If you are planning to buy a house for yourself and want to take a home loan of ₹10 lakh for it, then State Bank of India (SBI) can be a reliable option. SBI is the largest public sector bank in India and its home loan schemes are known for their simple process, reasonable interest rates and reliability.
In this article, we will tell you what will be the EMI for ₹10 lakh loan for 10 years, what interest rate is applicable, and how this loan can be applied.
SBI ₹10 Lakh Home Loan Interest Rate
SBI usually offers interest rates ranging from 8.40% to 9.50% on its home loans. The interest rate may vary slightly depending on your profile, CIBIL score and income.
If there are female applicants, they can also get a discount of up to 0.05% in the interest rate.
What will be the EMI on ₹10 lakh loan?
If you take a loan of ₹10 lakh for 10 years and assume an interest rate of 8.5%, your monthly EMI will be around ₹12,400 to ₹13,000.
Example:
Loan amount: ₹10,00,000
Duration: 10 years
Interest Rate: 8.5%
Monthly EMI: ₹12,398 (approx)
Total repayment amount: ₹14.87 lakh (which includes ₹4.87 lakh interest)
You can know the exact EMI as per your choice with the help of SBI’s EMI Calculator.
Eligibility
Eligibility for SBI Home Loan is as follows:
Applicant’s age should be between 18 to 70 years
Source of permanent income such as job or business
Minimum CIBIL Score: 700 or above
Eligibility may increase if there is a co-applicant
required documents
Identity Card: Aadhar Card, PAN Card, Voter ID
Address Proof: Electricity Bill, Ration Card or Passport
Income Proof: Salary Slip, Bank Statement or ITR
property document
passport size photo
application process
Online Application:
Visit SBI website https://homeloans.sbi
Click on “Apply Now”
Upload your information and documents
After submitting the application the bank official will contact you
Offline Application:
Visit the nearest SBI branch
Meet a Home Loan Officer
Submit Documents and Fill Form
Loan will be approved after processing
Benefits of SBI Home Loan
Interest rates are transparent and low
Additional benefits to women customers
Early repayment facility without any pre-payment charges
Schemes like SBI MaxGain that save on interest
Digital processes and strong customer service
conclusion
If you want to take a home loan of ₹10 lakh for 10 years, SBI is a safe and convenient option. Its simple process, reliable service and affordable EMIs can make your home buying dream come true.
Before taking a loan, check CIBIL score, use EMI calculator and plan as per your budget