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SBI Home Loan

SBI Housing Loan 2022

Last Updated 17th Jan 2022

  • SBI is a large public sector bank with the lowest home loan interest rate in India starting at 6.65%.
  • The processing fee on SBI housing loans is Upto 0.50%, Minimum ₹ 1,000 and foreclosure charges are Nil for floating rates.
  • A woman applying for a home loan gets concession on interest rate under SBI home loan for women.
  • The floating rate home loan from SBI is a RLLR linked loan.
  • SBI home loan eligibility is dependent on factors like loan amount, age, salary and much more.
  • State Bank of India offers various home loan schemes such as SBI maxgain, home loan top up, SBI home loan balance transfer and others.
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SBI Home Loan Details

SBI, one of the leading housing loan providers, is a large public sector bank with lowest home loan percent rate in India. Home Loan application in SBI is possible both online and offline.

  • You can avail housing loan from SBI if you are a salaried or a self-employed within the age group of 18 years to 70 years
  • You can use the loan amount for various purposes like purchase, construct a home, renovate your existing home and can repay it within 30 years.
  • You need to mortgage the property you are planning to purchase, renovate or construct as security
  • Loan to Value Ratio is 90% of the property’s value

Features & Benefits of SBI Home Loans

There are various features and benefits offered by SBI home loan:-

  • Affordable rates: SBI offers home loans at affordable rates and transparent terms. The rates may vary as per your eligibility. SBI provides concessional rates for women than regular home loan interest rates.
  • Flexible tenure: You can easily repay home loans in a tenure which is comfortable to you financially. You can repay the loan in up to 30 years.
  • Overdraft facility: Home loan of SBI is available with overdraft facility as well. SBI maxgain helps you save interest on home loan.
  • Pre-approved home loans: If you are an existing customer of SBI, you may get a pre-approved home loan offer. Pre-approved home loans involve quick processing and minimum documentation.

SBI Home Loan Documents Required

To apply for a home loan in SBI, the bank asks you to submit the following SBI Home Loan Documents.

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or SBI account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A/ certificate of qualification.

SBI Home Loan Processing Fee

SBI Home Loan Schemes Processing Fees
SBI Maxgain NIL
SBI Repo Rate Home Loan NIL
SBI Shaurya Home Loan NIL
SBI Realty Home Loan NIL
SBI Home Loan Top Up NIL
SBI Flexipay Home Loan Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 30,000
SBI Bridge Loan NIL
SBI Earnest Money Deposit Scheme Upto 0.50%, Minimum ₹ 1,000

SBI Home Loan Schemes

There are various SBI home loan types for different of home loan borrowers. The offers vary across different loan segments such as home loans for NRI, salaried, government employees, defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home, amongst others. Some of the popular SBI home loan products and their specifications are listed as follows:

SBI Maxgain

  • SBI Maxgain loan is an overdraft home loan scheme that works like a savings or a current account. Under this scheme, you can get an overdraft equivalent to the sanctioned home loan amount, and in case of surplus money, you can deposit money in your SBI Maxgain account. The bank also offers a cheque book, ATM-cum-Debit Card and net banking facility.

SBI Realty Home Loan

  • SBI Realty home loan allows home loans customers to purchase a plot for the construction of a house. However, the construction of the house on this plot must be completed within five years from the date of loan sanction. In addition, Existing loan customers can also avail another home loan for construction of the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.
  • Under SBI Land Loan, you must complete the construction of the house within five years from the date of loan sanction.
  • In addition, if you are an existing customer, you can also avail of another home loan to construct the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.

SBI Flexipay Home Loan

  • SBI FlexiPay Home Loan is a special scheme for salaried that offers 20 per cent greater home loan eligibility.
  • You can avail of a home loan of upto Rs. 10 Crores.
  • The interest rate under this scheme is charged on a daily reducing method.

SBI Shaurya Home Loan

  • SBI Shaurya home loan is a customized home loan product for the Army and Defence personnel of the country. Under this scheme, you can avail of a home loan at lower interest rates and easier repayment terms. For instance, you can get a concession of five basis points over the regular home loan interest rate. Also, borrowers can avail of repayment up to an age of for a maximum repayment tenure of 30 years. In addition to that, home loan EMIs serviced during the post-retirement period are capped at 50 per cent of the current net monthly income.

SBI Bridge Loan

  • Loan will be given by way of Term Loan. 60 percent to 90 percent funding. Easy processing of loan.
  • Maximum tenure to repay the loan is 2 years and can be repaid in 1 or more instalments.
  • No EMI will be defined to repay Bridge Loan

SBI Home Loan Top Up

  • The scheme is available for existing home loan customers looking for additional funds above their existing loan amount to meet their financial needs. The interest rate on SBI Home Loan Top-up is lower than the regular home loan schemes and is thus more affordable.

SBI Repo Rate Home Loan

  • SBI home loans are linked to external benchmark Repo Rate.
  • The interest rate under this scheme is charged on a daily reducing method.
  • You can avail of a home loan for upto 30 years.

SBI Earnest Money Deposit Scheme

  • SBI Earnest Money Deposit Scheme is a home loan scheme designed for people who want earnest money to book a flat, build up a house or a plot. This scheme can only be availed if you book a house from housing agencies like HUDA, PUDA and Housing boards. You can avail EMD scheme at the lowest interest rate of 10.45% pa for a maximum tenure of 12 months.

Eligibility Criteria For SBI Bank Home Loan

To avail home loan from State Bank of India you must fulfill the following eligibility criteria:-

SBI Housing Loan Eligibility for Self-Employed

  • You must be an Indian Citizen
  • Your age must be between 18 years and 70 years
  • Loan can be repaid within 30 years

SBI Home Loan Eligibility for Salaried

  • Indian citizenship is mandatory
  • Your age should be between 18-70 year
  • Loan tenure is up to 30 years

SBI Home Loan Eligibility Calculator

SBI Home loan eligibility calculator is an online tool that can help you get an estimate of your home loan eligibility. The eligibility calculator takes into consideration various factors such as the income, age, work experience, employment and credit score. The eligibility calculator helps you analyse your ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

How to Get the Best Offer on SBI Bank Home Loan?

You can get the best offers on SBI Bank home loan if you compare the loans on the following parameters:-

  • Interest Rates: Interest rate is an important factor in home loans because the EMI depends on it. Interest rate is decided after looking at the factors like credit score, income, age. You must have a good credit score, which is above 650, to get the lowest interest rate.
  • Processing Fees & Other Charges: Other things that impact the total cost of borrowing are processing fees, prepayment charges, legal charges, etc. You can negotiate with the bank or apply for a home loan during festival season to get the best offer. At times during the festival season, SBI waives off processing fees and other charges.
  • Approval process: If you are an existing customer of a home loan, then you might be eligible for a pre-approved home loan. You can easily apply for a loan with minimal documentation.

How to Apply for Online SBI Home Loan?

SBI home loan application online can be done by logging in to SBI website or with us at MyLoanCare. Here is a step-by-step procedure to avail of a loan.

  • Step 1: Fill the Home Loan Application Form.
  • Step 2: Fill in necessary details like name, pin code, phone number, loan amount.
  • Step 3: Click on 'Get Quote' and enter the OTP received on your mobile phone.
  • Step 4: Click on 'Submit.
  • Step 5: You will get the offers as per your eligibility.
  • Step 6: MyLoanCare's executive will contact you and help you with the further process.

SBI Home Loan EMI Calculator

SBI home loan EMI calculator can help you if you are a potential SBI home loan borrower, to plan your home loan EMI, composed of monthly interest rate and reducing balance. The calculator functions on the basic components of the principal amount, loan tenure, and interest rate. With this calculator, you can pre-plan your loan in advance.

Why Should I Take A Home Loan From SBI?

You can take a home loan from SBI Bank if you want to pay low EMIs in a flexible tenure. That is possible due to lower interest rate which is 6.65%. You will also have to pay less processing fees, foreclosure charges etc.

FAQs

Can I apply for an SBI home loan online?

Yes, you can apply for a SBI home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best SBI home loan scheme?

Choosing the best SBI home loan scheme is subjective to your requirement. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Therefore, it is advisable to choose schemes that best suit your needs.

Is SBI good for a home loan?

SBI is one of the best home loan lenders in the country. Currently, SBI home loan interest rate 2021 starts at 6.50%.

How many types of SBI home loans are there?

SBI offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by SBI are listed as follows: SBI Maxgain, SBI Repo Rate Linked Home Loan, SBI Shaurya Home Loan, SBI Realty Home Loan, SBI Home Loan Top Up.

How can I check my SBI home loan status?

One can check their SBI home loan status on SBI’s home loan portal under the option ‘Application tracker’ Apart, home loan status can also be checked on the SBI mobile app.

What is the maximum loan tenure I can opt under SBI house loan?

SBI offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does SBI check CIBIL for home loan?

Yes, to avail home loan from SBI, you must fulfill SBI Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to SBI?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to SBI can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in SBI is RLLR. RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

Is SBI good for a Home Loan?

Yes, SBI has various Home Loan schemes like SBI Maxgain, SBI Flexipay Home Loan, SBI Privilege Home Loan, etc. The lowest interest rate provided by SBI is 6.50% which is one of the best rates in the market. There are no prepayment charges on floating rate based home loans. The loan process is quick with a great customer rating of 4.2/5. Hence, you can consider SBI as a good option for housing loans.

Is PMAY applicable to SBI Maxgain?

Yes, PMAY applies to SBI Maxgain and the subsidy under this scheme is available for a maximum tenure of 20 years. You can avail a maximum subsidy benefit of upto ₹ 2.35 Lakhs depending on your eligibility.

What is the minimum salary for an SBI home loan?

To avail home loan from SBI, an applicant should have a net monthly income of ₹ 10,000. However, the income criteria might change in rural or urban areas.

When does the interest rate of SBI home loans change?

Your SBI home loan interest rate will change if you have opted for a floating interest rate which will change as and when RBI changes the repo rate.

For SBI balance transfer loans, is the prepayment penalty also included?

Yes, if you wish to transfer your home loan from another bank to SBI then you will have to pay a prepayment penalty. The prepayment penalty is charged when you repay the loan before the tenure gets over.

What are the processing fees for SBI housing loans?

The processing fee for SBI housing loans is Upto 0.50%, Minimum ₹ 1,000, from ₹ 1,000 to ₹ 30,000. Everyone is availing a home loan to pay the processing fee.

What is the maximum limit of an SBI home loan?

You can take a maximum loan from SBI for up to ₹ 7,00,00,000. The loan-to-value ratio of SBI is 90% which means you can get 90% of property value as a loan amount.

How much house loan can a pensioner get?

State Bank of India offers a scheme for pensioners called SBI home loan for pensioners. A pensioner can get a loan for up to Rs 25 lakh from the bank. If you wish to avail this scheme then you must be above 60 years and below 70 years and must be receiving pension from state or center government.


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SBI Home Loan News - Jan 2022
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 2021-08-13 : SBI offers ZERO processing fees on home loans
    State Bank of India (SBI) is offering zero processing fees on home loans. This is an Independence day offer by the bank as they want to help its customers achieve freedom from rent.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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