A government owned banking and financial service organization, State Bank of India (SBI) needs no introduction. This largest banking institution of India is headquartered in Mumbai, and is known for offering diverse products and services to the people around the world. With its best of products such as Home Loan, the bank leaves no stone unturned to fulfill the varied needs of all. Yes, when it comes to SBI Home Loan, it comes to you with plenty of unmatched features and benefits to avail. The bank offers many home loan schemes to meet the diverse needs of all. Whether you are salaried or self-employed, you can easily avail the home loans offered by SBI at attractive interest rates, less processing fee and charges.
SBI Flexipay Home Loan, SBI Maxgain, NRI Home Loans, SBI Realty, SBI Pal, SBI Tribal Plus, Gram Niwas, Sahyog Niwas, SBI Privilege Home Loan and SBI Shaurya Home Loan are few of the schemes offered by the bank to fulfill the wish of many home loan borrowers. Well, to know more about Home Loan SBI, let's go through this article further.
|Interest Rate||8.60% (For Women)
8.70% (For Others)
|Loan Amount||Up to ₹ 10 Crore|
|Tenure||Up to 30 Years|
|Processing Fee||0%-0.35% of the loan amount|
|Partial Pre-Payment Charges||Nil|
SBI provides home loan to salaried, self-employed, employees of central/state government, self help groups and defense personnel belong to army, navy and air force. Moreover, if you fall under this criteria, it is easy for you to avail the home loan from SBI. The bank will be more than happy to fulfill your wish of owning a dream home by offering you the loan, meeting your criteria.
For your reference, below is the table showing SBI Home Loan Eligibility.
|Age||18 Years-70 Years||21 Years-70 Years|
|Income||₹ 1,20,000 (p.a.)||₹ 2,00,000 (p.a.)|
|Loan Amount Offered||₹ 5,00,000 - 1,00,00000||₹ 5,00,000 - 2,00,00000|
|Tenure||5 Years-30 Years||5 Years-30 Years|
|Current Experience||2 Years||3 Years|
If you want to avail a home loan from SBI, the most convenient and quickest way to avail the same is through applying online. Yes, being the most hassle-free and simplest process, it allows you to avail the home loan in no time. All you need to do is just visit the site online, reach to the home loan section,and click on 'Apply Online' button. The moment you do so, you will be redirected towards a page, wherein you need to submit your personal as well as professional details so that your eligibility will reach out to the bank instantly. After evaluating your profile, if your eligibility matches with the bank's norms, you will get a call from bank executives to process your loan application further.
SBI offers various home loan schemes to all its customers so that they can choose from plenty of options. All these home loan schemes come with easy repayment options, competitive interest rates, nominal fee & charges. To know more about these schemes, kindly go through this article below.
SBI Flexipay Home Loan is available for salaried and working professional/executives.
Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of ₹20 Lakh or above.
You can avail this scheme to get the loan amount of above ₹ 20 Lakh & there is no maximum limit available for obtaining home loans under SBI Maxgain scheme.
This home loan scheme is available for Non-Resident Indians (NRIs) as well as for Persons of India Origin (POIs), having regular source of income. To avail the same, the minimum employment tenure in India/Abroad is 2 years, whereas as far as loan amount is concerned, there is no maximum limit for the same.
You can avail this loan to purchase a plot so as to start the construction of house. But it comes with a condition i.e. the construction of the house should commence within 2 years from the day you availed the loan under this scheme. Maximum loan amount offered under this scheme is ₹10 crore upto a repayment period of 15 years.
Under this scheme, the home loans can easily be sanctioned to the borrowers before the finalization of the property, which also enables the borrowers to do the negotiation easily.
The eligibility will be decided on the basis of income details provided by the applicants.
SBI Pal home loan schemes is available with a minimum loan amount of ₹10 Lakh.
This home loan scheme from SBI has been thoughtfully designed for people living in hilly/tribal areas so as to extend their financial assistance. Usually, in these areas the mortgage of the property is not easily possible, thus keeping this thing in mind, SBI has come up with this scheme. You can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is ₹10 Lakh for a maximum repayment period of 15 years.
Under this loan scheme, your home loan can be sanctioned for the purpose of purchase/construct/repair and renovation of home as well as purchase of plot, construction of house/shed, etc. This home loan scheme covers rural as well as semi-urban centres with ₹5 Lakh and 15 years being the maximum loan amount and repayment offered respectively.
SBI Sahyog Niwas is a home loan scheme available for self help groups in rural areas of India. Under this scheme a good repayment record of 2 years is needed to purchase or construct a house, in fact including the housing needs carried by dairy shed, tailoring shed/shop,grocery stores, etc. Through this scheme the maximum loan amount per member is ₹50,000.
Employees of Central/State Governments including PSBs, PSUs and other individuals with pensionable service. Maximum loan tenure is 30 years with repayment upto the age of 75 years. You can also opt for balance transfer, and switch your existing home loan to SBI.
Those who are in defense personnel belonging to Army, Navy and Air Force are eligible to avail the home loan under this scheme. You can also opt for balance transfer in order to reap the maximum benefits of this scheme. Under this scheme, you can repay the same at an age of 75 years with maximum loan repayment period of upto 30 years.
To avail SBI Home Loan , it is highly important for you to be ready with a complete list of documents so that loan application can easily be processed further. To know about the complete list of documents required for SBI home loan, read this article below.
|Salaried||Self-employed/Professionals/Other IT Assesses|
|Duly filled loan application||Duly filled loan application|
|3 recent passport size photographs||3 recent passport size photographs|
|Identity proof (Voter ID card/Passport/ Driving licence/IT PAN Card)||Identity proof (Voter ID card/Passport/ Driving licence/IT PAN Card)|
|Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)||Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)|
|Proof of business address for non-salaried individuals||Proof of business address for non-salaried individuals|
|Bank statement/Pass Book of last three month||Bank statement/Pass Book of last three month|
|Signature identification from present bankers||Signature identification from present bankers|
|Personal Assets and liabilities statements||Personal Assets and liabilities statements|
|Original salary certificate from employer||Acknowledged copies of three years IT return/Assessment orders|
|TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department||Photocopies of challans evidencing payment of Advance Income Tax|
|2 recent passport size photographs|
|Identification proof as stated above|
|Business address proof as state above|
|Signature Identification from present bankers|
|Personal assets and liabilities statements|
Want to know your EMI for SBI home loan? If yes, nothing to worry as SBI EMI Calculator is here to help you out. This EMI Calculator is one such effective tool that allows you to calculate your EMIs instantly, the moment you feed the details such as loan amount, interest rate and tenure in it. This tool takes into account these details and give you the calculative results of your EMIs in a very simple and hassle-free manner.
For your better understanding, below is a sample of table showing EMI, total interest outgo and total amount payable on an SBI home loan of ₹20,00,000 for 20 years at an interest of 10.5% per annum.
|Loan Amount (in ₹)||Interest Rate (p.a.)||Tenure (in years)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (in ₹)|
|Year||Principal (in ₹)||Interest (in ₹)||Balance Amount (in ₹)|
In case, you have any concern, query related to SBI Home Loan, the bank is always available at your service. Yes, you can anytime reach out to the bank, by dialing a toll-free customer care number-1800 425 3800. On this number, the executives are always at your help, solving your problems, answering your queries and giving you right advice so that your SBI Home Loan journey can be more smooth and enjoyable.
When it comes to SBI Home Loan Processing Fee,the bank charges a fee ,ranges between 0%-0.35% of the loan amount. It is a one-time fee that is usually charged by the bank, if you avail a home loan. Moreover, for takeover of home loan proposals/proposal under builder tie-up/proposals sourced under OCAS for the period of 1st October, 2016 to 31st December, 2016, the processing fee is Nil.
In fact, for Central/State Government Employee, the processing fee is also Nil. However, for proposals other than above, a processing fee of 0.35% is charged by the bank on the disbursed home loan amount.
In order to know your SBI Home Loan Status, you can visit the site online. Yes, all you need to do is just open the site, enter your login credentials and click on to know your status. The moment you do so, you will be redirected towards a page, asking few details of your loan application. With the help of this facility, you can easily track or know the real-time status of your home loan application. You can also know whether your loan application is processed further or it got rejected by the lender.