Home Loan

Home Loan

Key Pointers of Home Loan

 Interest Rates for women              8.60% - 8.65%
 Interest Rates for Others              8.65% - 8.70%
 Maxgain above Rs. 20 lacs & upto Rs. 75 lakh (women)              8.75%
 Maxgain above Rs. 20 lacs & upto Rs. 75 lakh (others)              8.80%
 Maxgain above Rs. 75 lakh (women)              8.95%
 Maxgain above Rs. 75 lakh (others)              9.00%
 Minimum EMI per 1 Lakh              Rs.768 for women, Rs.771 for others

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HOME LOANS - INTEREST RATES With effect from 01.04.2017

 Borrowers'   category  Home Loan (Term   Loan)  Home Loan (Term Loan)  Home Loan (Max Gain) Floating   Rate  CRE Max gain   irrespective of loan   amount
 2 years Fixed Interest   Loans upto Rs. 30 lacs  Floating Rate   Loans Upto Rs.75  lacs  Floating Rate   Loans above   Rs.75 lacs  Maxgain above Rs.   20 lacs & upto Rs. 75   Lacs  Loans   above   Rs.75 lacs
 Women*  8.50% for first two years   thereafter linked to   floating rate.  8.60%  8.65%  8.75%  8.95%  9.05%
 Others  8.55% for first two years   thereafter linked to   floating rate. 8.65%  8.70%  8.80%  9.00%  9.10%


Prime Minister has announced interest subsidy of 4% on housing loans of up to Rs.9.00 lakhs of those with an income of Rs.12.00 lakh per year and of 3% on housing loans of up to Rs.12.00 lakh of those earning Rs.18.00 lakh per year. Under CLSS Scheme for MIG, if you take a loan amount of upto 9 lakh for maximum 20 years repayment period, built up area below 90 sq mtr (968 sq foot) and your yearly income is below 12 lakh. Than your savings are below:

 Loan Amount  EMI @ 8.60%  EMI @ 4.60%  Saving Per EMI
 5 Lakh  4370.81  3190.30  1180.51
 6 Lakh  5244.98  3828.36  1416.62
 7 Lakh  6119.14  4466.42  1652.72
 8 Lakh  6993.30  5104.48  1888.82
 9 Lakh  7867.46  5742.54  2124.92

Under CLSS Scheme for MIG, if you take a loan amount of upto 12 lakh for maximum 15 years repayment period, built up area below 110 sq mtr (1184 sq foot) and your yearly income is above 12 lakh and below 18 lakh than your savings are below:

 Loan Amount  EMI @ 8.60%  EMI @ 5.60%  Saving Per EMI  Savings Per Year
 12 Lakh  11887.32  9868.8  2018.52  24222.24
 7 lakh  6934.27  5756.8  1177.47  14129.64
 9 lakh  8915.49  7401.6  1513.89  18166.68
 10 lakh  9906.1  8224  1682.1  20185.2
 11 lakh  10896.71  9046.4  1850.31  22203.72

Hamara Ghar Home Loan Scheme- Fixed Interest rate product for affordable segment. Home Loan will be available by way of Term Loan only with fixed interest tenure of 2 years.

  1. Pre-payment penalty of 2% plus ST levied on loans foreclosed /prepaid during initial tenor of 2 years.
  2. Switch over from fixed interest rate to floating rate linked to 1 yr MCLR will be unavailable for period of first 2 years.
  3. Max Loan Amount INR 30 lakhs

Interest Rates of Hamara Ghar Home Loan Scheme

 Hamara Ghar Home Loan

 Term loan Upto Rs.30 lakh

 Her Ghar (Women)  8.50% for first 2 years then switched to prevailing 1 yr MCLR linked floating interest rate
 Others  8.55% for first 2 years then switched to prevailing 1 yr MCLR linked floating interest rate

Interest Rates for Home Loan Top Up Scheme

 Home Top Up Loan  Upto Rs.25 Lakh  8.70%
 25 Lakh - 2 Crore  9.30%
 2 Crore - 5 Crore  10.30%
 Home Loan Top Up   (Overdraft)  Above Rs. 20 lacs & Upto Rs. 2 crores ( No overdraft facility for loan upto Rs. 20 lacs & above   Rs. 2 crores)  10.20%

Home Loans for Non-Salaried Segment- Differential Offerings for professionals/ self-employed / businessmen above the age of 18 years.

  1. Min Loan - INR 50,000 and Max - INR 50 crores
  2. Overdraft facility available.
  3. Available for purpose of construction, acquisition of residential house/flat, and takeovers.

Eligibility Criteria, Documentation required for Home Loan

Salaried Self employed
 Age  18 years to 70years  21 years to 70years
 Income  Rs.1,20,000 (p.a.)  Rs.2,00,000 (p.a.)
 Loan Amount Offered  5,00,000 - 1,00,00000  5,00,000 - 2,00,00000
 Tenure  5years-20years  5years-20years
 Current Experience  2years  3years
 Documentation  1) Application form with photograph
 2) Identity & residence proof
 3) Last 3 months salary slip 
 4) Form 16
 5) Last 6 months bank salaried credit statements
 6) Processing fee cheque
 1) Application form with photograph
 2) Identity & residence proof
 3) Education qualifications certificate & proof of business  existence
 4) Business profile,
 5) Last 3 years profit/loss & balance sheet
 6) Last 6 months bank statements
 7) Processing fee cheque

Repayment period:
Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

Moratorium period (Repayment holiday):
The moratorium period is included within the maximum repayment period.

Home Loan EMI Calculator

Calculate your loan emi on the basis of loan amount, loan term & interest rates within seconds.Click to Calculate

Home Loan Products:

MAXGAIN - Home loan as an Overdraft

Interest Rates charged on Maxgain Home Loan by State Bank of India:
Maxgain above Rs. 20 lacs & upto 75 lakh = 8.75% p.a. (Female Borrowers), 8.80% (Other borrowers)
Maxgain above Rs 75 lakh = 8.95% p.a. (Female Borrowers), 9.00% (Other borrowers)
CRE Maxgain, irrespective of loan limit = 9.05% for Women & 9.10% for Other borrowers are applicable

Realty Home Loan - For Purchase of Plot for construction

offers this loan to purchase a plot for construction of house. Construction of house should commence within 2 years from the date of availment of Realty Loan.
Maximum loan amount a borrower can getRs.10 crores.
Maximum Repayment period under Realty Home loan is15 Years.

Pal or Pre Approved Home Loan

PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
The loan eligibility will be assessed on the basis of income details of the applicant.
Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.
Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.
Under Pre Approved Home Loan Scheme Minimum Loan amount:Rs.10 Lacs.

Gram Niwas Home Loan

The home loans under Gram Niwas Scheme are sanctioned for purchase/construction/repair and renovation of house and purchase of plot for construction of a house/shed etc. The scheme covers all Rural and Semi-urban centres having population upto 50,000 as per 2001 census.
Maximum laon amount isRs.5 Lacs
Maximum Repaymenet period is15 years

Sahyog Niwas Home Loan

Sahyog Niwas Home Loan scheme is for Self help groups in rural areas, having good paymenet record of 2 years, for on lending to their members for purchase or construction of a house exclusively or including the housing needs of activitied carried by Dairy shed, tailoring shed/shop, grocery stores etc.
Maximum loan amount per member isRs.50,000

Shaurya Home Loan

The applicants eligible for Shaurya Home Loan scheme are Defense Personnel belonging to Army, Navy and Air force.
Full wavier of processing fees
Lower interest rate as a concession of 5bps over the Home Loan Card Interest Rate is available whrever check-off facility is extended by the Government inder tie-up arrangement with the Bank
Customers of other Banks/Fls to switchover their Home Loan outstanding balance to State Bank of India
Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years

Reverse Mortgage Home Loan

Reverse Mortgage Home Loan is for the welfare of senior citizens in India. The house-owning senior citizens having inadequate income canavail this loan to meet their financial needs for renovation/repairs to house, medical & other personal uses.
Maximum loan amount isRs.10,000
No compulsion for the borrower to repay the loan amount during his or her lifetime or till such time he/she stays in the house.

NRI Home Loans

This home loan is for Non-Resident Indians (NRIs) & Persons of India Origin (PIOs) who have a regular source of income.
Minimum employemnet tenure in India/Abroad should be 2 years
There is no maximum amount limit for this home loan scheme


Under this scheme all borrowers who paid home loans with a satisfactory repayment track of at least one year are eligible.
Minimum Top-up Loan isRs.3 Lac& Maximum isRs.5 Crore.
0.35% of Loan Amount or Rs 10000 plus service tax whichever is less, subject to minimum of Rs 2000 plus taxes
Interest Rates charged on Top-up loan is different from Normal Home Loan

 Top-up loan amount  Term Loan
 Upto Rs. 25 lakhs  9.25%
 Above Rs. 25 lakhs & Upto Rs. 2 crores  9.70%
 Above Rs. 2 crores  10.95%

FAQS about Home Loans:

How will decide the loan amount I am eligible for?
Bank will determine your loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

Do I get tax benefits on the home loan?
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

Can I get a higher loan through my existing loan account to buy a new property?
Yes, you could go in for a ‘Top up Home Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.

What is an under construction property?
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.

Can I repay my loan ahead of schedule?
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.