility
processing Fees: applicable fees
Home loan for women:
SBI offers a special home loan facility exclusively for women. These loans offer attractive interest rates, low origination fees, and additional benefits to encourage and support women in their pursuit of homeownership.
Applicant’s Category: only for Women’s
Age: No limit
CIBIL: A high credit score (around 650) helps you get approved for loans
Tenure for loan: up to 30 years.
processing fees: There is a processing fee associated with your loan application
Home loan for Self-employed:
SBI’s employee housing loans cater to the various needs of employees. We offer competitive interest rates, simple eligibility criteria, and a simplified documentation process to make homeownership more accessible and affordable for workers.
Applicant’s Category: Salaried individuals
Age: 21-60
CIBIL: A high credit score (around 700) can significantly improve your loan options.
Tenure for loan: up to 30 years
Loan amount: Your loan amount is determined by what you can comfortably repay, based on your finances and the property cost.
SBI offers home loans tailored specifically to Non-Resident Indians (NRIs) looking to invest in residential real estate in India. These loans offer attractive interest rates, long repayment tenures, and convenient loan disbursement and repayment options to suit the unique needs of NRIs.
Applicant’s Category: NRI’s (non-resident Indians)
Age: 18-60
salaried persons lived in abroad for more than a year
self-employed persons lived in abroad for more than 3 years
Tenure for loan: up to 30 years
loan amount: depends on eligibility and property value
SBI Home Loan Interest Rates for Salaried:
Cibil score
Interest rates
750 or higher
8.25%–8.75%
700 – 749
8.50%–9.00%
700 or below
8.75%–9.25%
SBI Home Loan Interest Rates for Self-Employed:
Cibil score
Interest rates
750 or higher
8.25%–8.75%
700 – 749
8.50%–9.00%
700 or below
8.75%–9.25%
SBI Home Loan Benefits and Features:
· Competitive Interest Rates and Flexible Loan Tenure: SBI offers home loans at competitive interest rates and flexible loan term options, allowing borrowers to customize their repayment options.
· Higher loan amounts: SBI offers higher loan amounts to ensure that individuals have sufficient funds to finance their dream home and purchase their desired property.
· Easy application process with minimal documentation: SBI has simplified the home loan application process by requiring minimum documentation, making it convenient and hassle-free for the borrowers.
· Additional Benefits for Women Applicants: SBI offers special interest rates and fee discounts to women applicants, making homeownership more affordable and accessible.
· Special loan options for self-employed people: SBI understands the unique financial needs of self-employed people and offers special home loan options tailored to their requirements.
· Attractive interest rates for NRIs: SBI offers home loans at especially attractive interest rates to Non-Resident Indians (NRIs) to invest in real estate in India.
· Options available for Balance Transfer and Loan Replenishment: SBI provides the facility to transfer existing home loans from another bank to SBI and the option to avail replenishment loan, which allows borrowers to avail additional funds for various purposes. will be able to access.
SBI has specifically taken Line of Credit from the World Bank to help in installing rooftop solar.
Under the Rooftop Solar PV Program, SBI is providing up to 75% of the total cost of the entire solar project as a loan.
To know more about "Rooftop Solar Financing Program" by SBI read all the details on Suprabha.org
Banks and other lenders charge equal interest rates on both home loans and property loans.
However, the home loan interest rates are a few percentage points lower than the land loan interest rates.
Plot loans are generally riskier and thus priced higher than home loans, where banks have a promise that, if necessary, they can sell and recover losses quickly.
