SBI is the largest bank in India and offers a variety of home loans to suit the needs of different individuals. It is possible to submit the loan application online and upload the necessary documents or you can visit a branch and apply in person.
Loan approval and credit score: In general, you stand the best chance of securing a home loan if you have a credit score of 750 or above. Before you apply for a loan, obtain your credit report to check your latest credit score and to see if you have any credit issues that might impact your loan application. If you have a low score, wait to improve your score before applying.
Here are some of the features of the SBI home loan offers:
Age: You need to be between 18-70 years (by which age the loan needs to be repaid) to be eligible for a home loan.
Amount: The loan amount will be dependent on your income, repayment capacity, age, assets and liabilities, and value of property to be purchased, among other factors.
Loan period: Also depends on your repayment capacity, credit profile etc. The repayment period can go up to a maximum of 30 years, depending on your age when the loan was sanctioned.
Interest rate: It is best to check what the current rate on the various home loan products is. For instance, women applying for the Her Ghar loan can avail of a concessional interest rate on their home loan.
Documents for a salaried individual could include:
Application form with photographs
ID proof and address proof.
Original salary certificate from employer.
Form 16/IT return of past 2 years
Bank statement for the last 6 months
Documents for a self-employed individual could include:
Application form with photographs.
ID proof and address proof.
Educational qualification certificate
CA-certified balance sheet for past 2 years
Bank statement of the past 6 months
In addition to regular home loans, SBI also offers a variety of products catering specifically to different needs of individuals: Some of these are:
SBI Maxgain - offers the home loan as an overdraft and allows you to use the home loan account like a savings or current account.
SBI Yuva Home Loan - targeted at younger people (between age 21-45), employed by the government or select private sector companies. It offers a loan amount that is 20% more than a regular home loan account.
SBI Pal - a pre-approved home loan that is approved in-principle before finalization of the property. It enables customers to have the confidence of knowing their loan amount when deciding on a property or negotiating with the builder/seller.
Her Ghar - a scheme for women borrowers. Women enjoy a concessional rate of interest on this home loan.
There are also loans offered for construction of a house, for buying property in hilly/tribal areas, and in rural or semi-rural areas.