SBI Home Loan | Features, Eligibility, Documents & Interest Rates

HOME LOAN SBI

Home is where memories and traditions are created so if you looking for this, then the SBI home loan facility will be the best option for you. The interest rates of SBI are the lowest mainly what loan borrowers are seeking. Let’s read now, how to apply and how much time is needed.

SBI Home Loan Features

SBI home loan at zero processing fees

SBI home loan balance transfer at zero processing fees

ParticularsSalaried (Women)Salaried (Others)Self-employed (Women)Self-employed (Others)
Interest Rate 8.00%-8.50%8.05%-8.55% 8.00%-8.50%8.05%-8.55%
Loan Tenure  Up to 30 YearsUp to 30 YearsUp to 30 YearsUp to 30 Years
Processing Fee0.35% of the loan amount + GST
Minimum 2000/- + GST
Maximum of 10000/- + GST Advocate & Valuer Fee – Actual Expenses will be realised separately.
0.35% of the loan amount + GST
Minimum 2000/- + GST
Maximum of 10000/- + GST Advocate & Valuer Fee – Actual Expenses will be realised separately. 0.35% of the loan amount + GST
0.35% of the loan amount + GST
Minimum 2000/- + GST
Maximum of 10000/- + GST Advocate & Valuer Fee – Actual Expenses will be realised separately.
0.35% of the loan amount + GST
Minimum 2000/- + GST
Maximum of 10000/- + GST Advocate & Valuer Fee – Actual Expenses will be realised separately

You can also calculate home loan EMI with the help of the SBI Home Loan EMI calculator

SBI Home Loan Eligibility Criteria

SBI only provides home loans to remunerated, self-employed, Businessmen, central/state government employees, self-help groups and defence personnel belonging to the army, navy and air force. To understand SBI Loan eligibility, the following is the table provided.

Eligibility CriteriaFor SalariedFor Self-employed
Minimum Age18 Years21 Years
Maximum Age70 Years70 Years
Minimum IncomeINR 1,80,000 (p.a.)INR 1,80,000 (p.a.)
Loan Amount OfferedCustomizedCustomized
Loan TenureUpto 30 YearsUpto 30 Years
Current Experience2 Years3 Years

SBI Home Loan Eligibility for For Non –salaried people

Resident Type: Resident Indian

Wherever the applicant is Proprietor of a Proprietorship firm or is one of the partners in a Partnership Firm or is one of the Directors in a Company, the firm/Company:

Should be in existence for at least the last 3 years

Must have earned Net Profit in the last two years

Existing Credit Facilities, if any, should be regular and standard. In this regard, an opinion report will be obtained from the existing bankers.

If the proposed House Property is acquired in joint names of the proprietor and the proprietary firm, the firm should be our existing borrower or a debt-free entity.

Minimum Age: 18 years

Loan Tenure: up to 30 years.

Loan Amount: Minimum: INR 50,000/- & maximum: INR 50 crores.

SBI Home Loan Documents

Depending upon the profession, the list of papers/documents is required for the SBI Home Loan.

Documents required for SBI home loan for all applicants:

Identity Card of employer

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 for SBI home loans:

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 (for society flats), Maintenance Bill, Electricity Bill, and 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:

Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s

If any previous loans from other Banks/Lenders, then the Loan A/C statement for the last 1 year

Income Proof documents required for SBI home loans for Salaried Applicant/s:

Salary Slip or Salary Certificate of last 3 months

Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof documents required for SBI home loan for Non-Salaried Applicant/s:

Business address proof

IT returns for the last 3 years

Balance Sheet & Profit & Loss A/c for the 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?

For all SBI home loan applications, the processing fee is applicable. At present, the bank is offering a balance transfer facility at zero processing fees as well. Government employees and Defence personnel are also exempted to pay processing fees under SBI Shaurya and SBI Privilege

How can you apply for SBI Home Loan?

Apply online via https://homeloans.sbi/

Visit the nearest branch or call us at 1800 11 2018

How can you apply online for SBI Home Loan

Visit at https://homeloans.sbi/

Then click at ” Check Eligibility ” on the right side of the website . Then New Window Open.

Fill up the form given on top of the page

Enter the desired loan amount, monthly income, employment status and city

SBI Executive will get back to you as soon as possible.

The executive will ask some basic questions to check your eligibility.

Your application will be further processed if you have all the documents (income and property) are correct.

Your CIBIL score will be checked as it might fetch a lower rate.

 After the approval from the bank , it usually takes 7 working days for disbursal.

Different Types of SBI Home Loans

SBI offers various home loan schemes so customers can choose the scheme per their requirements. All SBI home loan schemes come with easy refund options &nominal fees &charges. To know more, read more.

Regular Home Loan

Top Up home loan

Smart Home Top-Up Loan

Insta Home Loan Top-Up

Flexipay

SBI Maxgain

NRI home loans

Realty

SBI Pre-Approved Home Loan (PAL)

Tribal Plus

Privilege

Shaurya

Bridge home loan

SBI Corporate home loan

 

SBI Regular Home Loan

This is the most demanding home loan in India. The interest rate is applicable to the SBI home loan interest rate which is among the lowest home loan interest rates in the present market scenario.

SBI Home Top up Loan (Term loan)

Those customers who already have a Home Loan from SBI Bank but want more loans in the same context can take SBI top-up home loans. This money can be used for renovation/construction/extension or any other personal needs. The rates are much lower than the personal loan.

Resident Type: Resident Indian and NRI

Minimum Age: 18 years

Maximum Age: 70 years

Loan Tenure: up to 30 years

After completion of the moratorium, the bank requires a satisfactory repayment track record of one year or more.

Loan amounting up to Rs 5 crores, the subject to total exposure on the property as per LTV

SBI Smart Home Top-Up Loan

For existing and new customers of SBI home loan, there is a new scheme – A smart home loan top-up scheme is available. In this facility, SBI allows you to get a top-up home loan without any documents. You just need to visit your nearest bank branch/RACPC and avail the facility. The eligibility criteria for this scheme are given below:

The scheme is only available for a Resident Indian & NRI

Your age should be between 18-70 years

You can get the loan for a maximum of 20 years

The maximum loan amount you can get is INR 5 lakhs

Your CIBIL Score should be at least 550 or higher

After completion of the moratorium, the bank requires a satisfactory repayment track record of one year or more.

 No other Home Top-up or Insta Home Top-up loans should be active

SBI Insta Top-Up Home Loan

This facility is provided for present customers of SBI Home loan who can get the loan top-up service online via the official website. The whole process is done online such as the loan processing, and payment of loan and setting of S.I. in their Saving Account for repayment of EMIs. It will be done automatically by the system and no manual intervention is required. The eligibility required for this scheme is given below:

Existing home loan customers with minimum loan limit of INR 20 lacs

Minimum residual tenure of Home Loan of 5 years

Satisfactory track record of 3 years or more

You can get minimum INR 1,00,000/- up to a maximum of INR 5,00,000/-

Your CIBIL Score should be minimum 550 or higher

No other Home Top-up or Insta Home Top-up loans should be active

SBI Flexi-pay Home Loan

Flexi-pay Home Loan is available for salaried and working professionals/executives who apply for an SBI home loan. Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of INR 20 Lakh or above.

SBI Maxgain-Home loan

If your loan amount is above Rs 20lakh, you can avail of this scheme and there is no maximum limit available for obtaining a home loan under SBI max-gain scheme.

SBI NRI Home Loan

 This scheme is available for NRIs as well as for Persons of India Origin (POIs), who have a regular source of income. To avail of the same, the minimum employment tenure in India/Abroad is 2 years.

Realty Home Loan

If you are planning to purchase a plot or start construction, this scheme is available for you. The maximum loan offered under this SBI home loan scheme is Rs 10 crore for a maximum of 15 years. SBIs saving accounts are obligatory for availing of SBI realty loans. In case of unavailability of a savings account, the Rate of interest can differ.

SBI Pre-approved Loan (PAL)

Under this scheme, home loans can be sanctioned to the borrowers before the finalization of the possessions, which also enables the borrowers to do the concession easily.

Tribal Plus Home Loan

For the people living in the tribal and hilly areas, tribal plus home loan is available for them. In this scheme, people can purchase or construct home / flat without mortgaging the land. The maximum loan amount that you can get is INR 10 Lakh for a maximum repayment period of 15 years.

Privilege Home Loan

For the employees of Central/State governments including PSBs, PSUs and other individuals with pensionable services. The Maximum loan tenure is 30 years with repayment up-to the age of 75 years.

100% processing fee waiver

Concessional Rates of interest offered

Shaurya Home Loan

In defence, the SBI provides the Shaurya Home Loan services. Under this scheme, you can repay the same at an age of 75 years with a maximum loan repayment period of up to 30 years.

100% processing fee waiver

Concessional Rates of interest offered

SBI Corporate Home Loan

SBI BANK now offering a home loan to the corporate body (Both Public & Pvt. Ltd. Companies) for building/ attainment of Residential Units in the name of the Company for use by their Directors/Promoters and Employees. SBI home loans for a business entity can also take housing loans in the name of the Company from other Banks/HFCs. The eligibility to avail of this scheme is as follows:

Should be our existing borrower or a debt-free Company

Should be in the line of business for at least 3 years

Should have earned uninterrupted Net Profit in last three years

Existing loan accounts of the Company, if any, should be regular and standard and also should not have been restructured during the last 3 years.

Opinion Report will be obtained from the existing Bankers if any.

ECR of BBB and better for units having total exposure of Rs. 10 crores and above

CRA of SB-8 & better in respect of both existing SME/C&I customers and new customers. CRA will be arrived at based on the latest audited Balance Sheet

Parent Company fulfils the above-mentioned eligibility norms

Company agrees to stand as a Guarantor for Home Loan

The estimated cash flow of the SPV/Subsidiaries is enough to repay the EMIs or the Parent Company gives an undertaking to Service the Home Loan in addition to guaranteeing the loan.

Bridge Home Loan

This is a short-term loan and you can avail of the loan up to 20%. In this facility, you can help the borrower to buy their dream home without worrying about the down payment.

Applications status check

Want to know about SBI home loan status, just visit the official website of the bank or you can visit the nearest branch of SBI bank. The concerned person will help with your application ID, you will track the status of your application

SBI Home Loan Customer Care Number

 For any query related SBI home loan, you can either visit the nearest branch or you can call at toll-free customer care number-1800 425 3800. The concerned person from bank will clear all your doubts.

State Bank of India Moratorium process

To stop your loan EMIs falling due from March 1, 2020, to May 31, 2020, the following steps can be done.

From SBI official website, download the Annexure Form I or II

Fill up Annexure I with the Term loan or Account number

Mention the branch name and put your signature over it

If the loan is co-borrowed then the 2nd applicant’s signature is mandatory

You can submit the form online without going anywhere to the mentioned email ID on Annexure-II

If the user avails of the Standing Instruction service of SBI for the payment, he/she can submit a handwritten application to their SBI branch.

SBI Home Loan FAQs

  1. How to Apply for an SBI Home Loan online?

Steps below to apply for an SBI home loan online:

– Visit at https://homeloans.sbi/ then click on “check eligibility ” right side of the website .

– Fill up the application form.

– Enter your desired loan amount, monthly income, city and employment status.

– The bank Executive will ask some basic questions related to you to check your eligibility.

– Your application will be further processed only if all the necessary documents (income and property) are complete.

– Your CIBIL score will be checked as it might fetch a lower rate of interest.

– After the approval, it usually takes 7 business days for loan amount disbursal.

  1. Which is the best SBI home loan scheme?

SBI has a wide range of home loan options to choose from. However, the one that is offered at a lower interest rate and fulfill your needs would be the best SBI home loan scheme for you.

  1. How much loan can I get on a 60000 salary?

At a salary of INR 60,000 you can apply for a home loan of INR 45 lakhs approximately. However, the various expenses from your salary are taken into consideration while determining your home loan amount. Therefore, it is advisable to contact your bank to know your eligible amount.

  1. Should you take a housing loan from SBI?

Lower interest rate along with less processing fee and low foreclosure charges are some of the reasons why you should take a housing loan from SBI.

  1. What are the different types of SBI home loan?

Regular Home Loan, Top Up home loan, Insta Home Loan Top-Up, Flexipay, SBI Maxgain, NRI home loans, SBI Pre-Approved Home Loan (PAL), Privilege, Shaurya are a few of the different types of SBI home loans.

  1. What is maximum home loan tenure in SBI?

The maximum home loan tenure in SBI is up to a period of 30 years.

  1. How long does it take for SBI home loan approval?

After submitting the loan application, SBI generally takes about 3 to 7 working days to approve your home loan.

  1. Does it cost to get State bank of India home loan pre-approval?

State Bank of India charges 0.35% of the loan amount as a one-time processing fee on all pre-approved home loans.

  1. What is the SBI home loan processing fee?

SBI charges upto 0.50% of the loan amount + GST as processing fee on a home loan application.

  1. What is the minimum CIBIL score for SBI home loan?

The minimum CIBIL score to apply for SBI home loan is 650 or more.

  1. What is the minimum salary to apply for a home loan?

An applicant needs to have at least INR 1,80,000 as his yearly income in order to be able to apply for SBI home loan. However the minimum salary requirement depends on the type of home loan that you are applying for.

  1. What is the minimum home loan amount in SBI?

The minimum home loan amount in SBI is INR 50,000.

  1. What is the maximum limit of SBI housing loans?

The maximum limit of SBI housing loans is upto INR 50 crores. However, the loan amount is decided by the lender and is influenced by a lot of factors.

  1. Can a pensioner get a housing loan from SBI?

The bank offers SBI Pension Loan that can be used by pensioners to purchase a house.

  1. How much home loan can I get on a 50000 salary from SBI?

The maximum amount that you can apply for as a home loan from SBI, with a salary of INR 50,000 is around INR 34 lakhs approximately. However the actual amount depends on a lot of factors like your monthly income after all expenses, existing loans (if any), etc.

  1. How much housing loan can I get on 80000 salary from SBI?

You can apply for a home loan of around INR 60 lakhs approximately. However, the actual loan amount may differ as it is determined by your lender.

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