#FinancialBytes: All about State Bank of India's home loans
State Bank of India (SBI) is the largest public sector bank in the country with over 42 crore customers. The state-owned SBI is also one of the most preferred banks for home loans. Home loans are witnessing a steady increase as more people prefer to have their own houses instead of renting one. Here's all you need to know about SBI's term home loans.
Interest rates for SBI home loans and other details
The interest rate for SBI's home loans starts from 8.6% and ranges up to 9.3%. The interest rates also vary from borrower to borrower based on a number of factors. Some of these factors include the loan-to-value (LTV) ratio, applicant's risk score, whether the applicant is salaried, income, credit score, etc. Also, interest rates for women borrowers are 0.05% lower than other borrowers.
Processing fee on SBI home loans
SBI charges a minimum of Rs. 2,000 and a maximum of Rs. 10,000 as home loan processing fee. The bank charges 0.35% of the loan amount as the processing fee. However, the loan processing fee has been waived until 31 May, according to SBI's website.
Interest rates for salaried applicants on loans upto Rs. 75L
The interest rate for salaried women borrowers on State Bank of India's term home loans worth up to Rs. 30 lakh is 8.6-8.7% while for other salaried customers, SBI offers these loans at an interest rate of 8.65-8.75%. SBI's interest rate for home loans between Rs. 30-75 lakh is 8.85-8.95% for salaried women and 8.9-9% for other salaried borrowers.
SBI term home loan interest rates for non-salaried applicants
For non-salaried women applicants, State Bank of India offers term home loans worth up to Rs. 30 lakh at an interest rate ranging between 8.75-8.85%. For other non-salaried applicants, the interest rate is 8.8-8.9%. For term home loans between Rs. 30-75 lakh, the interest rate for non-salaried women is 9-9.1% while for other non-salaried borrowers, the interest rate is 9.05-9.15%.
Interest rates for term home loans above Rs. 75 lakh
For SBI term home loans worth above Rs. 75 lakh, the interest rate is 8.96-9.05% for salaried women and 9-9.1% for other salaried individuals. Meanwhile, for non-salaried women, the interest rate is 9.1-9.2% and 9.15-9.3% for other non-salaried borrowers.
