SBI Bank Home Loan
For purchase/ construction of new flat/ house/ apartment, repair/extension of existing house, Avail: SBI Home Loan
What are the features of SBI Bank Home Loan
- Home Loan products to suit every customers need
- Low Interest Rates
- Low Processing Fee
- No Hidden Charges
- No Pre Payment Penalty
- Interest charges on Daily Reducing Balance
- Repayment up to 30 years
- Home Loan Available as Overdraft
- Interest Concession for Women Borrowers
What is the eligibility of SBI Bank Home Loan
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 70 years
- Loan Tenure: up to 30 years.
- Loan Amount Check Here
What are the documents required for SBI Bank Home 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 (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.
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 are the Interest Rates & Fees of SBI Bank Home Loan
Interest Rates & Fees of SBI Bank Home Loan Check Here
How to Apply for SBI Bank Home Loan
Click here to apply
What are the types of insurances available with Home Loan?
- i. Term Insurance product is offered by SBI Life Insurance Company which offers financial coverage to the term life insurance policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. (SBI Suraksha)
- ii. Property insurance is offered by SBI General that covers private residences and protects them from unpredictable damages and natural disasters.
Can a single woman get a loan?
Yes, a single woman can get a loan. SBI has a special scheme for them called the SBI Her Ghar scheme, under which women enjoy concessional rate of interest.
Do women get concessional interest rates for SBI Home Loans?
Yes. Under ‘HER’ Ghar, which is a scheme specifically designed for women home buyers. There is a concessional interest rate of 0.05% p.a. offered to women borrowers. However, the two criteria which must be satisfied are:
- Woman should be the sole applicant or one of the co-applicants for Home Loan
- The woman should be the sole owner or one of the co-owners of the property proposed to be financed by the Bank
How does SBI housing loan compare with those offered by other institutions?
There is total transparency with regard to the rate of interest and the fees charged by us.
- SBI offer housing loans with low equated monthly instalments, i.e. you pay substantially less in repayments as compared to others.
- SBI have no upper limit. The loan amount is determined by repaying capacity and the value of property to be financed.
- SBI offer loans for the longest tenors (up to 30 years) with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.
- SBI provide finance for both new and old houses/flats and for construction of houses. Cost of furnishing the house can also be included in the project cost.
- SBI levy interest based on daily reducing balance, unlike the annual reducing balance method used by several other financiers/banks.
On an annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year.
In the case of the daily reducing balance, which is the methodology SBI employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly.
What are the processing fees charged by the bank?
The following processing fees is applicable on SBI Home Loans. In addition to the processing fee, actual charges towards valuation fee, advocates fee for property search and title investigation report and stamp duty as applicable.
Processing Fee 0.35% of Loan Amount subject to a minimum of Rs 2000/- plus applicable taxes and Maximum of Rs 10,000/- plus applicable taxes
Refer FAQs on Home Loan