The interest rate on an SBI home loan starts at 6.75 percent per annum. A home loan from the State Bank of India has a number of benefits, including a flexible repayment period, no prepayment penalty, and no processing fees. Individual people may apply for an SBI home loan to purchase ready-to-move-in, under-construction, or pre-owned homes. SBI home loans may be used to build, extend, improve, or renovate an existing home.
SBI provides a variety of customizable home loan options for various categories of borrowers. Home loan plans vary by loan segment, including home loans for NRIs, salaried individuals, government employees, pre-approved home loans for current customers, and home loans for renovation and home upgrades, among others.
SBI Home Loan Schemes:
SBI Regular Home Loan:
- A home loan is available to Indian citizens aged 18 to 70.
- Can be used for any form of housing finance requirement.
- 30 years of flexible tenure.
- Overdraft on a home loan is available.
- Borrowers who are women are eligible for a lower interest rate.
- There are no hidden fees.
- There is no penalty for Pre Payment.
- Lowest interest rate.
- 0.40 %of the loan amount + GST as a processing fee
SBI Yuva Home Loan:
- SBI YUVA is a scheme for people aged 21 to 45.
- A 20% larger loan amount is accessible than with regular Home Loan products.
- Applicant must work for a multinational corporation, a public sector undertaking, a private sector company, or a government undertaking.
- The minimum monthly income should be Rs 30,000.
SBI Home Loan Balance Transfer:
- Switch your current Home Loan balance to SBI and get a lower interest rate.
- Balance transfers are only available to Indian citizens.
- SBI regular home loan eligibility requirements apply.
SBI Home Top-Up Loan:
- Customers who already have a Home Loan should apply.
- Interest rates are marginally higher than on a home loan, but far lower than on a personal loan.
- This program is accessible to both residents and NRI
SBI Shaurya Home Loan:
- This Home Loan option is available to military personnel.
- Zero processing fee.
- Concessions on interest for the check-off facility.
- There is no option for a home loan overdraft.
- Repayment period has been extended to 75 years.
SBI Corporate Home Loan:
- Scheme for business firms.
- A loan may be used to buy or construct residential units for company directors, promoters, and employees.
- Current SBI borrowers and debt-free enterprises are eligible.
- There is a balance transfer/takeover option available.
- The company should be sustainable for at least three years.
- The company's current loans should fall into the normal category and have no record of restructuring.
- The organization should have a BBB or higher rating.
- If the parent corporation meets any of the eligibility criteria, Special Purpose Vehicles and Subsidiary Companies of corporate corporations are also eligible.
- The parent company will act as a guarantor, providing sufficient cash flow to cover Home Monthly payments.
SBI Home Loan Interest Rates 2021:
SBI provides home loans to both salaried and self-employed borrowers. Interest rates, on the other hand, differ by occupation, property type, and loan amount. Currently, the lowest SBI home loan rate for salaried borrowers is 6.70%, while the lowest home loan rate for self-employed borrowers is 6.70%. Various interest rates for salaried and self-employed individuals are available through common SBI home loan. Different interest rates for salaried and self-employed individuals are mentioned below for common SBI home loan schemes:
|SBI Home Loan Schme||Interest rate for salaried||SBI Interest Rate for self-employed|
|SBI Home Loans (Term Loan)||6.80%||7.10 %|
|SBI Repo Rate Linked Home Loan||6.70%||6.70%|
|SBI Shaurya Home Loan||7.35%||7.50%|
|SBI Realty Home Loan||7.65%||7.65%|
|SBI Home Loan Top Up||7.90%||8.05%|
Documents Required for SBI Home Loan:
KYC: Proof of Residential and Identity
- Identity proof: Passport, PAN Card, Aadhar Card, Driving Licence.
- Proof of Residence: Passport, Aadhar Card, Driving Licence, Ration Card, Registered Rent Agreement, Latest Electricity Bill.
Income proof of Salaried Employee:
Last 3 months Salary slips.
Last 6 Months Bank Statements.
Income Tax returns + Form 16 issued by the employer for previous 2 years
Individual Working for Himself (Self-Employed):
Last two years' IT returns
For company owners, financial statements include:
Profit & Loss (Balance Sheet) Audited statement
Credits issued on account of business transactions are shown on a bank statement for the previous year.
Company proof (GST registration certificate and so on)
Property Documents :
All land records proving title continuity (from mother document to the last sale deed) Sale contract.
agreement on building (in case of under construction or proposed to be constructed property).
Certificate of encumbrance over the previous 30 years to prove ownership continuity.
Property tax bills or receipt.
If you've been working for less than a year, you'll need an employment contract or an appointment letter.
All applicants / co-applicants must attach a passport-size photograph to the application form and sign a cheque for the processing fee payable to SBI Ltd.
Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.
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