State Bank of India gave away home loans at a concessional rate under special offer till the 31st March 2021. Under the special offer, the SBI home loans were provided at interest as low as 6.70% p.a.
Subsequent to the closure of the offer the bank announced a hike in the interest rates by 25 bps or 0.25% with effect from 1.4.2021. Now SBI Home Loan Interest Rate will be 6.95% p.a. SBI interest rates are linked to EBLR and the current EBLR stands at 6.65%.
There was a waiver of processing charges on home loans availed during the special offer. With effect from 1.4.2021 a processing charge at 0.40% of the loan amount with a minimum of RS. 10999/- and a maximum of Rs. 30000/- plus applicable GST will be collected.
With the announcement of a hike in home loan interest rate by SBI, other banks would follow suit.
SBI Home Loan Interest Rates
SBI home loans are classified into various types. SBI home loan interest rates vary as per the category of the loan. Various concessions are also given depending upon the employment and the gender of the applicant.
SBI Home Loan Interest Rates have a link with EBLR. The current EBLR is 6.65%
The details of the prevailing interest rates effective from 1.5.2021 are as given below.
SBI Home Loan Interest Rate for Salaried Individuals
|Loan Amount||Term Loan||Max Gain|
|Up to Rs. 30.00 lakhs||6.80% p.a.||7.15% p.a.|
|Over Rs.30 lakhs and up to Rs.75 lakhs||7.05% p.a.||7.40% p.a.|
|Above Rs.75.00lakhs||7.15% p.a.||7.50% p.a.|
SBI Home Loan Interest Rate for Non-salaried individuals
|Loan Amount||Term Loan||MaxGain|
|Up to R.s. 30.00 lakhs||6.95% p.a.||7.30% p.a.|
|Over Rs.30 lakhs and up to Rs.75 lakhs||7.20% p.a.||7.55% p.a.|
|Above Rs.75.00 lakh||7.30% p.a.||7.65% p.a.|
- For LTV ratio is greater than 80% but lesser than 90% for a loan up to Rs. 30.00 lakhs, there will be an addition of 0.10% to the regular rate of interest.
- If the risk rating of the customer falls between 4 and 6 there will be an addition of 0.10% to the regular rate of interest.
- There will be a concession of 0.05% for women borrowers and for loan availed through YONO.
- The Final SBI home loan interest rate will be arrived at by including either the stipulated concessions or the additions to the card rate.
The applicable interest rate for different schemes of SBI Home Loan is as given below.
Tribal Plus Scheme: Final Rate plus 0.10%
Home Loan to Employees of Kerala Government Scheme: 6.80% p.a.
CRE Home Loan: Final Rate plus 0.50%
SBI Privilege and Shaurya Scheme: For borrowers employed with Government Department/Defence Establishment and the salary account maintained with SBI, the interest rate will be similar to that applicable to women borrowers.
For borrowers whose salary account is not maintained with SBI, the rate of interest will be similar to that applicable to other categories. To arrive at the final rate LTV ratio, risk rating, gender and amount will be considered.
SBI Realty Loan — For the first 5 years
|Loan Amount||Rate of Interest|
|Up to Rs. 30.00 lakhs||7.50% p.a.|
|Over Rs.30 lakhs and up to Rs.75 lakhs||7.60% p.a.|
|Above Rs. 75.00 lakhs||7.70% p.a.|
- There will be an addition of 0.10% to the card rate if the risk rating falls between 4 to 6.
- An additional 0.05% will be charged for borrowers not maintaining their salary account with SBI.
- A concession of 0.05% will be given to women borrowers.
SBI Home Loan Top-up
|Loan Amount||Term Loan||Overdraft|
|Up to Rs. 20.00 lakhs||7.50% p.a.||Not Applicable|
|Above Rs.20 lakhs, up to Rs.1 Crore||7.70% p.a.||8.40% p.a.|
|Above Rs. 1.00 Crore and up to Rs.2.00 Crores||7.90% p.a.||8.65% p.a.|
|Above Rs. 2.00 Crores and up to Rs. 5.00 Crores||8.35% p.a.||Not applicable|
|Above Rs. 5.00 Crores||9.55% p.a.||Not appliable|
- An additional 0.15% will be charged for non-salaried borrowers.
- An additional 0.10% will be charged for borrowers with a risk rating of 4 to 6.
The Final Rate will be arrived at after considering the additional charges that have to be levied, if applicable,
Insta Home Top-up Loan
Loan amount between Rs. 1.00 lakh to Rs. 5.00 lakhs: 8.20% p.a.irrespective of gender, risk rating and employment.
Smart Top-up Loan
|Term Loan||8.05% p.a.||8.55% p.a.|
|Overdraft||8.55%. p.a||9.05% p.a.|
SBI Bridge Loan
|For First Year||9.50% p.a.|
|For Second Year||10.50% p.a.|
Reverse Mortgage Loan
|For General Public||9.05% p.a.|
|For SBI Ex-employees (Pensioners)||8.05% p.a.|
Loan Against Property
|Salaried (50% of net monthly income through salary) Non-salaried (50% of net monthly income through business/rent)-Residential property self-occupied||Up to Rs.,1.00 Crore
Above Rs. 1.00 Crore and up to Rs. 2.00 Crores
|Salaried (50% of net monthly income through salary)-Residential property is given out on rent/Commerical property||Up to Rs.,1.00 Crore
Above Rs. 1.00 Crore and up to Rs. 2.00 Crores
|Non-Salaried (50% of the net monthly income through business/rent)-Residential property is given out on rent/commercial property||Up to Rs. 2.00 Crores||9.45% p.a.|
You can explore the option of availing of the home loan through SBI. SBI Home Loan with various categories and affordable interest rates is worth a thought.