The State Bank of India (SBI) is the safest Nationalised Bank to offer home loans. Most importantly, the bank offers attractive interest rates. To put in simple words, SBI home loan rate is on a budgeted EMI plan. Besides, it gives its borrowers the advantage to pay back the loan at a flexible tenure. Furthermore, there are no prepayment charges. In fact, you need to pay minimum processing fees on the sanctioning and disbursal of the loan amount. With its exclusive packages, the bank has managed to help lakhs of families to accomplish their dreams of owning a home. SBI was declared the winner in CNBC Awaaz Real Estate Awards 2016. Subsequently, it was designated as the “Best Home Loan Provider”.
In this article, we will provide you with a general idea of SBI Bank Home Loan Rate and a variety of related subjects. To mention a few; eligibility criteria, documents needed and so on.
SBI Home Loan: Documents Required
discuss the list of documents you need to submit at the State Bank of India for applying for a housing loan. Indeed, failing to submit the following documents might decrease the chances of getting your home loan sanctioned. On the other hand, there could be a possibility that the loan might be approved at a higher interest rate. Consequently, to stay away from these circumstances you need to have the set of documents ready. Besides, proper documentation helps you to grab the lowest SBI housing loan interest on the sum borrowed. Hence, make sure that you have the required documents all set. Let’s talk about the documents:
- Identity proofs (Voter ID, Aadhar Card, Passport and so on)
- Proof of Residence/ Address (Gas bills, Electricity bills, PAN card, and the like)
- Income proofs with bank statements for the past three to six months
- Photograph
- SBI Home Loan Application form duly filled and signed
- Date of Birth proofs (birth certificate, school mark sheets, etc)
- Income Proof for Salaried Applicant/ Co-applicant
- Proof of income for Non-Salaried Applicant/ Co-applicant
Eligibility Check
When you plan to apply for a Home Loan the first thing that pops up in your mind is: “if I am eligible?” You can now, easily confirm yourself on whether you are eligible for home loan from SBI. You can check loan eligibility SBI by the requirements stated below :
- Applicant/Applicants should be either a citizen of India, a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO)
- Salaried professionals / self-employed individuals with a regular income
- SBI Home Loan applicants should not be less than 18 years of age at the time of application
- Applicants must not exceed 75 years at the time of loan maturity
- Applicants should have a respectable credit score (750 and above)
- Earning prospect is also considered based on the type of service of the applicants
Add-on Benefits
SBI Home Loans generally come with a bunch of benefits. These are planned for the applicants/borrowers. Let’s discuss some of the benefits which all home loan borrowers from SBI enjoy.
- Considering the income horizon of the applicants; SBI home loan rate is offered on various schemes
- The loan process is hassle-free
- The Bank charges a minimum processing fee
- SBI allows Part-payment services too
- No prepayment or foreclosure penalties for borrowers prepared to pay off their loan before the end of the tenure
- Women applicants get a 0.5% off on SBI home loan interest on the sum the applicant borrow
- SBI Loan Interest Rate charges on the daily reducing balance
- You do not need a guarantor for getting your loan
- SBI Home Loan offers transfer of balance as well as top up facilities
- At present, you may apply for a loan online and enjoy E-approval
Home Loan Plans: SBI
SBI is the most preferred bank for those looking to avail loan. This is because the bank approves a series of home loans, a variety of interest rates and a series of repayment tenures. Let’s discuss a few exclusive home loan schemes offered by SBI.
1. SBI Regular Home Loan
These loans are for applicants between 18 to 70 years. In fact, the bank calculates interest rates on the income profile of the applicants. The SBI home loan interest rate for women at present is 6.95% p.a. However, for men is 7% interest rate.
2. SBI Flexipay Housing Loan
The lender approves this loan based on the credit history of the applicant. The processing fee remains the same; however, there is a change in the interest component. I this you get an option to start paying the interest before your EMIs commences.
3. SBI Realty Housing Loan
SBI offers this loan for land purchase. However, you can construct a house by applying for this scheme as well. This plan allows repayment tenures up to 10 years. However, the maximum borrowing limit is set to RS. 15 crores. Besides, you may apply for another home loan along with the SBI Realty Home Loan. The processing fee is 0.35%. However, interest rates set for males are 7.70% – 7.90%. For females it is however, between 7.65% to 7.85% per annum.
Wrapping up
Online sanction, quick disbursement, doorstep service make SBI home loan a preferred choice of borrowers. Undeniably, a one stop solution for a home buyer, however, it is always better to apply after complete market research. Compare the offers offered and then apply.
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