State Bank of India (SBI), India's largest bank, provides lucrative interest rates for home loans. They start as low as 7.5% p.a. The loan tenure ranges to a maximum 30 years. If you are looking to get a home loan, here’s all you need to know about interest rates charged by SBI on home loans.
State Bank of India or SBI, country's largest lender, has raised marginal cost of funds based lending rate or MCLR on loans by up to 20 basis points (bps) with effect from today. As a result, the equated monthly installments (EMIs) will get expensive for those who avail loans benchmarked against the MCLR.
SBI Home Loans Home Loan Highlights
Interest Rate
8%-9.85% p.a.
Loan Amount
Up to 90% of property value
Loan Tenure
Up to 30 years
Processing Charges
0.35% of loan amount (Rs 2,000-Rs 10,000) (50% waiver in basic processing fee)
What Other Fees & Charges are Applicable on SBI Home Loans Home Loan?
SBI Home Loan Processing Fees
0.5% to 2% of the amount of loan or Rs. 3000, whichever is higher + applicable taxes
Foreclosure or Prepayment Charges
Nil for a Home loan with a floating interest rate
Repayment Swap Charges
Rs. 500
Document Retrieval charges
Rs. 500
Cheque/ECS/AD Charges
Rs. 500
CIBIL Report Charges
Rs. 50
Which SBI Home Loans Home Loan Scheme is Right for You?
ICICI brings an extensive range of home loan schemes for salaried professionals and self-employed individuals. The following ICICI Home Loan schemes can be opted for by eligible applicants –
ICICI Instant Home Loan
It exclusively provides home loan up to a maximum amount of Rs. 3 crore for applicants having their salary account in the ICICI bank
ICICI Instant Home Loan
It exclusively provides home loan up to a maximum amount of Rs. 3 crore for applicants having their salary account in the ICICI bank
