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SBI Home Loan for Government Employees

Specially designed home loans for government employees is another advantage that Indians get. SBI home loan for government employees is available at low interest rates starting from 6.95% per annum. To know more about this specially designed home loan, read this article.

SBI Home Loan for Government Employees

State Bank of India (SBI), the largest lender of India, provides two exclusive home loan schemes to Central government employees and defense personnel. These schemes are known as SBI Privilege Home Loan and SBI Shaurya Home Loan. With these facilities, Central Government Employees and Defence Personnel can opt for the home loan at affordable interest rates in a hassle-free manner. Interest rates for both these home loan schemes are attractive. SBI has also increased the maximum age to repay the home loan to 75 years, which was 70 years earlier.

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    To have some more information about the SBI Privilege Home Loan and SBI Shaurya Home Loan, keep reading the page.

    SBI Privilege Home Loan

    Who are eligible?

    Employees of Central/State Governments, including Public Sector Banks (PSBs), Central Government-owned PSUs, as well as other individuals with pensionable service are entitled for loan as per the scheme.

    Features

    • Employees can avail the benefit of lower interest rate, which is brought down by 0.05% over the home loan card interest rate wherever the government has extended the check-off facility in collaboration with the bank.
    • Interest Rate – 6.95% – 7.40% per annum
    • EMIs during the post-retirement period are going to be lower as their limit is set at 50% of the current net monthly income.
    • Age at the maturity of the loan is extended upto 75 years, more than 70 years under the normal home loan scheme. However, the maximum repayment tenure is 30 years.
    • Even though the processing fee is waived off fully, you still need to pay Advocate Fee for legal opinion, Valuer Fee for Valuation Report, CERSAI and CIBIL charges.
    • Central government employees can switch over the outstanding balance of the loan, running in other banks, to SBI.

    Documents Required

    At the time of applying for the SBI Privilege Home Loan, you will need a certain set of documents. All of them are mentioned below. Have a look!

    • Employer Identity Card
    • Duly-signed Loan Application with 3 Passport size photographs
    • Proof of Identity – Passport/ Aadhaar Card/ Passport/ Voter ID Card
    • Proof of Address – Recent Copy of Telephone Bill/ Electricity Bill/ Driving Licence
    • Property Papers such as Permission for Construction, Registered Agreement for Sale, Occupancy Certificate, Share Certificate, Approved Plan Copy and Payment Receipts or Bank Account Statements
    • Last 6 months Bank Account Statement
    • Loan Account Statement for the last 1 year (if any)
    • Income Proof for Salaried Applicant – Salary Slip of last 3 months/ Copy of Form 16/ Last 2 years ITR/
    • Income Proof for Non-salaried Co-applicant – Business Address Proof/ IT Returns of last 3 years/ Balance Sheet/ TDS Certificate
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    SBI Shaurya Home Loan

    Who are eligible?

    Defense Personnel of Army, Navy and Air Force are eligible to receive the loan as per the scheme.

    Features

    • Defense employees can take advantage of lower interest rate over the home loan card interest rate wherever the government has extended the check-off facility in collaboration with the bank.
    • Interest Rate – 6.95% – 7.40% per annum
    • EMI payout during the post-retirement period is going to be lower as its limit is set at 50% of the current net monthly income.
    • Overall age at the maturity of the loan is extended upto 75 years, more than 70 years under the normal home loan scheme. However, the maximum repayment tenure is 30 years.
    • Even though the processing fee is waived off fully, you still need to pay Advocate Fee for legal opinion, Valuer Fee for Valuation Report, CERSAI and CIBIL charges.
    • Defense personnel have the option to switch over the outstanding balance of the home loan, running in other banks, to SBI to become the beneficiary of the offerings.

    Documents Required

    Documentation is a pretty important process. At the time of applying for the SBI Privilege Home Loan, you will need a certain set of documents. All of them are mentioned below. Have a look!

    • Employer Identity Card
    • Duly-signed Loan Application with 3 Passport size photographs
    • Proof of Identity – Passport/ Aadhaar Card/ Passport/ Voter ID Card
    • Proof of Address – Recent Copy of Telephone Bill/ Electricity Bill/ Driving Licence
    • Property Papers such as Permission for Construction, Registered Agreement for Sale, Occupancy Certificate, Share Certificate (only for the State of Maharashtra), Maintenance Bill, Electricity Bill Approved Plan Copy and Payment Receipts or Bank Account Statements
    • Last 6 months Bank Account Statement
    • Loan Account Statement for the last 1 year (if there was any loan)
    • Income Proof for Salaried Applicant or Co-applicant or Co-Guarantor – Salary Slip of last 3 months/ Copy of Form 16/ Last 2 years ITR/
    • Income Proof for Non-salaried Co-applicant or Co-applicant or Guarantor – Business Address Proof/ IT Returns for the last 3 years/ Balance Sheet/ TDS Certificate (Form 16A, if applicable)
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    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0007.50%1₹ 1,73,515₹ 82,178₹ 20,82,178
    ₹ 20,00,0007.50%2₹ 89,999₹ 1,59,980₹ 21,59,980
    ₹ 20,00,0007.50%3₹ 62,212₹ 2,39,648₹ 22,39,648
    ₹ 20,00,0007.50%4₹ 48,358₹ 3,21,175₹ 23,21,175
    ₹ 20,00,0007.50%5₹ 40,076₹ 4,04,554₹ 24,04,554
    ₹ 20,00,0007.50%6₹ 34,580₹ 4,89,776₹ 24,89,776
    ₹ 20,00,0007.50%7₹ 30,677₹ 5,76,830₹ 25,76,830
    ₹ 20,00,0007.50%8₹ 27,768₹ 6,65,703₹ 26,65,703
    ₹ 20,00,0007.50%9₹ 25,522₹ 7,56,379₹ 27,56,379
    ₹ 20,00,0007.50%10₹ 23,740₹ 8,48,842₹ 28,48,842
    ₹ 20,00,0007.50%11₹ 22,296₹ 9,43,073₹ 29,43,073
    ₹ 20,00,0007.50%12₹ 21,105₹ 10,39,052₹ 30,39,052
    ₹ 20,00,0007.50%13₹ 20,107₹ 11,36,756₹ 31,36,756
    ₹ 20,00,0007.50%14₹ 19,263₹ 12,36,162₹ 32,36,162
    ₹ 20,00,0007.50%15₹ 18,540₹ 13,37,244₹ 33,37,244
    ₹ 20,00,0007.50%16₹ 17,917₹ 14,39,978₹ 34,39,978
    ₹ 20,00,0007.50%17₹ 17,374₹ 15,44,334₹ 35,44,334
    ₹ 20,00,0007.50%18₹ 16,899₹ 16,50,285₹ 36,50,285
    ₹ 20,00,0007.50%19₹ 16,482₹ 17,57,799₹ 37,57,799
    ₹ 20,00,0007.50%20₹ 16,112₹ 18,66,847₹ 38,66,847

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 44,863₹ 1,48,479₹ 19,55,136
    2₹ 48,346₹ 1,44,996₹ 19,06,789
    3₹ 52,099₹ 1,41,242₹ 18,54,689
    4₹ 56,144₹ 1,37,198₹ 17,98,545
    5₹ 60,503₹ 1,32,839₹ 17,38,041
    6₹ 65,200₹ 1,28,142₹ 16,72,841
    7₹ 70,261₹ 1,23,080₹ 16,02,579
    8₹ 75,716₹ 1,17,626₹ 15,26,863
    9₹ 81,594₹ 1,11,748₹ 14,45,268
    10₹ 87,928₹ 1,05,413₹ 13,57,339
    11₹ 94,755₹ 98,587₹ 12,62,584
    12₹ 1,02,111₹ 91,231₹ 11,60,473
    13₹ 1,10,038₹ 83,304₹ 10,50,435
    14₹ 1,18,580₹ 74,761₹ 9,31,854
    15₹ 1,27,786₹ 65,556₹ 8,04,067
    16₹ 1,37,707₹ 55,635₹ 6,66,360
    17₹ 1,48,397₹ 44,945₹ 5,17,962
    18₹ 1,59,918₹ 33,424₹ 3,58,044
    19₹ 1,72,333₹ 21,009₹ 1,85,711
    20₹ 1,85,811₹ 7631₹ 0

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    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 8.25%
    Citibank7.13% - 8.03%
    HDFC6.90% - 7.65%
    ICICI Bank6.90% - 8.05%
    Indiabulls Housing Finance Limited8.99%
    Kotak Bank6.75% - 8.45%
    LIC Housing6.90% - 7.90%
    Piramal Capital & Housing Finance9.65%
    PNB Housing Finance7.50% - 9.20%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital7.50% - 8.75%