State Bank of India - 7.50% for Home Loan - Takeover Loan

SBI Home Loan:

SBI is one of the leading housing loan providers in the country.

SBI is a large public sector bank with the lowest home loan percentage rate in India.

SBI offers housing loans to people who want money to purchase a house, home renovation, home extension, etc.

The house itself acts as a security to the loan.

 

Taking a loan from SBI has the following benefits:

1. Home loan rate directly linked to the repo rate, first of its first-of-its-kind product.

2. Special rate for women borrowers.

3. Nil PF for Central and State Government employees.

4. Loan up to 90% of property value.

5. Nil prepayment charges for floating rate loans.

 

SBI Home Loan Details:

Interest Rate

7.50%*

Loan Amount

Up to 90% of property value loan loan

Loan Tenure

Up to 30 years 

Processing Charges

Up to 0.35% of the loan amount (Minimum: Rs 2,000; Maximum: Rs 10,000)

 
Scheme Wise SBI Housing Loan Interest Rates

SBI Home Loan Schemes    Interest Rates (p.a.)
SBI Home Loan (TL)    7.50%-8.45%
SBI Maxgain Home Loan (OD)    7.75%-8.70%
SBI Top-up Home Loan    8.00%-10.50%
SBI Top-up Home Loan (OD)    8.25%-9.20%
SBI YONO Insta Home Top-up    8.35%
 

SBI Home Loan Schemes:

SBI offers various customized home loan offers for different types of home loan borrowers.

The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defenseand and and army personnel, pre-approved home loans for existing customers,

and home loans for construction and upgradation of homes amongst others.

Some of the popular SBI home loan products and their specifications are listed as follows:

 

Regular Home Loan

Purpose: SBI offers a Regular Home Loan scheme for financing the purchase of already built/under construction property and the purchase of pre-owned homes.

Those seeking to avail Regular Home Loan for financing the construction of their home property or avail Home Loan for carrying out repair/renovation/extension of their existing house property can avail the SBI Regular Home Loan scheme.

Tenure: Up to 30 years

 
NRI Home Loan

Purpose: SBI offers NRI Home Loans to Non-Resident Indians for purchasing residential properties in India.

Tenure: Up to 30 years

 

SBI Flexipay Home Loan

Purpose: SBI offers Flexipay Home Loan to salaried applicants wherein they can avail higher loan amounts. The repayment tenure of SBI Flexipay Home Loan is divided into two terms – the pre-EMI period where the borrower pays only the interest component and the balance period where the borrower pays both the interest and the principal component.

Tenure: Up to 30 years

 

SBI Home Loan Balance Transfer

Purpose: SBI Home Loan Balance Transfer  is offered to existing home loan borrowers of other banks/HFCs to transfer their housing loans to State Bank of India at lower interest rates.

 

SBI Privilege Home Loan

Purpose: Government employees working with central/state government, public sector banks, public sector undertakings and other individuals with pensionable services can avail SBI Privilege Home Loan.

Tenure: Up to 30 years

 

SBI Shaurya Home Loan

Purpose: SBI Shaurya Home Loan is a special home loan scheme designed for army and defense personnel with lower interest rates, easy repayment options and a longer repayment period.

Tenure: Up to 30 years

 

SBI Pre-Approved Home Loan

Purpose: SBI Pre-Approved Home Loan allows prospective home loan applicants to obtain pre-approved loan sanction even before finalizing the property.

This allows the applicants to confidently negotiate with the builders/sellers. This sanction is offered on the basis of the income of the home loan applicant.

Tenure: Up to 30 years

 

SBI Realty Home Loan

Purpose: Prospective home loan borrowers can avail SBI Realty Home Loan to raise funds for plot purchase and home construction thereon, provided the construction begins within 5 years from the date of loan sanction.

Loan Amount: Up to Rs 15 crore

Tenure: Up to 10 years

 

SBI Top-up Home Loan

Purpose: SBI offers SBI Top-up Home Loan to its existing home loan borrowers wherein they can avail additional loan amounts over and above their existing home loans for any personal use.

Tenure: Up to 30 years

 

SBI YONO Insta Home Top-up Loan

Purpose: Pre-select existing home loan borrowers of SBI can avail SBI YONO Insta Home Top-up Loan, to meet their personal requirements. This is an instant top-up home loan facility offered through a completely digital process over the SBI YONO app.

 

SBI Tribal Plus

Purpose: SBI Tribal Plus is a special home loan scheme designed for individuals residing in tribal/hilly areas.

The applicants can avail the home loan scheme for the purchase/construction of a new house/flat, the purchase of an existing house/flat not more than 10 years old, and repair/renovation/extension of existing home properties.

Loan Amount:

For Salaried Individuals- Up to Rs 20 lakh

For Non-Salaried Individuals – Up to Rs 15 lakh

Tenure: Up to 15 years

 

SBI Maxgain Home Loan

Purpose: SBI Maxgain Home Loan is a home loan overdraft facility offered to applicants planning to purchase ready-to-move-in properties.

The borrowers are required to meet their EMIs just like they do for Regular Home Loans.

However, the drawing power on the overdraft facility gets reduced monthly to the extent of the principal balance.

 
SBI housing loan interest depends upon:

1. Loan amount: 

The housing loan rate in SBI depends upon the loan amount you apply for. The higher the loan amount, the lesser the rate

 

2. Your Salary:

Income helps you identify your rate of interest. The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate

 

3. Type of loan opted for:

SBI also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:

SBI offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

SBI Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from SBI also carry some other charges which include:

1. Processing Fee :

SBI applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

2. Technical and Legal Charges :

SBI also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on SBI rules.

 

3. Prepayment Charges:

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to SBI.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans.

Hence, you can prepay your home loan with SBI at Nil charges.

Know All About SBI Home Loan.

 

SBI Housing Loan:

Apply:

Apply for an State Bank of India Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare SBI Home Loan rates with other banks before choosing the best deal for your home loan needs.
 

SBI Home Loan Documents:

List of papers/ documents applicable to all applicants:

1. Employer Identity Card.

2. Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs.

3. Proof of Identity (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card.

4. Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card.

 

Property Papers:

1. Permission for construction (where applicable).

2. Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.

3. Occupancy Certificate (in case of ready-to-move property).

4. Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.

5. Approved Plan copy (Xerox Blueprint) and registered Development Agreement of the builder, Conveyance Deed (For New Property).

6. Payment Receipts or bank A/C statements showing all the payments made to the Builder/Seller.

 

Account Statement:

1. Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s.

2. If any previous loan is from other Banks/Lenders, then the Loan A/C statement for the last 1 year.

 

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

1. Salary Slip or Salary Certificate for the last 3 months.

2. Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.

 

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

1. Business address proof.

2. IT returns for the last 3 years.

3. Balance Sheet & Profit & Loss A/c for the last 3 years.

4. Business License Details(or equivalent).

5. TDS Certificate (Form 16A, if applicable).

6. Certificate of qualification (for C.A./ Doctor and other professionals).

 

For Salaried employees:

1. Fill up the loan application form.

2. Two passport-size photos.

3. ITR of the last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Frequently Asked Questions:

 

Q. What is the SBI home loan procedure?

Ans. You can apply for an SBI home loan by contacting the application online like - Apnarupee.com.

Availing of a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees.

Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on the property, and eligibility calculation.

The bank will make a decision on your loan based on the evaluation results. You can also check your SBI home loan status by logging in to your customer account with Apnarupee.com.

 

Q. Why should I take a home loan from SBI?

Ans. Interest rate linked to Repo Rate

Special rate for women borrowers

Overdraft facility to save interest

Nil Processing Fee on Loan Transfer

Doorstep service by the authorized person

Multiple home loan schemes as per the need of the customer

 

Q. What is the maximum loan tenure I can opt for under an SBI house loan?

Ans. SBI offers you a longer tenure of 35 years to repay your loan with the benefit of paying less EMI per month.

 

Q. Do I get tax benefits on home loans from SBI?

Ans.  As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and

interest components of a home loan under section 24 and section 80C of the Income Tax Act.

 

Q. Can I foreclose my home loan? What are the charges applicable?

Ans. Yes, you can foreclose your loan with Nil charges.

 

Q. Can I transfer my house loan from another bank to SBI?

Ans. Yes, the Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing loan transfer to SBI can allow you to save interest, pay lower EMIs, and save money.

 

Q. Can I club the income of my spouse with mine and apply for a joint home loan?

Ans. You can club the income of your spouse to increase your loan eligibility if the spouse is a co-owner of the property or guarantor of the loan.

 

Q. What is the benchmark applicable for housing loans?

Ans. The benchmark applicable for home loans in SBI is Repo Rate and 1 Year MCLR.

 

Q. What is the effect of part prepayments on SBI housing loan EMI?

Ans. Part prepayments help you reduce the outstanding amount of the loan which in turn will reduce the interest amount due.

After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

 

Q. How to increase my eligibility for an SBI housing loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your incomes will help you increase your eligibility to get a loan.

 

Q. What security do I need to provide?

Ans. SBI requires a registered mortgage of the property against which the bank will provide you a loan. In the case of under-construction property, additional collateral security is required.

 

Q. Am I eligible for a top-up on my existing home loan?

Ans. SBI allows you to top up your existing home loan up to a maximum LTV of 75%.