State Bank of India (SBI)

The nation’s largest lender offers several types of home loan. A home is a measure of cash obtained by an individual, for the most part from banks and organizations that loan cash. The borrower needs to take care of the advance sum with enthusiasm for Easy Monthly Installments or EMI’s over some stretch of time that can differ between 10-30 years relying upon the idea of the advance. Everyone dreams to own a home and SBI helps people fulfill their dreams conveniently. Here are some of the key features of SBI home loan:-

 

State Bank of India offers attractive interest rates on home loans starting at 6.95 percent  per annum. The lender offers a comfortable repayment option and also the loan tenure can be extended up to 30 years. The processing fee on these loans has been kept at 0.35 percent  of the loan amount, which is minimum Rs 2000 and maximum Rs 10,000 exclusive of taxes. They have some amazing offer for women borrowers as they get concession of 0.05 percent on the interest rate as compared to interest rate provided to others. SBI is the most preferred housing scheme as it has no hidden charges attached to it and also there is penalty on prepayment of a loan. 

 

Features of SBI Loan

  • Both salaried as well as self employed can avail the SBI home loan. 
  • Women get concession on interest rate 
  • Loan is provided for tenor 5-30 years
  • Any person within age group of 18-70 years can avail the loan 
  • Home loan is generally a secured loan, so the loan is granted for purchase, renovation or construction 
  • Loan to Value Ratio is 90%.
  • SBI Home loan Interest rates range from 8.50% to 8.70%.
  • Usually, SBI offers floating interest rate.

 

SBI Home Loan Interest

 

SBI Home Loan Schemes Interest Rate for Salaried Interest Rate for Self-Employed
SBI Home Loans (Term Loan)  6.95% – 7.35%  7.10% – 7.50% 
SBI MaxGain (Floating Interest Card Rate) 7.30 – 7.70%  7.45% – 7.85%
SBI Insta Home Top Up Loan 8.20%  8.20%
SBI Home Top Up Loan (Term Loan) 7.50% – 9.55% 7.65% – 9.70% 
SBI Home Top Up Loan (Overdraft) 8.40% – 8.65% 8.55% – 8.80% 
SBI Smart Home Top-Up Loan (Term Loan) 8.05%  8.55% 
SBI Smart Home Top-Up Loan (Overdraft) 8.55% 9.05%
SBI CRE Home Loan 50 bps + final rate
SBI Tribal Plus/CRGFT 10 bps + final rate
SBI Reverse Mortgage Loan Public: 9.05% p.a. 

SBI pensioners: 8.05% p.a.

SBI Bridge Home Loan First year: 9.60% p.a. 

Second year: 10.50% p.a.

SBI Privilege and Shaurya 6.95% p.a. onwards
SBI Realty 7.65% p.a. onwards

 

Eligibility criteria for SBI Home loan

To become eligible for SBI Home loan you must be :-

  • Salaried, Self- Employed Professional or a Businessman
  • Income
  • Age- 18-70 years
  • Qualifications
  • Number of dependents
  • Co-Applicants Income
  • Assets, Liabilities, Stability, and Continuity of Occupation of the borrower
  • Savings History
  • Credit score above 650
  • Loan amount: Rs 15 lakh to 10 crore

 

 

Documents required for SBI home loan

  • Filled-up loan application form
  • 2 Passport size Photographs
  • ITR of last 2 years
  • Identity Proof – Passport/ Driving License/ Voter ID/ PAN (Identity proof is not required for self employed)
  • Residential Address Proof – Lease and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), and Passport
  • Income Documents – 6 months’ payslips, 2 years’ Form 16s, s bank statement showing salary credit from 6 months ago and EMI debits if any (self employed person need not submit)

 

Charges of SBI Home loan

  • Foreclosure Charges – Other banks do charge fees if you pre pay amount sooner, but SBI does not charge any pre payment charges. 
  • Handling Fee – SBI charges a preparing expense of 0.25 percent of the credit sum, least Rs. 1000, up to Rs. 25 lacs, Rs. 6500 for a sum above Rs. 25 lacs to Rs. 75 lacs and limit of Rs. 10,000 for the sum more noteworthy than Rs. 75 lacs. 
  • Different Charges – notwithstanding the previously mentioned charges, the bank additionally makes reference to specialized and lawful charges, which are disclosed to the client during the credit cycle.

 

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