SBI Home Loan Key Features
Feature | Value |
SBI Home Loan Interest Rate | 6.90% onwards |
SBI Home Loan EMI / Lakh | Rs. 662 |
Loan Tenure | Up to 30 years |
Loan Amount | Percentage based on property value |
Loan to Value Ratio | Up to 90% of property value |
Loan Available on the Following Types of Property |
|
Special Offer for Women | Interest rate concession of 0.05% |
Processing Fee | Up to 0.5% of loan amount excluding GST |
Prepayment Charges | No prepayment charges for floating rates |
Part Payment Charges | Nil |
Guarantor Required | Nil |
Please Note: The above figures are only indicative and are subject to change without any prior notice.
SBI Home Loan Interest Rate
SBI Home Loan Schemes | Interest Rate For Women | Interest Rate for Others |
SBI Home Loan | 6.90% – 7.95% | 7.00% – 8.00% |
SBI Reach Loan | 8.75% – 14.00% | 8.75% – 14.00% |
Plot Loan | 7.05% – 8.05% | 7.10% – 8.10% |
Rural Housing Loan | 6.90% – 8.70% | 7.00% – 8.70% |
Home Improvement Loan | 6.90% – 7.95% | 7.00% – 8.00% |
Home Extension Loan | 6.90% – 7.95% | 7.00% – 8.00% |
Home Loan Top Up | As per home loan slabs | As per home loan slabs |
Home Loan Balance Transfer | 6.90% onwards | 6.90% onwards |
Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.
SBI Home Loan Eligibility Criteria
Salaried Individual:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.
Self Employed Individual:
Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the SBI Home Loan. This includes everybody who is a:
- Traders
- Commission agent
- Contractors
The following criteria must be met to apply for a home loan:
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.
Self Employed Professionals:
Applicants who are professionally engaged in the working sector are also eligible for the SBI Home Loan. This includes everybody who is a:
- Doctors
- Lawyers
- Charted Accountant
- Architect
- Consultant
- Engineer
- Company Secretary
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
Additional Criteria for Co-applicants:
- Co-applicant must be a family member of the primary applicant.
- All co-applicants are not required to be the co-owners of the property.
Please find more information on Eligibility by visiting DialaBank.
SBI Home Loan Documents Required
Salaried Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Latest Salary Slips from the last 3 months.
- Latest Form-16 and IT returns
- Employment Contract/Appointment Letter if the current employment is less than a year old.
Property Related Documents:
- A cheque for processing fee favoring ‘SBI.’
- Copy of the Buyer Agreement/Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Self Employed Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Business Profile and Previous 3 years Income Tax returns (Both self and business)
- Previous 3 years Profit/Loss Account and Balance Sheet.
Proof Of Business:
- Educational Qualifications Certificates
- Business achievements (Certificate or awards if any)
Property Related Documents:
- A cheque for processing fee favoring ‘SBI.’
- Copy of the Buyer Agreement or Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Agriculturists:
KYC Proof – PAN Card (Mandatory) and any of Driving License/Voter ID/Passport
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Copies of title documents of agricultural Land showing crops being cultivated
Property Related Documents:
- A cheque for processing fee favoring ‘SBI.’
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
Additional requirements for Co-applicants:
Passport size photograph of all co-applicants to be affixed on the Application Form and signed across
Different Home Loan Schemes By SBI
SBI Home Loan – For Resident Indians
This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.
Specific Information for SBI Home Loan Scheme for Indian Residents |
|
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 30 years |
SBI Home Loan for NRI/PIO – For NRIs and PIOs
This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:
- Purchase a flat, row house, bungalow in India from private developers in approved projects.
- Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
- Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
- Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.
SBI Plot Loans – For Buying a New Plot
This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.
Specific Information for SBI Plot Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 80% of the value of Property |
Interest Rate | 7.10% onwards (0.05% concession to women) |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
SBI Top Up Loans – For SBI Home Loan Borrowers
This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.
Specific Information for SBI Top-Up Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | New Customer – 8.30% onwards
Existing Customer – As per Home Loan Slabs |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
SBI Home Extension Loans – For Adding Space in Your Home
This type of loan is specifically for those individuals who want to extend or add space to their home property.
Specific Information for SBI Home Extension Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 20 years |
SBI Home Loan Balance Transfer – For All Home Loan Borrowers
SBI Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.
Specific Information for SBI Home Loan Balance Transfer Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to Rs. 50 Lakhs |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 30 years |
SBI Home Loans under Pradhan Mantri Awas Yojana
This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up-to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).
Specific Information for SBI Home Loan Pradhan Mantri Awas Yojana Scheme | |
Eligible Profiles | Available to EWS/LIG, MIG-I, and MIG -II |
Loan Amount | No Cap |
Interest Subsidy | 3.00% onwards |
Maximum Subsidy | Up to Rs. 2.67 Lakhs |
Loan Tenure | 20 years |
SBI Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month
This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.
Specific Information for SBI Reach Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 80% of the value of Property |
Interest Rate | 8.75% onwards |
Processing Fee | Up to 2% of the loan amount + GST |
Loan Tenure | 30 years |
SBI Rural Housing Loans – For Indians Living in Rural Areas
This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for the individuals who are salaried or self-employed!
Specific Information for SBI Rural Housing Loan Scheme | |
Eligible Profiles | Available to Salaried, Sef-employed Individuals and Agriculturists |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 7.00% onwards (0.05% concession to women) |
Processing Fee | Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST |
Loan Tenure | 30 years |
SBI Home Improvement Loans – For Covering Home Renovation Costs
This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.
Specific Information for SBI Home Improvement Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | New Customer – Up to 90% of the estimates from improvements.
Existing Customer – Up to 100% of the estimates from improvements. |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
Advantages of SBI Home Loan
SBI Home Loan is a savior to those who are in need of financial support relating to home and plots. It offers the following:
- A huge variety of home loan schemes.
- Easy application with minimum documentation and paperwork.
- It is a part of the Pradhan Mantri Awas Yojana.
- Provides loan approval prior to the selection of the property.
- Provide a 0.05% concession to women to encourage them for their own homeownership.
- Provide several repayment methods to choose from and opt the one best suited to you.
- Full transparency as SBI promises no hidden costs and fees.
SBI Home Loan Charges and Fees
Particulars | Charges |
Processing Fees | Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher |
Prepayment charges | No prepayment charges for floating rates |
Check dishonor charges | Up to Rs. 200 |
List of documents | Up to Rs. 500 |
Photocopy Of documents | Up to Rs. 500 |
PDC Swap | Up to Rs. 200 |
Disbursement cheque cancellation charges post disbursement | Up to Rs. 200 |
Increase/Decrease in the loan term | Up to Rs. 500 |
Re-appraisal of loan post 6 months from sanction | Up to Rs. 2,000 |
How to apply for SBI Home Loan
- Visit Dialabank for a Home Loan.
- Go to the SBI Home Loan page.
- Check out all the eligibility and documents criteria for a Home Loan.
- Fill out all the details required in the Home Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
SBI Home Loan EMI Calculator
SBI Home Loan Pre Calculated EMIs
TABLE WILL APPEAR
Other Loan Products from SBI
SBI Personal Loan | SBI Gold loan | SBI Car Loan |
SBI Education Loan | SBI Two Wheeler Loan |
SBI Home Loan FAQ
✅ How to repay my SBI home loan?
There are different payment methods through which you can repay your SBI home loan, this can be done:
- By issuing Standing Instructions to pay the loan installments through Electronic Clearing System.
- By opting for direct deduction of monthly installments by your employer.
- By issuing post-dated cheques from your salary account.
✅ When can you apply for SBI’s top-up loan?
A year after the disbursement of the existing loan amount and the possession or completion of the financed property.
✅ What is the maximum loan amount from the home loan can I get on my salary?
A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.
✅ What is a Floating Interest Rate?
Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.
✅ How DialaBank can help you get a Home Loan?
Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.
If you want to apply for SBI Home Loan get in touch with DialaBank through phone by dialing on +919878981166 or by visiting at DialaBank.
Table of Contents
- 1 SBI Home Loan Key Features
- 2 SBI Home Loan Interest Rate
- 3 SBI Home Loan Eligibility Criteria
- 4 SBI Home Loan Documents Required
- 5 Different Home Loan Schemes By SBI
- 5.1 SBI Home Loan – For Resident Indians
- 5.2 SBI Home Loan for NRI/PIO – For NRIs and PIOs
- 5.3 SBI Plot Loans – For Buying a New Plot
- 5.4 SBI Top Up Loans – For SBI Home Loan Borrowers
- 5.5 SBI Home Extension Loans – For Adding Space in Your Home
- 5.6 SBI Home Loan Balance Transfer – For All Home Loan Borrowers
- 5.7 SBI Home Loans under Pradhan Mantri Awas Yojana
- 5.8 SBI Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month
- 5.9 SBI Rural Housing Loans – For Indians Living in Rural Areas
- 5.10 SBI Home Improvement Loans – For Covering Home Renovation Costs
- 5.11 Advantages of SBI Home Loan
- 6 SBI Home Loan Charges and Fees
- 7 How to apply for SBI Home Loan
- 8 SBI Home Loan EMI Calculator
- 9 SBI Home Loan Pre Calculated EMIs
- 10 Other Loan Products from SBI
- 11 SBI Home Loan FAQ