SBI's home loan rates to go up from today New customers can still avail concessions. Know how

This was done to provide affordable home loans to all small home buyers in India. Pradhan Mantri Awas Yojana can help you save money on your first house. Under the scheme, you can get subsidy of up to Rs.2.67 lakh.

sbi home loan top up interest rates 2020

SBI home loans are the preferred choice of millions as it comes to you with trust and transparency embedded in the tradition of the State Bank of India. The State Bank of India is known to offer home loans at attractive interest rates with the privilege to repay the loan at a flexible tenure and budgeted EMI plan. Moreover, there are no prepayment charges and minimum processing fees required on the sanctioning and disbursal of the loan amount. With its exclusive packages, SBI has managed to help over 30 lakh families to fulfil their dreams of owning a home. At the CNBC Awaaz Real Estate Awards 2016, SBI was declared the winner and honoured with the title of the “Best Home Loan Provider”. The bank is providing lower interest rates during the festive season.

Processing Fee for availing SBI Home Loan

The bank also offers the loan to the applicants on both fixed as well as floating rates. SBI has designed a variety of customised Home Loans with different SBI Home Loan Interest Rates suitable for different types of borrowers. Some of the most popular SBI Home Loan products and their specifics are listed below.

sbi home loan top up interest rates 2020

Moreover, if you use the SBI net banking facility, you can transfer money and see the outstanding balance go down. Yes, SBI offers pre-approved home loans, which makes it easy for the applicants to apply for a home loan. State Bank of India Home Top Up is provided to the customers over the existing home loan. You can avail this loan at times if you already have a home loan and need additional funds.

Interest Rates - Interest Rates

You do not require a guarantor for getting your loan approved. Moreover, nowadays, you can also apply for a loan online and get it approved by the E-approval portal of SBI. The average period required for loan approval and disbursement is 22 days. Transfer of balance as well as top up facilities are also offered at SBI. Women applicants get a furtherSBI home loan interestconcession off 0.5% on the sum borrowed. Income horizon is also considered based on the type of employment of the applicants.

There are various customised loan options provided by SBI to customers such as NRI’s, defence personnel, government employees, existing home loan borrowers, etc. Home loans offered by SBI are affordable and the process involved is extremely transparent. Some of the purposes for which an individual can apply for a home loan are new house construction, home renovation, purchase of an already built house. Some of the advantages and features that SBI home loans offer to home loan seekers are listed below.

SBI Home Loan Interest Rate for Multiple Housing Schemes

SBI has started offering home loans based on Repo Rate, the rate at which the Reserve Bank of India lends to commercial banks, from October 1, 2019. This rate is called External Benchmark Rate , which has fallen to 6.65% following 115 basis point reduction in the repo rate so far in 2020. After adding some spread to it, SBI home loan interest rates come as 8.05%-8.55% The rate is at least basis points lower than that of MCLR-based home loans.

sbi home loan top up interest rates 2020

SBI offers "SBI Home Top Up Loan" to their customer to borrow certain amount over and above their home loan amount. The customer who already have a home loan from SBI and requires more funding, can opt for Home Top up loans. The interest rates are much lower than usual personal loan interest rates. SBI Surakhsha State Bank of India's SBI Suraksha is a life insurance policy linked to the bank's home loan. The premium of this life insurance policy is paid by the bank.

Home Loan by Top Banks

Under the offer, the home loan interest rates range between 8.40% and 9.05%. No processing fee will also be levied by SBI on top-up and regular home loans. Individuals must have a good CIBIL score to avail the offer. SBI offers affordable home loan interest rates that vary according to the loan amount, offered home loan scheme and eligibility (salaried/self-employed).

Salaried will get interest rates lower than their self-employed counterparts by as much as 0.15% per annum. The information contained in this website is for general information purposes only. If you have any queries, grievances or feedback regarding the SBI loans, you can contact the customer helpline. The credit score of the applicant should not be less than 750. The minimum age of the customer should be 18 years to be eligible for SBI home top up loan.

Income proofs with bank statements for the past three to six months. SBI Frequently asked questions , has listed questions and answers, all supposed to be commonly asked in context of Home Loans. Please get answers to your common queries regarding the home loan, security, EMIs, etc.

sbi home loan top up interest rates 2020

Now that you know the key features of SBI home top up loan, you must be wondering if you can apply for this type of loan. Well, there are some eligibility standards designed for SBI bank home top up loans that have to be met by you if you wish to avail the loan. Women are offered SBI Home Loans at special interest rates lower than normal. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. SBI will ask for a nominal fee for the balance transfer.

The repayment duration is the same as the tenure of the home loan as Equated Monthly Instalments . This is available to new home loan customers and also to existing home loan customers who have chosen the SBI Life Cover. SBI has increased its marginal cost of funds-based lending rates by 25 bps across tenures.

However, the loan amount is evaluated by considering factors like the applicant’s income and repaying capacity, age, assets and liabilities, cost of the property, etc. The interest rate varies as per the risk score of the borrowers. You can either use the offline or the online method in order to apply for a SBI home top up loan.

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