State Bank of India (SBI) is the third largest home loan lender in India after HDFC Ltd and ICICI Bank. SBI quotes home loan interest rates in terms of daily reducing balance. The interest rate charged on an State Bank home loan varies according to the loan amount, and the processing fees also vary according to the amount of the home loan. SBI does not offer doorstep service, hence an SBI home loan borrower must visit an SBI branch in order to complete his paperwork and also to follow-up on the status of his application.
Types of SBI Home Loan are as follows::
| Interest Rate (Daily reducing balance) |
Loans up to Rs. 5 L: 1st year-8% fixed.2nd & 3rd-9% fixed. 9% (SBAR-2.75%) floating afterward Loans of Rs. 5 L to Rs. 50 L: 1st year-8% fixed.2nd & 3rd-8.5% fixed. 9% (SBAR-2.75%) floating afterwards Loans above Rs. 50 L: 1st year-8% fixed. 2nd & 3rd-9% fixed. 10%(SBAR-1.75%) floating afterwards SBAR is currently 12.75% |
| Processing Fees | Varies by loan amount from Rs.1,000 to Rs. 20,000 |
| Other Fees | Advocate's fee for property search & title investigation report. Fee for valuation report |
| Loan Tenure | 5 years - 20 years |
| Guarantor Requirement | Guarantor is required in same city |
