This home loan offered by SBI is especially offered to non-salaried individuals. The SBI Home Loan to Non-Salaried – Differential Offerings can be used for acquiring or constructing a flat/house, refinancing an existing home loan from another bank /HFCs (housing finance companies) and for the renovating or repairing an existing flat/house. The interest rate starts at 8.10% for this type of home loans with the repayment tenure going up to 30 years.
SBI offers floating interest rates on this home loan. The rates offered vary based on the home loan amount. The rate is calculated are from 1-Year MCLR + 25 bps to 1-Year MCLR + 80 bps. The current MCLR (Marginal Cost of Funds based Lending Rate) is 8.25%.
The effective interest rates for non-salaried individuals currently range from 8.10% p.a. to 8.45% p.a.(Term loan)
Here are the eligibility criteria to be met before applying for the SBI Home Loan to Non-Salaried – Differential Offerings:
Find below the documents that you need to submit when applying for this loan:
For all applicants:
Bank account statements:
Self-employed individuals can benefit with this home loan in the following ways:
No. Charges for CERSAI Registration, Valuation Report, TIR, and others will be recovered in addition to the processing fee charged by the bank.
The maximum processing fee charged is Rs.10,000, whereas the minimum processing fee charged is Rs.2,000.
A fee of Rs.50+GST will be applicable on loan amounts of up to Rs.5 lakh and a fee of Rs.100+GST will be applicable on loan amounts of above Rs.5 lakh.
Pre-sanction fees will include advocate’s fee for the property search plus the title investigation report. It will also include the valuer’s fee for the valuation report.
Post-sanction fees will include the stamp duty that must be paid for the loan agreement and mortgage, premium for property insurance, and the CERSAI Registration fee.
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