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How to Apply for SBI Home Loan
SBI Offers a home loan interest rate starts from 6.95%* p.a. with no processing fee in a limited period. The rates depend on loan amount, occupation, income. Interested one gets Instant e-approval in just 3 simple steps.
Why should you choose a Home loan from SBI?
- Currently SBI has reduced the home loan rate to 6.70% by March 31, 2021.
- SBI home loan rates start from 6.70% for loans up to Rs.75 lakhs and 6.75% for loans above Rs.75 lakhs.
- SBI has 210 processing centers across the country.
- SBI understands a home is everyone’s dream. years consistency effort with a sales force of more than 2200 employees. as now more than 30 lakh families benefited from SBI home loan
- SBI provides comprehensive options for the purchase of under-construction property, the purchase of ready-built property, purchase of under-construction property, purchase of pre-owned homes, construction of a house, an extension of the house, and much more
- It’s well known for its quick loan disbursal, transparent charges, and convenient options of payments.
State Bank of India Home Loan Types
SBI offers home loans that are needed for every category of customers.
- Regular Home Loan.
The regular home loan offered by SBI is one of the most convenient and recommended loans for customers looking for purchase of a new or under construction property, even for carrying out repairs of the current house.
- Balance Transfer of Home Loan.
SBI Offers customers the facility of transferring the home loans from either a Scheduled Commercial Bank (SCB), Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), or Private and Foreign Banks.
- NRI Home Loan.
SBI enables all the Non-Resident Indians (NRIs) able to invest in properties home loan schemes specially designed for them.
- Flexiplay Home Loan.
It’s good choice for young earners is the Flexiplay home loan. the working professional can get access to a higher loan amount.
- Privilege Home Loan.
The government employees can benefit from the Privilege Home Loan category.
Features of SBI Home Loan
- SBI provides home loans available for both salaried and self-employed.
- The loan-to-value ratio is 90% in SBI.
- Loan tenure will be from 5 years to 30 years. Home loan borrowers can complete repayment for up to 30 years which makes it convenient for borrowers.
- SBI ensures total transparency and no hidden costs when it comes to charging processing fees. processing fee charges are up to 0.20% between a range of a minimum of 4,000/- and a Maximum of 17,400/-
Benefits SBI Home Loan
- SBI makes home loans easily accessible for customers to access the service from the comfort of their homes.
- SBI Offers convenient rates and charges as compared to their competitors. Moreover, there are no hidden charges or penalty charges on the loan.
- SBI allows No Pre Payment Penalty and also prepayment of home loans with nil charges on floating rate loans.
- It offers Interest Concession for Women Borrowers
The Eligibility Criteria and Documents applicable to all applicants for SBI Home
| 1. | Eligibility | Salaried and Self-Employed |
| 2. | Income Criteria | Minimum salary for State Bank of India (SBI) Home Loan Rs.25000 |
| 3. | Age Criteria | Minimum: 21 years Maximum: 60 years |
| 4. | Loan Tenure | Up to 30 years |
| 5. | Loan Amount | No cap, depending on your repayment capacity |
| 6. | Interest Rate | For women – 8.30% to 8.6% |
| 7. | Processing Fees | 0.35% of Loan Amount, min of Rs.2,000 to a max of Rs.10,000 |
| 8. | Prepayment Charges | Nil |
| 9. | Nationality | Indian |
- For identity proof such as PAN, Passport, Driver’s License, and Voter ID Card.
- For Addresses such as passport, driving license, Aadhaar card.
- Other documents such as 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
- Passport size photographs
How to Apply for SBI Home Loan
You can follow step by step method to apply
Online method
Step-1
You can download Yono the bank’s mobile application. through this app, you get an interest concession.
Step-2
You can visit the official website, https://onlineapply.sbi.co.in/, and follow the instructions as required.
Step 3
Now, you have to fill the form of your personal and professional details.
Step 4
at this step fill in the correct captcha, tick the box.
Step 5
You will receive a loan offer by SBI over the phone or email.
Step 6
After accepting the loan offer, complete the application for an SBI home loan.
Step 7
Now you can get instant approval for your SBI home loan.
Off-Line method
You can visit your nearest branch and discuss your loan requirements with a bank representative.
SBI toll-free customer care number-1800 11 2018
Home loan EMI calculator
You can use tools like The SBI home loan calculator to evaluate and plan your budget.
It gives EMI, principal amount, monthly interest, beginning loan balance, and outstanding balance.
Frequently Asked Questions (FAQs)
Question 1. Does my salary influence the loan amount?
Yes. The decision on loan amount depends upon your salary. The rest depends on your EMI to NMI ratio from 20%-70% on net annual income slabs.
Question 2. What is the timeline for the disbursement of the loan amount?
Generally, It takes 3-10 days after submitting the complete documentation.
Question 3) Is there any concession on the interest rate for women?
Yes, SBI offers for women a concessional rate of 0.05% p.a. if she is the main applicant of the loan.
Question 4) What is the maximum loan tenure in SBI house loans?
It’s up to a maximum of 35 years.
Question 5) How can I get tax benefits from SBI?
Any Individual Indian As per the Indian Income Tax Act of 1961 gets tax benefits.
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