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 provides you the lowest home loan interest rate, with 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
- 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.
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
- Application form with photograph
- Identity- Passport, Driving License, Election Commission ID Card, Ration Card with Photo, for the person whose photo is affixed, Income Tax PAN Card
- Residence proof –Arms License, Passport, Election Commission ID Card Ration Card with address, Driving License, CGHS/ECHS Card
- Last 3 months salary slip
- Form 16
- Last 6 months bank salaried credit statements
- Processing fee cheque
Self-employed
- Application form with photograph
- Identity- Driving License, Ration Card with Photo, for the person whose photo is affixed, Election Commission ID Card, Passport, Income Tax PAN Card
- Residence proof – Passport, Arms License, Driving License, Election Commission ID Card Ration Card with address, CGHS/ECHS Card
- Education qualifications certificate & proof of business existence
- Business profile
- Last 3 years profit/loss & balance sheet
- Last 6 months bank statements
- Processing fee cheque
Types of SBI Home loans:-
SBI NRI Property Loan
This loan is given to Non-Resident Indians (NRIs) with a tenure of up to 30 years. You need to show PIO Card which is 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