Everything to know about SBI home loans

Business

05 May 2019

#FinancialBytes: All about State Bank of India's home loans

State Bank of India (SBI) is the largest public sector bank in the country with over 42 crore customers.

The state-owned SBI is also one of the most preferred banks for home loans. Home loans are witnessing a steady increase as more people prefer to have their own houses instead of renting one.

Here's all you need to know about SBI's term home loans.

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Interest rates for SBI home loans and other details

The interest rate for SBI's home loans starts from 8.6% and ranges up to 9.3%.

The interest rates also vary from borrower to borrower based on a number of factors.

Some of these factors include the loan-to-value (LTV) ratio, applicant's risk score, whether the applicant is salaried, income, credit score, etc.

Also, interest rates for women borrowers are 0.05% lower than other borrowers.

Processing fee on SBI home loans

SBI charges a minimum of Rs. 2,000 and a maximum of Rs. 10,000 as home loan processing fee. The bank charges 0.35% of the loan amount as the processing fee. However, the loan processing fee has been waived until 31 May, according to SBI's website.

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Salaried borrowers

Interest rates for salaried applicants on loans upto Rs. 75L

The interest rate for salaried women borrowers on State Bank of India's term home loans worth up to Rs. 30 lakh is 8.6-8.7% while for other salaried customers, SBI offers these loans at an interest rate of 8.65-8.75%.

SBI's interest rate for home loans between Rs. 30-75 lakh is 8.85-8.95% for salaried women and 8.9-9% for other salaried borrowers.

Non-salaried borrowers

SBI term home loan interest rates for non-salaried applicants

SBI term home loan interest rates for non-salaried applicants

For non-salaried women applicants, State Bank of India offers term home loans worth up to Rs. 30 lakh at an interest rate ranging between 8.75-8.85%. For other non-salaried applicants, the interest rate is 8.8-8.9%.

For term home loans between Rs. 30-75 lakh, the interest rate for non-salaried women is 9-9.1% while for other non-salaried borrowers, the interest rate is 9.05-9.15%.

Interest rates for term home loans above Rs. 75 lakh

For SBI term home loans worth above Rs. 75 lakh, the interest rate is 8.96-9.05% for salaried women and 9-9.1% for other salaried individuals. Meanwhile, for non-salaried women, the interest rate is 9.1-9.2% and 9.15-9.3% for other non-salaried borrowers.

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Most asked questions

Has SBI decreased home loan interest rates?

Does SBI provide loans to non-salaried?

What is the interest rate for SBI savings accounts?

What are the popular SBI savings bank accounts?

More questions

Has SBI decreased home loan interest rates?

Asked 2019-05-05 23:26:24 by Vihaan Chavan

Answered by NewsBytes

Yes. SBI has reduced its interest rates by 0.1% on home loans of up to Rs. 30 lakh from 1 May.

Does SBI provide loans to non-salaried?

Asked 2019-05-05 23:26:24 by Rakesh Sengupta

Answered by NewsBytes

Yes, State Bank of India provides loans to both salaried and non-salaried individuals, including women and other borrowers.

What is the interest rate for SBI savings accounts?

Asked 2019-05-05 23:26:24 by Surabhi Pawar

Answered by NewsBytes

From 1 May, for balances up to Rs. 1 lakh, SBI will offer an interest rate of 3.50% per annum. The interest rates on SBI savings bank deposits above Rs. 1 lakh will be 3.25%.

What are the popular SBI savings bank accounts?

Asked 2019-05-05 23:26:24 by Sai Gupta

Answered by NewsBytes

Here are some popular types of savings bank accounts offered by SBI: General Savings Account, Basic Savings Bank Account, Savings Plus Account, Pehla Kadam and Pehli Udaan (for minors), Insta Savings Account, and Digital Savings Account.

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