SBI Home Loan Interest Rates based on CIBIL Score

State Bank of India (SBI) offers attractive interest rates on home loans, starting from as low as 8.55% for a year. These loans can be extended up to a period of 30 years, providing borrowers with a comfortable repayment tenure. Notably, SBI also provides a special interest rate concession of 0.5% for women borrowers, making it an appealing option for homebuyers. Additionally, SBI home loans come with no hidden charges and a complete waiver on prepayment charges, making them one of the most sought-after home loan options in the market.

About SBI Home Loans

SBI provides home loans at lucrative interest rates, starting as low as 8.55%. The tenure for these loans ranges up to 30 years, allowing borrowers flexibility in repayment. To understand the SBI home loan interest rates in detail, it is important to gather comprehensive information. SBI charges a consolidated processing fee for the loan amount, subject to General Service Tax.

SBI Home Loan Features and Offerings

SBI offers a wide range of home loan products catering to diverse customer segments, such as defense personnel, non-salaried employees, government employees, applicants buying green homes, and individuals residing in tribal areas. Some of the notable advantages of choosing SBI as your home loan provider include interest rate concessions of 0.05% for women borrowers, overdraft facilities, balance facilities, and more.

SBI Home Loan Interest Rates in 2023 Based on CIBIL Score

The table below illustrates the home loan interest rates offered by SBI based on CIBIL scores:

Different Types of SBI Bank Home Loan Interest Rates

SBI offers various types of home loans to cater to different customer needs. Here are some of the options available, along with their respective interest rates:

SBI Regular Home Loan

The regular home loan from SBI offers an interest rate of 9.15% for a year or more. The processing fee for this loan is 0.35% of the borrowed amount, with a minimum processing amount ranging from Rs. 2,000 to Rs. 10,000. Women borrowers can avail a 0.5% lower interest rate, and there are no charges for prepayments. This scheme is available for applicants aged 18 to 70 years.

State Bank of India Tribal Plus

The Tribal Plus home loan carries an interest rate of 9.25% and above. The processing fee for this loan is 0.35%. This scheme is specifically designed for individuals living in tribal or hilly areas. The repayment tenure for this loan is 15 years, and no land mortgage is required. Additionally, a third-party guarantor is allowed.

Flexipay Home Loan

The SBI home loan interest rate for the Flexipay scheme is based on the applicant's CIBIL score. Borrowers have the option to repay the interest component during the pre-EMI period of the loan, followed by step-up EMIs in the subsequent years. Young professionals can enjoy a 20% improvement in home loan eligibility.

SBI Home Loan for Non-salaried Differential Offerings

The interest rates for this scheme can be obtained by contacting the bank directly. This exclusive scheme caters to individuals who have income but do not receive a monthly salary. It offers special deals on loans for purchasing new residential units, construction, repairs, renovations, and loan transfers between banks. Proprietors, company directors, and partners are eligible for this scheme, with loan amounts ranging from Rs. 50,000 to Rs. 50 crores.

SBI Pre-Approved Home Loan

The pre-approved home loan from SBI is sanctioned even before finalizing the property. This provides borrowers with increased negotiating power with sellers or builders. The perks of this loan are similar to those offered with the SBI regular home loan.

SBI Realty Home Loan

Designed for purchasing a plot of land to build one's own home, the SBI Realty Home Loan offers borrowing limits of up to Rs. 15 crore, with repayment terms of up to 10 years. Borrowers also have the option to obtain a separate SBI home loan for construction purposes.

SBI CRE Home Loan

This curated scheme is aimed at individuals who already own two or more houses and wish to purchase additional properties. With this scheme, borrowers can buy a maximum of three houses. Women borrowers can benefit from lower interest rates, and an overdraft facility is available.

SBI Personal Loan Against Property (P-LAP) 

State Bank of India offers a personal loan against property (P-LAP) at an interest rate of 10.60% p.a. or more, with a tenure of up to 15 years. However, this loan cannot be used to meet business requirements.

Conclusion

SBI offers a wide range of home loan options at attractive interest rates based on your CIBIL score, catering to various customer segments. With flexible repayment tenures, interest rate concessions for women, and additional perks like overdraft facilities, SBI stands out as a sought-after choice for homebuyers. Before applying, it is advisable to understand the specific features, interest rates, and eligibility criteria for each loan scheme.