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SBI Realty Home Loan

SBI Realty Loan: Details

Last Updated 17th Sep 2021

  • You can avail SBI Realty Home Loan to purchase a plot for the construction of a dwelling unit.
  • SBI Realty Plot Rates vary based on your eligibility. The rates are in the range of 7.65 - 8.00%. Check Best Offers
  • Both Salaried and Self-employed can avail of SBI Realty Loan for loan amount upto ₹ 15 Cr
  • Apply for SBI Realty Home to avail benefits such as tax deductions, lower home loan rates etc.
  • Sbi Realty home loan eligibility varies based on factors such as age, occupation, income etc.
  • Use SBI Realty loan EMI Calculator to calculate your EMI on current rates.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

What is SBI Realty Home Loan?

SBI Realty Home Loan is a home loan offered to borrowers looking to purchase a plot for constructing a dwelling unit. To avail of the loan, you must, however, complete the construction within 5 years. Both salaried and self-employed professionals and non-professionals can avail of SBI Realty loan for loan amounts up to ₹ 15 Cr for a maximum tenure of 10 years.

SBI Realty Home Loan Eligibility

If you want to avail of SBI Realty Home Loan, you need to fulfil the following eligibility criteria:

ResidentIndian Resident
Minimum Age18 Years
Maximum Age65 Years
Maximum Loan Tenure10 Years
Loan AmountUpto ₹ 15 Cr

SBI Realty Interest Rates, Processing Fees and Other Charges

SBI Realty Loan Interest Rates vary from customer to customer based on eligibility, loan amount, occupation & gender etc.

Loan AmountSalaried (Male)Salaried (Female)Self-Employed (Male)Self-Employed(Female)
Upto ₹ 30 Lakh7.70%7.65%7.65%7.70%
Above₹ 30 - Upto ₹ 75 Lakh7.80%7.75%7.75%7.80%
Above ₹ 75 Lakh7.90%7.85%7.85%7.90%

Other Charges

  • Processing Fee: NIL
  • Prepayment Charges: Allowed, Nil

What are the Features of SBI Realty Home Loan?

The Key Features of the SBI Realty Plot Loan are provided below:

  • Loan Amount: You can get a loan amount ranging from to upto ₹ 15 Cr under this home loan scheme.
  • Interest Rates: SBI realty home loan interest rate 2021 are in the range of 7.65 - 8.00%.
  • Purpose: You can avail SBI realty loan to purchase a plot to construct a dwelling unit.
  • Tenure:The tenure of an SBI Realty home loan is upto 10 years, depending on your eligibility.

What are the Benefits of SBI Realty Home Loan?

With SBI Realty Loan, you can avail of the following benefits:

  • Discounted Rates for Women Borrowers
  • No Prepayment Penalty
  • Zero Hidden Charges
  • Low Rates & Processing Fees
  • Flexible repayment tenures upto 10 years
  • Concessional Rates for SBI Salary Account Holders

What are the Documents Required to Avail SBI Realty Home Loan Scheme?

You need to submit the following documents to avail SBI Realty Home Loan:

  • Proof of Identity: Voter ID Card, Passport, Driving License, PAN Card, Aadhaar Card
  • Proof of Residence: Passport, Aadhaar Card, Utility Bills, Voters ID Card.
  • Proof of Business( Only for Self-Employed)
  • Work Experience : The minimum work experience may vary in banks. However, banks prefer individuals with job stability with at least 3 years of total experience and 6-12 months of current work experience.Bank Account Statement/ Passbook for last six months.
  • Passport Size Photographs
  • Personal Assets and Liabilities Statements
  • Signature Identification

These are some of the additional documents for the SBI Realty Home Loan Scheme.

Additional Documents for Guarantor

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification
  • Proof of residence
  • Proof of business address
  • Signature identification from present bankers

Additional Documents for Salaried

  • Original Salary Certificate from employer
  • TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.

Additional Documents for Self-Employed

  • Acknowledged copies of three years of IT returns/ Assessment Orders.
  • Photocopies of challans evidencing payment of Advance Income Tax

How to Apply for SBI Realty Home Loan?

You can apply for SBI Realty Home Loan through both online & offline modes as mentioned below:

  • Online: At SBI official website or online portal like MyLoanCare
  • Offline: By visiting the Bank Branch

FAQs

Can I avail SBI Realty Home Loan to purchase an apartment?

No, you can avail SBI realty home loan only to purchase a plot used for the construction of a dwelling unit.

Can borrowers avail of another home loan from SBI after taking a Realty Home Loan?

Yes, if you are an existing customer of SBI, you can 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.

Do we have to pledge any collateral with SBI to avail SBI Realty Home Loan?

No, the plot of the land you purchase for the construction under the scheme is considered collateral.

Does the SBI Realty home loan scheme offer any tax benefit?

Yes, the SBI realty loan tax benefit is applicable both for principal amounts and interest payments. Therefore, you can claim a tax deduction of ₹ 1.50 Lakh & ₹ 2 Lakh on the principal amount and interest payment, respectively.


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*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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