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.
In this article…
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.
Filled up loan application form
Proof of residence
Statement of Bank account
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
|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.