SBI Home Loan: Significant Features, Eligibility Criteria, Interest Rates

State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Some of the best features that lend to the popularity of SBI home loans:

Low interest rates
flexible payment options
zero hidden charges etc.

SBI Home Loan Interest Rates

Interest Rate	For women – 8.30% to 8.6% For General Customers – 8.35% to 8.65%
Processing Fees	0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax)
Loan Tenure	30 years
Pre-closure Charges	Nil

Significant Features of SBI Home Loans:

Lower interest rates as compared to other contemporary banks
Low processing fees
No hidden charges or administration fees
Nil pre-closure charges making repayment easier and more flexible
A huge network of branches across the nation making it convenient to visit a SBI branch
Exclusive packages depending upon individual needs of customers
Interest is calculated on daily reducing basis which lowers the overall interest paid

SBI Home Loan Eligibility Criteria:

- Salaried
  - The age of the applicant must be between 18 years and 70 years.
  - The annual income must be atleast Rs.1.2 lakh per annum.

Self-Employed
- The age of the applicant must be between 21 years and 70 years.
- The annual income must be atleast Rs.2 lakh per annum.

Documents Required Applicable to All Loan Seekers:

Duly filled loan application
3 passport-size photographs
Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
Proof of Residence (Current Address Proof)
Bank Statement for last 6 months
Personal assets and liabilities declaration
Proof of property
Income Tax Proofs (If required)
Signature Identification from present banker

Documents Required for Guarantor:

Assets and liabilities Statement
2 passport-size photographs
Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
Address Proof (Telephone Bill/Electricity Bill/Property Tax Receipt/Passport/Voter ID Card)
Signature Identification from present banker

SBI Bank Home Loan Interest Rate:

As of December, 2017, the applicable interest rate for SBI home loan 8.30% to 8.65% for women and 8.35% to 8.70% for general customers . The above mentioned rates are irrespective of the loan amount.

SBI Home Loan Schemes:

SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

SBI MaxGain Home Loan:

The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.

Features:

Min. Loan Amount – 5 lacs
Max. Loan Amount – No upper limit
Interest Rate – 0.25% over and above the existing home loan interest
Higher Liquidity, Savings on total interest paid
Pre-closure Charges – Nil
Interest Rate – Floating 10.15%

SBI Yuva Home Loan

The SBI Yuva home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.

Features:

Eligibility – 21-45 years
Minimum Income – Rs.30,000 per month
Pre-closure Charges – Nil
Interest Rate – Floating 10.15%

SBI NRI Home Loan

As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.

Features:

Min. Loan Amount – 3 lacs
Max. Loan Amount – No upper limit
Eligibility – NRI or PIO
Pre-closure Charges – Nil
Interest Rate – Floating 10.15%

SBI Realty Home Loan

The SBI Realty home loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.

Features:

Max. Loan Amount – 15 crores
Loan Tenure – Up to 15 years
Pre-closure Charges – Nil
Interest Rate – Floating 10.15%

SBI PAL

SBI PAL home loan is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.

Features:

Eligibility – Depends on the annual income of the applicant
Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
Min Loan Amount – 10 Lacs
Max Loan Amount – No upper limit
Pre-closure Charges – Nil
Interest Rate – Floating 10.15%

SBI Her Ghar Home Loan

SBI Her Ghar home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.

Features:

Loan Tenure – 30 years
Interest Rate – 9.40%
Pre-Payment Charges – Nil

More Housing Loans from SBI:

Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

Here are a few such housing schemes offered by SBI-

SBI Tribal Plus:

Tribal Plus housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.

Features:

Min. Amount – nil
Max. Amount- 10 lacs
Repayment Period – up to 15 years

GRAM NIWAS:

The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.

Features:

Min. Amount – nil
Max. Amount- 5 lacs
Repayment Period – up to 15 years

SAHYOG NIWAS:

Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.

Features: