Buying a home is not an easy affair in this so-called expensive era; in such scenarios, a Home Loan can be your savior. However, with so many options in the market, betting on the right one can be a bit tricky. Indeed there’s a financial institution that can give you home loans with affordable interest rates. Yes, we are talking about, nonetheless but SBI Home Loans. They have been pioneered in the market for decades and help people get easy and hassle-free Home Loans.
SBI offers house loans with interest rates starting at 8.05% p.a. onward for loan amounts up to 90% of the property’s purchase price and tenures up to 30 years. State Bank of India offers various special home loan products for defense personnel, government employees, non-salaried individuals, applicants buying ‘green’ homes, and individuals living in hilly/tribal areas. SBI house loans also offer women customers interest rate reductions of 0.05%, a home loan overdraft facility, a balance transfer facility, step-up loans, etc.
Moving ahead, we will be discussing more about the interest rates and everything you need to know about SBI Home Loans. So, let’s get started with it.
If you want to have a more detailed overview about the recent amendments made on the interest rates of SBI Home Loans, then do give a visit here.
SBI Home Loan EMI Calculator
Before applying for a home loan with SBI, it’s important to confirm that you will be able to make the monthly payments. Utilizing the Home Loan Calculator is the simplest way to go about this. Simply input the proposed loan amount, repayment period, interest rate that the bank is willing to offer you, and processing fee. The results won’t change if you don’t submit the processing charge, but you must complete the other 3 inputs in order to get accurate results.
SBI Home Loan Eligibility
The loan eligibility criteria for SBI home loans are as given below:
Eligible Age: Minimum: 18 years to 70 years
Nationality: Resident and Non-resident Indian
Documents Required
1, Common for all applicants:
Duly filled in loan application form
Three passport-size photographs
Proof of Residence (one): Latest utility bill or copy of Aadhaar card, driving license, or passport Proof of identity (one): Voter ID card, PAN, driver’s license, or passport
Employer identity card
2. Proof of income for salaried applicant/guarantor/co-applicant:
Salary certificate or salary slips for the previous three months
Copy of IT Returns for the previous two financial years or
Copy of Form 16 for the previous two years
3. Proof of income for non-salaried applicant/guarantor/co-applicant:
IT returns of the previous three years
Balance Sheet of the previous three years
Profit & Loss account of the previous three years
Details of business license or equivalent
Form 16A or TDS certificate, if applicable
For professionals: Certificate of qualification
Proof of business address
4. Account statement:
Bank account statements of the previous six months for all bank accounts held by the applicant
Loan account statement of the previous year if another loan is currently active
5. Property papers:
Copy of approved blueprint
Occupancy Certificate (for a ready-to-move property)
Conveyance Deed (For New Property)
Permission for construction (where applicable)
Stamped Agreement for Sale or Allotment Letter Maintenance bill
Electricity bill
Property tax receipt
Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
Bank account statements or payment receipts of payments to seller or builder
Registered Agreement for Sale (for Maharashtra)
Share Certificate (for Maharashtra)
How to Apply for SBI Home Loan?
Applying for an SBI Home Loan is quite easy, and there are two ways to move with that. Let’s have a look at it:
Offline: Visit the bank’s nearest branch with all the necessary documentation, ask for an application form, complete it accurately, and handover it over to a bank representative.
Online: Go to the SBI website and fill out the application by entering your contact information. A representative from the bank will call you back.
FAQs
On the first day of each calendar quarter, SBI’s home loan interest rates fluctuate or change in response to any modification in the Reserve Bank of India’s repo rate.
Yes, the SBI balance transfer loans will include funding for the prepayment penalty. However, the total loan amount will be subject to eligibility under the applicable SBI home loan plan.
Yes, SBI offers pre-approved home loans. You can connect with the bank’s representative for a detailed overview.
The spouse’s salary is taken into consideration when determining the loan amount. This is applicable only if the spouse is a co-owner of the property being purchased with the loan or is a guarantor of the loan.