SBI Home Loan

SBI Regular Home Loan

This is SBI's standard home loan. It is suitable for buying a ready-to-move-in house, an under-construction property, building your own house, or transferring an existing home loan from another bank.

Key details

• Interest rate: 7.25% p.a. onwards.
• Processing fee: The fee is 0.35% of the loan amount, but it will not be less than Rs.2,000 and not more than Rs.10,000.
• Women borrowers: 5 basis points (0.05%) lower interest rate.
• Pre-payments: Zero charges on pre-payments (you can repay early without penalty).
• Age eligibility: Applicants aged between 18 and 70 years.

Who should choose this

Typical salaried and self-employed buyers who want a straightforward, widely available home loan with flexible use (buy, construct, transfer).

SBI Flexipay Home Loan

Flexipay is designed for younger professionals and fresh earners whose income is expected to rise. It gives easier initial cashflow management.

Key details

• Processing fee: The fee is 0.35% of the loan amount, but it will not be less than Rs.2,000 and not more than Rs.10,000.
• Pre-EMI choice: During the pre-EMI period, you only need to pay the interest amount, while the principal payment starts later.
• EMI structure: Step-up EMIs in following years — smaller EMIs at first, increasing later as income grows.
• Eligibility benefit: Up to 20% improvement in home loan eligibility for younger professionals (compared with standard eligibility calculations).

Who should choose this

Young professionals, early-career borrowers and anyone who expects their income to increase over time and needs lower initial EMI burden.

SBI and Pradhan Mantri Awas Yojana (PMAY) Subsidy

PMAY is a government subsidy scheme for affordable housing. SBI supports PMAY subsidies on eligible home loans.

Key details

• Subsidy: Up to Rs.2.67 lakh for eligible first-time homebuyers.
• Income limit: Subsidy available to individuals/families with income up to Rs.18 lakh per year (check category-wise eligibility under PMAY).
• Tenure: The maximum repayment period for loans under the PMAY scheme can go up to 20 years.
• Applicable SBI loans: PMAY subsidy can be applied with SBI Regular Home Loan, Flexipay and some other SBI home loan schemes — verify eligibility and application with the bank.

Who should check this

First-time homebuyers in the eligible income bracket — this can significantly reduce your EMIs or loan burden.

SBI NRI Home Loan

Specifically for Non-Resident Indians who want to buy property in India.

Key details

• Interest rate: You can check the latest NRI interest rates by contacting the bank directly, as the rates may vary and the bank will guide you with the exact details.
• Processing fee: The fee is 0.35% of the loan amount, but it will not be less than Rs.2,000 and not more than Rs.10,000.
• Rate discounts: Discount on interest rate for women applicants (where applicable).
• Terms: No extra fees or special higher rates compared with regular home loan — the overall offering is similar to SBI Regular Home Loan, with NRI-specific servicing and documentation.

Who should choose this

NRIs wanting to buy for residence or investment in India. Contact the NRI desk at SBI to get product details, eligibility and documentation checklist tailored for NRIs.

SBI Realty Home Loan (Land Purchase)

This is for buying a plot of land where you plan to build your house later.

Key details

• Processing fee: The fee is 0.35% of the loan amount, but it will be at least Rs.2,000 and not more than Rs.10,000.
• Borrowing limit: Up to Rs.15 crore.
• Repayment tenure: You can pay back a land loan in easy installments within a maximum period of 10 years.
• Construction: Option to take a separate SBI home loan later for the actual construction on the purchased plot.

Who should choose this

Buyers who prefer to first acquire land and postpone construction — investors or owners who want to stage the buying and building process separately.

SBI Home Loan for Non-Salaried Individuals

This offering is tailored for people who earn but do not receive a fixed monthly salary — for example, proprietors, partners, company directors and other self-employed professionals.

Key details

• Interest rate: Contact the bank to find out the interest rate offered (rates are offered based on profile and underwriting).
• Processing fee: The fee is 0.35% of the loan amount, but it will not be less than Rs.2,000 and not more than Rs.10,000.
• Loan purpose: Buying a new residential unit, constructing a house, renovating/repairing, or transferring an existing home loan from another bank.
• Loan amounts: You can get a loan starting from Rs.50,000 and going up to Rs.50 crore, depending on your eligibility and the bank’s approval process.
• Eligible applicants: Proprietors, partners, directors and other non-salaried individuals with verifiable income.

Who should choose this

Self-employed business owners, professionals and entrepreneurs who want flexible loan amounts and products that accept business income documentation instead of salary slips.

SBI Pre-Approved Home Loan (PAL)

PAL gives you a sanctioned loan amount before you finalise a property — useful when you want bargaining power or quick booking capability.

Key details

• Interest rate: At the discretion of the bank (bank will quote the applicable rate).
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000).
• When sanctioned: Loan is sanctioned before property is finalised, so you can show proof of funds when negotiating with seller or builder.
• Benefits: PAL typically carries similar benefits to the Regular Home Loan once property is finalised and documents submitted.

Who should choose this

Buyers who want quick confidence to book a property or improve negotiating position with a seller or builder.

SBI Earnest Money Deposit (EMD) Loan

EMD loans are short-term loans meant to pay the booking/advance amount when you want to secure a house/plot sold by government bodies.

Key details

• Processing fee: 0.5% of the loan (minimum Rs.1,000).
• Use case: Funds to pay the advance/booking amount for houses or plots sold by urban development authorities, housing boards and other government entities.
• Tenure: Short-term loans are those that need to be repaid within a period of up to one year.

Who should choose this

Buyers who need quick short-term funds to hold a property booked through government agencies and who will later convert to a regular home loan or arrange funds within a year.

SBI Commercial Real Estate (CRE) Home Loan

CRE loans are for people who already own multiple houses and want to buy additional property for investment or rental income.

Key details

• Processing fee: 0.35% of the loan amount (minimum Rs.5,000).
• Limits: Curated for people who already own two or more houses and want to buy more; maximum three houses permitted under the scheme.
• Perks: Benefits such as lower interest rate for women and overdraft facility may be available.

Who should choose this

Real estate investors and high-net-worth individuals who want structured financing for multiple residential properties.

SBI Reverse Mortgage Loan

A reverse mortgage converts the value of a residential property into regular income for senior citizens while they continue to live in the house.

Key details

• Interest rate: 10.30% p.a.
• Processing fee: The fee is 0.50% of the loan amount, but it will be at least Rs.2,000 and not more than Rs.20,000.
• Target group: Senior citizens who own and occupy the property.
• Repayment: Loan typically does not need to be repaid during the borrower’s lifetime; repayment happens as per reverse mortgage product terms (for example, on death or sale of property, depending on chosen option).

Who should choose this

Retired homeowners who need a steady income stream without selling their home.

SBI Tribal Plus Home Loan

Tribal Plus is a plan designed for people living in tribal and hilly areas. It reduces the need for land mortgage formalities and accepts alternate security arrangements.

Key details

• Interest rate: As decided by the bank.
• Processing fee: The fee is 0.35% of the loan amount, but it will not be less than Rs.2,000 and not more than Rs.10,000.
• Repayment tenure: Maximum of 15 years.
• Security: Land mortgage not required; third-party guarantor is allowed.

Who should choose this

Borrowers from tribal, hilly or remote regions who find standard mortgage formalities difficult to meet and who may prefer an arrangement with guarantors rather than mortgage on land.

SBI Suraksha — Home Loan with Life Insurance

SBI Suraksha provides life insurance along with your home loan, so your loan is covered under an insurance policy. It provides financial protection to your family in the event of the borrower’s death during the loan tenure.

Key details

• Feature: Life insurance policy linked to the home loan.
• Premium: Paid by the bank (as per the product terms you choose or bank policy).
• Repayment duration: Policy duration is the same as the tenure of the home loan — coverage runs while EMIs are active.
• Availability: For both new home loan customers and existing home loan customers who opt for SBI Life Cover.

Who should choose this

Borrowers who want added financial protection for their family, ensuring loan repayment or cover in case of an unexpected event.

SBI Home Loan Eligibility

Basic eligibility criteria apply across SBI home loan schemes, though some schemes have special rules. Below are general conditions to expect.

• Minimum age: 18 years.
• Maximum age: 70 years (depends on scheme and repayment tenure; check specific product rules).
• Nationality: Resident Indians and Non-Resident Indians (NRIs) — product-specific.
• Income: Salaried or self-employed applicants accepted depending on scheme; non-salaried products accept business income proofs.

Documents Required for SBI Home Loan Application

Document requirements differ slightly by borrower type (salaried, self-employed, NRI) and by scheme. Here’s a complete list of documents that are usually needed.

General documents (all applicants)

• Duly filled loan application form.
• Three passport-size photographs.
• Proof of residence (one): latest utility bill, copy of Aadhaar card, driving licence, or passport.
• Proof of identity (one): Voter ID card, PAN, driving licence, or passport.
• Employer identity card (if applicable).

Proof of income — salaried applicant / guarantor / co-applicant

• Salary certificate or salary slips for the previous three months.
• Copy of Income Tax Returns for the previous two financial years or
• Copy of Form 16 for the previous two years.

Proof of income — non-salaried applicant / guarantor / co-applicant

• IT returns for the previous three years.
• Balance sheet for the previous three years (if applicable).
• Profit & loss account for the previous three years (if applicable).
• Details of business licence or equivalent registration documents.
• Form 16A or TDS certificates, if applicable.
• For professionals: certificate of qualification where relevant.
• Proof of business address.

Bank statements and loan statements

• Bank account statements for the previous six months for all accounts held by the applicant.
• If you have any other ongoing loan, please submit its account statement for the last year.

Property documents

• Copy of approved blueprint / construction plan.
• Occupancy certificate (for ready-to-move property).
• Conveyance deed (for new property where applicable).
• Permission for construction (where applicable).
• Stamped agreement for sale or allotment letter.
• Maintenance bill, electricity bill and property tax receipt (recent).
• Copy of the approved plan (blueprint) and the builder’s registered development agreement.
• Bank account statements or payment receipts of amounts paid to seller or builder.
• Registered agreement for sale (required in certain states, e.g., Maharashtra) and share certificate (where applicable).

Note: This is a comprehensive checklist. SBI may ask for additional documents or variations depending on the scheme, property type and local requirements. For NRIs, additional identity and income documents may be required as per NRI guidelines.

How to Apply for an SBI Home Loan

There are two simple ways to apply:

Offline application

• Visit your nearest SBI branch.
• Request the home loan application form and guidance from the branch official.
• Fill out the form accurately and submit it along with all required supporting documents.
• Bank will process, verify documents and inform you about the sanction and next steps.

Online application

• Visit the official SBI website and navigate to home loans or apply for home loan section.
• Fill the online form with your contact details and loan preferences.
• SBI will contact you for the next steps, document submission and verification.

Tip: For PAL (pre-approved loan), check your pre-approved offers on the SBI online portal or by contacting the bank, then finalise the property using the sanctioned amount.

SBI Home Loan Customer Care and Corporate Address

If you need scheme-specific interest rates (for example NRI or non-salaried offerings) or the latest promotional offers, contact the SBI home loan desk. Rates and special concessions (like women discounts) may be updated from time to time by the bank.