SBI Home Loan Interest Rates 2020 | New Interest Rates On Home Loan

SBI Home Loan Interest Rates

State bank of India produces wide range of home loan products so that it earns the title “The most preferred Home Loan Provider”. SBI, largest bank in India has reduced marginal cost-based lending rate (MCLR) by 0.9 % from 8.90 % to 8 % for one year tenure. Let’s talk about SBI Home Loan Interest Rates 2020.

SBI has produced many home loan schemes like as SBI Maxgain, SBI Realty, SBI Home Plus & NRI Home Loans to meet the customer’s requirements. The biggest advantage of SBI home loan is low interest rates. It has also produce low processing fees, no hidden cost & no administrative charges, plus zero prepayment penalties which is really beneficial to customers.

SBI Home Loan Interest Rates 2020

Loan Amount Up To Rs 75 Lakh
For Other 8.65%
For Women 8.60%
Loan Amount Above Rs 75 Lakh
For Other 8.70%
For Women 8.65%
Loan Amount Up To Rs. 30 Lacs
For Other 8.55%
For Women 8.50%
Maxgain Above Rs. 20 Lacs & Upto Rs. 75 Lacs
For Other 8. 80%
For Women 8. 75%
CRE Max Gain Irrespective Of Loan Amount
For Other 9.10%
For Women 9.05%

You May Like To Read – SBI Maxgain Home Loan 

What Happens To Your Home Loan After State Bank Of India Cut Rates?

Home Loans Up To Rs 75 Lakh

SBI which is the number one bank of India provides 8.65% interest rate on amount of loans up to Rs 75 lakh but for the women the interest rate is 8.60%.

After that reduction, marginal cost-based lending rate by 0.90% to 8%. State bank of India announced that floating interest rate would be 0.65% higher for above one-year MCLR rates.

Home Loans Above Rs 75 Lakh

If some wants to take home loan above Rs 75 lakh, then he needs to pay interest rate 8.70% but for the women interest rate is 8.65%.

For women to avail the offer:

  • the woman borrower should be the sole applicant
  • or one of the co-applicants for Home Loan and also the sole owner
  • Or one of the co-owners of the property proposed to be financed by the Bank.

Under the ‘Max Gain’ home loans scheme, the interest rate is 8.80% but for women it is 8.75% for the amount 20 lakh to 75 lakh.

Fixed Rate Loans

There is both options are present fixed rate as well as Floating Rate option for loans amount up to Rs. 30 lacs. For initial two years the fixed interest rates is 8.55% and after that allied to the floating interest rates.

The interest rate is 8.50% for the women, till first two years after that associated to the floating interest rates.

Check Also – How To Increase Eligibility For Home Loan

Documents Required For SBI Home Loan

  • Signed application form with photograph
  • ID and residence proof
  • Processing fee cheque
  • Last 6 months bank statements

If You Are Salaried Applicants

  • Last 3 months salary-slips
  • Form 16 or Income Tax Returns

If You Are Self-Employed Applicants

  • Education qualification certificate & proof of business existence
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Significant Features Of SBI Home Loans:

  • SBI provides Lower interest rates on comparing to other banks.
  • It produces Low processing fees.
  • Customer need not to pay hidden charges or administration fees.
  • There are no any pre-closure charges required.
  • SBI produces Exclusive packages to meet the requirements of customers.

Read Now – How To Apply For Home Improvement Loan In India

Prime Minister asked banks to pay special attention on the need of poor and average middle class, so it reduces the interest rate charges. Now middle class person acquire their home by just applying the SBI home loan.


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