SBI Home Loan: SBI finances up to 90% of property’s cost at 8.40% p.a. onwards for tenures up to 30 years. The bank offers special home loan products for defence personnel, government employees, non-salaried individuals, applicants buying ‘green’ homes and individuals living in hilly/tribal areas. Other benefits that come with SBI home loans include interest rate concessions of 0.05% to women borrowers, overdraft facility, balance transfer facility, step up loans, etc.
Types of SBI Home Loan:
- SBI Home Loan – It is a regular home loan scheme availed for buying ready-to-move/under construction/resale residential properties. It can also be availed for constructing/repairing/ renovating/extending an existing residential property.
- SBI Home Loan Balance Transfer – The balance transfer facility allows home loan borrowers to transfer their existing home loans to the State Bank of India at lower interest rates.
- NRI Home Loan – This home loan scheme is for NRIs to buy/construct a house in India.
- Flexipay Home Loan – This home loan product makes salaried applicants eligible for higher loan amounts by allowing them pay lower EMIs during the initial years of the loan tenure and higher EMIs during the subsequent years. Applicants also get the option of repaying only the interest component during the moratorium period.
- Privilege Home Loan – This home loan product is designed for the employees of Central/State Government, Public Sector Banks, Public Sector Undertaking and for other applicants with pensionable service.
- Shaurya Home Loan – This home loan scheme is designed for Army and Defence Personnel. The applicants of this loan may get lower interest rates and longer repayment period.
- Pre-approved Home Loan – This facility offers pre-approved loan sanction to loan applicants even before the finalization of their properties, which allows the applicants to confidently negotiate with the builders/sellers.
- Realty Home Loan – This home loan scheme is for buying a plot for constructing a house on it.
- Top-up Home Loan – This home loan scheme offers additional loan amount to the existing SBI home loan borrower over and above the existing home loan. The loan can be used for any purpose other than speculative purposes.
- YONO Insta Home Top-up Loan – A pre-approved top-up home loan facility offered to pre-select existing home loan borrowers of SBI. The pre-select borrowers can avail instant top-up home loan through a completely digital process over the SBI YONO app.
- Home Loan to Non-Salaried- Differential Offerings – A special home scheme designed for meeting the unique housing finance requirements of non-salaried applicants.
- SBI Tribal Plus – A special home loan scheme for applicants residing in tribal/hilly areas.
Contents
SBI Home Loan Documents
The list of papers/documents required for SBI home loans is a little different depending on the profession.
Documents required for SBI home loan for all applicants:
- Employer Identity Card
- 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
Income Proof documets required for SBI home loan for Non-Salaried Applicant/s:
- Business address proof
- 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)
What is the processing fee on SBI Home Loans?
The processing fee applicable at all SBI home loan applications. The bank is currently offering balance transfer facility at zero processing fee as well. Government employees and Defence personnels are also exempted to pay processing fee under SBI Shaurya and SBI Privilge
How can you apply for SBI Home Loan?
- Visit the SBI Home Loan Portal:
- Go to the official SBI website (www.sbi.co.in) and navigate to the “Loans” or “Home Loans” section. You should find a link to the SBI Home Loan application portal.
- Register or Log In:
- If you’re a new user, you’ll need to register on the SBI portal. Provide your basic details, including your name, email address, and mobile number. You’ll receive an OTP (One-Time Password) for verification.
- If you’re an existing user, log in using your credentials.
- Fill in the Application Form:
- Once you’re logged in, you can start filling out the online application form for the home loan. Provide accurate information about yourself, your income, and the property you intend to purchase.
- Upload Required Documents:
- You’ll be prompted to upload the necessary documents to support your application. Ensure that you have scanned copies of your identity, address proof, income proof, and property-related documents ready in the required format (usually PDF or image formats).
- Provide Property Details:
- Enter details about the property you want to purchase, including its address, type, and cost.
- Select Loan Details:
- Specify the loan amount you need, the tenure (duration) of the loan, and the type of interest rate (fixed or floating) you prefer.
- Review and Submit:
- Double-check all the information you’ve entered in the application form. Ensure it’s accurate and complete.
- Read and accept the terms and conditions provided by SBI.
- Submit the application form.