SBI Home Loan

SBI offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan SBI

Age	Min 18 and Max 70 years for Salaried Min 18 and Max 70 years for Self Employed
Repayment Tenure	30 years
Interest Rate	6.70%
Interest Rate Linked To	RLLR
Processing Fee	Upto 0.40%, Minimum ₹ 10,000
Lowest EMI Per Lakh	₹ 645

• Purpose of Loan: SBI house loan is taken to purchase, construct a home, renovate your existing home.
• Key Features of SBI Home Loans
• Loan available for both salaried and self employed. Special rates for women borrowers.
• Borrowers within the age group of 18 and 70 years.
• Security: Mortgage of property you are planning to purchase, renovate or construct.
• Loan to Value Ratio of 90%.
• Loan Tenure can range from 5 to 30 years.
• Interest rates in the range of 6.70% to 10.50%.
• SBI home loan EMI per lakh starts from ₹ 645. However, you can calculate your home loan EMI using SBI home loan calculator 2021.
• Special schemes: SBI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of SBI are:
• SBI Maxgain
• SBI Realty Home Loan
• SBI Shaurya Home Loan
• SBI Home Loan Top Up
• SBI Repo Rate Linked Home Loan

SBI offers home loans at affordable rates and transparent terms. One can apply for a home loan in SBI, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that SBI home loans offer to the home loan borrowers are listed as follows:

• It is available for both salaried and self-employed individuals.
• Women home loan borrowers are eligible for extra concessions in SBI home loan interest rates.
• Interest on SBI Bank home loans is charged on a daily reducing balance.
• SBI provides various customized home loan products to fit the needs of various home loan customers such as NRIs, Government employees, defence personnel or existing home loan borrowers, amongst others.
• The process is transparent and involves no hidden charges.

SBI Home loan schemes	Processing Fees
SBI Maxgain	Upto 0.40%, Minimum ₹ 10,000
SBI Repo Rate Linked Home Loan	Upto 0.40%, Minimum ₹ 10,000
SBI Shaurya Home Loan	NIL
SBI Realty Home Loan	NIL
SBI Home Loan Top Up	NIL

Getting a home loan from SBI is fairly easy with an online application process. 5 Steps for SBI Home Loan Apply

• Step 1: Visit the website, branch, or website of authorised online channel partner of SBI and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
• Step 2: An official of SBI or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
• Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a SBI’s representative will visit your home or office to collect your documents.
• Step 4: SBI will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
• Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from SBI and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

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 such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
• Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); 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 certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
• 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.
• Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

SBI offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for 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 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 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 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.

• 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 home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. SBI Home loan calculator helps the loan borrower pre-plan their home loan in advance.

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

✅What are the documents required for home loan SBI?

To apply for SBI Home Loan, you will be required to submit SBI home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

✅Why should I take a home loan from SBI ?

Below-mentioned is the reason why you must avail a home loan from SBI

• Interest rate linked to Repo Rate
• Special rate for women borrowers
• Overdraft facility to save interest
• Nil Processing Fee on Loan Transfer
• Doorstep service by authorized person
• Multiple home loan schemes as per the need of the customer

✅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 the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best SBI home loan scheme is based on one’s 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 6.65%.

✅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 eligibility for a Home Loan of SBI?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

✅What is SBI Home Loan procedure?

There are two methods to complete the application for SBI Home Loan Process online:

• Apply online at SBI official website or online portal for home loans.
• Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

✅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 6.70% 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.

✅Which SBI Home Loan is better?

Each SBI Home Loan scheme is suitable for different purposes. For example, SBI Maxgain provides an overdraft facility suitable for those who want to pay interest only for the amount they use. Similarly, the SBI Privilege Home Loan is for the central and state government employees to construct, purchase, repair, or modify the house.

✅Is PMAY applicable to SBI Maxgain?

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