State Bank of India Home Loan

State Bank of India Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. SBI home loan is most sought after, as the bank provides one of the lowest interest rates on housing loan in India. The State Bank of India introduces a wide range of home loan products to its customers. One can choose among the different options based on their requirement and suitability.

These loans come up with exclusive packages that can cater all your financial needs while you plan to buy a house. At Loanbaba.com, you will come across information about all types of SBI Home Loans in India. Some of the SBI home loan options available are as follows.

Why Choose State Bank of India Home Loan?

• The advantage of this loan is its same interest throughout the duration, if fixed, but flexible on floating rate of interest.
• Simple documentation is needed and the home loan in SBI then gets processed faster.
• The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
• You can check out State Bank home loan eligibility and State Bank Home Loan EMI calculator at Loanbaba.com.

Features of Home Loans at SBI

Home loan by SBI are for varied customer and some of the important features of housing loan scheme by the bank is discussed below.

1. SBI MaxGain Home Loan

This loan is offered to people who look forward to taking credit at low-interest rates at no additional cost. The SBI MaxGain loan scheme also behaves an overdraft account giving the customer a benefit to withdraw and deposit the money value depending on their cash availability.

• One can avail an amount starting from Rs 5 lakh, there being no upper limit.
• The interest rates are fixed at 0.25% added to the existing home loan interest if any.
• The floating interest rate is applicable at 10.15%.
• This scheme is highly liquid and lets you save on the total interest paid.
• It does not attract any pre-closure charges.
2. SBI Yuva Home Loan

This is a special home loan offered to people who are young and plan to take their first house. The age eligibility for this scheme is 21 – 45 years. The credit is offered at 20% added to the regular loan amount.

• The minimum monthly income of the applicant should be at least Rs 30,000 per month.
• The loan attracts no pre-closure charges
• The floating interest rate applies at 10.15%.
3. SBI NRI Home Loan

As the name itself says, this home loan is offered to Non-Resident Indians (NRIs) and the People of Indian Origin (PIOs). It is provided to people who earn a regular income having their minimum employment period in India or abroad at least for 2 years.

• One can avail an amount starting from Rs 3 lakh, there being no upper limit.
• Only NRIs and PIOs can apply for this loan.
• The loan attracts no pre-closure charges
• The floating interest rate applies at 10.15%.

Why Apply for a Home Loan on Loanbaba?

At Loanbaba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

SBI Home Loan Interest Rates

The State Bank home loan interest rate starts at 8.30% to 8.65%, but varies as per individual profile. Keep a check on this page to note the updated SBI home loan interest rates for the current year.

SBI Home Loan Eligibility Calculator

Home loan eligibility may differ from one candidate to another. You can also use free-of-cost SBI Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for SBI housing loan are discussed below:

• The applicant for home loan SBI needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
• He/she meet the requirement for credit score and should not be under too many debts.

Documentation requirements for salaried and entrepreneurial individuals

• Filled application form for Reliance Home Loan
• Passport sized photographs of both the applicant and the co-applicant.
• KYC documents including their identity and residential proof. This may include a copy of your Aadhar card, voter ID, passport, PAN card, driving license, etc.
• Form 16
• Salary slips of past 3 months.
• Bank statement of past 6 months.
• Repayment track record

Documentation requirements for sole proprietorship or partnership or a private limited firm

• Passport sized photographs of the applicant and the co-applicant.
• Fully filled and signed loan application form.
• KYC documents including their identity and residential proof. This may include a copy of your voter ID, passport, Aadhar card, PAN card, driving license, etc.
• Attested copies of your partnership, AOA or MOA.
• Audited financial papers of the previous 2 years.
• Income tax returns of the partners or the directors for past 2 years.
• Bank statement of the operating account for past 6 months.
• Qualification certificate if the candidate is an expert such as a doctor, advocate, charted accountant, architect or a civil engineer.

Types of SBI Home Loans

SBI has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. The State Bank of India has various options that can help uplift the tribal and people from rural areas of the country as well as fund for houses in urban and semi-urban areas. These schemes coordinate with the organisation’s commitment to building our nation. Some of these housing schemes are:

4. SBI Realty Home Loan

This loan scheme is for people wanting to buy a land or a plot to build their house. The construction should, however, start within 2 years from the loan sanctioning date.

• One can avail an amount of maximum 15 crores.
• The tenure of the loan is not more than 15 years.
• The loan attracts no pre-closure charges
• The floating interest rate applies at 10.15%.
5. SBI PAL

This is a pre-approved home loan by SBI. The loan under this scheme does not depend on the property you’ve bought. Instead, it gives the freedom first to get the loan and then decide what property to buy.

• The eligibility for the loan will depend on the annual income of the applicant.
• The pre-approved letter is valid only for 4 months.
• One needs to avail at least Rs 10 lakh under this scheme, there being no upper limit.
• The loan attracts no pre-closure charges
• The floating interest rate applies at 10.15%.
6. SBI Her Ghar Home Loan

This scheme is specially designed for women applicants. A woman should be a sole applicant of the loan or the primary applicant of the loan. The property also should be in the name of the woman applicant or should be the primary owner in case of a joint ownership.

• The tenure of the loan is not more than 30 years.
• The loan attracts no pre-closure charges
• The floating interest rate applies at 9.40%.