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SBI Home Loan

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About SBI

The State Bank of India, founded in 1806 is one of the largest and oldest commercial banks in Asia. It is a major banking and financial services public sector company with more than 24,000 branches and 59, 000 ATMs. It is the largest bank in India which has a 20% market share in deposits and loans among commercial banks, truly being a bank for every Indian.

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What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to SBI Home Loans

Being the largest bank in India, SBI offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. The bank has been voted as ‘The most preferred home loan provider’ in AWAZZ consumer awards. Packed with exclusive benefits, SBI Home Loans are tailor made catering to the needs of various customers.

Advantages of SBI Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • Low processing fees
  • Less paperwork
  • No prepayment penalties
  • Balance home loan transfer

Features of SBI Flexipay Home Loan

Objective:

SBI Flexipay home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

20 Lakhs or higher

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the home loan from SBI, you need to have the following eligibility criteria.

  • You should be between 21 to 45 years of age
  • Steady income with minimum 2 years of experience
SBI Home Loan
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Features of SBI Maxgain Home Loan

Objective:

SBI Maxgain home loan aims to reduce interest burden on the customer with the overdraft facility. Customers can park surplus amount in savings and withdraw whenever required while the savings will also reduce the interest on the home loan.

Loan Amount:

Minimum of 20 Lakhs and no limit on maximum amount.

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Features of SBI NRI Home Loan

Objective:

SBI NRI home loan aims to help Non-Resident Indians build their dream house.

Loan Amount:

Minimum of 3 Lakhs and no limit on the maximum amount.

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the NRI home loan from SBI, you need to have the following eligibility criteria.

  • You should be Non-Resident Indian
  • Steady income with minimum 2 years of experience

Features of SBI Realty Home Loan

Objective:

SBI Realty home loan aims to help people to purchase a plot for construction of house. The construction of the house should commence within 5 years after availing the loan.

Loan Amount:

Up to 10 crores

Loan Tenure:

Repayment period of up to 15 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the home loan from SBI, you need to have the following eligibility criteria.

  • You should be between 21 to 45 years of age
  • Steady income with minimum 2 years of experience

Features of SBI Pal Home Loan

Objective:

SBI Pal home loan is a pre-approved home loan that helps the customers to negotiate with the builders confidently.

Loan Amount:

Minimum loan amount of 10 Lakhs and above

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the home loan from SBI, you need to have the following eligibility criteria.

  • You should be between 21 to 45 years of age
  • Steady source of Income

Features of SBI Tribal Plus Home Loan

Objective:

SBI Tribal Plus home loan is designed to help people living in hill areas achieve their dream of owning a house.

Loan Amount:

up to 10 lakhs

Loan Tenure:

Repayment period of up to 15 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Features of SBI Privilege Home Loan

Objective:

SBI Privilege home loan aims to help government employees achieve their dream of owning a house.

Loan Amount:

No Cap

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the home loan from SBI, you need to have the following eligibility criteria.

  • You should be a central or state government employee
  • Maximum age limit is 75

Features of SBI Shaurya Home Loan

Objective:

SBI Shaurya home loan aims to help defence personnel belonging Army, Navy and Air Force purchase a house.

Loan Amount:

No Cap

Loan Tenure:

Repayment period of up to 30 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Eligibility Criteria:

To avail the home loan from SBI, you need to have the following eligibility criteria.

  • You should be a defence personnel
  • Maximum age limit is 75

Features of SBI Bridge Home Loan

Objective:

SBI Bridge Loan is a short-term Loan to meet shortfall in funds for purchase of a new home/flat by mortgaging existing unencumbered property.

Loan Amount:

  • 65%, if Market Value of the existing property is up to Rs.1 Crore.
  • 60%, if Market Value of the existing property is above Rs.1 Crore.
  • 90% of the cost of the proposed home or flat

Loan Tenure:

Repayment period of up to 2 years available under this scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

0.30% of the loan amount with applicable tax and no processing fees for all central and state government employees.

Interest Rate

For Salaried Professionals

Loan AmountCategoryInterest Rate
Up to 30 LakhsWomen35 bps + 1-year MCLR, ER: 8.35
Others40 bps above 1-year MCLR, ER: 8.40
30 to 75 LakhsWomen1-year MCLR+ 35 bps, ER:8.35
Others1-year MCLR+ 40bps, ER:8.40
Up to 30 LakhsWomen1-year MCLR+ 45 bps, ER:8.45
Others1 year MCLR+60 bps, ER:8.60

For Non-Salaried Professionals

Loan AmountCategoryInterest Rate
Up to 30 LakhsWomen45 bps + 1-year MCLR, ER: 8.45
Others50 bps + 1-year MCLR, ER: 8.50
30 to 75 LakhsWomen1-year MCLR+ 50 bps, ER:8.50
Others1-year MCLR+ 55 bps, ER:8.55
Up to 30 LakhsWomen1-year MCLR+55 bps, ER:8.55
Others1-year MCLR+60 bps, ER:8.60

This is general interest for most of the Home Loans in SBI Bank. However, the interest rates are subject to change corresponding to the schemes.

Documents Required to Apply for SBI Home Loans

Important documents to be submitted while applying for home loans with SBI

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals
  • Property tax receipt
  • Proof of business address for non-salaried individuals
  • Personal assets and liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

EMI Payment Methods

Your SBI home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with SBI, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the SBI account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-SBI account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-SBI account at your nearest SBI Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for SBI Home Loan?

You can either apply online or visit a nearby SBI branch for the application. You can also download the home loan application form from the SBI official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of SBI Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. Overdraft facility helps the customers to reduce the interest burden and improve their savings. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

SBI Home Loan FAQs

1. What are processing fees on SBI Home Loans?

0.30% of loan amount is charged as processing fees. However, central and state government employees can enjoy no processing charges.

2. Is there penalty for prepaying the SBI Home Loan?

No penalty is levied for prepaying the SBI Home Loan

3. Can I get SBI Home Loan without a Guarantor?

Most of SBI home loans require a guarantor.

4. What is the maximum loan repayment period for SBI home loans?

The maximum repayment period is 30 years; however, some home loans have lesser repayment duration.

5. How Can I apply for an SBI home loan?

You can either apply online or visit a nearest SBI branch and take the help of the bank’s representative.

6. Does SBI Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to SBI Bank.

7. Can I get tax benefits from SBI Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.

News

SBI home loan EMIs to fall, banks cut external benchmark based rate31 Dec 2019

State Bank of India announced a reduction in its external benchmark based rate by 25 bps(basis points) to 7.80% per annum, from 8.05% per annum. This revision of interest rates will come into effect from January 1, 2020. With the reduction taking pla...

Read more

State Bank of India announced a reduction in its external benchmark based rate by 25 bps(basis points) to 7.80% per annum, from 8.05% per annum. This revision of interest rates will come into effect from January 1, 2020. With the reduction taking place, interest rates will go down for existing home loan customers as well as MSME borrowers who have availed loans linked to external benchmark based rate. SBI said that new home buyers will get loans at interest rates starting from 7.90% per annum as compared to 8.15% earlier.

SBI reduces home loan rates by 10 basis points16 Dec 2019

SBI home loans have become cheaper after the Reserve Bank of India’s six member Monetary Policy Committee kept the repo rate unchanged at 5.15%. The bank has reduced 10 basis points on home loan interest rate. The lender now offers home loan MCLR at ...

Read more

SBI home loans have become cheaper after the Reserve Bank of India’s six member Monetary Policy Committee kept the repo rate unchanged at 5.15%. The bank has reduced 10 basis points on home loan interest rate. The lender now offers home loan MCLR at 7.9% per annum which was 8% earlier. Borrowers can easily apply for SBI home loans that even provides a 30 year repayment period at low interest rates.

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