SBI Home Loan

SBI Home Loan
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Promised Interest Rate

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State Bank of India (SBI), the world’s largest bank, has many home loan schemes tailored to the needs of customers including SBI Maxgain, SBI Realty, SBI Home Plus & NRI Home Loans. Some of the advantages of an SBI housing loan are low interest rates with interest on daily reducing balance, low processing fees, no hidden cost & no administrative charges, plus zero prepayment penalties. View more details about SBI home loan below.


You’re probably eligible for an SBI Home Loan if you are

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SBI Home Loan Minimum Age

At least 21 years old

 SBI Home Loan Maximum Age

Less than 60 years old

SBI Home Loan Eligible Employment Type

Salaried / Self-employed
with regular income

SBI Home Loan Minimum Income

Earn more than the minimum
income required


Your SBI Home Loan amount eligibility is based on these factors

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SBI Home Loan Minimum Salary

EMI limited to about 50%
of monthly income

SBI Home Loan Maximum Loan to property value

Loan capped @ 75% to 80%
of property value

SBI Home Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible SBI Home Loan amount by these steps

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SBI Home Loan Add Spouse as Co-applicant

Make your spouse a co-applicant,
and her income will add
to your eligibility

SBI Home Loan Maximum Tenure

Choose longer tenure loan up to 30 years

SBI Home Loan Add parents as Co-applicant

Alternatively add your parents


Documentation needed to apply for an SBI Home Loan

  • 1. Signed application form with photograph
  • 2. ID and residence proof
  • 3. Processing fee cheque
  • 4. Last 6 months bank statements
  • 5. Documentation for salaried applicants:
    • Last 3 months salary-slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Education qualification certificate & proof of business existence
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

SBI Home Loan Interest RatesUpdated on 30 Jan 2015

SBI Home Loan Details
Interest Rate (Floating) For women - 10.10%
For others - 10.15%
Processing Fees No processing charges(Limited Period Offer)
Loan Tenure 30 years
Pre-closure Charges Nil

Overview of SBI:

State Bank of India (SBI) is a government owned banking and financial service organization. The bank is headquartered in Mumbai and is the largest banking institution of India in terms of assets. The bank has a massive presence in the country with over 17,000 branches spread across the nation’s length and breadth. Not only this, the bank has a huge international presence too with branches in over 34 countries of the world. SBI caters to a large base of individual and corporate clients and has operations in the fields of personal banking, investment banking, corporate banking, asset management and so on.

SBI Home Loans:

State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Low interest rates, flexible payment options and zero hidden charges are some of the features that lend to the popularity of SBI home loans.

With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.

Why apply for a SBI Home Loan through BankBazaar?

Applying for a home loan can sometimes become a great hassle if you do not have all the information required to choose the correct option. Since SBI offers a host of home loan schemes, opting for the best-suited and most applicable scheme can become a massive task. BankBazaar provides you with all the right information required to obtain a loan. Not only this, BankBazaar also helps you in asking the right questions, calculating your EMIs (through online calculators) and in comparing the rates of different home loan schemes.

SBI Home Loan Schemes:

SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

  • SBI MaxGain Home Loan:
  • The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.


    Features:
    • Min. Loan Amount – 5 lacs
    • Max. Loan Amount – No upper limit
    • Interest Rate – 0.25% over and above the existing home loan interest
    • Higher Liquidity, Savings on total interest paid
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

  • SBI Yuva Home Loan
  • This SBI home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.


    Features:
    • Eligibility – 21-45 years
    • Minimum Income – Rs.30,000 per month
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

  • SBI NRI Home Loan
  • As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.


    Features:
    • Min. Loan Amount – 3 lacs
    • Max. Loan Amount – No upper limit
    • Eligibility – NRI or PIO
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

  • SBI Realty:
  • This SBI loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.


    Features:
    • Max. Loan Amount – 15 crores
    • Loan Tenure – Up to 15 years
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

  • SBI PAL
  • This is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.


    Features:
    • Eligibility – Depends on the annual income of the applicant
    • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
    • Min Loan Amount – 10 Lacs
    • Max Loan Amount – No upper limit
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

  • Her Ghar Home Loan:
  • This is a home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.


    Features:
    • Loan Tenure – 30 years
    • Interest Rate – 10.10%
    • Pre-Payment Charges - Nil

More Housing Loans from SBI:

Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

Here are a few such housing schemes offered by SBI-

  • SBI Tribal Plus:
  • This housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.


    Features:
    • Min. Amount – nil
    • Max. Amount- 10 lacs
    • Repayment Period – up to 15 years

  • GRAM NIWAS:
  • The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.


    Features:
    • Min. Amount – nil
    • Max. Amount- 5 lacs
    • Repayment Period – up to 15 years

  • SAHYOG NIWAS:
  • Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.


    Features:
    • Min. Amount – nil
    • Max. Amount- 50,000 per person of the self-help group

Significant Features of SBI Home Loans:

  • Lower interest rates as compared to other contemporary banks
  • Low processing fees
  • No hidden charges or administration fees
  • Nil pre-closure charges making repayment easier and more flexible
  • A huge network of branches across the nation making it convenient to visit a SBI branch
  • Exclusive packages depending upon individual needs of customers
  • Interest is calculated on daily reducing basis which lowers the overall interest paid

Documents required applicable to all 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 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
  • Address Proof
  • Signature Identification from present banker

FAQ Section:

Frequently asked questions about SBI Home Loan.


How can I decide which SBI home loan fits my requirement?

BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.


What are the various interest rates offered on home loans?

Interest rates vary with respect to their floating or fixed nature. Generally, foating home loan rates vary between 10-12.5% and fixed vary from 11.25-14%. This also depends upon the lender bank. SBI offers floating interest rates between 10.35-10.40%.


What is the processing fee charged by SBI for home loans?

SBI charges a low processing fee for its home loans. 0.25% of the loan amount is charged. The amount can be anywhere between Rs.1,000 to Rs.10,000.


Can I pay off my SBI home loan earlier than the initial tenure?

Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.


Is there any security required for the SBI home loan?

Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.


Is a guarantor required to sign my loan application?

Yes. A guarantor with all the valid and required documents need to sign your loan application.


What kind of job makes me eligible for SBI home loan?

You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.


Can joint-applications be made for SBI Home Loans?

Yes. Joint applicants are welcome at SBI.


Are there any tax benefits associated with SBI home loan?

Yes. Tax rebate under section 80C of the Income Tax Act is applicable.


Are long-term home loans beneficial or short-term loans?

Long-term loans are beneficial in giving you the option and comfort of lower EMIs, however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.


How long does it take for my loan to get sanctioned?

If all the required documents are in place then your SBI home loan can be sanctioned in a few days.


Where can I apply for SBI home loan?

With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

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News about SBI Home Loan

  • SBI to Enlist Ex-Employees
    to Monitor Loans

    India’s largest public sector bank, the State Bank of India (SBI), is in talks with ex-employees who recently retired from the bank to draw on their expertise to monitor loan accounts and train existing employees. These ex-employees will be recruited on a contract-basis for short periods of time.


    The expected outcome of this move is to improve the quality of credit, reduce deviations and positively influence skills of existing/new employees.


    This move comes in the wake of increased emphasis on compliance and quality asset creation as well as tougher competition from peers in the private sector.


    As a result of these initiatives, the bank hopes to see a positive impact on its loan business. SBI hopes to improve home loan sales by channeling its products across all its network branches, even beyond its banking vertical.


    To this effect, SBI will source home loan customers through its other verticals as well such as insurance and mutual funds.

    8th January 2015

  • SBI Home Loans See Good Numbers

    The State Bank of India’s recent move to waive processing fees as part of its festive offer has proved beneficial. The country’s largest lender saw a rise in home loan numbers and is expecting a further increase. It hopes to achieve disbursals in the range of Rs.200 crores per day.


    While this may be an optimistic number, it may soon become a reality considering that this PSU bank’s current home loan disbursals are at Rs.188 crores per day. This represents a 14% year-on-year growth.


    A majority of business is coming in from loan categories below Rs.50 lakhs.This has underscored the need for the bank to focus on higher value loans which will increase profitability, particularly the over Rs.75 lakh category.


    This increase in retail loan disbursals spells good news for credit growth numbers for the bank given the lows the banking sector has been facing in recent times. Banks have been trying to boost sales on retail loans in a bid to shadow the poor credit uptake from the corporate segment. Home and auto loans make up a large part of most banks’ retail lending portfolio.

    27th October 2014


SBI Home Loan Reviews

86 % of our customers would recommend this bank. (158 out of 184) Write Review
Customer Reviews
Page 1 of 10 1 2 3 4 5
  • Validated User
    (0)

    State bank of India did offer Maxi gain home loan which is additional benefit. There are no hidden charges and they are totally transparent. In this bank, Maxi gain is nothing but the rate of interest would be same as well as loan amount would be same.

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    m took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
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    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    SBI services in terms of home loan was good. It was hassle free processing and even documentation was pretty much ok. The charges was all quite reasonable and which was charged at the end of disbursal.

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    shivaraya took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The services are satisfactory when I applied for a home loan in State bank of India. The also responded satisfactorily. The rate of interest was 10.15% and as I had a salary account I applied for the loan. There is no processing fees and the customer support is good. They informed that the loan will be provided within a monthâ??s time which is good.

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    aman took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (1)

    Hi, I had taken a HL from SBI and I am very satisfied with the service till now. Initially, they took more time for verification/title-clear, but later on I found that there verification is on of the most stringent. It means that any illegal land/property will not get loan approval. Even the customer service has improved a lot in past few years.

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    vaibhav took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    Services is good however for receiving provisional certificate for tax benefits, need to visit the State Bank of India branch and submit the application which is hectic process. Other than this, there was no issues in terms of my home loan.

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    sambhaji took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I am holding a housing loan with SBI. It is quite professional and they have helped me a lot. They are quite flexible as well. I spoke with the Manager in person she is a very good lady and she is very much supportive. Even when she was on a holiday, she still called me and followed up with the executive. I only went to the Branch for signing the documents it only took 3 days of time.

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    jitendra took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My home loan got sanctioned in the month of October with State bank of India. I didn't face any difficulties in terms of processing and disbursal. They had charged lesser than other banks which is good. Executive who was assigned was not much approachable or responsive which is disappointing.

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    satya took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    One of my friend has suggested me to take housing loan with SBI. SBI has got its own brand name so I blindly placed my trust in SBI and I have taken a housing loan with SBI. Off course, they have asked for many documents its still fine because builder requires such documents and it is collected for customer well being. So that the customer would be affected in the future.

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    jeetendra took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI was offering better interest rate for home loan. Even there are no excess charges for processing. I had no reason of availing the loan as I don't have any related documents to the property.

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    subrmaninyan took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am holding a housing loan with SBI. It is not very easy to do correspondence with that Bank. I have to wait for a long time because I am not getting proper response from them on time. I find private Banks more responsible than SBI . Rate of interest offered by them is high and the duration is good . I have got the annexure only during the first month but not later.

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    kishore took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Since my friend is working in State bank of India, I did visit this bank for home loan. Services were quite pleasant and the processing was quite easier and friendly. Added to it, my salary account is with this bank. Whatever demanded with them, I got it easily. One thing is the phone banking which is fully engaged as unable to reach them.

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    siva took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (3)

    I took a loan of Rs. 8.5 Lacs in 2009 for SBI, Rajpur Branch and the rate of interest was only 8.5%. but for last 3 years they are charging interest @ 12%. I have visited several times in the branch but they are unable to explain the same properly. They just told me that the base rate of RBI has been increased. But I have confirmed from other bank that the base rate is 10.15%. In their advertisement they are still offering interest @ 10.10% which are nothing but making the customers fool. but after disbursement they are increasing the rate without intimating their customers. This is nothing but cheating.

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    sukanta took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (3)

    Home loan services with State bank of India is pretty much fine. Services is not up to the mark however they provide standardized interest rate which is a plus point. Even there is a part payment option with 0% charges.

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    manohar took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I am holding a housing loan with SBI. I need to do follow up with them. They only concentrate on high value customers. They don't focus more on a normal customer. Its a on going loan . The loan amount was disbursed on time . Its been a month now since this account is opened . I am expecting a better service from them.

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    sachin took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (3)

    I prefer State Bank of India for home loan as they are very thorough in terms of procedures as well as policy. Added to it, there is part payment option with 0% pre closure with nil processing fees. It floating interest rate however based on the market rate when it gets raised up, I have a choice of reducing by paying some amount.

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    saleel took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    There were no issues faced in availing home loan from State bank of India. I was happy about the response time as well as the rate of interest. The General Manager Mr.Nagappan Pillai as well as Sentil, Deputy manager who helped me a lot and guided me well. As I had a existing car loan with them, it was easier to go for home loan.

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    sabanthur took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I got the home loan from State bank of India at a very low interest rate. Particularly, as the rate of interest was lesser, added to it even documentation was quite simple, hence I did get the home loan from State bank of India.Overall processing is good.

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    raja took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (2)

    One should take a housing loan with SBI only. As its good in all the aspects. Good to hold a housing loan with a nationalised Bank. Firstly they offer less rate of interest. Secondly they offer very less processing fee.The response what they offer is better than a nationalized Bank and I am very much happy with them.

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    poonam took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (6)

    Home loan services of State bank of India is really good. Initial stage of the processing was little bit difficult however the processing was quite easier.Customer service team did helped me a lot. Rate of interest was 10.5% which is quite ok.

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    sathaiah took a Home Loan from STATE BANK OF INDIA Reviewed on
  • (2)

    I have taken home loan from SBI loan account is linked with Max gain (OD) Account. I had surplus money for my daughter's marriage which I have parked in OD a/c. I can take out them as and when I need just like kept in saving a/c. And saving is @10.30%. (Interest = Total outstanding loan - Over draft amount)*10.30%). I am really benefited out of it. Thanks to SBI for such a great facility. Processing of loan is very smooth if you submit all the valid documents as listed.

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    sahebrao took a Home Loan from STATE BANK OF INDIA Reviewed on
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