SBI Home Loans has helped over 30 lakh families fulfil their dream of owning a home by providing several features. Upholding the values of transparency and excellence, SBI Home Loans remains a customer-centric organization that prioritizes providing value to its customers.
SBI offers a variety of carefully designed home loan programs to cater to different needs, ensuring that people from all walks of life can find a financial solution that fits them perfectly.
List of 10 SBI Home Loans with their features
Here’s a table summarizing the different types of home loans from SBI with their key features:
| Loan Type | Key Features |
|---|---|
| SBI Regular Home Loan | -Competitive interest rates -Additional concession for women borrowers -No pre-payment charges |
| SBI Balance Transfer Home Loan | – Allows transfer of existing home loan to SBI – Eligibility requires regular servicing of existing loans and valid property title documents |
| SBI NRI Home Loan | – Special offering for Non-Resident Indians – Competitive interest rates – Flexible repayment options |
| SBI Flexipay Home Loan | – Higher loan amounts for salaried borrowers – Initial interest-only payments during the moratorium period – Gradual increase in EMIs over time |
| SBI Privilege Home Loan | – Exclusively for government employees – Loan amount based on income, age, assets, liabilities, and property cost |
| SBI Shaurya Home Loan | – Exclusive for Army and Defence Personnel – Lower interest rates and additional benefits – Flexible repayment options |
| SBI Pre-approved Home Loan | – Pre-approved loan limits before finalizing a property – Eligibility based on applicant’s income – Non-refundable processing fee |
| SBI Realty Home Loan | – Allows purchase of a plot for house construction – Construction must be completed within three years – Maximum loan amount up to Rs. 15 crores |
| SBI Top Up Home Loan | – Borrow over and above the existing home loan amount – Lower interest rates compared to personal loans – Can be used for any personal purpose |
| SBI Yono Insta Home Loan | – Instant top-up loan for eligible existing home loan customers – Offered via YONO Mobile App – Hassle-free experience |
In the following section, we’ll look into all the loans in detail discussed in the table.
1. SBI Regular Home Loan
The SBI Regular Home Loan is popular for individuals wishing to purchase or build homes. It offers competitive interest rates, with an additional concession for women borrowers. The processing fee is reasonable, and there are no charges for pre-payments, allowing for flexibility.
This loan scheme is available to a wide age range, from 18 to 70 years old, and covers various property types including ready-built, under-construction, and pre-owned homes. The loan also includes options for construction, extension, and repair/renovation of a house.
2. SBI Balance Transfer Home Loan
The Balance Transfer Home Loan offered by SBI allows borrowers to transfer their existing home loan from other banks or financial institutions to SBI. This can be beneficial if SBI offers lower interest rates or better terms. To be eligible, borrowers must regularly have serviced their existing loan and hold valid property title documents.
This facility is available from various lenders including commercial, private, and foreign banks, housing finance companies, and certain employers.
3. SBI NRI Home Loan
SBI NRI Home Loan is a special offering for Non-Resident Indians who wish to buy a property in India. It comes with competitive interest rates, flexible repayment options, and a straightforward application process. Before choosing, it’s important to consult with SBI and understand the eligibility criteria, terms, and conditions of this loan.
4 . SBI Flexipay Home Loan
The SBI Flexipay Home Loan is designed to offer higher loan amounts specifically for salaried borrowers. This loan scheme allows customers to initially pay only the interest for a certain period, known as the moratorium or pre-EMI period. After this period, they can start paying smaller, more manageable EMIs. These EMIs will gradually increase over the following years.
This type of home loan from SBI is particularly beneficial for young people who have just started earning.
5. SBI Privilege Home Loan
SBI has introduced the SBI Privilege Home Loan specifically for government employees. This home loan is available to individuals working for the Central or State Government, including those employed in Public Sector Banks (PSBs), Central Government Public Sector Undertakings (PSUs), and others eligible for pensionable service.
The loan amount is decided based on several factors: the applicant’s income, ability to repay the loan, age, assets and liabilities, and the cost of the proposed house or flat.
You may also want to know the Best Personal Loans in India
6. SBI Shaurya Home Loan
The SBI Shaurya Home Loan scheme is crafted explicitly for the nation’s Army and Defence Personnel. This exclusive home loan scheme is only available to defence employees. The SBI Shaurya Home loans offer lower interest rates and additional benefits exclusively for defence employee applicants.
Besides offering lower interest rates, the scheme also provides flexible repayment options and possibly a longer repayment period for the loan amount.
7. SBI Pre-approved Home loan
The SBI Pre-approved loan (PAL) grants home loan limits to customers before they finalize a property. This pre-approval gives customers the confidence to negotiate with builders or sellers. The loan eligibility is determined based on the applicant’s income. A non-refundable processing fee, as applicable to the Home Loan, will be charged at the time of loan sanction.
8. SBI Realty Home Loan
SBI Realty offers customers the chance to buy a plot for building a house. The house construction must be completed within three years of the loan being approved or disbursed. Customers also have the option to take out another home loan to construct the house on the plot financed under SBI Realty. The maximum loan amount a customer can get is up to Rs. 15 crores, with a convenient repayment period of 10 years.
9. SBI Top Up Home Loan
SBI offers SBI Home Top Up Loan to their customer to borrow a certain amount over and above their home loan amount. Customers who already have a home loan from SBI and require more funding can opt for Home Top Up loans. It can be availed for any personal purpose. The interest rates are much lower than usual personal loan interest rates.
10. SBI Yono Insta Home Loan
The YONO Insta Home Top-Up Loan is a convenient, instant top-up loan available to eligible existing home loan customers. SBI offers this facility to our pre-selected home loan customers via the YONO Mobile App, ensuring a hassle-free experience.
Summing Up
This overview includes various SBI home loans, each catering to different needs with features like flexible repayment, attractive rates, and specific eligibility criteria. These include the Regular Home Loan, Shaurya Home Loan for defence personnel, NRI Home Loan for NRIs, Privilege Home Loan for government employees, and Insta Home Top-Up Loan for YONO users.
Before choosing, thoroughly review the details and consult with SBI to find the best fit for your financial goals. You can check the SBI’s Official site for the loans discussed in this article.
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