State Bank of India Home Loan Interest

Rates
When youre searching for the most affordable home loan interest rates from the market, you should give State Bank of India
a thought. State Bank of India home loan interest rates are one of the best rates that are available to you in India.
About State Bank of India Home Loan Interest Rates
State Bank of India home loan interest rates are one of the most competitive rates that you will get in the market. The rates
are subject to change as per the sole discretion of SBI. The tables given below will help you understand State Bank of India
home loan rates better:
SBI Advantage Home Loan (July 2010)

Interest rate for loans approved between 1st July, 2010 and 30th September, 2010.
Loan amount

More than Rs.50 Lakhs

Facility Type

Term Loan

Interest for first year

8% per annum (Fixed)

Interest for 2nd and 3rd year

9% per annum(Fixed)

Floating rate of interest after

3rd year

2.25% higher than the Base Rate, Presently rate in force being 9.75% per annum.

Fixed rate of interest after 3rd

year

3.50% higher than the Base Rate existing at the time of readjustment, with an adjustment
occurring every 5 years.

SBI Easy Home Loan (July 2010)

Interest rate for loans approved between 1st July, 2010 and 30th September, 2010.
Loan amount

Maximum Rs.50 Lakhs

Facility Type

Overdraft (MaxGain) or Term Loan

Interest for first year

8% per annum (Fixed)

Interest for 2nd and 3rd year

9% per annum (Fixed)

Floating rate of interest after

3rd year

1.75% higher than the Base Rate, presently rate in force being 9.25% per annum

Fixed rate of interest after 3rd

year

3.50% higher than the base rate existing at the time of readjustment, with an adjustment
occurring every 5 years.

The Base Rate of State Bank of India is 7.50% per annum.

Processing fees for State Bank of India home loans
The table given below will give you a fair idea about the reviewed processing fee structure (comprising service tax) with
effect from 09.11.2009:

Loan Amount

Processing Fee (Modified)

Upto Rs.5 Lakhs

Rs.1000/-

More than Rs.5 Lakhs and upto Rs.10 Lakhs

Rs.2000/-

More than Rs.10 Lakhs and upto Rs.20 Lakhs

Rs.5000/-

More than Rs.20 Lakhs and upto Rs.50 Lakhs

Rs.7,000/-

More than Rs.50 Lakhs and upto Rs.1 Crore

Rs.8,000/-

More than Rs.1 Crore and upto Rs.5 Crore

Rs.10,000/-

More than Rs.5 Crore

Rs.20,000/-

Pre-closure Penalty
You will not be asked to pay any prepayment penalty in case the loan is preclosed from your own source of funds/windfall
profits/savings for which documentary proof is furnished by the customer.
Repayment term of State Bank of India home loans
The maximum repayment period for a SBI home loan is 25 years or the borrower attaining the age of 70 years (by which
time the loan has to be paid in full), whichever comes in the first place.
Repayment holiday/moratorium period for SBI home loans
The moratorium period or repayment holiday will be incorporated into the maximum repayment term of the loan.

SBI Home Loan Insurance

The State Bank of India comes up with the SBI Home loan insurance product providing a shield to the customer's home loan
in wake of any unexpected occurrence. In such circumstances the deceased's family members will have the backing of the
insurance cover to pay for the remaining amount of the home loan without any stress of monthly loan installments in order to
repay the loan amount. In absence of such an insurance cover paying the EMIs would become a herculean task for the
family members of the loan taker.
People seeking home loan often encounter such worries like what if anything happens to them in that case what would
happen to the home loan? Naturally, their main concern is that should something happen to them their folks would have to
encounter the problem of facing the impact of repaying the loan debt. Home loan insurance is completely different from
home insurance.
This type of insurance covers the amount of home loan you owe to the bank. This doesn't include the amount you have
already paid but the amount still to be paid and evidently your family members will not face the problem of paying the
amount being owed to the bank but the insurance provider will bear the brunt of the same. The insurance companies are not
very impending about how much amount is to be paid as part of the insurance premium as the premium amount varies
depending on the case.
The premium amount broadly relies on conditions like - age of the person availing the loan (the younger the person, the
lower the premium amount); loan amount (the lesser the loan amount, the lower the premium); period of the loan (the more
the loan repayment period, more is the premium); another important factor is the health of the loan taker (the premium
amount would be low in case of good health of the individual).
SBI offers mortgage life insurance policy to the SBI home loan applicants thereby consolidating the insurance premium
along with the EMIs. The State Bank Of India offers a free personal accident insurance cover to their clients availing home
loan so that the client's family doesn't have to face any problem if he/she meets an accident that proves to be fatal.

The home loan applicants can get more information about SBI Home loan Insurance on the website of bank:
www.statebankofindia.com, www.sbi.co.in, www.onlinesbi.com.

SBI Home Loan Application

SBI Home loan application form is available on the SBI Bank website. State Bank Of India offers an easy and facile way for
its clients to apply for home loan schemes offered by the bank on the web. You no longer need to go to your bank branch
and go through the whole process of filling up forms etc as now you can apply for SBI home loan from the comfort of their
home or office itself without having to move out.
Home loan application form - People with a view to avail SBI's home loan schemes to construct their dream house can
download the SBI Home loan application form directly from the bank's website. One can even fill up the form online itself and
furnish all the relevant documents thereafter. The bank has mentioned some relevant columns that are mandatory to be
filled up as the bank is required to differentiate between the needs and requirements of the various customers which also
depends upon their individual capacity to avail the loan and paying the monthly installments. Certain significant details that
one has to furnish in order to duly fill up the online home loan application form are as follows:

1.
2.

3.

4.

Personal Information: Person seeking to apply for home loan has to mention his personal details like name,
residential address, contact number, gender, date of birth, e-mail id, occupation, official address and contact
number, PAN number and the number of co-applicants(if any).
Property Information: The loan applicant is also required to furnish details of the property he/she is seeking home
loan for. The details include the address of the property and one has to choose the nearest SBI home loan sales
team.
Details Of Income: The loan borrower also needs to mention the details of combined gross monthly income of all
the applicants, joint statutory monthly deductions like PF, different types of applicable taxes etc. of all the loan
applicants. Then comes the column of net monthly income of all the applicants and one also has to mention the
purpose of buying the property self occupation or rent.
Combined repayment dues on all other existing loan schemes availed by all the applicants: In this particular
column one has to mention the loan tenure(period or the duration for which one wants to avail the loan), the
applicable interest rate to be paid on the home loan scheme selected, this will help the loan applicant calculate his
eligibility and the amount of EMI he will have to cough up if he avails a particular home loan scheme.

After filling up all the relevant columns all one is required to do is click the 'Submit' button and can apply for the home loan
online.
With a view to simplify the whole of the banking process the State Bank Of India is offering various online services for the
ease of its customers. The SBI is famous for providing hassle free services in order to not to provide much trouble to its
customers thereby ensuring customer satisfaction. People generally find the banking process slow and annoying and to
make the task uncomplicated the bank has come up with its various online services. The bank has made efforts to reduce
the complexity in offering banking services like account opening, applying for loans and other such services by providing a
separate section on its website where the bank's customers can download forms for products offered by the bank, which
includes forms for following activities related to banking:

a.
b.
c.
d.
e.

Personal banking form - Here you can download forms for opening an account with the bank.
NRI services form - This section is especially for the Indians settled abroad who are interested in availing the
banking facilities provided by the SBI both in India and also in its various offices in foreign countries.
Government Business form - The interested customers can download form for government related business
services and products offered by the bank like the pension forms.
Services form - From here one can download the various forms for miscellaneous services offered by the SBI.
Agriculture/Rural forms - The State Bank Of India also offers umpteen services to the people with a rural
background and they can download these forms and avail SBI's products offered to the people from rural areas.

For downloads you can log on to any of the

bank's website: www.statebankofindia.com, www.onlinesbi.com, www.sbi.co.in
Benefits offered by State Bank of India home loans
Given below are the key benefits offered by State Bank of India home loans:

Package of special benefits.

Affordable interest rates. In addition, SBI imposes interest on the basis of daily reducing balance method.
Nominal processing fees.
No administrative costs or hidden fees.
There are no prepayment penalties. You can lower your interest burden and use your excess funds in the most
desirable way through prepaying the loan.
With more than 12,000 branches throughout the country, you can receive your home loan account placed at a
branch which is closest to your current or future home.

Types of State Bank of India home loans

State Bank of India home loans are available in the following categories:

SBI Easy Home Loan

SBI Hi-Five Loan
SBI Advantage Home Loan
Eligibility Criteria for State Bank of India home loans
You should be at least 18 years of age to qualify for a State Bank of India home loan. The maximum age (limit) for
a loan applicant is 70 years by which the loan has to be paid in full. However, this is dependent on availability of
adequate, constant and steady source of earnings for paying off the loan.
Security for SBI home loans
Equitable mortgage of the property will work as security against a home loan offered by State Bank of India. Other
substantial security of sufficient amount such as Life Insurance policies and National Savings Certificates can work
as security for the loan in case the property cant be mortgaged.
Margin for SBI home loans

Loan Amount

Margin (Minimum)

Maximum LTV Ratio (Maximum)

Upto Rs.75 Lakhs

20%

80%

More than Rs.75 Lakhs.

25%

75%

N.B.: LTV Ratio is Loan to Value Ratio.

Quantum of Finance:
The amount of loan will be decided after taking into account factors like earnings and repayment ability of the loan applicant,
his assets and liabilities, his age and property (flat/house) value. For increasing loan eligibility, you are allowed to club:

Your spouses income or income of your daughter/son staying with you, given that they have a stable source of
income and his/her salary account is kept with State Bank of India.
Depreciation, dependent on certain stipulations.
Probable rent receivables (minus taxes, surcharges and so on) in case the flat/house being bought is planned to
be leased out.
Steady income from all other sources.

Documents necessary to apply for a State Bank of India home loan:

Filled out loan application form

Identification proof (photocopies of Passport/Voters Identity Card/IT PAN card/ Driving licence)
3 Passport size photographs
Business address proof for non-salaried applicants

Residence/address proof (photocopies of latest electricity bill/telephone bills/ passport/property tax receipt/Voters
identity card)
Pass Book or bank account statement for past 6 months
Statement about individual assets and liabilities
Signature authentication from current bankers

For guarantor (whenever applicable)

Statement about individual assets and liabilities

2 Passport size photographs
Identity proof as mentioned above
Residence/address proof as mentioned above
Business address proof as mentioned above
Signature authentication from his/her current bankers

Other documents necessary for salaried individuals

Copy of Income Tax Returns for past two financial years or TDS certificate on Form 16 properly approved by the
Income Tax Department.
Original Salary Certificate/Pay Slip from employer

Other documents necessary for self- employed individuals/Professionals/other Income Tax assessees:

Certified copies of Income Tax Assessment Orders/Returns for the last three years.
Photocopies of receipts showing Advance Income Tax payment.

SBI Home Loans Customer Care Number (Toll Free)

Ahmedabad: 1800 233 7933
Bangalore: 1800 425 8002
Bhopal: 1800-233-7551
Chennai: 1800 425 4424
Delhi: 1800 11 4545
Guwahati: 1800-345-3631
Hyderabad: 1800 425 3888
Kolkata: 1800 345 3455
Lucknow: 1800 180 5201
Mumbai: 1600 22 8866
Patna: 1800 345 6100

SBI Customer Care Mail ID

Ahmedabad: helpline.lhoahm@sbi.co.in
Bangalore: sbihelpline.lhoblr@vsnl.net
Bhopal: mysbi@sbi.co.in
Chennai: helpline.lhoche@sbi.co.in
Delhi: helpline.lhodel@sbi.co.in
Guwahati: luithelp@sify.com
Hyderabad: helpline.lhohyd@sbi.co.in
Kolkata: sbihelpline.lhokol@sbi.co.in

Lucknow: sbihelp@sancharnet.in
Mumbai: helpline.lhomum@sbi.co.in

1.

SBI EASY HOME LOAN (JULY 2010)

(Base Rate =7.50% p.a.)
Interest rate for proposals sanctioned
between 1st July
2010 and 30th September 2010.

2.

Loan amount

Maximum Rs.50 Lacs

Facility Type

OD (MaxGain) or TL

Interest during first year

8% p.a.(Fixed)

2nd & 3rd year

9% p.a.(Fixed)

Floating interest rate after 3rd

year

1.75% above Base Rate, Currently effective

rate being 9.25% p.a.

Fixed interest rate after 3rd

year

3.50% above the Base Rate prevailing at the time

of reset,
with a reset frequency of 5 years.

SBI ADVANTAGE HOME LOAN (JULY 2010)

Interest rate for proposals sanctioned
between 1st July
2010 and 30th September 2010.
Loan amount

Above Rs.50 Lacs

Facility Type

TL

Interest during first year

8% p.a.(Fixed)

2nd & 3rd year

9% p.a.(Fixed)

Floating interest rate after 3rd

year

2.25% above the Base Rate, Currently

effective rate being 9.75% p.a.

Fixed interest rate after 3rd

year

3.50% above the Base Rate prevailing at the

time of reset, with a reset frequency of 5 years.