Latest offers Trending on SBI Home Loan

It’s a good time in India to take a home loan and own a house with reduced home loan rates. State Bank of India, one of the leading institutions in India’s financial market, is one of the biggest mortgage lenders in the country. It is the largest banking network in India, with more than 22,000 branches. The SBI home loan offers low-interest rates and other benefits such as low processing fee, special benefits for women applicants, etc. SBI holds a 34% share of the home loan market in India and its home loan portfolio is now more than Rs. 5 lakh crore. 

In early March, SBI had announced a reduction in its home loan interest rates. The bank offered an interest rate starting from 6.70% for a loan up to Rs. 75 lakh and 6.75% for above Rs. 75 lakh to Rs. 5 crores. Also, the bank was giving a 100% waiver on processing fees. This concession offered during the festivals was valid till 31st March 2021. The SBI home loan interest rate depends on LTV and CIBIL score.  

SBI interest rate restored, not hiked

From April 1, 2021, the prevailing SBI home loan interest rate starts from 6.95%, which is 25 bps above the previous month’s interest rate and as per the bank, there is no hike. After surfacing news of an interest rate hike, SBI clarified that the lower interest rate was a special concession during the festive season, which came to an end on 31st March and now the interest rates are restored to original rates. However, concessions offered to women applicants are continuing. As per RBI’s guidelines, the EBLR (External Benchmark-Linked Rate) is 6.65% and SBI home loans are available 40 bps above it, at 7% and 6.95% for women applicants. 

SBI home loan is quite popular among loan takers for its attractive features. SBI offers several attractive schemes on home loans:

SBI Regular Home Loan

It is a scheme that suits every customer with interest concessions for women borrowers. Under this scheme, the processing fee is low, there are no hidden charges, no prepayment penalty, and the repayment tenure is up to 30 years. With this home loan, the borrower can spend money to purchase ready built property, purchase under-construction property, purchase a pre-owned home, construct a house, extend or renovate an existing home. 

SBI Maxgain

It’s a scheme under which the loan is sanctioned as an overdraft, where funds are withdrawn regularly. The interest rate will be charged on the withdrawn amount only.

SBI Top-Up Home Loan

It’s an offer for SBI home loan borrowers needing more funding. An already existing borrower can avail of this loan for any purpose, but the interest rate is much lower than personal loans. The pre-existing home loan customers can use the YONO insta home top-up loan facility. 

SBI Realty Home Loan

It’s an ideal scheme by SBI for customers who wish to buy a plot for later constructing a house. However, the repayment period of 10 years under such a loan is comparatively shorter than other home loans. The necessary condition for this loan is that the construction of the house must start within 5 years from the loan sanction date. Rs. 15 crore is the maximum amount that can be offered to a customer under this loan. 

SBI Shaurya Home Loan

This special scheme is offered to the Army and Defence Personnel of India only. A lower SBI home loan interest rate and other benefits are offered to defence employee applicants under this scheme. Zero processing fee, no hidden charges, interest rate concession in case of check off, and ease of repayment options are some additional benefits under this scheme. 

SBI Bridge Home loan

It’s an interesting offer for people looking for home up-gradation. Often, there can be short term liquidity mismatches and shortfall of funds for this. It aims to mitigate the shortcomings faced by people due to the time lag between the sale of an existing property and purchasing a new property. The repayment period for the bridge home loan offered by SBI is 2 years. 

SBI Reverse Mortgage Loan

It’s a loan scheme to offer an additional source of income to senior citizens who have a self-acquired home in India. The senior borrower receives payments from the bank against the mortgage of their residential property. The minimum age requirement in the case of a single borrower is 60 years and in the case of a joint borrower, it’s 58 years. The loan amount under this scheme can range from Rs.3 lakh to Rs.1 crore. 

SBI NRI Home Loans

This scheme is offered to allow NRIs to invest in properties in India. Investing via home loans allows investing their personnel financing somewhere else. 

Go through the said SBI home loan schemes and select the suitable one as per your requirements to get all the benefits.