SBI Home Loans is the largest home loan provider in India. They have helped over 30 lakh families to achieve the dream of owning a home. SBI has been rewarded as the Winner of the “Best Home Loan Provider “at the CNBZ Awaaz Real Estate Awards 2016.
Benefits of SBI Home Loans –
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. Basically, this reduces the interest rate significantly.
- The home loans are offered with overdraft facility. You will earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
- SBI home loans are offered without any hidden charges.
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- You get to enjoy loads of exclusive benefits on availing SBI Home Loan.
- For home loans and Home Top-Up Loans (both Takeover & New) obtained for the period September 1st, 2017 to 31st December, 2017 there is 0% processing fees provided that the loans are disbursed fully/partially on or before 31st January, 2018. If you are Central/State Government employee, then also there is 0% processing fee.
Why Choose SBI?
Salaried
- Whether you are a Central/State Government or an employee of a private company, you are eligible for SBI Home Loan.
- You should be a resident of India.
- At the time of loan application, your minimum age should be 18 years.
- At the time of full repayment of the loan, your maximum age should not be more than 70 years.
- You need to have a regular income source.
Documentation
General Documents:
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
Property Papers:
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Self-Employed
- If you own your own business or you earn your living by working for yourself and not being an employee.
- You should be a resident of India.
- At the time of loan application, your age should be at least 18 years.
- At the time of full repayment of the loan, your maximum age should not be over 70 years.
- You need to have a regular income source.
Documentation
General Documents:
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
Property Papers:
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- Business License Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A / Doctor and other professionals)
SBI Home Loan Products
SBI Regular Home Loan –
Features
- SBI Home Loan caters to a wide range of customers such as – salaried & self-employed, EWS (Economically Weaker Section), LIG (Lower Income Group), and defense people.
- SBI Home Loans interest rates are competitive as compared to other banks. Low interest rates are offered to the women borrowers. The interest rates are as low as 8.30% p.a.
- Processing Fee as low as 0.35% of the loan amount, a minimum Rs. 1000 to Maximum Rs. 10,000 along with taxes.
- There are no Hidden Charges.
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. Basically, this reduces the interest rate significantly.
- SBI Home repayment tenure is maximum of 30 years or by the age of 70.
- The home loans are offered with overdraft facility. You will earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
- SBI Home Loans offers reduced interest rates for the women borrowers.
Eligibility
- For salaried individuals, the age limit is 18-70 years and same is for the self-employed individuals.
- The monthly income is also same for both the categories i.e. Rs. 25,000.
- Being a salaried individual, your annual income should be at least Rs. 1.2 Lakh per annum and for self-employed individuals it is Rs. 2 Lakh per annum.
- The maximum loan amount you can borrow is Rs. 10 crores.
- For salaried individuals, minimum work experience required is 2 years and for self-employed individuals it is 5 years.
- You can also increase your eligibility by having a co-applicant as this will increase your repayment capacity. Your co-applicant should have a stable income source, good CIBIL score, and low monetary obligations.
- The loan term for SBI Home Loans is up to 30 years.
Interest & Charges
| Category | Upto Rs. 30 lakhsAbove Rs.30 lakhs & Upto Rs.75 lakhsAbove Rs.75 lakhs |
| Salaried | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a |
| Non-Salaried | |
| Women | 8.40% p.a8.45-8.50% p.a8.50-8.55% p.a |
| Others | 8.45% p.a8.50-8.55% p.a8.55-8.60% p.a |
Pre-Sanction Fee
- Advocate’s fee for property search and title investigation report.
- Pre-Sanction fee also involves the fee of the valuer for valuation report.
Post-sanction
- You need to pay stamp duty for the Loan agreement & mortgage.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Pre-sanction and post-sanctions fees are to be paid at actuals.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
Property Papers:
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- Business License Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A / Doctor and other professionals)
SBI Balance Transfer of Home Loan – SBI offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank’s instruction and has serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction. As a borrower, you should have all the valid documents showing the title to the house/flat.
Features
- SBI Balance Transfer Home Loan interest rates are as low as 8.35% p.a.
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment.
- The home loans are offered with overdraft facility. You will earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
- Especially for the women borrowers, they get to enjoy an interest concession of 50 bases
Eligibility
- You need to have good credit score.
- Both salaried and self-employed individuals can apply.
- If you have any existing loan, then you should have paid all the instalments and interest.
- The loan offers extended loan tenure.
| Category | Upto Rs. 30 lakhsAbove Rs.30 lakhs & Upto Rs.75 lakhsAbove Rs.75 lakhs |
| Salaried | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a |
| Non-Salaried | |
| Women | 8.40% p.a8.45-8.50% p.a8.50-8.55% p.a |
| Others | 8.45% p.a8.50-8.55% p.a8.55-8.60% p.a |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- For the loan agreement & mortgage, your need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Pre-sanction and post-sanctions fees are to be paid at actuals.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhaar Card
Property Papers:
- List of original documents held by the bank
- Loan A/c statement for the past one year
- Sanction Letter
- NOC from Society/Builder
- Registered agreement for sale
- Occupancy Certificate
- Share Certificate(only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Chain of all old Agreements for sale
Account Statement:
- Bank A/c. Statement (Individual) of last six months.
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- IT returns for last 3 years
- Balance Sheet & Profit & loss A/c for last 3 years
- Business Licence Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
SBI NRI Home Loan – SBI NRI Home Loan allow NRIs (Non Resident Indians) to purchase a new house, renovate or extend an old house, or purchase a property. Financially, it makes sense to purchase a property through home loan rather than through personal financing especially when you can invest your personal funds somewhere else for better returns.
Features
- The Interest Rates offered are quite competitive as compared to other banks
- The processing fee is .25% of the loan or you have to pay Rs. 1,000 if your loan is below Rs. 25 Lakhs. There is a processing fee of Rs. 6,500 for a loan amount between Rs. 25 to Rs. 75 Lakhs and Rs. 10, 000 for more than Rs. 75 Lakhs.
- No Hidden Charges
- You can prepay the loan anytime as per your convenience. There is no prepayment penalty involved.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments.
- You can take a time period of 30 years to repay the loan amount.
- SBI NRI Home Loan helps you to earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
- Under this loan, women borrowers enjoy concession on interest rates.
Eligibility
- Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
- Minimum employment tenure in India/Abroad should not be less than 2 years.
Interest Rates & Charges
| Category | Above Rs. 3 lakhs & Upto Rs. 30 lakhsAbove Rs.30 lakhs & Upto Rs.75 lakhsAbove Rs.75 lakhs |
| Salaried | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a |
| Non-Salaried | |
| Women | 8.40% p.a8.45-8.50% p.a8.50-8.55% p.a |
| Others | 8.45% p.a8.50-8.55% p.a8.55-8.60% p.a |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Pre-sanction and post-sanctions fees are to be paid at actuals.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled application form along with 3 passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhaar Card
Property Papers:
- List of original documents held by the bank
- Loan A/c statement for the past one year need to be submitted
- Sanction Letter is one of the key property documents and it should be provided
- No Objection Certificate from society/builder should also be submitted
- Registered agreement for sale
- Along with the application form, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Chain of all old Agreements for sale
Account Statement:
- In case you are applying individually, then you need to submit bank A/c statement of last six months
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate is an important document that should be submitted.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- As an non-salaried occupant, it is important to submit income tax returns for last 3 years
- Both balance sheet & profit & loss A/c for last 3 years needs to be submitted
- You should provide Business Licence Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification.
SBI Flexipay Home Loan – This SBI loan is exclusively for the salaried borrowers. As per this loan, you have an eligibility to acquire higher loan amount. You have the flexibility to pay only your interest during the moratorium and afterwards pay moderated EMIs. For all the young earners, this is a great product to go for.
Features
- You don’t worry about any hidden charges
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- You enjoy enhanced eligibility of up to 20%
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. Basically, this reduces the interest rate significantly.
- The repayment tenure for the loan is up to 30 years
- Under this loan, women borrowers enjoy concession on interest rates.
- For the working professionals/executives, there is higher loan eligibility, however the loan amount should be Rs. 20 Lakhs or higher.
- If you are a salaried individual and age between 21-45 years with at least 2 years of experience, then you can avail SBI FlexiPay Home Loan.
- You have the flexibility of choose a moratorium period of up to 36-60 months and you only have to repay the interest during the moratorium period.
- Under this scheme, the repayment tenure for the loan is up to 30 years. However, you can prepay your home loan without being worried about any prepayment penalty.
Eligibility
- Whether you are a working professional or executive, you can avail this loan.
- If you are a salaried individual, you need to have a work experience of at least 2 years
- In order to apply for the loan, the age limit is between 21 years and 45 years
Interest & Charges
| Category | SalariedHome Loan(Term Loan)*Above Rs. 20 lakhs & Upto Rs. 30 lakhsAbove Rs. 30 lakhs & Upto Rs. 75 lakhsAbove Rs. 75 lakhs |
| Women | 8.30% p.a.8.30-8.35% p.a.8.40-8.45% p.a. |
| Others | 8.35% p.a.8.35-8.40% p.a.8.45-8.50% p.a. |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled loan application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
Property Papers:
- Permission for construction allocated by the corporation (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- In case of a ready to move property, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) of last six months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate will be an important document for your income proof.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required
- Balance Sheet & Profit & loss A/c for last 3 years
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification.
SBI Privilege Home Loan –This is an exclusive scheme for the employees of Central or State Government including Public Sector Undertaking, Public Sector Banks and other individuals with pensionable service. The loan amount will be decided on various elements such as – your income, age, repaying capacity, cost of house/flat, liabilities, etc.
Features
- There is no processing fee involved under this scheme
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments.
- The repayment tenure for the loan is up to 30 years
- Under this SBI scheme, women borrowers enjoy concession on interest rates.
- During the post-retirement term, EMI burden reduces considerably. This is because the EMIs, to be paid, are capped at 50% of the current monthly income.
- The repayment tenure for the loan is up to the age of 75 years
- Customers of other banks and Financial Institutions have the provision of switching their home loan outstanding balance to State Bank of India.
- While processing this loan, you don’t have pay any processing fee.
Eligibility
- You should be a resident of India.
- Minimum age to avail the loan is 18 years and the maximum age is 75 years.
- You can avail the loan if you are an employee of Central/State Government such as PSU and PSB of Central Government and all those individuals with pensionable service.
Interest & Charges
| Category | Home Loan (Term Loan)*Above Rs.10 lakhs & Upto Rs.30 lakhsAbove Rs.30 lakhs & Rs.75 Upto lakhsAbove Rs.75 lakhs & Upto Rs.50 crores |
| With Check Off | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Without Check Off | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a |
Processing Fee
- There is no processing fee involved in this scheme.
Pre-sanction
- Expenses related to advocate’s fee in order to conduct property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- Stamp duty payable for Loan agreement & mortgage.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled loan application form and along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
- Permission for construction allocated by the corporation (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- In case of a ready to move property, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year.
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate is an important document justifying your income
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required
- Balance Sheet & Profit & loss A/c for last 3 years
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification
SBI Shaurya Home Loan – This home loan scheme by SBI is designed mainly for the defense personnel belonging to Air Force, Army, and Navy. The loan comes with exclusive benefits when compared to various other home loan offers out there such as low interest rates, longer repayment tenure, and flexible repayment options.
Features
- There is no processing fee for SBI Shaurya Home Loan
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments.
- The repayment tenure for the loan is up to 30 years
- Under Shaurya Home Loan, women borrowers enjoy concession on interest rates.
- Interest Concession in case Check Off is provided
- During the post-retirement term, EMI burden reduces considerably. This is because the EMIs, to be paid, are capped at 50% of the current monthly income.
- Under the new schemes, you will reduce the load of paying EMIs as you will only have to pay lower EMIs throughout your post-retirement tenure. This is because the EMIs, to be paid, are capped at 50% of the current net monthly income.
- The repayment tenure for the loan is up to the age of 75 years
- While processing this loan, you don’t have pay any processing fee.
- Customers of other banks and Financial Institutions have the provision of switching their home loan outstanding balance to State Bank of India.
- The loan borrowers enjoy the benefit of lower interest rate as there is a concession of 5 basis points is offered over the Home Loan Card Interest Rate where the check off facility has been extended as the Government has a tie-up with the bank.
Eligibility
- All those individuals belonging to Army, Navy and Air Force.
- You should be a resident of India.
- The minimum age to avail the loan is 18 years and the maximum age is 75 years.
Interest & Charges
| Category | Home Loan (Term Loan)*Above Rs.10 lakhs & Upto Rs.30 lakhsAbove Rs.30 lakhs & Rs.75 Upto lakhsAbove Rs.75 lakhs & Upto Rs.50 crores |
| With Check Off | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Without Check Off | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a |
Processing Fee –
Processing fee is not applicable for this scheme.
Pre-sanction –
- The loan involves advocate’s fee for conducting property search and title investigation report
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction –
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to the applicants:
- Loan Application: Duly filled application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
- Permission for construction allocated by the corporation (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- In case of a ready to move property, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) of last six months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate will be an important document for your income proof.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required
- Balance Sheet & Profit & loss A/c for last 3 years
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification
SBI Pre-Approved Home Loan – SBI offers Pre-Approved Home Loan to all those borrowers who have not yet identified a property, but need a home loan approval letter in order to negotiate better. The income details of the borrower will play a major role while deciding the loan amount.
Validity Period – Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.
Loan Amount – Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates. Minimum Loan amount: Rs.10 Lacs.
Features
- No Pre-payment Penalty
- Repayment up to 30 years
- Home Loan Available as Overdraft
- Interest Concession for Women Borrowers
- Minimum Loan amount is Rs.10 Lacs.
Interest & Charges
| Category | Home Loan (Term Loan)*Above Rs. 10 lakhs & Upto Rs. 30 lakhsAbove Rs.30 lakhs & Upto Rs.75 lakhsAbove Rs.75 lakhs Home Loan as Overdraft (Maxgain)*Above Rs.20 lakhs & Upto Rs.30 lakhsAbove Rs.30 lakhs & Upto Rs.75 lakhsAbove Rs.75 lakhs & Upto Rs.3 crores |
| Salaried | |
| Women | 8.30% p.a8.30-8.35% p.a8.40-8.45% p.a 8.35% p.a8.40-8.45% p.a8.45-8.50% p.a |
| Others | 8.35% p.a8.35-8.40% p.a8.45-8.50% p.a 8.40% p.a8.45-8.50% p.a8.55-8.60% p.a |
| Non-Salaried | |
| Women | 8.40% p.a8.45-8.50% p.a8.50-8.55% p.a 8.45% p.a8.55-8.60% p.a8.60-8.65% p.a |
| Others | 8.45% p.a8.50-8.55% p.a8.55-8.60% p.a 8.50% p.a8.60-8.65% p.a8.65-8.70% p.a |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Once property is finalized, the additional charges are as follows:
Pre-sanction –
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction –
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate will be an important document for your income proof.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, approved by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required.
- Balance Sheet & Profit & loss A/c for last 3 years.
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification.
SBI Realty Home Loan – As per this loan, you can purchase a plot for construction of a dwelling unit. It is important that the construction of the house take places within five years from the actual sanctioning of the loan. You can take another Home Loan for constructing a house on the plot financed by SBI Realty. The loan amount offered under this scheme is up to Rs. 10 Crores and the repayment term is of 15 years.
Features –
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. This helps in reducing the interest rate significantly.
- The repayment tenure for the loan is up to 15 years
- Under this loan, women borrowers enjoy concession on interest rates.
Interest & Charges
| Category | Home Loan (Term Loan)*Upto Rs.75 lakhsAbove Rs.75 lakhs |
| Salaried | |
| Women | 8.65% p.a8.70% p.a |
| Others | 8.70% p.a8.75% p.a |
| Businessman & Professional | |
| Women | 8.85% p.a8.90% p.a |
| Others | 8.90% p.a8.95% p.a |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- Advocate’s fee for property search and title investigation report.
- Valuer’s fee for valuation report.
Post-sanction
- Stamp duty payable for Loan agreement & mortgage.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Duly filled loan application form
- 3 Passport size photographs
- Proof of identify (photocopies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for non-salaried individuals
- Statement of Bank Account/ Pass Book for last six months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- You need to submit proof of identification as submitted for the above.
- You need to submit proof of residence as submitted for the above.
- Proof of business address as above
- Signature identification from his/her present bankers
Additional documents required for salaried persons:
- Original Salary Certificate from employer.
- TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by income tax department.
Additional documents required for Professionals/self- employed/ other IT assesses:
- Authorized copies of three years I.T. returns/ Assessment Orders.
- Photocopies of challans showing payment of Advance Income Tax
SBI Home Top Up Loan – As per this loan, you enjoy the flexibility of borrowing a set amount over and above your existing home loan amount. If you are already having a SBI home loan, but you need more funds, then you can opt for Top Up Home Loan. The best thing about this loan is that the interest rates are quite competitive as compared to others bank’s interest rates.
Features
- It does not matter whether you make full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments.
- The home loans are offered with overdraft facility. You will earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
- The repayment tenure for the loan is up to 30 years
Eligibility
- Resident Indian & NRI
| Category | Home Top Up LoanUpto Rs. 20 lakhsAbove Rs. 20 lakhs & Upto Rs. 1 croreAbove Rs. 1 crore & Upto Rs. 2 croresAbove Rs. 2 crores & Upto Rs. 5 crores |
| Salaried | 8.35-8.45% p.a.8.55-8.65% p.a.8.65-8.75% p.a.9.05-9.15% p.a. 9.25-9.35% p.a.9.45-9.55% p.a. |
| Non-Salaried | 8.45-8.55% p.a.8.65-8.75% p.a.8.75-8.85% p.a.9.15-9.25% p.a. 9.35-9.45% p.a.9.55-9.65% p.a. |
Documents
Processing Fee
- 0.35% of the loan amount.
- Minimum: Rs. 2,000/-
- Maximum: Rs. 10,000/-
Pre-sanction
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Post-sanction
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Duly filled loan application form
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- For the non-salaried individuals, proof of business address is required.
- You need to submit a copy of Statement of Bank Account/ Pass Book for the last six months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- You need to submit proof of identification as submitted for the above.
- You need to submit proof of residence as submitted for the above.
- Proof of business address as above
- Signature identification from his/her present bankers
Additional documents required for salaried persons:
- Original Salary Certificate from employer
- TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by income tax department.
Additional documents required for Professionals/self- employed/ other IT assesses:
- Authorized copies of three years I.T. returns/ Assessment Orders.
- Photocopies of challans evidencing payment of Advance Income Tax
SBI Bridge Home Loan – If you own a home and want to upgrade your home by selling off your existing home, then you can take SBI Bridge home loan. Most of the time, you come across short-term liquidity mismatch because of time lag between sale of the existing property and purchase of the new property.
The applicant for Bridge Home Loan should satisfy each of the below mentioned eligibility criterion:
- a) All those individuals who own an unencumbered fully constructed house/flat and looking to sell-off the existing home/flat in order to meet temporary deficit in the cost for acquiring new home/flat.
- b) In the case of joint ownership of the existing property, all co-owners of the property should also join as co-borrowers for the Bridge Loan.
Loan will be given by way of Term Loan (No Overdraft facility.)
LTV & Permissible Loan Amount –
- i) 65%, In case the market value of the property in question is up to Rs. 1 Crore, then it is 65%
- In case the market value of the property in question is more than Rs. 1 Crore, then it is 60%
- 90% of the cost of the proposed home/flat.
Loan Tenure : The maximum loan tenure is 20 years. Interest applied on Bridge Loan during the currency of the loan need to be serviced.
Repayment : The repayment tenure for the loan is up to 20 years , in one or more number of instalments. No EMIs will be specified.
Features
- Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. It really helps in reducing the interest rates significantly.
- The repayment tenure for the loan is up to 20 years
Eligibility
- You should be a resident of India
- The minimum age to avail the loan is 18 years
- The maximum age to avail the loan is 70 years
- The minimum loan amount offered is Rs. 20 lakhs and the maximum loan amount offered is Rs. 2 crores
Interest & Charges
| Tenure | Effective Rate |
| First Year | 10.40% p.a. |
| Second Year | 11.40% p.a. |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled loan application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
- Permission for construction allocated by the corporation or a recognized authority (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- In case of a ready to move property, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) for last six months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate will be an important document for your income proof.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, approved by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required
- Balance Sheet & Profit & loss A/c for last 3 years
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification
SBI Hamara Ghar – Affordable housing has been steadily gaining prominence in the Real Estate Sector. Keeping the needs and requirements of the affordable segment borrowers, SBI offers Hamara Ghar scheme. As per this scheme, low interest rates are offered for the first 2 years. The maximum loan amount offered is Rs. 30 Lakhs. This loan can be availed by way of Term Loan along with fixed interest option and it is for 2 years. Switch-over facility from fixed interest rate to the prevailing floating rate linked to one year MCLR will not be available during initial fixed period of 2 years.
Features
- Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. Basically, this reduces the interest rate significantly. As per this scheme, there is a Fixed Interest Rate for first 2 years.
- There is a Pre-Payment Penalty for all the loans closed before initial 2 year period.
- The repayment tenure for the loan is up to 30 years
Eligibility
- You need to be a resident of India.
- Your minimum age to avail the loan is 18 years and maximum age is 70 years.
- The maximum loan amount you can borrow is Rs.30 lakhs
Interest & Charges
| Category | Up to Rs. 30 lakhsSalariedFirst 2 YearsRest of the Tenure Non SalariedFirst 2 YearsRest of the Tenure |
| Women | 8.30% p.aLinked to prevailing 1 year MCLR rate 8.40% p.aLinked to prevailing 1 year MCLR rate |
| Others | 8.35% p.aLinked to prevailing 1 year MCLR rate 8.45% p.aLinked to prevailing 1 year MCLR rate |
Processing Fee
There is a processing fee of 0.35% of the loan amount with minimum fee amount of Rs. 2,000 and the maximum fee amount is Rs. 10,000.
Pre-sanction
- The loan involves advocate’s fee for conducting property search and title investigation report.
- There is a valuer’s fee you need to pay for the valuation report.
Post-sanction
- For the loan agreement & mortgage, you need to pay stamp duty.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.
Documents
List of papers/ documents applicable to all applicants:
- Loan Application: Duly filled loan application form along with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
- Permission for construction allocated by the corporation (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- In case of a read to move property, Occupancy Certificate needs to be submitted
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Bank A/c. Statement (Individual) of last 6 months
- If there is any previous loan you have taken from any other Banks/Lenders, then you need to submit Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Current Salary Slip or Salary Certificate will be an important document for your income proof.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, approved by income tax department.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- As a non-salaried individual, income tax returns for last 3 years will be required
- Balance Sheet & Profit & loss A/c for last 3 years
- Documents having your Business License Details (or equivalent) should also be submitted.
- TDS Certificate (Form 16A, if applicable)
- In case you are a doctor, chartered accountant or any other professional, then in that case you need to submit Certificate of qualification