One of the largest and oldest commercial banks in Asia is the State Bank of India, established in 1806. It is a major public sector banking and financial services business with over 24,000 branches and 59, 000 ATMs. It is India’s largest bank with a 20 percent market share among commercial banks in deposits and loans, truly being a bank for every Indian.
As India’s largest bank, SBI provides a broad range of services in the segment of personal loans. For any financial service, it is the bank most favoured by all kinds of individuals. “In AWAZZ consumer awards, the bank has been voted” the most favoured home loan provider. SBI Home Loans are filled with unique advantages and customized to the needs of different customers.
ADVANTAGES OF SBI HOME LOANS
- Low interest rate
- No hidden costs and administrative fees
- Low processing fees
- Less paperwork
- No penalty for prepayment
- Balance home loan transfer
FEATURES OF SBI FLEXIPAY HOME LOAN
- Objective: SBI Flexipay home loan aims to help millions of people fulfil their dream of owning a property.
- Loan Amount: 20 Lakhs or higher
- Loan Tenure: Repayment period of up to thirty years available under this scheme.
- Prepayment Charges: No penalty is levied on prepayment.
- Processing Fees: 40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.
- Eligibility Criteria: You need to have the following eligibility criteria to make use of the SBI home loan:a. You should be between the ages of 21 to 45.
b. Steady income of at least 2 years ‘ experience
FEATURES OF SBI NRI HOME LOAN
Objective: SBI NRI home loan aims to help create their dream house for Non-Resident Indians.
Loan Amount: Minimum of 3 Lakhs and no maximum sum limit.
Loan Tenure: Repayment period of up to thirty years available under this scheme.
Prepayment Charges: No penalty is levied on prepayment.
Processing Fees:0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.
Eligibility Criteria: You need to have the following eligibility criteria to make use of the NRI home loan from SBI:
a. You should be Non-Resident Indian.
b. Steady income of at least 2 years ‘ experience.
FEATURES OF SBI REALTY HOME LOAN
- Objective: SBI Realty home loan aims to assist individuals to purchase a house-building plot. The construction of the house should begin within 5 years of taking advantage of the loan.
- Loan Amount: Up to 10 crores
- Loan Tenure: Maturity duration available under this scheme of up to 10 years.
- Prepayment Charges: No penalty is levied on prepayment.
- Processing Fees:40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.
- Eligibility Criteria: You need to have the following eligibility criteria to make use of the SBI home loan:a. You should be between the ages of 18 to 65.
- Steady income of at least 2 years’ experience
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: Maturity duration available under this scheme of up to 15 years.
- Prepayment Charges: No penalty is levied on prepayment.
- Processing Fees:40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.
FEATURES OF SBI SHAURYA HOME LOAN
- Objective: The purpose of the SBI Shaurya home loan is to help Army, Navy and Air Force defence personnel buy a house.
- Loan Amount: No Cap
- Loan Tenure: Repayment period available under this scheme for up to 30 years.
- Prepayment Charges: No penalty is levied on prepayment.
- Processing Fees: Full waiver of Processing Fee. However, out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to be recovered from the borrower
- Eligibility Criteria: You need to have the following eligibility criteria to make use of the SBI home loan:
- You should be a defense personnel
- Maximum age limit is 75
FEATURES OF SBI BRIDGE HOME LOAN
- Objective: SBI Bridge Loan is a short-term loan to meet the shortfall in funds by mortgaging existing unencumbered property to buy a new home / flat.
- Loan Amount: Minimum Rs. 20 lakhs and Maximum Rs. 2 crores
- Loan Tenure: Repayment period of up to two years available under this scheme.
- Prepayment Charges: No penalty is levied on prepayment.
- Processing Fees:35% of the loan amount plus applicable service tax, minimum of Rs. 5,000/- Out of pocket expenses towards TIR, Valuation Report etc will be borne by the borrower.
RATE OF INTEREST
- For Salaried Professionals
| Loan Amount | Category | Interest Rate |
| Up to 30 Lakhs | Women | 35 bps plus 1-year MCLR, ER: 8.35 |
| Others | 40 bps above 1-year MCLR, ER: 8.40 | |
| 30 to 75 Lakhs | Women | 1-year MCLR plus 35 bps, ER:8.35 |
| Others | 1-year MCLR plus 40bps, ER:8.40 | |
| Up to 30 Lakhs | Women | 1-year MCLR plus 45 bps, ER:8.45 |
| Others | 1 year MCLR plus 60 bps, ER:8.60 |
- For Non-Salaried Professionals
| Loan Amount | Category | Interest Rate |
| Up to 30 Lakhs | Women | 45 bps plus 1-year MCLR, ER: 8.45 |
| Others | 50 bps plus 1-year MCLR, ER: 8.50 | |
| 30 to 75 Lakhs | Women | 1-year MCLR plus 50 bps, ER:8.50 |
| Others | 1-year MCLR plus 55 bps, ER:8.55 | |
| Up to 30 Lakhs | Women | 1-year MCLR plus 55 bps, ER:8.55 |
| Others | 1-year MCLR plus 60 bps, ER:8.60 |
This is general interest for most of the Home Loans in SBI Bank. However, the interest rates relating to the schemes are subject to adjustment.
DOCUMENTS REQUIRED TO APPLY FOR SBI HOME LOANS
- 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 6 months.
- Form 16 / IT returns for salaried employees for the past two financial years.
- IT returns for the three years for self-employed professionals.
- Property tax receipt.
- Proof of business address for non-salaried individuals.
- Statement of Personal Assets and Liabilities.
For guarantor (if applicable):
- Statement on Personal Assets and Liabilities
- 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 three ways:
- Standing Instruction (SI): If you are a current account holder with SBI, the best repayment mode is Standing Instruction. At the end of the monthly cycle, your EMI amount will be debited automatically from the SBI account you specify.
- Electronic Clearing Service (ECS): If you have a non-SBI account and would like your EMIs to be debited automatically from this account at the end of the monthly period, this mode can be used.
- Post-Dated Cheques (PDCs):From a non-SBI account at the nearest SBI Loan Centre, you can request post-dated EMI cheques. There will be a need to send a new set of PDCs in a timely manner. Please note that non-ECS locations can only collect Post Dated Cheques. It is recommended that you opt for either the SI or ECS payment mode to be quicker and less prone to error than the use of PDCs.
HOW TO APPLY FOR SBI HOME LOAN?
For the application, you can either apply online or visit a nearby SBI branch. The home loan application form can also be downloaded from the official SBI website, completed and sent to the bank representative.
Note: This is possibly the only bank in India offering multiple home loan products. The bank serves the needs of different parts of the population with competitive interest rates. The overdraft facility allows clients to reduce the cost of interest and boost their savings. With the prepayment on which no penalty is imposed, you can also pre-close the home loan. Overall, on home loans, the bank gives the best price.
