SBI is one of the nationalized banks in India which offers different financial products to its customer. These products are personal loan, Business loan, Education loan and so on. However, among all these products Home Loan is the most liked one. Home loan requirements vary from people to people on the basis of tenure, amount, offers and their plans. SBI understands this and offers different types of home loans considering the difference among the requirement of its customers. There are more than 10 home loan schemes offered by SBI which we are going to discuss in this article one by one.

Best Home Loan Options by SBI

  1. Regular Home Loans

Why SBI Home Loan is the Best Mortgage Option

This is the home loan products to suit every customer need. As the name suggests this is the normal home loan plan offered by SBI.  This loan is offered to purchase already built property, purchase of under construction property, purchase of a pre-owned house, construction of a house, extension and repair/renovation of a house in which you are already living in.

Features of Regular Home Loans

  • Low-Interest Rates
  • Lower Processing Fee
  • Transparency in process
  • No Hidden and Additional Charges
  • No Prepayment Charges
  • Interest is charged on Daily Reducing Balance
  • Tenure up to 30 years
  • Concession on the interest rate for Women Borrowers

Interest Rate

8.45% – 8.55% per annum for women

8.50%-8.60% per annum for men

Note- The interest rate is dependent on many criteria such as borrower’s profile, LTV, and risk secured.

Processing charges with SBI Home Loans

Generally 0.35% of the loan amount.

Minimum of INR 2,000.

Maximum of INR 10,000.

Eligibility

  • It is compulsory for the borrower to be an Indian resident.
  • The age of the borrower should be between 18 years to 70 years.
  • Maximum tenure is of 30 years.
  1. SBI NRI Home Loans

This is the home loan plan for the non-residential Indians who want to purchase a property in India. It is offered even in the case where purchasing a property in India is just an investment.

Features of NRI Home Loans

  • Available at Low Interest Rates
  • Lower Processing Fee
  • No Hidden Charges
  • Interest is charged on Daily Reducing Balance
  • Tenure up to 30 years
  • Comparatively lower interest rates for Women Borrowers
  • Home Loan Available as Overdraft
  • No Prepayment Charges

Eligibility

  • The borrower should be Non-Resident Indians (NRIs) or he/she should be Persons of Indian Origin (PIOs).
  • The age of the borrower in terms to avail the loan should be between 18 to 60 years.
  • The Loan Tenure is up to 30 years.
  1. Flexi pay Home Loan with SBI

How to Compare and Choose Home Loans in India

SBI has launched this home loan scheme under the tagline of “Let your current income not stop you from owning your dream home”.

SBI Flexipay Home loan plan enhances the eligibility of a person with less income for a higher loan amount but this is exclusively for the salaried borrowers.

This plan provides borrowers the option to pay only interest during the pre-EMI period. Hence paying moderated EMIs. The EMIs for the home loan under this plan is stepped-up gradually after some years. This Home Loan plan of SBI is very helpful for young professionals who are in the initial stage of the carrier and want to buy a home. SBI Flexipay home Loan is best for those who are sure about their increase in income in near future.

Features of SBI Flexi pay Home Loan

  • This plan enhances your home loan eligibility by 20%
  • Available at Low-Interest Rates
  • Lower Processing Fee
  • No Hidden Charges
  • Interest is charged on Daily Reducing Balance
  • Tenure up to 30 years
  • Comparatively lower interest rates for Women Borrowers
  • Home Loan Available as Overdraft
  • No Prepayment Charges

Eligibility

  • The borrower should be a Resident of India.
  • The minimum age of the borrower should be 18 years.
  • The maximum age of the borrower should be 45 years.
  • The loan amount should be repaid within 70 years of the borrower’s age.
  • Loan Tenure of the loan is up to 30 years
  1. SBI Shaurya Home Loan

SBI Shaurya Home Loan has been launched under the tagline of “You serve the nation, give us an opportunity to serve you”.

This scheme is offered only to the defence and army individuals. The scheme is specially launched to give a special privilege to our Army and Defence Personnel by providing them special benefits on the home loan. These benefits include a lower interest rate and some additional privileges such as long repayment tenure and so on.

Features of SBI Shaurya Home Loan

  • Zero Processing Fee
  • Lower Interest Rate
  • No Hidden Charges
  • There are no prepayment charges
  • Interest is charged on Daily Reducing Balance
  • Repayment tenure is up to 30 years
  • Concession on the interest rate for the Women Borrowers

Eligibility

  • The borrower should be an Indian resident
  • Minimum age of the borrower should be 18 years
  • Maximum age of the borrower should be 75 years
  • Loan Tenure is up to 30 years
  1. SBI Pre-Approved Home Loan

Home Buying Simplified with Pre-Approved Home Loans

SBI has given the tagline “Get your home loan in place before you select your property” for SBI pre-approved Home Loans.

This home loan scheme provides the fund to the borrowers even before they select any particular property. In terms to avail, this loan one should be very clear about the amount he/she wants as the loan is sanctioned before your select the builder or the property. However, this scheme provides an opportunity for the borrowers to have a negotiation on the cost and other things with the builder.

Features of SBI Pre- Approved Home loans

  • Available at Low-Interest Rates
  • Lower Processing Fee
  • No Hidden Charges
  • Interest is charged on Daily Reducing Balance
  • Tenure up to 30 years
  • Comparatively lower interest rates for Women Borrowers
  • Home Loan Available as Overdraft
  • No Prepayment Charges

Eligibility

  • The borrower should be an Indian resident
  • Minimum age of the borrower should be 18 years
  • Maximum age of the borrower should be 70 years
  • Loan Tenure is up to 30 years
  1. SBI Realty Home Loan

SBI through Realty Home Loan offers to its customers the facility to build their own dream home.

With the help of this scheme, one can purchase a plot for the construction of their dream home. But, the construction of the house should be done within 5 years from the date when the loan has was sanctioned. However, the borrower can avail another Home Loan for construction of the house on the same plot.

Features

  • Repayment tenure is up to 10 years.
  • Available at Low-Interest Rates
  • Lower Processing Fee
  • No Hidden Charges
  • Interest is charged on Daily Reducing Balance
  • Comparatively lower interest rates for Women Borrowers
  • No Prepayment Charges

Eligibility

  • The borrower should be an Indian resident
  • Minimum age of the borrower should be 18 years
  • Maximum age of the borrower should be 70 years
  • Loan Tenure is up to 10 years
  1. SBI Bridge Home Loans

Bridge Home Loan to Cover the Gap to Your Dream Home

SBI Bridge Loans facilitate its customers to upgrade their home. Many of us want to purchase a new home which is better from the existing one in terms of space, location etc. In terms to upgrade the home, many face the shortage of funds as they are not able to sell the existing property at that particular time. SBI fills this gap and shortage of funds and provides the borrower funds at the time of their need. The money borrowed is used to purchase the newly upgraded home.

Features

  • Loan amount which one can get is a minimum of INR 20 lakhs and can be a maximum of INR 2 crores.
  • Repayment tenure is of 2 years.
  • Available at Low-Interest Rates
  • Lower Processing Fee
  • No Hidden Charges
  • Interest is charged on Daily Reducing Balance
  • No Prepayment Charges

Eligibility

  • The borrower should be an Indian resident
  • Minimum age of the borrower should be 18 years
  • Maximum age of the borrower should be 70 years
  • Loan Tenure is of 2 years
  1. SBI Corporate Home Loan

This is the special home loan scheme by SBI only for the Corporate Entities.

This home loan scheme provides Home Loans to Corporate Entities whether it is in Public or Pvt. Ltd. Companies. The loan is provided for the construction and acquisition both, but only for the Residential Units. The loan can be opted on the name of the Company by the Directors, Promoters, and Employees.

Features

  • Lower Interest rate
  • Low processing fees
  • No hidden charges

Eligibility

  • The applicant should be an existing borrower of SBI
  • The applicant should be working in a debt-free company
  • The company should be in business for at least 3 years
  • It should have earned Profit at least in the last three years
  • In case there is an existing loan account of the company, it should be regular.
  1. SBI Home Loan to Non-Salaried

How to Avail Home Loan Subsidy Under Pradhan Mantri Awas Yojana

This home loan is offered only to the Non-Salaried Individuals. This implies the loan can be opted by any individual who is self-employed, working as a Proprietor of a Proprietorship firm or can be one of the partners in a Partnership Firm or can be among the Directors in a Company or the firm. The loan is offered for the purchase of an already constructed house, to construct a house, to renovate or repair the existing house.

Features

  • Loan Amount offered is a Minimum of INR 50,000 and a Maximum of INR 50 crores.
  • Repayment tenure is of 30 years.
  • No hidden charges
  • Low-interest rate
  • Interest is charged on the daily reducing balance
  • Low processing fees

Eligibility

  • The borrower should be resident of India.
  • The borrower can be a Proprietor of a Proprietorship firm or can be one of the partners in a Partnership Firm or can be among the Directors in a Company or the firm.
  • Should be in existing business for at least 3 years.
  • Should have earned Net Profit in the last two years.
  • Minimum Age of the borrower can be 18 years.
  • Loan Tenure is up to 30 years.   
  • If there are any existing credits, it should be regular and standard too.
  1. SBI Home Loan Tribal-Plus Scheme

SBI believes that it is very important to take along every community and sect along to achieve the goal for development. So, the Tribal-Plus Scheme was introduced by the bank to work for the welfare of people living in the hilly or tribal areas of North East India and areas coming in the vicinity of Chandigarh, Bhopal, Lucknow, Patna, and Bhubaneswar. The loan is given to the individuals to buy homes or flats. Applicants can also buy old homes or flats not more than 10 years of age. The applicants can also apply for the loan if they want a home extension, or improvement or renovation.

Features and Benefits

  • Lowest rates of interest on home loans.
  • Interest rate calculated on daily reducing basis and charged on monthly basis.
  • As compared to 1% to 3% processing fees charges of other banks, SBI gets your loan processed at only 1% processing fees.
  • No prepayment penalty is levied. So, if you want to prepay your loan using the extra amount you have, you can do that and reduce your burden.
  • No hidden costs.
  • No administrative charges.
  • Full transparency.
  • Minimum documentation.
  • Easy and quick process.
  • No need of security land or things.
  • Eligibility can be enhanced by showing the income of the spouse who should be a permanent employee with Government / PSU / Private Sector unit. The unit must guarantee the person.
  • The maximum loan amount sanctioned is INR 500,000.
  • The loan is calculated by taking the monthly income and multiplying it by 24.

Eligibility

  • The applicant should be a Resident of India.
  • Minimum Age of the borrower is 21 years.
  • Maximum age of the borrower is 60 years.
  • Loan Tenure is up to 15 years.
  • Loan Amount is a maximum of INR. 10 Lakhs

Checklist of Papers/Documents You Need to Get a Home Loan from SBI

Importance of Age and Tenure When Applying for a Loan

    • Completely filled loan application form.
    • 3 Passport size photographs.
    • Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card/ Aadhar card
    • Proof of Address (any one): Copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or a copy of Passport/ Driving License/ Aadhar Card.
  • Property Papers:
    • Permission for construction (where applicable)
    • Registered Agreement for Sale
    • Allotment Letter/Stamped Agreement for Sale
    • Occupancy Certificate (in case of ready to move property)
    • Share Certificate , Maintenance Bill, Electricity Bill, Property Tax Receipt
    • Agreement from the builder, Conveyance Deed (For New Property)
    • Payment Receipts or the  bank A/C statement showing all the payments made to Builder or the seller.
  • Account Statement:
    • Last 6 months Bank Account Statements.
    • In case there are any previous loan from other Bank, then Loan A/C statement for last 1 year
  • Income Proof for Salaried Applicant applicants, Co-applicant and Guarantor:
    • Salary Slip of last 3 months
    • Form 16 of last 2 years and the copy of IT Returns for the last 2 financial years
  • Income Proof for Non-Salaried Applicant, Co-applicant, and Guarantor:
    • IT returns for last 3 years
    • Balance Sheet of last 3 years
    • Profit & Loss A/c for last 3 years
    • Business License Details
    • TDS Certificate

The foremost thing for the SBI Home loan is the trust towards the bank. The Brand Trust Report 2015 recognized as the SBI as the most trusted bank. This is because that it is a government managed bank and hence, safer than other banks in case of bankruptcy. The CASA ratio is among the bests among other banks, this means that rates of interests are lower. This is also because of the scale of operation. As per the home loan book value, the SBI is the largest home loan, provider.  SBI is one of the oldest and most trusted banks, chances are that you or anyone of your family has a bank account in the SBI. This means that you might be in friendly relations with the staff and the manager where it can be easy to understand the processes of the loan.