Interested in improving the aesthetics of your space? Love using your imagination when it comes to home decor? Perhaps you’re just a home resident who’s always wanted a little extra space to call your own. Or maybe you want to expand on your current tiny bungalow. Whatever the case may be, home customization is one of the most gratifying and enjoyable ways of making your residence more meaningful to you while also meeting a variety of needs and tastes. Taking out a Home Loan can be beneficial in more ways than one. A Home Loan helps you keep your expenses under control and accommodate your other expenditures, including emergency funds and retirement savings. Moreover, the increased budget that a Home Loan offers can help you make upgrades to your house or renovate the existing property in an efficient manner. You can also seek additional loans for other essential expenses if sanctioned by the bank or financial institution to which you apply for the loan.
As a homeowner, you are entitled to make changes and renovations in your home as per your taste, requirements, and budget. Home loans can help finance the entire project or an individual bill for the same. Banks and financial institutions provide home loans to their customers to slowly build the amount of loan they are eligible to purchase a house. A home loan is a great way to increase your budget but one should be wise and cautious while selecting a lender as well. One such demanded and reputed lender in the market is SBI Banks. If you want to know more about SBI Home Loan.
SBI Home Loan
Have you always wanted to own a home and ensure safety for your family? Now is the time to realize that dream as SBI Home Loans offers a wide range of home loan products with competitive interest rates and processing fees. SBI Home Loan is designed for salaried professionals who are unable to meet their dream of owning a home. With highly competitive interest rates, flexible EMI options, and low processing fees, one can avail of the offer without any hassles.
Whether you are buying a home, renovating or expanding, financing your education or career goals, planning an exotic vacation, or simply looking to consolidate your debt and increase your cash flow – they have a range of products to suit all your needs.
What are the Interest Rates of SBI Home Loans
Along with Interest Rates, let’s discuss some other factors that a borrower should know before applying for an SBI Home Loan:
Interest Rate | 8.05% p.a. – 11.85% p.a. |
Loan Amount | Based on eligibility |
Processing Fees | 0.35% – 1% of loan amount |
Prepayment/Foreclosure Charges | Nil |
Max Tenure | 30 Years |
Rate Packages Available | Floating |
SBI Home Loan Interest Rates 2022
SBI offers floating-rate home loans. When you take out a home loan from SBI, the interest rate is pegged to a benchmark interest rate called the base rate. The base rate changes every month and is currently at 8.05% p.a. (Updated on 14 Sep 2022)
SBI Home Loan Scheme | Interest Rates % p.a |
Regular Home Loan | 8.05% to 8.95% |
Top-up Loan | 8.45% to 9.05% |
Tribal Plus | 8.15% to 8.65% |
CRE Home Loan | 8.25% to 9.05% |
Realty Loan | 8.35% to 8.95% |
P-LAP | 9.80% to 10.20% |
FAQ's
The starting interest rate of an SBI regular home loan is currently at 8.05% p.a.
Visit the official website of SBI and fill out an application form, leaving your contact details. A bank representative will call you back.
SBI’s interest rates on home loans are adjusted on the first day of each calendar quarter, in line with changes to the repo rate announced by the Reserve Bank of India.
Yes, SBI does give pre-approved home loans for which you can contact the bank for more details.