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SBI Home Loan: You Will Get These Interest Rates As Per Your Credit Score



The State Bank of India has launched a series of home loans that are available in the market and will be given according to the credit score of the individuals. Women will be the biggest beneficiaries of these loans. To explain the concept, in short, the easy monthly installment that the individual will pay will be based on the credit score of the individual. Home loans are great debt instruments as they are less burdensome than gathering a lot of cash and also are time-based so they will not be a part of the financial planning for a long time.

Another benefit of home loans is the tax deduction under section 24 of the Income Tax Act,1961. Home loans will also provide very good appreciation rates in case the individual plans to sell the property in future.

What is a credit score?

A credit score is a three-digit number which signifies the creditworthiness of the individual. The credit score decides whether a loan can be given to any individual. The prima facie evidence of creditworthiness is the credit score of the individual. The range of the credit score is anywhere between 300-900. A score that is above 650 is called a good credit score and a score less than 650 is called a bad credit score. An individual with a good credit score is expected to get a loan at cheaper rates of interest and also a good tenure of repayment.

The credit score is basically a reflection of how well an individual manages his finances and debts in particular. The credit score also gives clarity on whether the individual is capable of selecting loans according to the credit profile.

 CIBIL™ score


Less than or equal to 800





Interest Rates and Particulars


6.65% and max gain up to 7.05%

6.75% and max gain up to 7.15%

6.85% and max gain up to 7.25%

6.95% and max gain up to 7.35%



From the above table we can infer that the higher the CIBIL score the lower is the CIBIL score and the higher is the interest rate.


Some of the benefits that SBI offers is


  • For women borrowers a concession of 5 basis points if given at the EBR of 6.65%
  • The bank offers a premium of 10 basis points for loans up to 30 lakhs and LTV of 80-90
  • Top-up loans are not permitted under the overdraft category of loans below Rs. 20 lakhs and above Rs. 2 crores. The interest rates of top-up loans should not be lesser than the interest rates of underlying loans.
  • SBI offers 7.05% to 7.65% rates on top-up home loans while the market offers 7.35%-7.95%
  • There is a privilege of 5 basis points that is allowed if Shaurya HL and Apon HL if the salary account is maintained under the SBI salary package.

Repo Rate

A repo-rate is the rate at which RBI offers loans to the banks in the country. The repo rate linked loans are loans that get impacted when the repo rate is changed by RBI for the banks. If the repo rate is hiked by the government, the rate of interest on home loans will be higher than they were earlier. One possibility exists that banks do not alter the repo rates as per the changes in repo rates by RBI.

RBI may or may not alter repo rates depending on various economic situations in the country. The situation might be necessary if the GDP is falling and the debts of the government are increasing for a period of time. The RBI may increase the repo rates to adjust to the increasing external debts of the country and also stabilize and maintain the economic position of the country.


How to Apply?


Offline: The applicant can visit the branch and fill in the application form

Online: Visit the online website and request for a call back from the bank

SBI Home Loan Eligibility Criteria

  • The minimum and maximum age for application is 18 and 70 years
  • The residents, as well as non-residents, can apply for this loan


Documents Required for Application

  • A properly filled application form
  • Three passport size photographs
  • Proof of Residence in case of resident applicants
  • The employer identity card
  • Salary slips for 3 months
  • Copy of IT return
  • Form 16 in case of salaried employees
  • Account statements
  • Loan account statement


Property Papers Required


  • Copy of the approved blueprint
  • Occupancy certificate
  • Conveyance deed
  • Permission for construction
  • Stamped agreement for sale
  • Electricity Bill
  • Property tax receipt
  • Approved plan copy
  • Bank account statement
  • Registered agreement for sale
  • Share certificate in case of Maharashtra



SBI Loan Customer Care

SBI Home Loan can be contacted through their toll-free number


Postal Address


Real Estate Housing Business Unit

State Bank of India Corporate Center

Madame Cama Road

State Bank Bhavan

Nariman point

Mumbai 400021


Home loans provided by SBI are tailor-made to suit the requirements of individuals who apply for the loan. The interest rates are competitive and a lot of benefits are being provided to women applicants and applicants with a more than average score in the credit industry. SBI is the country’s largest home loan provider and hence the products are also more in terms of variety. The increased desire of the youth to avail of home loans and own homes is the leading cause of such products in the market. SBI also offers payment options for EMI’s via various apps and interfaces.

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