SBI Home Loan Interest Rates & Eligibility
8.90%
For Salaried - 8.90%For Salaried Women - 8.85%
For Self-Employed - 9.05%
For Self-Employed Women - 9.00%
SBI Bank Home Loan Overview
Overview
State Bank of India (SBI) is a government owned bank headquartered in Mumbai. It is the largest bank in India in terms of assets (Rs 23,74,839 Cr) and in terms of branches (1,700). SBI’s brand tag line plays on its presence – Banker to every Indian.
Advantages
SBI has an image of trust amongst customers due to its government parentage and long standing history. This image coupled with lower interest rates has made it a popular choice. SBI has lower rates than other banks because it has large amounts of low cost deposits from retail customers.
Disadvantages
SBI has strict documentation standards. The frequent corrections and alterations of documents submitted can take a time period of 2 months for your loan to get approved.
Current Interest Rate
8.90% is the General Interest Rate
For Salaried - 8.90%
For Salaried Women - 8.85%
For Self-Employed - 9.05%
For Self-Employed Women - 9.00%
Rate trends:
SBI Bank Home Loan Eligibility
Eligibility
- Minimum age limit: 18 years
- Maximum age limit: 60 years
- Any individual irrespective of being salaried or self-employed can apply for a home loan, provided he has a steady income.
SBI Bank Home Loan Documentation
KYC (Know
your Customer)
documents
- Personal ID
- Address Proof
- Pan Card
Income proof
- Salary Slip for 3 Months &
- Income Tax Returns or Form 16.
Property
Documents
- Agreement
- Index 2
- Architectural Certificate
For Switching your Home Loan, the documents needed will be Current Bank Documents & Bank Statement.
SBI Maxgain loan works as an overdraft account which helps you bring down the burden of interest without any extra cost. Maxgain allows you to keep your monthly savings in an overdraft account which lets you pull out the money parked in the account whenever a need arises. However, a non-salaried person cannot avail this type of a loan. Know More.
SBI YUVA Home LoanSBI YUVA home loan is a scheme for salaried applicants taking a home loan for the first time. This scheme lets your borrowing capacity be 20% higher as compared to the normal home loans. This scheme is applicable to all those Salaried Individuals who fall under the age bracket of 21 to 45. Know More.
SBI NRI Home LoanBeing far away may hinder your chances of buying a property in your own backyard but as the name suggests, there are home loan schemes designed especially for Non Residents of India (NRIs) or Persons of Indian Origin (PIOs) who want to purchase or invest in property in India. If your minimum employment period be it in India or abroad, has been for more than two years, you become eligible to avail this type of a loan. Know More.
SBI Realty Home LoanSBI Realty Loan is for people who are interested in buying land or a plot provided the construction commences within two years from the date of Loan. This type of a loan lets you take another loan for construction on the land which has already been bought. Know More.
SBI PAL Home LoanPAL stands for ‘Pre Approved Loan’. Under this scheme, a borrower can apply to get a sanction letter that states the maximum limit up to which SBI will lend for a home loan. This lets you talk confidently with builders or the sellers regarding the cost of the property. Once, the borrower identifies a property, SBI check on the property and disburses the loan.The PAL agreement is valid for a period of three months. Know More.
A. For women, the interest rate stands at 9.50% p.a whereas for others the interest rate stands at 9.55% p.a. These rates are constant across all loan slabs.
Q. How much is the processing fee charged by SBI on Home Loans?A. There are no processing fees as such, but charges in the form of legal and valuation fees are levied. This is different compared to other banks where processing fee includes the valuation and legal fee.
Q. Is it possible to pay off my SBI home loan before its tenure?A. Yes, it is possible. Along with that, no Pre-Payment penalty will be levied upon you.
Q. How do I identify a SBI Loan that fits my requirement?A. You can go through the various SBI plan details we have provided earlier in the Best Plans section. Depending on your requirements, you can choose a plan that works best for you. You can also get in touch with our Home Loan Advisor for expert advice.
Q. What is the security required for the SBI home loan, is there any?A. The property that is purchased using the loan itself acts as a security. However, a bank may even ask for additional securities like a guarantor.
Q. The property that is purchased using the loan itself acts as a security. However, a bank may even ask for additional securities like a guarantor. To sign my loan application, do I require a guarantor?A. Usually a guarantor is not required to sign the loan application. But in cases where the credit worthiness of a borrower is not satisfactory & bank feels that the borrower has the possibility to default on the loan amount, a guarantor may be required to sign the loan application.
Q. How does my employment play an important role in being eligible for SBI home loan?A. A salaried and self-employed individual is eligible for availing a home loan. The only condition attached to it is that you must have a regular income and should be able to provide proofs for the same.
Q. Does SBI accept joint applications for Home Loans?A. Yes. SBI gives its customer the option of applying for a home loan as joint applicants.
Q. Can one avail tax benefits if associated with SBI home loan?A. Yes, Tax rebate under Income Tax act is available and hence you can enjoy all the tax benefits associated with it.
Q. I can’t figure out which one is more useful a short term loan or a long term loan?A. If you have a high enough income that helps you pay high EMIs, a short term loan is something you should opt for, whereas with a longer loan term you can enjoy lower EMI’s but the overall savings will be on a much lesser side.
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