SBI 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:

• SBI home loan 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.
• SBI home loan process is transparent and involves no hidden charges.

SBI offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest SBI home loan rate for salaried is 6.95%, and for self-employed home loan borrowers, the lowest home loan rate offered is 7.10%. Different interest rates for salaried and self-employed individuals across popular SBI home loan schemes are listed below:

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 home loan is taken for construction or to buy a house with an overdraft facility. This facility allows an option to deposit available surplus for any period in the overdraft account and reduce overall interest on housing loan.

• SBI maxgain loan is provided as an overdraft account which allows regular withdrawals and deposits. This loan is suitable for self-employed businessmen or professionals with an uneven flow of income throughout the year. The interest rate as per this facility is charged only on the withdrawn amount. Thereby, the interest cost is reduced for the borrowers. To add more to the convenience factor, SBI Maxgain home loan provides cheque and online banking facility. The Maxgain home loan facility is highly beneficial for home loan customers who wish to manage their savings while dealing with a loan. To calculate the interest rate on SBI Maxgain home loan, one can use SBI maxgain home loan calculators.

• The loan can be availed by salaried, professionals, self-employed businessmen.
• Salaried individuals are required to have a minimum income of Rs 25000 with at least 2 years of work experience.
• Self-employed applicants require a minimum business experience of five years.
• Applicants are expected to have a cibil score of 650 or above.

• Customers who expect to have surplus income can opt for the loan.

• This loan is taken to purchase a plot or land to construct a home on the same.

• 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 SBI home 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.

• Home loan seekers with good cibil score of 650 and above can apply for this loan.
• Applicants with a net annual income of up to Rs 2 lakhs can also apply, however, the EMI, in this case, should not exceed 30% of the income.

• Customers who are willing to purchase a plot and to construct a house on it.

• This scheme is designed to provide home loan to the real Heroes of our Nation that is to Defense Personnel belonging to Army, Navy and Air force.

• SBI Shaurya home loan is a customized home loan product for the Army and Defence personnel of the country. This product provides various benefits to the target borrowers such as lower interest rates, and easier repayment terms. For instance, a concession of five basis points over the regular home loan interest rate is provided as per this home loan scheme. Also, borrowers can avail repayment up to an age of 75 years while enjoying a long 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 loan can be availed by individuals serving in Army, Navy and Air force.

• Defense Personnel who are looking to purchase, construct or renovate their house.

• SBI Home Loan Top Up is available for existing home loan customers who are looking for more loans to meet their financial needs.

• SBI home loan top-up loan allows the existing home loan customers to borrow additional loan amount above their existing home loan. The top-up over a home loan can be taken to meet urgent financial requirements. The bank charges an interest rate of 0.25 to 1.00 per cent higher than the current rates on a home loan. The interest rates charged on home loan top-up is much affordable in comparison to personal loans.

• Existing home loan borrowers are expected to have a satisfactory repayment track of at least one year.
• Salaried and non-salaried home loan customers with a good cibil score can avail home loan top-up.

• Home loan customers looking for additional loans can apply for SBI home loan top up.

• This loan product is designed to make the home loan process affordable and transparent for the customers.

• The loan can be opted by all Individuals whether salaried, professionals, self employed businessmen.
• Applicants require a minimum annual income of Rs. 6 lakh to apply for the SBI repo rate linked home loan.

• The loan can be opted by new or existing home loan borrowers.

Getting a home loan from SBI is fairly easy with an online application process. A home loan can be availed from SBI in five simple steps:

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.

Getting a home loan from SBI is fairly easy with an online application process. A home loan can be availed from SBI in five simple steps:

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: If you apply online at MyLoanCare, a loan advisor will call you to confirm details 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, your application will be forwarded to the bank. After that you have to submit your income and property documents online, or an 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 a 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.

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. Apart, the results of home loan calculations that SBI Home Loan EMI calculator offers is accurate and reliable.

SBI Home Loan Eligibility Calculator