SBI Home Loan: Securing a home loan is a crucial and significant financial decision in our lives. Before finalizing the bank for your home loan, it’s essential to gather information about the sbi home loan documents current interest rate offered by different banks. Compare the offerings of various banks, considering factors such as eligibility criteria for government and private banks. Evaluate whether fixed rates or floating rates are more flexible and affordable.
To simplify the home loan process, consider aspects like the ease of prepayment options and the feasibility of balance transfer. We aim to provide answers to these questions and streamline the home loan process for you. An ideal home loan is one that offers the lowest rates throughout the tenure, provides options for part payments, and allows for balance transfer if desired. sbi home loan rate, sbi home loan rate
SBI Home Loan Latest Offer: The State Bank of India is providing a concession of 15 basis points to 25 basis points on its regular home loans from October 4, 2024, to January 31, 2023.
Kotak Mahindra Bank offers the most affordable home loan with an interest rate of 6.65%. Additionally, LIC Housing Finance Limited offers home loan interest rates starting from 6.66%. Currently, several banks are providing home loans at rates below sbi home loan interest
| Bank | Interest Rate (in %) | Processing Fee |
|---|---|---|
| Kotak Mahindra Bank | 6.65 | 🚀 Maximum ₹10,000 |
| LIC Housing Finance Ltd. | 6.66 | 💼 ₹10,000 to ₹15,000 |
| ICICI | 6.70 | 📊 0.25% and up to a maximum of ₹5,000 |
| SBI | 6.70 | ⚠️ Sorry, until 31st August |
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SBI Home Loan Eligibility Requirements
SBI Home Loans stand as the largest Mortgage Lender in India, facilitating the realization of the homeownership dream for over 30 lakh families. To avail the Home Loan from SBI, specific criteria apply based on the type of loan and different categories. The eligibility criteria for SBI Home Loan are outlined in the table below: sbi home loan interest
| 👤 Salaried | Self-employed |
|---|---|
| 📅 Age | 18 years to 70 years |
| 💰 Income | Rs. 1,20,000 (p.a.) |
| 💸 Loan Amount Offered | 5,00,000 – 1,00,00,000 |
| ⏳ Tenure | 5 years – 30 years |
| 🗓️ Current Experience | 2 years |
| 📄 Documentation | 1) Application form with photograph |
| 2) Identity & residence proof | 2) Identity & residence proof |
| 3) Last 3 months salary slip | 3) Education qualifications certificate & proof of business existence |
| 4) Form 16 | 4) Business profile |
| 5) Last 6 months bank salaried credit statements | 5) Last 3 years profit/loss & balance sheet |
| 6) Processing fee cheque | 6) Last 6 months bank statements |
| 7) Processing fee cheque |
SBI Home Loan Interest Rates Overview
The interest rates for SBI home loans are categorized and explained as follows:
| Loan Amount | SBI Repo Rate Home Loan Rate | Rate For Female Borrower | SBI Maxgain |
|---|---|---|---|
| Upto ₹30 Lakh | 6.70% | 6.70% | 7.00% |
| ₹30 Lakh – ₹75 Lakh | 6.95% | 6.90% | 7.25% |
| ₹75 Lakh – ₹1 Cr | 7.05% | 7.00% | 7.25% |
| Above ₹1 Cr | 7.05% | 7.00% | 7.35% |
Documents Required for SBI Home Loan
Applicable to All SBI 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 the 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
Late Fees, Penalty, and Other Charges
Penal Interest: In the event of default in payment or any irregularity in the account, the Bank reserves the right to levy a higher rate of interest as it deems fit. An enhanced rate of interest @2% p.a on the irregular amount for the period of irregularity, over and above the applicable rate, will be charged if the Equated Monthly Installment (EMI) remains unpaid for a period of 30 days from the due date, for any reason, including a bounced cheque. sbi home loan eligibility, sbi home loan eligibility, sbi home loan documents, sbi home loan documents
Most Important Terms and Conditions
SBI Home Loans 2 Failed or Non-payment EMI / Cheque returned/ SI dishonours:
- Reason: Penalty Failed / Non-Payment of EMI – Rs.500 + Service Tax (ST) per EMI missed.
- Reason: Cheque returned (for insufficient funds only) – For cheques up to Rs.1 Lac Rs.225 + ST For cheques above Rs.1 Lac Rs.350 + ST
- Reason: Failed SI – Rs.225 + ST per failed SI
The above-mentioned rates may vary from time to time. Repayment: The loan is to be repaid in Equated Monthly Installments over the tenure of the loan. The repayment installment commences from a date specified in the sanction letter. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of the residual amount, if any.
Disbursement
The loan will be disbursed only on the following conditions:
- All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s
- A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favor of the Bank as per the laws of the State.
Wherever the creation of the mortgage is likely to be delayed for any valid reason, suitable security, including third party guarantee, has been taken for the interim period.
The loan will be disbursed in stages where a loan for construction is desired or purchase is through payment to the seller in installments.
All necessary statutory compliances are in place. SBI may disburse the quantum of the loan in a lump sum or in installments at its discretion depending on the level of construction of the House/Flat as acceptable to SBI.
SBI will disburse the loan amount directly to the builder/seller/society as the case may be and as requested/specified/directed by the customer to SBI at the time of each disbursement. SBI shall not be responsible/liable in any manner whatsoever for any delay by the customer in providing such request/specification/direction to SBI, and the customer shall not claim any costs, charges, and expenses in any relation to any non-disbursal by SBI due to any such delay by the customer.
The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction.
FAQ’S about SBI Home Loans
The bank will determine your loan eligibility primarily based on your income and repayment capacity. Other essential factors include your age, qualification, number of dependents, your spouse’s income (if any), assets and liabilities, savings history, and the stability and continuity of occupation.
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please check with our Loan Counselor about the tax benefits you could avail of on your loan.
Yes, you could opt for a ‘Top-up Home Loan,’ whereby your existing loan (taken to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This allows you to move into your new home without pre-paying your existing loan.
An under-construction property refers to a home that is in the process of being constructed, and possession will be handed over to the buyer at a subsequent date.
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.
