Loan

Benefits of Applying Housing Loan From SBI

Benefits of Applying Housing Loan From SBI

If you are looking to get funds for a house from financial institutions then State Bank of India is a one-stop solution for you. The national bank of India offers the lowest home loan interest rate, Lower Processing fees, special offers every month for women, Govt. employees etc. Let’s understand the benefits of SBI home loan:-

Salient Features of SBI Home Loan

  • The home loan can be availed by both salaried as well as self-employed
  • Women customers get a discount on interest rate
  • Any individual who is in an age group between 18 to 70 years can apply for the loan
  • The property ann individual is buying is pledged as collateral
  • Loan to Value Ratio is 90 percent
  • Tenure is between 5 years to 30 years
  • EMI starts at as low as of Rs. 769 per lakh
  • Tax benefits- As the income tax department of India taxpayers are eligible for tax rebate if buy a house by taking a home loan. If a house is a self-occupied house in that particular Assessment Year (AY) a rebate of Rs 2 lakh is given and if entire interest paid during the AY as a deduction without any limit, if they have given the property on rent. The principal component of such loan repayment can be claimed as a deduction from the total income under Section 80C, up to a maximum of Rs 1.5 lakhs.

The interest rate of SBI Home loan:-

Rate of interest at State Bank of India starts at 8.35 percent, the deciding factors are occupation, the quantum of income, nature of the loan, etc.

Loan AmountSBI Home Loan FloatingThe rate for Female Borrower
Up to Rs. 30 Lakh8.40%8.35%
Rs. 30 Lakh – 75 Lakh8.55%8.50%
Above Rs. 75 Lakh8.65%8.60%

Eligibility criteria to apply for SBI home loan:-

Salaried

  • Age-  18 years to 70 years
  • Income- Rs.1,20,000 per annum
  • Loan amount offered- Rs 5,00,000 – 1,00,00000
  • Tenure- 5-30 years
  • Current experience- 2 years

Self employed

  • Age-  21 years to 70 years
  • Income- Rs.2,00,000 per annum
  • Loan amount offered- Rs 5,00,000 – 2,00,00000
  • Tenure- 5-30 years
  • Current experience- 3 years

Documents required to avail SBI home loan:-

Salaried

  1. Application form with photograph
  2. Identity- Passport, Driving License, Election Commission ID Card, Ration Card with Photo, for the person whose photo is affixed, Income Tax PAN Card
  3. Residence proof – Passport, Arms License, Driving License, Election Commission ID Card Ration Card with address, CGHS/ECHS Card
  4. Last 3 months salary slip
  5. Form 16
  6. Last 6 months bank salaried credit statements
  7. Processing fee cheque

Self-employed

  1. Application form with photograph
  2. Identity- Passport, Driving License, Election Commission ID Card, Ration Card with Photo, for the person whose photo is affixed, Income Tax PAN Card
  3. Residence proof – Passport, Arms License, Driving License, Election Commission ID Card Ration Card with address, CGHS/ECHS Card
  4. Education qualifications certificate & proof of business existence
  5. Business profile
  6. Last 3 years profit/loss & balance sheet
  7. Last 6 months bank statements
  8. Processing fee cheque

Read More :- Home Loan Interest Rates

Types of SBI Home loans:-

SBI Balance Transfer Home Loan

In this type of loan a customer can transfer the balance home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking. 

SBI NRI Home Loan

This loan is given to Non-Resident Indians (NRIs) with a tenure of up to 30 years. They need to show PIO Card issued by Government of India. (in case of PIOs) with other necessary documents.

SBI Flexipay Home Loan

This loan is exclusively for salaried employees and it offers 20 percent higher loan amount.

SBI Pre Approved Home Loan

This is a pre-approved loan which enables borrowers to negotiate with a builder for a loan amount.

SBI Realty Home Loan

This is perfect for borrowers who wish to buy a plot for construction. But the construction should be done within the next five years and the repayment period is up to 10 years only.

SBI Home Top Up Loan

This allows borrowers to borrow a certain amount over and above their home loan amount. If you already have a home loan with state bank of India.

SBI Bridge Home Loan

This home loan is for people who want to upgrade their house by moving into a bigger and better location.

SBI Smart Home Top Up Loan

In this home loan, there is no need of document who just go the branch it gets sanctioned within minutes.

Other loans are:-

SBI Home Loan to Non-Salaried

SBI Green Home Loans

Pre-EMI Interest by Builders Scheme

SBI Suraksha

SBI MAXGAIN – Home loan as an Overdraft

SBI Corporate Home Loan Interest Rates

SBI Tribal Plus Home Loan

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