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SBI Home Loan: The Search for Your Best Home Loans Ends


State Bank of India has been one of the leading providers of home loans in the country for decades. The bank is the largest public sector bank with the lowest mortgage rates in India. Like any other bank, SBI offers fixed and floating rates for home loans. And it currently offers home loans at a floating rate of 6.70% *. However, this rate and increase depending on your eligibility and payment options. SBI offers a wide range of home loan products designed to meet the diverse needs of different clients. SBI Maxgain Home Loan, SBI Home Loan, SBI Pension Rate Linked Home Loan, SBI Realty Home Loan, and SBI Shaurya Home Loan are some of the SBI Home Loan products.

Special Features of Home Loans at SBI Bank

  •  The interest rate starts at 6.70.
  • Up to 0.70% interest reduction for selected users.
  • No processing fees.
  • Receive discounts through the YONO app
  • Balance transfer possible.
  • Receive a credit-related grant under Pradhan Mantri Awas Yojana.
  • Flexipay home loans are available.
  • No prepayment penalty
  • Repayment allowed up to 30 years
  • Available credit overdraft

Interest rates and management fees

  • The interest rate starts at 6.70 *
  • No processing fees *
  • However, the interest rate at which a home loan is offered varies based on risk, customer creditworthiness, eligibility, and LTV.

Additionally, SBI offers various tailored home financing products/offerings for different borrowers based on their eligibility and requirements. These include NRI home loans, government employee and employee home loans, pre-approved home loans for existing customers, home and renovation loans, and much more.

List of documents necessary to benefit from the SBI mortgage loan

  • Employer identification card
  • Completed loan application form
  • Passport photos
  • Proof of identity: PAN / passport / driver’s license / voter card
  • Proof of Address: Copy / Electricity Bill / Water Bill / Passport / Driver’s License / Aadhar Card

Property documents:

  • Building permit (if applicable)
  • Registered Sales Contract (Maharashtra Only) / Additional Letter / Sealed Sales Contract
  • Certificate of Occupancy (for property ready for occupancy)
  • Copy of the approved plan and the registered construction contract of the builder, for some properties the deed of assignment.

Proof of income and responsibility:

  • Applicant account statements for the last 6 months
  • On any previous loan from other banks: A / C credit status for the last year
  • Payroll for the last 3 months
  • Copy of model 16 of the last 2 years or copy of the computerized returns of the last 2 years.

For self-employed/ non-salaried candidates:

  • Proof of professional address
  • Come back for the last 3 years
  • Balance sheet and profit and loss account for the last 3 years
  • TDS Certificate (Form 16A)



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