The State Bank of India is one of the leading housing loan providers in the country for decades. The bank is the largest public sector bank with the lowest home loan rate offerings in India. Like any other bank, SBI also provides both floating and fixed rates of interest rate on the home loan. And currently, it is offering the floating interest rate home loans at 6.70%*. However, this rate and increase are based on your eligibility and repayment capabilities. SBI offers a wide range of Home Loan products that are designed to suit the different requirements of different customers. SBI Maxgain home loan, SBI home loan top up, SBI repo rate linked home loan, SBI Realty home loan, and SBI Shaurya home loan are some of the home loan products by SBI.
Special Home Loan Features at SBI Bank
- Interest Rate Starts @6.70 onwards.
- Up to 0.70% interest concession for the selected users.
- Zero processing fees.
- Get concessions via YONO App (Sbi app).
- Balance Transfer available.
- Get credit-linked subsidy under Pradhan Mantri Awas Yojana.
- Flexipay home loans are available.
- No pre-payment penalty
- Repayment allowed up to 30 years
- Loan available as overdraft
Interest rate and processing fee
- Interest rate starts @6.70*
- Processing fees zero*
However, the interest rate at which a home loan is offered varies as per the risk involved, credit score, eligibility fulfillment, and LTV of the customer.
In addition to this SBI also offers various customized home loan products/offers for different borrowers based on their eligibility and requirements. This includes NRI home loans, home loans for salaried and Government employees, pre-approved home loans for existing customers, home loans for construction and up-gradation of homes and several others.
List of Documents Required to Avail SBI Home Loan
- Employer Identity Card
- Completely filled loan application form
- Passport size photographs
- Proof of identity : PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of address : Copy of / Electricity Bill/Water Bill / Passport/ Driving License/ Aadhar Card
- 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)
- Approved Plan copy & Registered Development Agreement of the builder, Conveyance Deed in case of few properties.
Income and liabilities proof:
- Last 6 months Bank Account Statements of the applicant
- In any previous loan from other Banks- Loan A/C statement for the last 1 year
- Salary Slip of last 3 months
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 years.
For self-employed/Non-Salaried Applicant
- Business address proof
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- TDS Certificate (Form 16A)
Eligibility criteria to get approved for an SBI home loan:
- One needs to be an Indian resident (NRI home loans are also available)
- The Minimum age required is 18 years whereas the maximum age is 70 years.
SBI operates through a wide range of over 15,969 branches in the country, making it easier for you to avail an SBI Home loan from the branch. However, if you want to apply for it online you can always go to the official website of SBI and apply there.