SBI Home Loans: Types, Eligibility, and Charges

SBI Home Loans

A majority of people belonging to the middle-class rely on the home loans to fulfil their dream of owning a home. Sometimes, even selecting a home loan package becomes a problem due to the high-interest rates. State Bank of India provides home loans to help people in bringing their dream homes into reality. SBI Home Loans is the largest mortgage lender in India. State Bank of India has helped more than 3 million people by providing them SBI home loans.

SBI home loan is one of the most popular choices of the people because of the good interest rates. The interest rates start from 8.40 % and a slightly less interest rate of 8.35 % is the starting rate for women borrowers. The interest rate varies with the amount of loan. The following table shows the different interest rates according to the amount of loan.

Loan AmountInterest rateInterest rate for women borrowers
Up to Rs.30 Lac8.40 %8.35 %
Rs.30 Lac to Rs.75 Lac8.55 %8.50 %
Above Rs.75 Lac8.65 %8.50 %

Other than the loan amount, the interest rate also depends on the salary of the applicant. Even though SBI home loan is popular among people due to the good interest rates but the interest rate is not the only reason for the popularity of the SBI home loans. Following are some more features of SBI home loans which attract people.

  • SBI offers home loans to both salaried and self-employed people
  • Slightly low-interest rates for female borrowers is a plus point
  • The loans are provided up to a period of 30 years. The lower limit of the loan period is 5 years
  • Best interest rates are definitely the highlight of SBI home loans
  • EMI is calculated according to credit score and per Lac EMI is Rs.769
  • The ratio of loan to value is 90 %
  • Low processing fees of the various types of loans
  • No hidden charges

All the features mentioned above will definitely urge you to apply for SBI home loan. There are various types of SBI home loans. The eligibility criteria of the different types of these loans vary as each type of home loan is designed specifically keeping in mind the specific groups of people. However, there are some basic requirements which must be completed by the applicant to become eligible for the loan.

Basic Eligibility Criteria

The eligibility criteria are based on the following requirements.

  • Salaried individual or self-employed
  • Age group of the loan applicant
  • Qualifications of the loan applicant
  • Number of dependents on the loan applicant
  • The stability and assets of the loan applicant
  • The credit score of the loan applicant to calculate the EMI

Following are the types of SBI home loans. The borrower can apply for SBI home loan from any of the following types after fulfilling the eligibility criteria.

SBI regular home loan

SBI regular home loan requires that the applicant for the loan must be a resident Indian of at least 18 years old. The upper age limit for this loan is 70. The borrowers can choose the loan tenure for up to 30 years.

SBI balance transfer of home loan

The borrower can transfer the home loan from the registered commercial, private, or foreign banks with National Housing Bank (NHB). The borrower must also fulfill the eligibility criteria for the SBI balance transfer of home loan. Anyone from the age of 18 to 70 can apply for this loan for extended loan tenure.

SBI NRI home loan

SBI NRI home loan is designed for the Non-resident Indians. The Indian citizens living abroad can apply for this loan to invest in properties or construct their home in India. Only Non-resident Indians (NRIs) or Persons of Indian Origin (PIOs) can apply for this loan for a maximum tenure of 30 years. The borrower must be at least 18 years old. The upper age limit for this loan is 60.

SBI Flexipay home loan

SBI Flexipay home loan provides a great opportunity to young earners and salaried individuals and enables them to take the first step towards building their dream home. The borrower is given an option to only pay the interest during the moratorium period. Afterward, the borrower can pay moderate EMIs. The borrowers also enjoy the 20 % higher home loan eligibility. Indian residents between the ages of 21 and 45 can apply for this loan for a tenure of 30 years. The age limit for the repayment of the loan is 70.

SBI Privilege home loan

SBI has designed the SBI privilege home loan, especially for the government employees. The central, as well as state government employees, can apply for the SBI privilege home loan. The amount of the loan, however, is calculated after taking into consideration some factors including age, income, assets, and repaying capacity of the applicant. Government employees with pensionable service between the ages of 18 and 75 are eligible to apply for this loan up to loan tenure of 30 years.

SBI Shaurya home loan

SBI Shaurya home loan is for the employees of the Army and Defense department. The interest rates of this home loan are relatively low and the defense employees between the ages of 18 and 75 are eligible to apply for this loan who enjoy longer repayment period of the loan.

SBI Pre-approved home loan

SBI pre-approved home loan enables the Indian citizens between the ages of 18 and 70 to get the loan before selecting the property. The loan amount and eligibility of the applicant is assessed on the basis of the income of the applicant.

There are a lot more Types of Home Loans offered by SBI including realty home loan, home top-up loan, bridge home loan, and smart home top-up loan.


There are some additional charges other than the interest which are charged for the home loan application. A processing fee is charged by SBI is 0.25 % of the loan amount. The minimum processing fee is Rs.1000 for up to Rs.25 Lakh loan amount and a maximum of Rs.10000 for a loan amount of more than Rs.75 Lakh. Other charges are foreclosure charges, technical charges, legal charges, and actual charges towards valuation fee, which may vary according to the profile.

Dean Duke
My name is Dean Duke. I am a full-time writer who loves to do research and learn new things then start writing.

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