SBI understands that buying a home is a significant milestone in life, especially in a bustling city like Mumbai. To make this dream a reality, SBI offers a range of home loan options designed to meet the unique needs of every homebuyer. Here’s how SBI can help you find the perfect home loan solution. Find all details related SBI Home Loan Mumbai
Apply For SBI Home Loan in Mumbai
Locations Covered under SBI Home Loan in Mumbai
SBI Home Loans are available in:
- Mumbai
- Navi Mumbai
- Thane
- Kalyan
All other prime locations under authorities like:
- BMC (Brihanmumbai Municipal Corporation)
- TMC (Thane Municipal Corporation)
- CIDCO
- KDMC (Kalyan-Dombivli Municipal Corporation)
- MHADA
- SRA
Somebody can do loan after 10 Years for SRA property.
SBI Home Loan Interest Rate in Mumbai
SBI offers competitive interest rates, starting at 8.0%*, the lowest in the market, quick approvals, and trusted support for your dream home.
Apply For SBI Home Loan in Mumbai
Loan Available For – Apartments, Bungalows, Row Houses
SBI Approved Builder Projects (APF) in Mumbai
SBI (State Bank of India) often has Approved Project Financing (APF) arrangements with various builders across cities like Mumbai, Navi Mumbai, and Thane. Under APF, SBI pre-approves a builder’s project for home loans, simplifying the process for buyers. Here are the builder’s names you should know:
Lodha Group, Sheth Montana, Dhariwal Construction, Group Satellite, Runwal Group, Hiranandani, The Wadhwa Group, Drushti Realtors, Ace Realty (Mumbai), Adani Realty, Mahindra Lifespaces, Godrej Properties, Dosti Group, Kalpataru, Ajmera Realty (Mumbai), Tricity Realty, Heritage Group, Meraki Habitats, L&T Realty (Larsen & Toubro), Arihant Builders & Developers, Mumbai, Oberoi Realty, Hirani Group, Birla Estates (Century Estates – Aditya Birla Group, K Raheja Corp, Sheth Realty, S And T Developers)
Benefits of APF (Approved project finance) for Homebuyers:
- Faster Loan Processing: The loan can be disbursed within 5 to 7 working days. Since the project is pre-approved, the legal and technical verifications have already been completed, which speeds up loan approvals for buyers.
- Reduced Risk: Buyers can be assured that the project meets SBI’s standards for compliance and quality.
- SBI home loan interest rate: SBI often offers competitive and Lowest interest rates for loans under APF projects. Starting from 8.0%*
- Convenience: Buyers don’t have to submit additional project-related documentation, as it’s already available with SBI.
SBI Home Loan Fees & Charges in Mumbai
1. Under-Construction / Ready-to-Move (Approved Project)
| Loan Amount | Legal Charges | Valuation Charges | Notes |
| Below ₹1 Cr | Nil | Nil (₹2,950 if extra required) | 1 legal + 1 valuation |
| Above ₹1 Cr | Nil | Nil (₹5,900 extra + ₹2,500 for ISR) | 2 legal + 2 valuations |
2. Under-Construction / Ready-to-Move (Not Approved Project)
| Loan Amount | Legal Charges | Valuation Charges | Notes |
| Below ₹1 Cr | ₹4,000 | ₹2,950 | 1 legal + 1 valuation |
| Above ₹1 Cr | ₹8,000 | ₹5,900 + ₹2,500 ISR | 2 legal + 2 valuations |
3. Stamp duty and property registration charges
Mumbai:
- Men: 6% Stamp Duty + 1% Registration Fee
- Women: 5% Stamp Duty + 1% Registration Fee
Thane/Navi Mumbai:
- Men: 7% Stamp Duty + 1% Registration Fee
- Women: 6% Stamp Duty + 1% Registration Fee
4. Franking charges
0.3% of Loan Amount (fees paid to the government for stamping legal documents to make them legally valid, especially in property transactions.)
5. Notice of Intimation (NOI) charges
0.5% of Loan Amount or Max ₹15000+ Vendor charges (Notice of Intimation (NOI) charges are fees paid for registering a Notice of Intimation with the government when a home loan is taken against a property in certain Indian states, especially Maharashtra.)
6. Structure Audit Report
The Amount of ₹1750 needs to be paid if the property is older than 15 years.
7. CERSAI charges
The Amount of ₹118 (CERSAI charges are fees paid for registering the details of a loan or security interest with CERSAI — the Central Registry of Securitisation Asset Reconstruction and Security Interest of India.)
List of SBI RACPCs (Retail Assets Central Processing Centre)
Here are the major RACPCs in Mumbai, Thane, Navi Mumbai:
1- RACPC SION
2- RACPC FORT
3 – RACPC BELAPUR
4 – RACPC PANVEL
5 – RACPC PEN
6 – RACPC SANTACRUZ
7 – RACPC ANDHERI
8 – RACPC BORIVALI
9 – RACPC THANE
10 – RACPC KALYAN
11 – RACPC BHYANDER
12 – RACPC TARAPUR
13 – RACPC GHATKOPAR
14 – RACPC THANE
Our Values
- Trust
- Transparency
- Integrity
- Excellence
Value to Customers
- Wide Product Range
- Interest Calculation on Daily Reducing Balance
- Overdraft Facility available
- Low Interest Rates
- Low Processing Fees
- No Hidden Costs
- No Prepayment penalty
- Fixed spread
- Repo rate link lending rate
- Online part payment
- Fast Disbursement
Apply For SBI Home Loan in Mumbai
SBI Home Loan In Mumbai: Features & Eligibility
- Attractive Interest Rates – SBI provides competitive lowest interest rate starting from 8.0%* onwards, making it one of the best SBI home loan rates in Mumbai available.
- Flexible Repayment Tenure—Borrowers can opt for repayment periods of up to 30 years or until they are 70, allowing for manageable EMIs.
- Benchmark – SBI links its EBLR to the RBI’s Repo Rate. (EBLR=Repo Rate+Spread (Bank’s Margin))
- Spread (Margin) – Spread is fixed in SBI (working on credit risk in premium)
- Low Processing Fees—Fresh purchases require a payment of ₹2900-₹5900, and Home Loan transfers have a zero Processing fee.
- Part-payment – SBI Allowed Part payment of above ₹1 from First day of loan disbursement (SBI requires a minimum part-payment amount, which is typically above ₹1 )
- Repayment Method: This is a fully online mode available through YONO, Net Banking (including other bank accounts), and UPI apps such as Google Pay, PhonePe, and Paytm. Customers can use these platforms to make part payments by adding their loan account number.
- Part payment – is Allowed from the First day of loan disbursement.
- Foreclosure Charges – There are no Foreclosure charges in SBI, and the loan can be foreclosed from the first day of loan disbursement.
- Part-payment Charges – Part-payment charges are Nil in SBI, and part payment is allowed from the first day of the loan disbursement.
- Daily reducing rate – refers to the interest calculation method where the loan interest is calculated based on the outstanding principal balance at the end of each day. This method ensures that any payments made towards the loan (such as EMIs or part-payments) are immediately considered to reduce the interest burden.
Daily Reducing Rate Feature
1- Immediate Impact of Payments: Any payment made toward the loan, whether part-payment or EMI, immediately reduces the outstanding principal and lowers the interest payable.
2- Lower Interest Costs: Compared to monthly or annual reducing rates, the daily reducing Rate minimizes the overall interest burden over the loan tenure.
3- Fair and Transparent Calculation: Borrowers are charged interest only on the Amount they owe daily. This feature is particularly beneficial for borrowers who make frequent prepayments or maintain a strong repayment schedule, as it maximizes interest savings.
Funding Over Property
1– Resale Property: Financing is available for up to 90% of the agreement value. If the Occupancy Certificate (OC) is received, an additional up to 15% top-up may be provided, subject to the market value.
2- Under Construction Property: Financing is available for up to 95% of the agreement value, including GST, builder amenities, one-year maintenance charges, builder development charges, and car parking.
3- Loan Tenure: Up to a maximum of 30 years or until the age of 70 years
4- Hidden Charges: There are no hidden charges in SBI. However, before making a loan disbursement, please obtain the List of Documents (LOD) for clarity and record-keeping.
5- Repayment Method: Fully online mode is available through YONO, Net Banking (including other bank accounts), and UPI apps such as Google Pay, PhonePe, and Paytm. Customers can use these platforms to make part payments by adding their loan account number.
6- Parallel Funding: SBI offers a 90:10 funding option, in which the customer pays 10% of the All demant amount from the builder, and SBI finances the remaining 90% from the booking stage up to the final demand.
7- No Prepayment Penalty: Customers have the flexibility to prepay their loans without incurring any penalties.
8- Overdraft Facility: SBI MaxGain is a special home loan offered by the State Bank of India (SBI) that combines the features of a home loan and an overdraft account. This product helps borrowers save on interest by allowing the principal Amount to decrease dynamically.
9- Moratorium: Up to 36 months (initially for 18 months, later can increase up to 36 months )
10- Flexipay home loan: The SBI Flexipay Home Loan is explicitly designed for salaried individuals, offering higher loan eligibility up to 20%
11- Eligibility: For Salaried and Self-Employed FOIR, up to 30% – 75%, and SBI also considers incentives or bonuses (Last two years bank statement required), current rental, and future rental income (70% of total considered rental income credited into a bank account) into the eligibility calculation.
12- Insurance: Property insurance is mandatory (can be purchased from a third party or SBI), and life insurance is optional.
13- Whatsapp banking:
Get Balance, Mini statement, Account statement, Other Statement services ( home loan interest certificate), Information on Loan products, Pre-approved loan queries, Digital Banking information
Follow the instructions and send a “Hi” message to SBI net banking
WhatsApp number +919022690226.
Key Benefits-
- Packages of exclusive benefits
- Low Interest rates. Interest calculation on a daily reducing balance.
- Home loan is also available as an overdraft. Optimally utilize your surplus funds.
- Low Processing charges.
- There are no hidden costs.
- No Prepayment penalties. Reduce your interest burden by prepaying the loan.
- Fast process
- Online part payment
- All Loan Related Banking available through Whatsapp banking
Apply For SBI Home Loan in Mumbai
Purpose For Which SBI Home Loan Can Be Availed in Mumbai
The loan will be sanctioned for the Purchase, Extension, Repairs, or renovation of a new or used Residential House or flat and its furnishings and interiors (hereinafter referred to as the ‘project’).
Loan to Value Ratio (LTV)
Based on Market Value:
| Loan Amount | LTV |
| Up to ₹30 lakh | 90% |
| ₹30 lakh to ₹75 lakh | 80% |
| Above ₹75 lakh | 75% |
Based on Agreement Value:
Up to 90% of agreement amount cover project cost (excluding land value, stamp duty, and registration charges)
SBI Home Loan Interest Rate in Mumbai
The loan interest is based on a fixed spread over the EBLR (linked to the RBI Repo Rate) and calculated using the daily reducing balance method with monthly resets.
Intimation of Change in EBLR Interest Rate
Borrowers are notified of interest rate changes through updates on branch notice boards, newspapers, the Bank/RBI website, account statements, or passbooks. Notifications are also sent via email and SMS to registered contact details.
Rate Benchmark
Interest on the loan will be charged at a fixed spread with EBLR-linked RBI REPO rate on a daily reducing balance basis at monthly rests. The interest rate will be reset with the change in benchmark rate (REPO) from time to time, on the date as the Bank decides. The Bank can reduce or increase the EMI, extend the repayment period, or both as a consequence of the revision in the interest rate.
Repayment
The loan is repaid in EMIs starting from the date specified in the sanction letter. The liability ends once the loan balance is fully repaid, including any residual amount. Dynamic SI/NACH allows a maximum debit of 120% of the EMI to account for interest rate hikes, but actual monthly debits match the EMI amount.
Loan Tenure
State Bank of India (SBI) offers home loans with a maximum tenure of up to 30 years or until the borrower reaches the age of 70 years, whichever is earlier.
Pre-Closure Charges
No prepayment or pre-closure penalties will be charged on floating-interest Home Loans, regardless of the loan duration or the source of funds.
Insurance
The property purchased or constructed with the Bank’s financing must be insured against risks such as fire, riots, earthquakes, lightning, and floods. The insurance company should list the borrowers and the Bank as joint names. The insurance should cover the actual project cost, excluding the land cost (including the undivided share of land in the case of flats), stamp duty, and registration charges. The borrower is responsible for the price of the insurance.
Fees and Charges
The fee is 0.35% of the loan amount plus applicable GST, with a minimum of Rs. 2,000 plus applicable GST and a maximum of Rs. 10,000 plus GST. It is charged at the time of documentation.
Our Products
General Home Loan For Purchase Flats and House/Take Over
SBI Home Loans is founded on a tradition of trust and transparency. It offers a range of options tailored to your needs, whether you’re buying a ready-to-move-in property, constructing a new home, purchasing a plot, or renovating an existing one.
Features
- Various home loan products are designed for each customer’s unique needs.
- Competitive interest rates.
- Low processing fees.
- Transparent pricing with no hidden fees.
- There is no penalty for prepayment.
- Interest is calculated on a daily reducing balance.
- Flexible repayment terms up to 30 years.
- Option to link your home loan to an overdraft facility.
- Special interest rate concessions for women borrowers.
Eligibility
- Applicable to: Resident Indians.
- Age range: 18 to 70 years.
- Maximum loan tenure: 30 years.
- Salaried applicant – The minimum required experience for salaried is 2 years.
- Business tenure should be a minimum of 3 years.
SBI Max Gain
SBI MaxGain is a special home loan offered by the State Bank of India (SBI) that combines the features of a home loan and an overdraft account. This product helps borrowers save on interest by allowing the principal Amount to decrease dynamically. Here’s how it works:
Features of SBI Max Gain
- Overdraft Facility: The loan works like a savings or current account with overdraft options, allowing you to park extra funds temporarily.
- Interest Savings: Interest is calculated daily based on the reduced balance, so the more you park funds in your account, the lower the interest charged.
- Liquidity: You can withdraw the parked surplus funds anytime, giving you flexibility for emergencies or other needs.
- SBI Home Loan Linkage: This product is connected to your home loan, making it available for home loan customers.
- Online Access: You can manage your Max Gain account online like any regular bank account.
How SBI MaxGain Works
Loan Sanction and Account Setup: Upon sanctioning a home loan, SBI sets up an overdraft (OD) account with the loan amount serving as the limit for overdraft.
Deposit Surplus Funds: Borrowers can deposit any additional funds, such as savings, bonuses, or unexpected financial gains, into this account. These funds effectively reduce the principal Amount on which interest is computed.
Example
- Loan Amount: ₹50,00,000
- Current Balance in MaxGain: ₹10,00,000
- Effective Outstanding Principal: ₹50,00,000 – ₹10,00,000 = ₹40,00,000
- Interest Charged On: ₹40,00,000
Flexibility of Withdrawal: Borrowers can access their surplus funds anytime, offering flexibility and liquidity. Withdrawing funds will increase the outstanding principal upon which interest is calculated.
Interest Savings: Depositing surplus funds helps borrowers save on interest costs. This feature particularly benefits those with variable income streams, such as business owners or salaried employees receiving periodic bonuses.
Example:
1- Loan Amount: ₹100 lakh
2- If you park ₹20 lakh in MaxGain OD, the interest is calculated on ₹80 lakh instead of ₹100 lakh.
Advantages of SBI max gain
- Maximized Savings: Each rupee deposited in the MaxGain account lowers the interest due, potentially leading to substantial savings throughout the loan.
- Liquidity and Emergency Fund: Funds in the MaxGain account remain accessible, providing the twin advantages of reducing interest costs while maintaining liquidity, unlike traditional prepayments.
- Tax Benefits: The interest paid on the home loan qualifies for tax deductions under Sections 24(b) and 80C of the Income Tax Act, enhancing the financial benefits of this product.
SBI MaxGain integrates the benefits of a traditional home loan with the versatility of an overdraft facility, enabling borrowers to manage their finances more efficiently and reduce interest expenses dynamically.
- Protection Against Future Rate Increase: Reducing the outstanding balance early through surplus deposits lowers the EMI burden if interest rates rise later.
Considerations
- Higher Interest Rate: MaxGain loans may have slightly higher interest rates of 0.20%—0.40% than regular home loans.
- Discipline is Needed: To get the most out of this loan, borrowers need to regularly park extra funds in the account.
- Limited Availability: This option may not be ideal for everyone, especially those who don’t have extra funds to deposit frequently.
SBI MaxGain vs. Regular Home Loan
Feature Comparison
| Feature | SBI MaxGain | Regular Home Loan |
| Type | Overdraft-linked Home Loan | Standard Home Loan |
| Interest Calculation | Daily reducing balance | Standard EMI-based |
| Surplus Fund Parking | Allowed, reduces interest burden | Not allowed |
| Liquidity | High – money can be withdrawn anytime | Low – once paid, no withdrawal |
| Interest Rate | Slightly higher (0.25%-0.50%) | Lower |
| Best For | People with fluctuating cash flow & extra funds | People who want fixed EMI & don’t need liquidity |
How to Use SBI MaxGain Effectively?
- Deposit Surplus Cash: Any extra money (bonuses, incentives, rental income) should be deposited in MaxGain.
- Use It Like a Savings Account: Keep emergency funds in the OD account to maximize interest savings.
- Track Transactions Online: Monitor balance and transactions through SBI internet banking.
- Plan Partial Withdrawals: If needed, withdraw only when necessary to keep the principal low.
SBI MaxGain OD Account: Important Terminologies
| Term | Meaning |
| Drawing Power (DP) | Original sanctioned loan amount minus principal repaid |
| Available Balance | Surplus amount parked in the OD account |
| Book Balance | A negative value indicating the outstanding loan amount |
| Limit | Total sanctioned loan amount |
Should You Choose SBI MaxGain?
Ideal For:
- Salaried & self-employed individuals with surplus cash.
- People who want liquidity along with home loan repayment.
- Those looking to minimize interest cost over time.
Not Suitable For:
- Borrowers who prefer a fixed EMI structure.
- Individuals who cannot maintain surplus funds in the OD account.
Is SBI MaxGain suitable for you?
It’s an excellent option for borrowers with fluctuating cash flows or those who want to keep funds accessible while reducing loan interest. Regularly parking surplus money can help save money in the long run.
SBI Flexipay Home Loan
Higher Loan Eligibility with Step-Up EMI Option.
“Don’t let your current income keep you from owning your dream home.”
SBI Flexipay Home Loan offers higher loan eligibility for salaried borrowers. It allows customers to pay only the interest during the initial moratorium (pre-EMI) period, followed by moderate EMIs. In the later years, the EMI amounts gradually increased. This loan option is particularly beneficial for young professionals and helps them buy their dream home with more flexible payment options.
Features
- Affordable interest rates
- Low processing fees
- No hidden charges
- No penalty for early repayment
- 20% higher loan eligibility
- Interest is calculated on a daily reducing balance.
- Flexible repayment period (up to 30 years)
- Special interest concessions for women borrowers
Eligibility Criteria
- Resident Type: Resident Indian
- Age Limits: The minimum age to apply is 21; applicants can apply up to 45, and repayment can extend up to 70 years.
- Loan Tenure: Available for up to 30 years.
Interest Rate & Fees
- Interest Rate: Home loan interest rates begin at 8.50% onwards.
- Processing Fee: Receive a 50% discount on the standard Rate, with potential waivers in certain situations.
- Terms and conditions apply
SBI Pre-Approved Home Loan (PAL)
Secure your home loan before finalizing your property Plan with the SBI Pre-Approved Loan (PAL) and secure your home loan before finalizing your property. This loan provides a pre-sanctioned limit, allowing you to negotiate confidently with builders or sellers. Your income determines loan eligibility and a non-refundable processing fee will be applied at the time of sanction.
Features
- Low Interest Rates
- Low Processing Fee
- No Hidden Charges
- No Prepayment Penalty
- Interest Charged on Daily Reducing Balance
- Repayment Tenure up to 30 Years
- Home Loan Available as Overdraft
- Special Interest Concession for Women Borrowers
Eligibility
- Residency: Resident Indian
- Age Limit: 18 to 75 years
- Maximum Loan Duration: 30 years.
Apply For SBI Home Loan in Mumbai
Interest Rates & Fees
- Interest Rate: Home Loan interest rate starts at 8.50% onwards
- Processing Fee: 50% concession in card rate. 100% waiver in selected cases
- T&C Apply
The list of documents required for a Home Loan is as follows:
Mandatory: SBI Saving Bank Account
Salaried Applicant
-
- Two Photographs
- PAN Card
- Aadhar Card
- Current Address Proof (Rent Agreement Registered / Gas Bill / Postpaid Bill)
- Marriage Certificate (If Applicable)
- Offer Letter / Current Job / Company ID Card
- Service / Experience Certificate (If job is less than 2 years)
- Salary Slip – Last 3 Months
- Bank Statement – Last 6 Months (Salary Account)
- Loan Account Statement – Last 1 Year (If any loan outstanding)
- Form 16 – Last 2 Years (All quarters include Part A & B) and ITR Last 2 Years or 26AS Last 2 Years (2023–24, 2024–25)
Self-Employed / Business Applicant
- Two Photographs
- PAN Card
- Aadhar Card
- Relationship Proof (In Case of Co-Applicant)
- Current Address Proof (Rent Agreement / Gas Bill / Postpaid Bill)
- Business Address Proof (Light Bill / Rent Agreement)
- Business Profile
- GST Number and Return – 1 Year
- Income Tax Returns – Last 3 Years (Attested by CA)
- Balance Sheet / Profit & Loss Account – Last 3 Years
- Current Account Statement – Last 1 Year
- Loan Account Statement – Last 1 Year (If any loan outstanding)
- Business Proof
- TDS Certificate – 26AS Last 3 Years
Property Documents (Ready to Move – Builder Purchase)
- NOC from Builder
- Registered Agreement to Sale
- Payment Receipt
- ROC (Release of Charge) – If Applicable
- Latest CC and OC
- Demand Letter
- Builder Architect Letter
- Builder Approved Plan Copy
- Possession Letter
Property Documents (Ready to Move – Resale Purchase)
- Society NOC / Builder NOC
- Chain of Agreement
- Possession Letter
- Share Certificate
- OC Copy
- Latest Maintenance Paid Receipt
- Property Tax Paid Receipt
- Latest Electricity Bill
- Approved Plan Copy
Take Over / Home Loan Transfer
- Foreclosure Letter – Existing Bank
- List of Documents (LOD) – Existing Bank
- Home Loan Statement – Last 1 Year – Existing Bank
- Sanction Letter – Existing Bank
- NOC from Society / Builder (SBI Format)
- Share Certificate
- Property Tax Receipts
- Chain Agreement
- OC Copy / Possession Letter
- Latest Electricity Bill
- Approved Plan Copy
Apply For SBI Home Loan in Mumbai
Frequently Asked Questions (FAQs)
1. What are the current SBI home loan interest rates in Mumbai?
SBI home loan interest rates in Mumbai typically range from 8.40% to 9.50% per annum, depending on the loan amount, credit score, and applicant profile. Rates may vary, so it’s best to check with the nearest SBI branch or official website.
2. What is the minimum eligibility for an SBI home loan in Mumbai?
To be eligible, you must be 21 to 70 years old, have a stable income, and meet the minimum credit score criteria (usually 650+). SBI assesses your repayment capacity based on income, obligations, and property value.
3. What are the types of SBI home loans available in Mumbai?
SBI offers several home loan products in Mumbai, including Regular Home Loan, SBI MaxGain (Overdraft facility), SBI Flexipay (for young professionals), SBI Pre-Approved Loan (PAL) SBI Realty (to purchase plots).
4. Can NRIs apply for an SBI home loan in Mumbai?
Yes, NRIs and PIOs can apply for SBI home loans in Mumbai. They must provide valid passport, visa, employment proof, and overseas bank account statements.
5. What is the maximum loan tenure offered by SBI in Mumbai?
SBI offers home loans for up to 30 years, depending on the borrower’s age and retirement age. Longer tenure can help reduce EMI burden.
