State Bank of India Interest Rates Home loan - Are they Affordable?

Buying or constructing a house is a capital intensive process. And it gets worse if the home loan interest rates are touching the skies. The interest rates offered by some of the banks can deter you from building or purchasing the house of your dreams. But don’t worry - Every cloud has a silver lining - State Bank of India interest rates home loan is your silver lining. State of Bank of India, one of the big guns in the banking industry, provides the lowest home loan interest rate. SBI home loan interest rates don’t seem much of a burden while paying off the home loan. Believe it or not, interest rates offered by SBI is as low as 8.50% per annum. There are some more intriguing features of the home loan interest rates that are sure to convince you to take a loan from SBI.

What are some Interesting Features of SBI Home Loan Interest Rates?

Low Interest Rates: Where other banks are providing interest rates higher than 9%, SBI has managed to keep it low at 8.50% to make the dreams of the customers alive.

Having a good credit score and a healthy relationship with the bank can help you bag the lowest interest rate possible.

Low Rates for Women: SBI is the only bank that provides a rebate on interest rates to women. Salaried women can procure a home loan through State Bank at an interest rate as low as 8.35%.

Net Monthly Income: SBI has a provision for borrowers based on their net monthly income wherein they can ask the bank for low interest rates if they have a consistent high monthly income. If you have a high monthly income constantly flowing into your account, you can ask SBI to give you the lowest interest rate possible.

What are SBI Home Loan Interest Rates Like?

State Bank of India Interest Rates Home Loan - For Salaried Individuals:

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 8.35% to 8.45%, whereas, men are offered the same at a rate of 8.40% to 8.50%.

Term loans above 30 lakh - 75 lakh are being offered to women in the range of 8.60 - 8.70%. While the same offered to men is in the bracket of 8.65 - 8.75%.

On the other hand, women who want term loans of above INR 75 lakh, are being charged an effective interest rate of 8.70% to 8.80% . Whereas, salaried men will be charged an effective interest rate of 8.75% to 8.85%.

State Bank of India Interest Rates Home Loan - 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 the former. For self employed women, SBI provides term home loans of upto INR 30 lakh at an effective interest rate of around 8.50% to 8.60%. For self employed men, the effective interest rate varies between 8.55% to 8.65%.

Non-salaried women who need a term loan between 30 lakhs to 75 lakh, will be offered the home loan at interest rate that ranges between 8.75 - 8.85% based on the Loan-to-Value Ratio. Similarly for non-salaried men, the State Bank of India interest rates home loan will be 8.80 - 8.90%.

In the case of term loans above INR  75 lakh, SBI offers non-salaried women an effective rate of 8.85% to 8.95%. The non-salaried men are offered loans at a rate somewhere between 8.90% to 9.05%.