SBI Home Loan Offers Review

Buying or constructing a home involves a huge expense which can prove to be a burden for a common man. You can get home loans that offer unique schemes to repay the money in easy installments. Now SBI is a popular and the most reliable bank in India. You can apply for these loans for purchase or construction or even repair/maintenance of your homes. It can be availed by salaried or business or self-employed professionals by submitting the required documents. They offer the most reasonable interest rates and their processing charges are also pretty low.

Who can apply for SBI Home loan?

Home loan for women where she is the sole applicant or the co-applicant.
– For salaried professionals, Professionals/self- employed/ other IT assesses.
– For the youth between the age group of 21-45 the SBI Yuva Home loan.
– Home loan to non-resident Indian or person of Indian origin.

SBI Home Loan Eligibility Criteria

For availing home loan the following prerequisites have to be followed.

– Minimum age for availing loan is 18 years and the maximum is 70 years by which the loan has to be repaid.
– Income proof of spouse/son/daughter who is living with you.
– Expected rent accruals.
– Security or mortgage of the property.

Documents required

Filled up loan application form
Passport photo
Identity proof
Pan card
Proof of residence
Statement of Bank account
Signature identification
Personal assets and liabilities statement

Documents for Additional Salaried professionals

Original salary certificate
Copy of the IT returns for the past two years.

Documents required by professionals/self- employed

Three years IT returns
Photocopy of advance income tax

Types of SBI Home Loans

SBI Home Loan Reviews

Type of Loan Minimum Amount Maximum Amount Nature of loan Intrest
SBI Maxgain Rs 20 Lakhs No cap Loan in the form of overdraft like savings or current account. 0.25% above the prevailing interest rate.
SBI Yuva Home loan Rs 5 Lakhs 10 Crore Loan given to salaried, Private Sector, Companies/MNCs/Government Undertakings/PSUs & the Government employees. General rate
Home loan for NRI Rs 3 Lakhs No cap Minimum tenure abroad 2 years. Check here.
SBI Realty Nil 10 Crores For construction of a dwelling unit. General rate
SBI Tribal Plus Nil 10 Lakhs Home loan for hilly or tribal areas. General rate
Gram Nivas Nil 5 Lakhs Home loan for rural areas. General rate
Sahyog Nivas Nil Rs 5K per member Loan for self-help groups in rural areas. General rate

SBI Home loan interest rates & fees involved

Home loan details
Interest rate 9.5% for women and 9.55% for general
Loan Tenure 30 years

SBI Home loan fees

Loan Amount Processing Fee
Up to Rs. 25 Lacs 0.25% of loan amount, minimum Rs. 1000/-
Above Rs. 25 Lacs and up to Rs. 75 Lacs Rs 6500
Above Rs. 75 Lacs Rs 10000

SBI Home Loan Review

SBI Home loans has some of the best schemes as compared to other home loans in India. Their interest rate is very attractive (being low). They have made special provisions for easy payment of the loans in simple and easy installments. It can be availed by young working professionals making it easily accessible for all. Even self-employed as well business professionals can also get home loans easily (something many other banks cringe about). They would be required to furnish details and corresponding documents showing the income source. The property would be required to be deposited as collateral security. Once all the installments including the principal as well as interest has been paid off the property is handed over to the owner.

Being a government recognized bank people greatly trust and bank with SBI for their efficient services. The interest rates do fluctuate with changes in the government policy but charges are reasonable too. The loan amount will be sanctioned based on the income of the person. Tax benefits can also be gained on the principal as well as interest under the Income Tax Act of 1961. Again customers who wish to pay and finish off the loan can also make lump sum payment. But this would be subject to prepayment charges.

I would recommend SBI home loans if you are looking for a home loan for less interest rate and fees, provided you don’t mind going to the bank for getting things done. Some other banks will come to your doorsteps to get things done but I’ve noticed that they usually come with hidden charges. SBI doesn’t have hidden charges or unusual charges on trivial things. However banking is not pain-free or effortless compared to the new-generation banks.

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Mani Karthik

About the Author

Mani Karthik

Entrepreneur, Mentor & Blogger.
I help business grow & scale. Have helped 15+ companies scale in US, Middle East and India.
I share everything I learned on this blog, so that you benefit. Here’s more about me.

2 responses to “SBI Home Loan Offers Review”
  1. Mani Karthik

    I agree.

  2. Anand

    I like SBI because their features are good. Customer service is not awesome like some private banks but that is ok. You get things done, without seeing a plastic smile.

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