SBI Home Loan

SBI Home Loan Key Features

Please Note: The above figures are only indicative and are subject to change without any prior notice.

SBI Home Loan Interest Rate

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:

1. The applicant’s nationality should be Indian.
2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
3. 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:

1. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
2. 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:

1. The applicant’s nationality should be Indian.
2. 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.

Apply for Home Loan

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

Apply for Home Loan

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.

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.

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.

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.

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.

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).

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.

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!

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.

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.

Apply for Home Loan

SBI Home Loan Charges and Fees

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

Loan EMI Calculator 

Apply for Home Loan

SBI Home Loan Pre Calculated EMIs

TABLE WILL APPEAR

Other Loan Products from SBI

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.