SBI Home Loan Products

State Bank of India Home Loan Products

State Bank of India is one of the most popular choices when it comes to getting the home loan. It offers myriads of home loan products to cater to the various segments of customers. The bank offers affordable home loans at attractive interest rates starting from 8.35% per annum. The bank also offers home loan for Pradhan Mantri Awas Yojna scheme where the customer can avail subsidy up to Rs. 2.67 lakh.

Why you should choose SBI as your Home loan partner?

Well, SBI is one of the most trusted names when it comes to financial products. The bank offers a gamut of choices to cater to the variegated needs of the client. It also offers a number of benefits like lucrative interest rates, lower or nil processing fees, customer-centric approach that makes it one of the most popular choices when it comes to home loan. Here are the key features of SBI home loans:

  • Attractive interest rates
  • Lower or nil processing fees
  • No hidden charges
  • Easy repayment period
  • No pre-closure charges
  • The bank has its presence in all the cities
  • SBI calculates interest rates on the daily reducing basis which lowers the overall interest paid.

Eligibility criteria-

Home loans or any other type of loan demand that the individual should match the eligibility criteria so that the bank approves the loan. If you want to apply for the home loan from SBI, you need to match the following eligibility criteria:

  • The age of the individual should be between 18 years and 70 years
  • The annual income should be at least Rs.1.2 lakh per annum Salaried
  • Good CIBIL score and credit report

Documentation for home loan approval from SBI:

To get the loan approved, you must submit the following documents with the bank:

  • Filled and signed application form
  • 3 passport size photograph
  • ID proof like Adhaar card, passport, Driving License, Pan Card
  • Address Proof like Ration Card, Adhaar Card, Utility bills or as demanded by the bank
  • Last six month’s bank statement
  • Proof of property
  • ITR
  • Form 16 and the self-employed individuals, needs to submit the ITR of last two years, last two years’ income computation which must be certified by a CA.

CIBIL Score- CIBIL score represents the likelihood of the borrower to repay the loan. It reflects the creditworthiness of the applicant. All the banks take into consideration the credit score before approving the loan. It is always advisable that one must maintain a good credit score to get the loan approved. For SBI Bank, one needs to have a credit rating between 650-750.

SBI Home Loan Overview –

Interest Rate Starting from 8.30 % for women up to 8.60% and for others it is 8.35% up to 8.65%
Processing fees .30 % of the loan amount which can be a minimum of Rs. 2000 to maximum of Rs. 10,000/-
Loan Tenure Up to 30 years
Pre-closure charges No pre-closure charges

Home Loan Products Offered by State Bank of India:

SBI NRI Home Loan-  This home loan has been developed for NRIs who want to have home in India or want to make an investment here.

  • Minimum Loan Amount – Rs. 3 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – All the Non-resident Indians can apply for this loan.
  • Pre-closure Charges – Nil
  • Processing fess- 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – Floating 10.15%

SBI Flexipay Home Loan– This loan is perfect for salaried individuals who want to be eligible for higher home loan amount. The borrower can pay interest during moratorium period or pre-EMI period and then pay moderated EMIs.

  • Minimum Loan Amount – 20 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – Salaried Individuals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – 8.45-8.55  % p.a.

SBI Shaurya Home Loan- This home loan has been developed for defence personnel. This is a special home loan for defence employees. SBI Sharuya home loan comes at a lower interest rate and additional benefits. The defence personally also get an extended home loan repayment period.

  • Minimum Loan Amount – Rs. 10 lac
  • Eligibility – All the defence professionals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/ and no processing fees for central and state government employees
  • Interest Rate –  8.75% for women employee & 8.80% for General or Male Borrowers.

SBI Privilege Home Loan- This home loan is exclusively for government employees. The central and state government employees can apply for this loan. The loan amount is decided based on the borrower’s salary, repaying capacity, assets, age etc.

  • Minimum Loan Amount – 10 lacs
  • Maximum Loan Amount – Up to 50 crores
  • Eligibility – All the resident Indians are eligible to avail SBI Privilege home loan
  • Processing Fees- .30% of the loan amount plus tax. Zero processing fees for all central and state government employees.
  • Interest Rate – Starting from 8.30 %

SBI Pre-Approved Home Loan– or PAL grants home loan limits to the customer before finalizing the property. SBI Pre-Approved home loan has a non-refundable processing fee and will be taken at the time of sanction. The income of the borrower decides the loan eligibility.

  • Eligibility – Depends on the annual income of the applicant
  • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
  • Min Loan Amount – 10 Lacs
  • Max Loan Amount – No upper limit
  • Pre-closure Charges – Nil
  • Interest Rate – Floating 10.15%

Pradhan Mantri Awas Yojana by State Bank of India-

Keeping abreast with the Government of India initiative to provide the home to everyone by 2022, SBI has come forward with its home loan for PMAY or Pradhan Mantri Awas Yojna. The bank offers lower interest rates and easy repayment options so that one can fulfil their dream of buying home.

All the loan amount which is less than 30 lac fall under this scheme. The male borrowers can get a home loan at the interest rate of 8.40% and can avail a reduction on approximately 20 basis points, for female borrowers, the reduction is of around 25 basis points.

The best part about PMAY scheme is the lower interest rate and no processing fees. Furthermore, the individual who is eligible for this scheme will get a subsidy of 3%, 4% or 6.5% based on their economic condition.

FAQs

  1. Is a self-employed individual eligible to apply for SBI Privilege Home loan?

No, only state and central government employees can apply for SBI Privilege Home Loan.

  1. Is there any benefit for women borrowers?

Yes, the women borrowers get the benefit interest rate.

  1. What is the maximum age limit for SBI Privilege Home Loan?

The maximum age limit is up to 75 years.

  1. Is there any processing fees charged by SBI on the home loan?

Yes, the bank charges a processing fee of .30% plus taxes on the loan amount. But, the central and state government employees don’t need to pay this fees.

  1. Does SBI home loan require a guarantor?

Yes, most of the SBI loan require a guarantor.

  1. What is the maximum repayment period?

SBI grants the maximum repayment period of 30 years.

  1. Does SBI Bank allow balance transfer?

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

  1. What tax benefit does SBI Home Loan offer?

Availing home loan gives you the tax benefit under Section 80C of the Income Tax Act, 1961.

Why choose Loanyantra as your helping partner?

Today, you may find a number of online portals rendering home loan services and help. But, if you are looking for a platform where you can get all the help related to home loan, its processing and approval then Loanyantra is the right place for. Started with an intent to provide one-stop banking solutions to the customer, LoanYantra brings all the bank details, loan services on your screen and everything at the click of a button. Irrespective of the kind of help you want regarding home loan, we help you find the best options and help you complete the modus-operandi so that your loan gets approved faster and easier. For more information on how we can help you, contact us today.

 

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