The State Bank of India (SBI) has introduced attractive home loan interest rates beginning at 8.50% per annum, catering to a wide range of customers for loan tenures up to 30 years and loan amounts covering up to 90% of the property’s cost. SBI offers specialised home loan products tailored for various groups, including defense personnel, government employees, non-salaried individuals, applicants purchasing ‘green’ homes, and residents of hilly or tribal areas.
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Key Benefits of SBI Home Loans
Interest Calculation on Daily Reducing Balance: Borrowers benefit from paying interest only on the outstanding loan amount, which significantly reduces overall interest costs.
Overdraft Facility: Provides customers with the flexibility to use surplus funds effectively, enhancing convenience.
Competitive Interest Rates: Ensures affordability in home loan financing.
Low Processing Fees: Facilitates easy loan processing with minimal charges.
No Hidden Costs: Transparent dealings ensure no surprise charges.
No Pre-payment Penalty: Borrowers can prepay the loan without incurring any additional charges, reducing their interest burden.
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Extensive Reach and Support
SBI Home Loans boasts over 24,000 branches nationwide, supported by a dedicated sales team of more than 1,600 members, ensuring widespread accessibility and personalised service for its customers.
Exclusive Benefits for Borrowers
Low Interest Rates: Affordable financing options with interest calculated on a daily reducing balance.
Overdraft Facility: Offers flexibility to utilise surplus funds optimally.
Low Processing Charges: Simplifies the loan processing experience with minimal fees.
No Hidden Costs: Transparent loan terms for clear understanding.
No Pre-payment Penalties: Enables borrowers to reduce interest costs by prepaying the loan without any extra fees.
SBI Home Loan EMI Calculator
Enter your loan amount, interest rate, and loan tenure in the SBI home loan EMI calculator below to determine your monthly EMI and the total interest payable over the loan period.
SBI Home Loan Highlights
Interest Rate: 8.50% – 9.85% p.a.
Loan Amount: Up to 90% of the property value
Loan Tenure: Up to 30 years
Processing Charges: 0.35% of the loan amount (Rs 2,000 – Rs 10,000)
SBI Home Loans continues to lead the market with its customer-centric approach, making the dream of homeownership a reality for millions across India.
