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A "low interest" loan shouldn't mean you have very little interest in paying it back!

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 18 years old

 SBI Home Loan Maximum Age

Less than 70 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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02
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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 31 Mar 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 Offers Special Deals on Loans
    to Pre-Existing Home Loan Customers

    State Bank of India, India’s biggest lender by assets, has offered a jackpot to its existing home-loan customers. SBI’s home loan borrowers can now avail a personal loan or a top-up loan at the same interest rate as home loan. This limited period offer from the nation’s top home loan lender will be a benison for all the existing SBI home loan borrowers.


    As an added advantage, an existing home loan customer can clinch a personal loan at an interest rate of just 10.15%. For women, personal loans will be even affordable at 10.10% interest rate. The only condition to secure this special offer is that the customer must have been paying all his home loan EMIs on time.


    Don’t have a SBI home loan? No worries – With BankBazaar.com, you can check out other awesome home loans deals and also use the EMI calculator to see what fits your budget.

    17th March 2015

  • SBI Suggests Tax Benefit Schemes
    for Home Loans Ahead of the
    Union Budget

    State Bank of India (SBI), country’s largest lender when it comes to home loans, wants the upper limit for tax subsidy to be increased from Rs.15 lakhs to Rs.25 lakhs. SBI has also suggested higher tax benefits for home loans in order to target “Housing for All” by 2022.


    In its wish list for the budget, SBI also wants statutory deduction for stamp duty and registration charges while computing income tax. For recovery of principal component of home loan, SBI has also suggested that the government provide additional deduction of Rs.50,000 above the current limit of Rs.1.5 lakhs. SBI wants the cost of the house to be increased from Rs.25 lakhs to Rs.30 lakhs to be eligible for subvention in the metros. SBI also stressed on the fact that the government should seriously consider bringing housing loan for first-time applicants under overall priority sector ambit. It is worth noting that SBI’s loan book has showed a growth of 13% year-on-year.

    2nd March 2015

  • SBI beats private
    competitors;biggest distributor
    of Home Loans in the country!

    State Bank of India has become the largest player in retail banking with current sanctions of over 800 home loans every day with average sanctions of Rs.150 crores daily.


    The total Home loan outstanding grew by about 4403 crores from the first quarter of financial year 2014-2015 to the third penultimate quarter. The racy pick-up in home loan product has also come as a result of 1405 residential projects where SBI has obtained single title clearance.


    Second in the race of home loan sanctions is, the private player HDFC with loans amounting to Rs.145300 crore in the last quarter. This is closely followed by LIC Housing Finance with Rs.95310 crore as home loan outstanding as against Rs.79255 crores for ICICI, the fourth largest player in the home finance segment.


    The competition is tough and cut-throat because of similar rates offered by all the top banks. The rate offered by these banks is 10.15% for general and 10.10% for women. Sensing the close competition, SBI has deployed more workforce to popularize its home loans.


    As per a study, mortgage penetration in the country is still a meagre 9% of the national GDP as compared to a high 81% and 69% in the UK and the US. This leaves a huge untapped demand that can be leveraged by SBI with its wide network of branches.


    5th February 2015

  • 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

85 % of our customers would recommend this bank. (187 out of 219) Write Review
Customer Reviews
Page 1 of 11 1 2 3 4 5
  • Validated User
    (0)

    I feel SBI is the Best Bank in public sector and they are the best competitor for all other private and public banks as well. I felt the documentation process was very easy while availing this Home Loan. The best part is I got a Max gain account through SBI and I am really happy about this. The interest rate offered was very low and the processing fee were waived off.

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

    I felt the customer service can be better other than that I had an awesome experience with the SBI Bank in the process of availing this home loan. The rate of interest is minimal and fees & charges were also nominal and I feel that is the best part of an government Bank. I will surely recommend this Bank to my friends and relatives.

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

    I am very happy to take loan from SBI. I was amazed to see the processing speed. My loan was sanctioned in less than 5 working days. Documentation was done in a days time. No processing fees was charged and also they are giving facility of parking surplus amount in your account linked to home loan account. That surplus amount will be deducted from your outstanding loan amount resulting in less interest component, so lesser EMIs. You can later use that surplus amount to repay your home loan as well. Win-Win situation for customer.

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

    Banking experience with SBI is good thus I have taken home loan. Interest rate is 10.1% and I think it is like floating rate. They gave insurance for this loan which is nominal. The loan process was fast but they kept me in hold for sometimes as they collected the documents for several times.

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

    SBI Housing loan they need to improvise on the loan process. The documentation process is fine, they should inform the customer before hand. It would be great if they follow the turn around time. The best part about SBI is it has got Maxi gain facility where we can invest the amount and the interest will not be calculated for the deposit which has been maintained.

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    suman took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    The rate of interests charges by SBI Bank is very less for my home loan when compared with other banks. I had taken this loan through my Father in law and so the process was easy for me. One drawback is I had to visit another branch to submit all my documents as they agent donâ??t come and collect it from place. Overall compared with other banks SBI Bank is the best in providing their rate of interests charges.

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

    Only reason to avail home loan in SBI is that the way of approach and method of circulation. Moreover the interest rate is less and it is figure of 10.10% which is on daily reducing balance basis. Whatever the things that were committed, fulfilled at the end of the day. I feel good about SBI.

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    sagar took a Home Loan from STATE BANK OF INDIA Reviewed on
  • (0)

    I have taken a home loan with SBI sometime back. As I hold a salary account with them it was very easy to transfer money. Its was taken before 4 years and its closed successfully. I am happy with the rate of interest . SBI had charged rs 4000 as a processing fee where as other Banks did not, so I was bit unhappy about that. Otherwise its ok.

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

    Only reason to avail home loan in SBI is that the way of approach and method of circulation. Moreover the interest rate is less and it is figure of 10.10% which is on daily reducing balance basis. Whatever the things that were committed, fulfilled at the end of the day. I feel good about SBI.

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

    SBI Housing loan is good, the interest rate and processing fee charged by them was good. There is no hassle in terms of interest rate. In case if RBI changes the interest rate they would immediately slash their rates and there is no need for me to inform them about the same they would reduce the rates pro-actively. There is no need for me to give instructions separately unlike other banks.

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

    SBI is good in interest rate for home loan and partial payment is comfortable. Offered interest rate is 10.15%. If government increases the rate then automatically the banks are increasing the rate but incase it reduces they are taking a long time to implement, it should be taken care. According to me SBI is good but people are saying that they are very slow in processing.

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

    The home loan from SBI Bank took a lot of time for the procedure to get completed and the time taken to provide loan was bit high. And also the volume of money offered by them is less compared to HDFC. The rate of interest charged by them is quiet nominal compared to others.

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

    The customer service provided by SBI Bank was not that good for the home loan I have taken. The documentation process was good and it was very strong with the builder as they asked for lot of documents for validation. It was too hectic for me to collect all the required documents but thatâ??s again I feel it is a very good procedure. It could be better if the customer service is improved by SBI Bank.

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

    My experience with SBI for my home loan was good as they did not ask for any certificates in regards to building completion. The customer service provided by SBI was not that good as the response got delayed and I had to follow up with them on a regular basis. The verification process for my home loan took around 7 days and it was quiet okay.

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    bhushan took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (5)

    Specific reason to choose SBI for home loan is nil processing charge and interest rate 10.15% is less than other banks. SBI is taking a long time to complete the loan process but other than that no hidden charges in home loan. Actually customer can bargain the interest rate and as per that they would negotiate the interest rate. If customer have all documents ready, the process will be much smoother with SBI.

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

    The customer service provided by SBI Bank was good for the home loan I have taken. It took a lot of time for disbursement but the approval of the loan took only 1 to 2 days. The response provided by the customer service executives was fast.

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

    Initially I had a few problem with SBI in regards to interest rates for my home loan as the interest rate committed before was fixed and after it got changed to floating. The response was good and the processing fee charged by them was nominal. It would be great if SBI is transparent in their information and also whatever committed before to be fulfilled till the end.

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

    The customer service provided by SBI was good for the home loan I have taken. I took a long time. One best part is max gain product which stands out compared to other banks. The rate of interest charged is very less and it is very transparent and clear cut in their information. Overall it is not customer oriented and needs more improvement on service.

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

    The customer service provided by SBI was good for the home loan I have taken. My loan got disbursed within 9 days. The rate of interest charged by the bank is less for women. The best part is it was not an time consuming work as they gave me a clear picture of what documents needs to be submitted and the response provided by the customer service executives was quick. I had my account with HDFC LTD for many years but then my home loan application didnâ??t get processed as they say my documents are invalid.

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    tabassum took a Home Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (4)

    Very good service and loan process was on time. SBI is very good in internal status and they are transparent enough. Interest rate 10.15% for home loan is same in all the banks. Rate is floating and later due to RBI rules it may fluctuate. SBI is lacking in response so they have to respond on time.

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