home loan

Planning to Buy a Home? Give a Heads-Up to SBI Home Loan with Attractive Interest Rates

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. 

                                    SBI Home Loan Details

Interest Rate

8.05% – 9.05% p.a.

Loan Amount

Up to 90% of property value

Loan Tenure

Up to 30 years

Processing Charges

0.35% of the loan amount (Rs 2,000-Rs 10,000)

(50% waiver in basic processing fee)

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:

Documents Required 

1, Common for all applicants:

2. Proof of income for salaried applicant/guarantor/co-applicant:

3. Proof of income for non-salaried applicant/guarantor/co-applicant:

4. Account statement:

5. Property papers:

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: 

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.

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