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State Bank of India

State Bank of India (SBI) is the country’s largest bank and also the largest home loan provider. ... Chances are, if you’re in the market for home loans, you’ll have browsed the SBI website for them. SBI provides significant advantages as a home loan provider, such as being reliable and responsive to RBI policy changes. There are certain downsides, for instance, the time it takes for the entire process. Read on to know more about the different product offerings SBI provides. Read More +

Interest Rates

Loan Amount Interest Rate
Up to 30 Lakhs 6.95% (women) - 7% (others)
30 Lakhs to 35 Lakhs 7.2% (women) - 7.25% (others)
35 Lakhs to 50 Lakhs 7.2% (women) - 7.25% (others)
50 lakhs to 75 lakhs 7.2% (women) - 7.25% (others)
75 lakhs to 1 crore 7.3% (women) - 7.35% (others)
1 crore to 3 crore 7.3% (women) - 7.35% (others)
3 Crores and above 7.3% (women) - 7.35% (others)
Loan Amount Interest Rate
Up to 30 Lakhs 7.1% (women) - 7.15% (others)
30 Lakhs to 35 Lakhs 7.35% (women) - 7.4% (others)
35 Lakhs to 50 Lakhs 7.35% (women) - 7.4% (others)
50 lakhs to 75 lakhs 7.35% (women) - 7.4% (others)
75 lakhs to 1 crore 7.45% (women) - 7.5% (others)
1 crore to 3 crore 7.45% (women) - 7.5% (others)
3 Crores and above 7.45% (women) - 7.5% (others)

Product offerings

SBI Regular Home Loan

SBI Regular Home Loan is a term loan, or a home loan with a tenure of 30 years offered by the State Bank of India. The Regular Home Loan isn’t a differentiated product. It can be availed by anyone who falls within the eligibility criteria.

Why should you take it?

The advantages of the SBI Regular Home Loan are linked to the advantages of the bank itself.

  1. It’s provided by a trusted Government sector bank
  2. They generally have a lower interest rate compared to other banks.

What should you consider?

The documentation process is rigorous and therefore takes time.

SBI MaxGain

SBI MaxGain is what is called a ‘home saver’ loan. With this, the loan amount is sanctioned as an overdraft. You’ll be able to park surplus funds into this overdraft account, and that’ll help you reduce your interest burden. Additionally, the savings from the reduced interest burden can also be withdrawn from the overdraft account, if required.Ideally, the SBI MaxGain loan is perfect for someone who receives financial bonuses on a regular or semi-regular basis. For instance, a quarterly or an annual bonus.

Why should you take it?

Let’s look at some of the reasons why you may want to consider MaxGain:

  1. It allows you to withdraw funds parked in the account as and when required, without any penalties.
  2. The savings from the reduced interest rate from parking funds is another reason to consider MaxGain.
  3. Most medium to large companies offer regular bonuses; this seems to be an ideal way to spend your bonus if you’re really committed to owning a house.

What should you consider?

Some things to keep in mind are:

  1. Whether you have a variable income component, or receive financial bonuses from your company.
  2. In addition, it helps if you have monthly savings after payment of EMIs and all other liabilities.
  3. It has a higher rate of interest than other home loans from SBI.
  4. If you’re a self-employed professional or a business owner, this might not be the right product for you. Sure, the liquidity aspect is a positive, but there’s no guarantee of regular windfalls.

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SBI Flexipay

SBI Flexipay is a home loan product from SBI that’s intended for young, salaried individuals. You are given an option to pay only the interest during the moratorium period, and subsequently pay moderated EMIs.The product is structured specifically for a young individual. There is, in fact, a maximum age limit for applying for applying for the loan (45 years), although repayment is possible upto the age of 70 years. Keep in mind, you’ll need a minimum of 2 years work experience before you can apply for this loan. Additionally, you can only apply for it if you are a salaried individual.

Why should you take it?

A home loan need not be a significant burden in the early stages of your career. The possibility of paying only the interest means that you can invest in a home in your 20s. If you expect to have a stable income growth in your career, this is a perfect investment.

What should you consider?

The biggest thing is this: everybody expects to have a stable growth in their income, but it depends on a lot of factors beyond your control. Think very hard before opting for this unless you want to end up with an unserviceable monthly EMI.

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SBI NRI Home Loan

As the name suggests, the NRI Home Loan is for Non Resident Indians (NRIs) or Persons of Indian Origin (PIO). If you’re an NRI or PIO, you can use the loan to purchase a house, buy property or renovate an old house.As mentioned above, this is for NRIs and PIOs. If you’re an NRI you’ll need to provide a valid passport and visa, and if you’re a PIO you need to submit a PIO card.

Why should you take it?

NRIs can only make purchases for land and property in India through banking channels; this necessitates the use of a home loan. The big advantage with the SBI NRI home loan is that they have branches in over 20 countries, allowing you to complete formalities at a branch in the country in which you’re located.

What should you consider?

One of the big factors that you should consider is whether this product is the right one for you vis a vis the remaining products that SBI offers. While NRIs or PIOs require to go through banking channels to purchase land or property, there is no requirement to only avail the NRI product.

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SBI Privilege Home Loan

SBI Privilege Home Loan is a product targeted at government employees. This includes employees of Public Sector Undertakings, State and Central Governments or any one with a pensionable service. It is for anyone who works in the Government service, not including defence personnel.

Why should you take it?

If you have a Government job, you should consider this for the following reasons:

  1. The EMI burden after retirement will be lower because it is capped at 50% of the current net monthly income.
  2. While the home loan tenure is capped at 30 years, the repayment period is extended to 75 years.
  3. Another advantage of this scheme is that there is no processing fee.

SBI Shaurya Home Loan

SBI Shaurya Home Loan is a loan for defence personnel. It is similar to the SBI Privilege Home Loan, except that this is differentiated specifically for defence personnel.Only defence personnel can apply for the Shaurya home loan.

Why should you take it?

SBI offers lower rates of interest and lower EMIs after retirement because it is capped at 50% of the current net monthly income. Additionally, the repayment can be extended to 75 years, even though the tenure is 30 years.


PAL stands for Pre Approved Loan. This is basically a sanction from the bank guaranteeing for a loan even before you settle on property. You must, however, keep in mind that the loan is conditional on property approval. It’s ideally for people who would rather have a complete understanding of their financial situation before they settle for a property. This way, you’ll know exactly how much you can borrow from the bank, and how much you need to make available from other sources.

Why should you take it?

It’s a great idea to take a pre-approved loan if you want to know exactly what your financial position is. This will help in figuring out your budget for the property and gives you a strong position to negotiate with sellers.

What should you consider?

With the SBI Pre Approved Loan, there’s a validity period of between 3 and 6 months within which you have to identify your property.

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SBI Realty Home Loan

Technically, the Realty Home Loan is not really a home loan but a loan for purchase of land and construction of a house. Primarily, obviously, it’s for anybody who wants to build their own house.

Why should you take it?

To purchase a plot of land, you cannot avail of a home loan, and this is the loan product you can avail. SBI also offers you the ability to take a home loan on top of the Realty Home Loan for the actual construction of the house.

What should you consider?

The SBI Realty Home Loan necessitates that you build the house within 5 years of the loan being sanctioned. The repayment period is ten years, which is less than the usual 30 years for home loans. If you’re set on building your own house, this is the option for you.

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SBI Bridge Home Loan

SBI Bridge Home Loan is for anyone who wants to move to a bigger house or a different location. The SBI Bridge Home Loan is for someone who knows that there’s going to be a lag between the sale of their existing property and the actual money coming into their account. Hence, it’s known as a Bridge Loan.

Why should you take it?

It gives you the benefit of negotiating without a hassle for your existing property. For example, if you need to make the down payment on your (new!) dream home, you wouldn’t need to agree to sell to the first person that makes the money available.

What should you consider?

The loan tenure is only upto two years, so in a literal sense it is only a bridge loan. You can’t finance the purchase of your new home with this.

SBI Tribal Plus

SBI Tribal Plus is a home loan for people who live in tribal areas. It can be used for the purchase of a new plot of land or a house or an existing house not older than 10 years. This scheme is open for tribals from the areas of the North East and areas around Chandigarh, Bhubaneshwar, Patna, Lucknow, and Bhopal. Even if you’re not currently living in these areas, you can avail a loan to purchase a home in your native village.

Why should you take it?

If you’re eligible for the scheme, it’s a no brainer. It offers the lowest amount of interest and low processing charges. In addition, no security is required and there are no pre-payment charges.

What should you consider?

The tenure of repayment is a maximum of 15 years, less than a regular home loan.

SBI Earnest Money Deposit

The SBI Earnest Money Deposit is for you if you’re looking to make a booking to purchase a plot or a built up house from a Government Housing body, like PUDA or HUDA.

Why should you take it?

It’s better to avail this product than to tie up your own personal funds for booking a plot. If your application is unsuccessful you can pay it back when the refund is made by the housing board. If your application is successful, you have to pay it back as a lump sum when you avail an SBI home loan.

What should you consider?

The rate of interest is pretty high on this product, with the same rate for everyone.

SBI Reverse Mortgage Loan

It’s a scheme to allow senior citizens to supplement their income if they own a house. The bank makes payments to the borrower at a regular period. The loan is usually repaid from the proceeds of the sale of the house.

Why should you take it?

If you are a senior citizen and you have a home, it makes sense to receive regular payments for your investment, without actually sacrificing your house.

What should you consider?

The loan can be considered foreclosed for various reasons, including the borrower not having lived in the property for a year. These are some things in fine print that need to be examined very carefully.

SBI Commercial Real Estate Home Loan

It’s a loan for people who own two or more houses or apartments and want to purchase another.

Why should you take it?

SBI only offers this product if you already have existing home loans for two houses or apartments.

SBI Loan Against Property

As the name suggests, it’s a loan against existing property that can be used for anything except for business or speculative purposes.

Why should you take it?

If you have a good relationship with your SBI branch, it might be advantageous for you to seek this loan from SBI.

What should you consider?

This loan offers no clear cut advantages over any other home loan product offered by SBI.

The interest rate options for you depends on your loan amount

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Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.


Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required

kyc proof
KYC Proof
  1. Drivers License
  2. Passport (current)
  3. Voter ID Card
  4. PAN Card
income proof
Income Proof
  1. Last 6 months bank statements
  2. Loan account statement for the past 1 year, if any previous loan from other banks/lenders
  1. Salary slip or Salary certificate of last 3 months
  2. Copy of Form 16 for last 2 years or copy of IT returns for last 2 financial years, acknowledged by the Income Tax department
property documents
Residence Proof
  1. Latest Electricity Bill
  2. Utility bill
  3. Piped gas bill
  4. Telephone bill (Not more than 2 months old)
  5. Passport
  6. Aadhar card
  7. Voter ID
  8. Driving License

How to Apply

Once you’ve shortlisted State Bank of India as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.


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4.7 stars
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Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from State Bank Of India is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to State Bank Of India

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that State Bank Of India offers you a lower rate of interest. State Bank Of India is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to State Bank Of India with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and State Bank Of India, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.