SBI Bank Mortgage Loan Interest Rates 2023: All You Need to Know

SBI Home Loan Interest Rates

State Bank of India (SBI) offers competitive home loan interest rates to suit various customer needs. As of March 2023, the interest rates on SBI home loans range from 8.55% to 9.55%, depending on the loan amount, tenure, and borrower's profile.

Interest Rates for Different Loan Amounts

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Loans up to Rs. 30 lakhs: 8.55% to 9.05%

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Loans between Rs. 30 lakhs and Rs. 75 lakhs: 8.65% to 9.15%

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Loans above Rs. 75 lakhs: 8.75% to 9.25%

Interest Rates for Different Loan Tenures

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Loans up to 15 years: 8.55% to 9.05%

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Loans between 15 and 20 years: 8.65% to 9.15%

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Loans above 20 years: 8.75% to 9.25%

Factors Affecting Interest Rates

In addition to the loan amount and tenure, SBI considers several other factors when determining home loan interest rates, including: *

Credit score and credit history

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Loan-to-value (LTV) ratio

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Borrower's income and debt-to-income ratio

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Type of property being financed

SBI Balance Transfer Home Loan

SBI also offers a balance transfer home loan facility, which allows borrowers to switch their existing home loan from another lender to SBI. This can be beneficial if SBI offers a lower interest rate or more favorable loan terms. The interest rates for SBI balance transfer home loans are typically higher than those for new home loans, ranging from 9.05% to 9.65% as of March 2023.

Conclusion

SBI Bank offers a range of home loan options with competitive interest rates to meet the needs of different borrowers. Whether you're looking to purchase a new home or refinance your existing loan, SBI can provide a tailored solution to help you achieve your homeownership goals.