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SBI Flexipay Home Loan Scheme

The State Bank of India (SBI) has a flexipay home loan that is offered to customers. The main highlight of this loan is that the borrower has an extended period of time to repay the home loan that is, up to 30 years.

In the SBI Flexipay Home Loan Scheme, the borrower does not have to pay the principal amount in the initial years which is called the moratorium period. One should only opt for SBI Flexipay Home Loan Scheme only if they are looking for higher loan eligibility.

Features of the SBI Flexipay Home Loan Scheme

  • The SBI Flexipay Home Loan Scheme only applies to salaried professionals with at least 2 years of work experience.
  • Age of Loan Borrower: Between 21 and 45 years of age.
  • It is a floating interest rate loan.
  • Repayment period: 25 to 30 years
  • The interest rate and Loan to Value is the same as other home loan schemes.
  • SBI claims that there is 1.2 times higher chances of getting the home loan as compared to other home loan schemes.
  • You can select a moratorium period of 36 to 60 months where the loan borrower will only need to pay the interest. He/she does not need to pay the principal repayment.
  • The customer/loan borrower cannot pay the principal repayment amount until the moratorium period gets over. Once the moratorium period ends, the customer needs to pay the full EMI.

Eligibility Criteria for SBI Flexipay Home Loan

Resident TypeIndian
Minimum Age21 years
Maximum Age45 years, to apply for loan and up to age of 70 years for repayment
Loan TenureUp to 30 years
Credit score750 and above preferred

Interest Rate and Fees

Category Salaried
Home Loan(Term Loan)*
Above Rs. 20 lacs & Up to Rs. 30 lacsAbove Rs. 30 lacs & Up to Rs. 75 lacsAbove Rs. 75 lacs
Women8.65-8.75** % p.a.8.80-8.90% p.a.8.90-9.00% p.a.
Others8.70-8.80 ** % p.a.8.85-8.95% p.a.8.95-9.05% p.a.

*Interest rate will vary as per the risk score of the customer

** Based on LTV of the Customer

Zero processing fees till 31st December, 2018

Pre Sanction Fees:

  • Advocate's fee for property search and title investigation report.
  • Valuer's fee for valuation report.

Post Sanction Fees:

  • Stamp duty payable for Loan agreement & mortgage.
  • Property insurance premium.
  • CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lacs limit; and Rs 100 + GST for limits above Rs 5 Lacs.

Documents Required for SBI Flexipay Home Loan

List of papers/documents applicable to all applicants:

Employer Identity Card:

  • Loan Application: Completed loan application form duly filled 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 (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped 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.

SBI Flexipay Home Loan Scheme FAQs

1. Can a self-employed individual apply for the SBI Flexipay Home Loan Scheme?

No, the SBI Flexipay Home Loan Scheme is only applicable for salaried individuals.

2. How does the loan borrower’s loan eligibility increase under the SBI Flexipay Home Loan Scheme?

The loan borrower’s eligibility increases under the SBI Flexipay Home Loan Scheme because he/she doesn’t have to pay the principal amount in the initial years, i.e. the moratorium period.

3. As a loan borrower what should you be aware of when you opt for the SBI Flexipay Home Loan Scheme?

As a loan borrower, one should be aware that the power of compounding works in the reverse direction in case of loans. Hence, the longer you take to repay, the more interest (in absolute terms) you will have to pay.

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