What are SBI Home Loan Interest Rates like?

Buying a home is something that is on top of mind of every individual. It is a finance intensive process, exhausts all your savings and leaves you nothing. Only financial help can save you from this misery. State Bank of India offers you a helping hand by providing you home loans at really attractive interest rates. These interest rates are not heavy on the pockets and do not meddle with your regular life. SBI Home loan interest rates are as low as 8.55%, offered by no other player in the market. However, the interest rate offered by SBI depends upon a variety of factors. Before getting to know what is the present home loan interest rate provided by SBI, let’s take a stroll of the factors that affect the interest rate you will procure.

Factors that Affect your SBI Home Loan Interest Rates:

• Credit Score: Your credit score plays an important role in determining your interest rate. A good credit score translates into bagging a lower interest rate from SBI. Whereas, a bad credit score can push you towards the higher end of the interest rate spectrum. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans).
• Net Monthly Income: SBI has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If you have the desired net monthly income constantly flowing into your account, you can ask SBi to give you the lowest interest rate.
• Relationship with SBI: If you are an esteemed or an old customer with a good credit record, chances are SBI may provide you home loans at very low interest rates.

SBI Home Loan Interest Rates For Salaried Individuals:

The State Bank provides term home loans of upto INR 30 lakh at an effective interest rate of around 8.6% to 8.7%. SBI makes a clear division of interest rates provided to women and men. Women are given term loans of upto INR 30 lakh at an effective rate that ranges between 8.55% to 8.65%, whereas, men are offered the same at a rate of 8.60% to 8.70%.

On the other hand, women who want term loans of above INR 75 lakh, are being charged an effective interest rate of 8.80% to 8.90% . Whereas, salaried men will be charged an effective interest rate of 8.85% to 8.95%.

SBI Home Loan Interest Rates For Non-Salaried Individuals:

SBI term loans for non-salaried individuals is a bit higher than the salaried individuals because the risk of defaulting is higher in the case of non-salaried individuals. For self employed women, the State Bank provides term home loans of upto INR 30 lakh at an effective interest rate of around 8.70% to 8.80%. For self employed men, the effective interest rate varies between 8.75% to 8.85%.

iI the case of term loans above INR  75 lakh, SBI offers non-salaried women an effective rate of 8.95% to 9.05%. The non-salaried men are offered loans at a rate somewhere between 9.00% to 9.10%.