Sbi Home Loan

Last modified:2019-12-13


SBI Home Loan is certified as the Most Preferred Home Loan Provider in the Country and SBI Home Loan is the top among the home loan providers in public sector banks. SBI Home Loans are most preferred among the customers because of the lowest interest rates and best services provided. Also get more details on SBI Home Loan Interest Rates, Loan Schemes and more in the article.

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Information on SBI Home Loan

If you are planning to purchase a new house and looking for best Home Loan providers in the market hope this article will be of great help, because of its long standing history and being tagged as the top public sector bank of India, SBI also extends its banking services to provide loans. One such top opted loan is the SBI Home Loans with its best interest rates, varied home loan products and good customer interface and the table below will give you up-to-date information related to SBI Home Loan details.
 

Interest Rate

Women: 8.45-8.55% p.a.

Others: 8.50-8.60% p.a.

Loan Tenure

1-30 years

Processing Fees

Rs. 2000-10,000 + tax applicable

Loan Amount

Based on the eligibility

Preclosure Charges

Nil



What are the Interest Rates provided by SBI Home Loan?


For any type of loan you apply for, Interest Rate is a major criteria one has to check upon. Interest rates sometimes add to the burden of the repayment of loan when not chosen wise. When comes to reasonable interest rates, SBI provides the best interest rates for the customers and is also considered to be the most reasonable interest rate provided in the home loan market. Interest Rates provided by SBI is divided among Salaried, Non-salaried or Self-employed, For Women (special interest rates for women), and for others. SBI Interest Rates for most of the Home Loan products provided by SBI remains to be the same with very few changes based on the eligibility of the loan applicant. The table below gives the overall SBI Home Loan Interest Rates.
 

SBI Home Loan Interest Rates

For Women (Salaried)

Upto 30 Lakh

8.45-8.55% p.a.

30 Lakh - 75 Lakh

8.60-8.70% p.a.

Above 75 Lakh

8.70-8.80% p.a.

For Women (Non-Salaried)

Upto 30 Lakh

8.60-8.70% p.a.

30 Lakh - 75 Lakh

8.75-8.85% p.a.

Above 75 Lakh

8.85-8.95% p.a.

For Others (Salaried)

Upto 30 Lakh

8.50-8.60% p.a.

30 Lakh - 75 Lakh

8.65-8.75% p.a.

Above 75 Lakh

8.75-8.85% p.a.

For Other (Non-Salaried)

Upto 30 Lakh

8.65-8.75% p.a.

30 Lakh - 75 Lakh

8.80-8.90% p.a.

Above 75 Lakh

8.90-9.00% p.a.

What are the Other Charges related to SBI Home Loan?


When you are applying for the Home Loan the basic charge associated with the loan amount will be the interest rates. Apart from the interest rates, other charges applied for SBI Home Loan will be Processing fees, Pre-sanction charges, and Post-sanction charges. Processing Fees is the fees payable by the borrower to the lender upon availing the loan. Processing fees is either a fixed amount or a certain percentage of the loan amount. Prepayment charges is the another type of fees related to SBI Home Loan, and prepayment fees are charged by the banks when a loan is repaid before the scheduled time. As of this date, SBI does not charge any fees as prepayment charges. Other charges that are applied along with SBI Home Loan are actual charges towards valuation fee, advocates fee for property search and title investigation report and stamp duty as applicable.
 

Processing Fee

0.35% of the Loan Amount

Minimum: Rs. 2000/-

Maximum: Rs. 10,000/-

Zero (SBI Shaurya Home Loan)

Preclosure Charges

Nil

What are the Documents Required for SBI Home Loan?


For applying any loans there are certain documents that will be required as proof. Likewise, SBI also requires certain documents from its loan applicants that should be submitted along with the loan application when applying for the Home Loan. Loan documents differ a little for each type of loan and also based on Salaried and Sel-employed applicant. The list given below the documents required to apply for the loan..
List of papers/ documents applicable to all applicants:
  • Employer Identity Card
  • Loan Application Completed loan application form duly filled in affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
  • Permission for construction 
  • Registered Agreement for Sale 
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
  • Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

What is the Eligibility to Apply and Loan Tenure of SBI Home Loan?


SBI Home loan eligibility for applying for SBI Home Loan differs for salaried and self-employed. One should also choose the loan tenure wisely because if you going for a longer loan tenure it seems your EMI is less but then you end up paying higher interest amount, and in case of shorter tenure the EMI will be greater but in turn has faster repayment and lesser interest amount being paid. Choice is based on the repayment capacity of the customer and one’s convenience. The eligibility for applying for SBI Home Loan is given below
  • Should be an Indian Resident
  • Minimum Age should be 18 years
  • Maximum Age should be 70 years
  • Salary for salaried - Rs. 1.2 lakh per annum
  • Income for self-employed - Rs. 2 lakh per annum
SBI Home Loan products give different type of Home Loans based on the needs and specifications of the customers and customers can choose the suitable loan that suits their preferences. The table below will give you an idea on eligibility of different types of SBI Home Loans offered and also the loan tenure for each loan type.
 

SBI Flexipay Home Loan

Resident Type

Resident Indian

Minimum Age

21 years

Maximum Age

45 years, to apply for loan, and upto age of 70 years for repayment

Loan Tenure

Up to 30 years

SBI Regular Home Loan/ SBI Pre-Approved Home Loans/ SBI Home Top Up Loan

Resident Type

Resident Indian

Minimum Age

18 years

Maximum Age

70 years

Loan Tenure

Up to 30 years

SBI NRI Home Loan

Resident Type

Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)

Minimum Age

18 years

Maximum Age

60 years

Loan Tenure

Up to 30 years

SBI Shaurya Home Loan

Resident Type

Resident Indian

Minimum Age

18 years

Maximum Age

75 years

Loan Tenure

Up to 30 years

SBI Balance Transfer of Home Loan/SBI Privilege Home Loan

Resident Type

Resident Indian

Minimum Age

18 years

Maximum Age

75 years

Loan Tenure

Extended Loan Tenure

SBI Realty Home Loan

Resident Type

Resident Indian

Minimum Age

18 years

Maximum Age

70 years

Loan Tenure

Up to 10 years

SBI Bridge Home Loan

Resident Type

Resident Indian

Minimum Age

18 years

Maximum Age

70 years

Loan Tenure

Up to 2 years

Loan Amount

Minimum Rs. 20 lakhs and Maximum Rs. 2 crores

How to Apply for SBI Home Loan?


Home loans have become a choice of many who are planning to buy a new house or any house related works. SBI offers loans under various categories based on the customer needs. Once decided to go for a Home Loan with SBI you can apply either through Online or Offline mode. Let’s first see how to apply in Online mode and then go on with Offline mode procedure.

Online Mode of Applying for SBI Home Loan:

  • Applying for SBI Home Loan in Online mode has three basic steps - Get Eligibility, Loan Offer, and Complete Application.
  • Get Eligibility: Before SBI provides Home Loan, it first checks if the person availing the loan of a particular amount is eligible to be approved of loan of the amount quoted. Eligibility depends on payback capacity, monthly income, other loan if availed, etc.
  • Loan Offer: Based on the eligibility, loan offers are given for the customer. One can choose from the offers given or can quote for loan offer based on their need.
  • Complete Application: Once the above two steps are done, fill in the /online application and upload the necessary documents.
  • Once the Application is processed, verification of the original documents can be done at doorsteps.
  • All documents being correct on verification, SBI Home Loan is approved within two working days.

Offline Mode of Applying for SBI Home Loan:

  • SBI Home Loan Application can be got from either the SBI Bank Branch or can be downloaded from the official website and then printed.
  • Fill in the application form and submit the application along with the supporting documents. 
  • The application form is processed and based on the eligibility, the loan amount is sanctioned by SBI. There are also cases where application form be rejected due to no suitable documents provided as proof or on not meeting the eligibility criteria, etc.

What are the Features of SBI Home Loan?


SBI is the largest Mortgage Lender among both the public and private sector banks and to be tagged and maintained at the top position, SBI will have special features and offers best Home Loans when compared to other banks. The main features to be considered as top loan provider will be the interest rates, other charges and customer service, few of the features of SBI Home Loan is listed below.
  • Lowest Interest Rates
  • Special Interest Rate for Women
  • Lowest processing fees
  • Zero pre-closing charges
  • No hidden charges
  • Flexi plans for Individuals
  • Interest charges on daily reducing balance
  • Home Loan Available as Overdraft

How to Calculate SBI Home Loan Eligibility using Online Calculator?


SBI has provided Online Calculator to check the eligibility of those customers who are wanting to apply for a Home Loan SBI. Based on the type of home loan services provided, SBI has designed five different calculators to check the eligibility. Different types of Home Loan Eligibility Calculator at SBI are listed below
  • Home Loan EMI Calculator
  • Home Loan Takeover Calculator
  • Maxgain Home Loan Calculator
  • Flexipay Home Loan Calculator
  • Privilege/Shaurya Home Loan Calculator
Check the link to calculate the SBI Home Loan Eligibility. To calculate your home loan eligibility, the eligibility calculator will need a number of input data from the applicant. The information required are listed below:
  • Your Age/Date of Birth
  • Loan Tenure
  • Net Adjusted Monthly Income
  • Other Income
  • Other EMIs
  • Rate of Interest
  • Loan Amount that is expected
  • Interest rate

What is SBI Home Loan ?


SBI is the largest public sector bank in India and also the top Home Loan provider in the country. With around 18,300+ branches, it stretches it’s banking services across the country. SBI Home Loans are opted by customers because of varied products under Home Loan. Lot more information that you should be informed of SBI Home Loan is given for you make the choice before you could apply for Home Loan. SBI tops the home loan sector because it has branches that are unreachable by most of the banks. Also, it has number of specialised retail loan processing centers and Home Loan Sales teams across India to meet the housing loan requirements of the customers. 

What are the Products under SBI Home Loan?


Home Loan needs varies based on individual, geographical location and other criteria. So, SBI to meet the needs of every single customer or for the ones who are looking forward to own a house has provided number of loan products. An individual can choose the suitable loan from any of products offered by the bank as per their needs. SBI provides different products of Home Loans from which a customer can choose the suitable Home Loan. The products offered are given below.
  • SBI Regular Home Loan
For purchase of ready built property, purchase of under construction property, purchase of pre-owned homes, construction of a house, extension of house and repair/renovation.
  • SBI Balance Transfer of Home Loan
Balance transfer of home loan that enables a customer to transfer home loan subject to condition that the borrower should satisfy the eligibility criteria.
  • SBI NRI Home Loan
SBI NRI Home Loan allows many NRIs (Non Resident Indians) to get home loans when investing in properties.
  • SBI Flexipay Home Loan
Loan provided on eligibility for a higher loan amount exclusively for the salaried borrowers.
  • SBI Privilege Home Loan
Exclusively for government employees. Individuals who are employees of Central or State Government which includes PSBs, PSUs of Central Government and other individuals with pensionable service are eligible to apply for this home loan.
  • SBI Shaurya Home Loan
Loan scheme specially dedicated to the Army and Defence Personnel of the nation.
  • SBI Pre-Approved Home Loan
Provides Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
  • SBI Realty Home Loan
Provides an opportunity to the customer to purchase a plot for construction of a dwelling unit.
  • SBI Home Top Up Loan
Offers their customer to borrow certain amount over and above their home loan amount.
  • SBI Bridge Home Loan
Offers home owners who aspire to upgrade their homes - to bigger homes or better locations, by selling off their existing homes.
  • SBI Tribal Plus
Home Loan designed especially for Hilly/Tribal areas.
  • SBI Reverse Mortgage Loan
Provides an additional source of income for senior citizens of India, who have a self-acquired or self-occupied home in India.

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