SBI home loan

salaried self employed NRI add co-applicant

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SBI Home Loan Overview

Compare & Apply for Low Interest Rate Home Loans from SBI.

SBI is the most ideal Home Loan providers in India. State Bank of India is the world’s largest bank with over 13,700 branches in India. State Bank of India is dedicated to protect environment and is offering Unique Interest rates offers on Green Homes Housing Loans. Check your Eligibility Now!

SBI Housing Loans come with unique advantages:

Low interest rates with interest on daily reducing balance
Low processing fees
No hidden cost & no administrative charges
Zero prepayment penalties. Use excess funds to reduce the interest load

SBI Home Loan Products:

SBI Maxgain
SBI Realty
SBI Home Plus
NRI Home Loans
SBI Tribal Plus
Gram Niwas
Sahyog Niwas
SBI Green Home Loan
Earnest Money Deposit (EMD) Scheme
SBI Reverse Mortgage Loan
SBI Surakshit Home Loan
SBI Yuva Home Loan
SBI Home Loan PAL

SBI Home Loan Amount:

Actual loan amount will be based on the factors such as loan applicant’s income and repaying capacity, age, assets and liabilities, cost of the property etc. To enhance loan eligibility you have option to add:

Your Spouse, Children’s living with you as co-applicants.
Expected rent from the proposed property purchase, incase you plan to rent it out.
Regular additional income from other sources.

SBI Home Loan FAQs

Will SBI offer in-principle approval for home loans before finalising the home?
Yes, State Bank of India gives in-principle approval for your home loans. The approval is based on your income and repayment capacity.

How long does SBI take to sanction a home loan?
If your documents are ready and valid then it will take around 7 days time for the home loan approval.

Is it possible to apply for SBI home loan with co-applicant?
Yes, you can certainly apply with a co-applicant like your spouse; this will help in getting better loan amount. Your spouse can be joint owner for the property or can be a guarantor as well.

What would be the security against the SBI home loan?
Generally all banks including State Bank of India require a mortgage of the property for which the loan is being taken.

What is the processing fee for SBI Home Loans?
SBI charges a minimum of 0.25% of the loan amount and a maximum of Rs. 10,000 if the loan amount is above Rs. 75 lacs. The processing fee is payable at the time of documentation only.

Is there a penalty to prepay the SBI home loan?
No, there is no prepayment or pre-closure penalty with SBI Home Loans.

Will I get tax benefit with SBI housing loan?
Yes, under the Income Tax Act of 1961, you are eligible to get tax benefits of up to Rs. 1,50,000 per annum for repayment of Interest component and up to Rs. 1,00,000 per annum for repayment of Principal component.

Do SBI offer home loan on daily reducing balance interest rates?
Yes, SBI offers home loan interest rates on daily reducing balance.

SBI Home Loan Eligibility & Documentation

State Bank of India Home Loans Eligibility Criteria:

Loan Applicant should be minimum 18 years of age.
Maximum age of applicant can be 70 years by which the loan amount has to be paid in full.

Documentation required for SBI Home Loan:

Documents required for Salaried:

Application form with 3 photographs.
Identification proof (photocopies of Passport/Voters Identity Card/IT PAN card/ Driving licence).
Residence/address proof (photocopies of latest electricity bill/telephone bills/ passport/property tax receipt/Voters identity card).
Pass Book or bank account statement for past 6 months.
Statement about individual assets and liabilities.
Signature authentication from current bankers.
Original Salary Certificate/Pay Slip from employer.
Copy of Income Tax Returns for past two financial years or TDS certificate on Form 16 properly approved by the Income Tax Department.
Processing fee cheque.

Additional Document required for Self Employed:

Education qualifications certificate & proof of business existence.
Business profile.
Last 3 years profit/loss & balance sheet.
Photocopies of receipts showing Advance Income Tax payment.

SBI Home Loan Interest RatesUpdated on 24 May 2013

Details of SBI Home Loan

SBI Bank Loan Interest Rate.(Monthly reducing balance): 9.95% to 10.10% floating
Base rate - 9.7%. Check Customized Interest Rates Now!
Processing Fees: Varies by loan amount from Rs.1,000 to Rs. 20,000
SBI Bank Home Loan Tenure: 5 year to 30 years
Other Fees: Advocate's fee for property search & title investigation report. Fee for valuation report
Prepayment Charges: Nil
Guarantor Requirement: Guarantor is required in same city

Home Loan Articles

Checklist-Home loan documentation!
Home loans are easy to come by these days. So, don’t fret over it. Focus on the documents you need to furnish while applying for a home loan. Documents required: We give you a standard list of documents your bank will ask for. Besides this you need to submit details of the property or home you are obtaining the loan for.
Are you loan eligible?
Home loans are the most easily accessible financial supplement to purchase your dream home. To understand how to enhance your eligibility to apply for a home loan, make a simple self-assessment. Here is how banks do it.
Beware of these home loan facts!
A bank is eligible to demand additional security when property prices fall. Even if you are loyal on your EMI payments, this clause demands a security cover in addition to your loan amount and if a borrower fails to provide such a security then he/ she may be declared a defaulter by the lender.
Have more questions on loans? Ask us now!
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