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  • SBI Home Loan Processing Fees

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  • 0.35%
    ** Starts at 0.35% of the loan amount
    ** Processing Fee Waived Till 31 May 2019
    Interest Rate 8.60% onwards
    Maximum Tenure 30 years

    State Bank of India’s housing finance competitive in the market and it come with various fees and charges, one such is the SBI home loan processing fee.

    Types of SBI Home Loans and Their Processing Fees:

    SBI Home Loans Processing Fees
    SBI Regular Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Privilege Home Loan Full Waiver
    SBI Balance Transfer of Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Shaurya Home Loan Full Waiver
    SBI NRI Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Bridge Home Loan* 0.35% + Service Tax (Min. Rs.5,000)
    SBI Flexipay Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI CRE (Commercial Real Estate) Home Loan* 0.35% + Service Tax (Min. Rs.5,000)
    SBI Pre-Approved Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Smart Home Top Up Loan* Rs.2,000 + Applicable GST
    SBI Realty Home Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Insta Home Top-Up Loan* Rs.2,000 + Applicable GST
    SBI Home Top-Up Loan* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Corporate Home Loan 0.50% + Applicable GST (Min. Rs.50,000 and Max. Rs.10 Lakh)
    SBI Home Loan to Non-Salaried* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Earnest Money Deposit (EMD) 0.50% (Min. Rs.1,000)
    SBI Tribal Plus* 0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)
    SBI Reverse Mortgage Loan 0.50% (Min. Rs.2,000 and Max. Rs.20,000)
    SBI Loan Against Property* 1% + Service Tax (Max. Rs.50,000)

    *Please note that SBI has waived processing fees till 31 May 2019 on some of its housing loans.

    SBI Regular Home Loan Processing Fees:

    The processing fee for the SBI regular home loan is zero, valid up to 31 May 2019. However, housing finance offered by SBI attract a processing fee of 0.35% of the loan amount, subject to a minimum of Rs.2,000 and a maximum of Rs.10,000 (excluding applicable taxes).

    SBI Privilege Home Loan Processing Fees:

    SBI offers the Privilege Home Loan exclusively for Central and State government employees including those working in Public Sector Undertakings (PSUs) as well as for individuals who are under the pensionable service.

    The processing fee is currently zero under this type of home loan, valid up to 31 May 2019.

    SBI Balance Transfer of Home Loan Processing Fees:

    The bank offers the balance transfer of housing loan facility which helps the customer transfer his existing loan from Scheduled Commercial Banks (SCBs), Housing Finance Companies (registered with the National Housing Bank), private and foreign banks as well as the borrower’s employers on condition that the employer is Central or State government or Public Sector Undertaking.

    Under this type of housing loan, the processing fees for SBI Home Loan Balance Transfer is zero which is valid up to 31 May 2019.

    SBI Shaurya Home Loan Processing Fess:

    This type of housing finance is exclusively offered by SBI for defence employees. The SBI Shaurya Home Loan boasts of lower interest rates along with several other benefits. Apart from lower interest rates and benefits, defence employee applicants could get a longer repayment period and options to ease repayments of the loan amount.

    The bank is charging zero processing fees, which is valid up to 31 May 2019.

    SBI NRI Home Loan Processing Fees:

    SBI offers housing finance to Non-Resident Indians (NRIs) and the processing fees for NRI home loans is zero which is valid until 31 May 2019. Loans for housing offered the SBI, otherwise, attract the regular processing fee of 0.35% on the loan amount subject to a minimum of Rs.2,000 and a maximum of Rs.10,000.

    SBI Bridge Home Loan Processing Fees:

    This type of housing loan caters to those who wish to upgrade their existing home to a better location or a bigger house, by selling the current property or home. The processing fee applicable under this type of loan is 0.35% of the loan amount; however, it’s subject to a minimum fee of Rs.2,000 and a maximum of Rs.10,000.

    SBI Flexipay Home Loan Processing Fees:

    A unique type of housing finance, SBI offers Flexipay home loan for salaried individuals with a provision of a higher loan amount. In this type of loan, you have the option to pay only the interest during the pre-EMI period, after which you can pay moderated EMIs. As the tenure progresses, the EMIs will be increased.

    SBI CRE (Commercial Real Estate) Home Loan Processing Fees:

    Do you like investing in residential spaces? Then the SBI CRE Home Loan is offered to those individuals who are looking to invest in a third property. Under this loan, the maximum number of flats, houses, or residential plots is limited to three, while under the Housing Loan Scheme, it’s restricted to five, apart from closed accounts, including the current loans.

    The processing fees for this loan is 0.35% of the loan amount with a minimum of Rs.2,000 and a maximum of Rs.10,000.

    The processing fees under this type of housing finance has been waived, effective until 31 May 2019.

    SBI Pre-Approved Home Loan Processing Fees:

    Based on your income details, SBI offers a pre-approved housing loan before finalising a property so that you can bargain for a better price with the seller or the builder. The processing fees for the SBI Pre-Approved Home Loan is 0.35% of the loan amount subject to a minimum amount of Rs.2,000 and a maximum of Rs.10,000.

    Please note, the processing fee is non-refundable under this type of loan and will be collected by the bank at the time of the loan being sanctioned.

    SBI Smart Home Top-Up Loan Processing Fees:

    The SBI Smart Home Top-Up Loan is a type of loan which you can avail for your personal needs like expenditure on marriage, education, and renovation/repair/furnishing of your home. The processing fees on SBI Smart Home Top-Up Loan is Rs.2,000 excluding applicable taxes.

    SBI Realty Home Loan Processing Fees:

    If you’re looking to build your house from scratch, the SBI Realty Home Loan offers the chance to customers to buy land for construction purpose. The house construction should be completed within 5 years from when the loan was sanctioned. You can also apply for another loan for the construction of the property for which SBI provides an extension. The maximum loan amount under this type of SBI housing finance can go up to Rs.15 crore with repayment tenure of up to 10 years.

    Under this housing finance, the processing fee is 0.35% of the loan amount, which is subject to a minimum of Rs.2,000 and can go up to Rs.10,000.

    SBI Insta Home Top-Up Loan Processing Fees:

    SBI offers this type of housing finance to its pre-selected housing loan customers available exclusively through the bank’s online platform. From processing the loan, selection of customers, and the disbursement of the top-up loan as well as setting up the standard instructions of your SBI saving account will be executed by the system with no manual intervention. The processing fee is zero for the SBI Insta Home Top-Up Loan.

    SBI Top Up Home Loan Processing Fees:

    SBI offers to top-up your existing housing loan which can be availed for any personal purpose. The interest rate applicable on the SBI Top-Up Loan is relatively lower than personal loan interest rates. The processing fees for the SBI Top Up Loan is currently zero, valid up to 31 May 2019.

    SBI Corporate Home Loan Processing Fees:

    To cater to the corporate entities of both private and public limited companies, the bank offers the SBI Corporate Home Loan for acquisition or construction of homes under the name of the company and for takeover the loan availed from other banks or housing finance corporations.

    The processing fees for this loan is 0.50% of the loan amount, subject to a minimum of Rs.50,000 and a maximum of Rs.10 lakh.

    SBI Home Loan to Non-Salaried – Differential Offerings Processing Fees:

    SBI offers this type of loan to non-salaried individuals for the purpose of acquisition or construction of residential flat or house, renovation or repair of existing flat or house, and takeover of housing loans from other banks or lenders.

    The bank charges processing fees of 0.35% of the loan amount with a minimum charge of Rs.2,000 and a maximum of Rs.10,000.

    SBI Earnest Money Deposit (EMD) Processing Fees:

    This scheme offered by SBI is to cater to individuals who are looking to book built houses or residential plots sold by Government Housing agencies such as Urban Development Authorities which include HUDA, PUDA, and Housing Boards.

    This loan attracts processing fees of 0.50% of the loan amount with a minimum charge of Rs.1,000.

    SBI Tribal Plus Home Loan Processing Fees:

    The loan is designed to offer housing loans to individuals from hilly or tribal areas. Individuals from these areas can avail the SBI Tribal Plus home loan for the construction or purchase of new flat or house, purchase of pre-owned flat or house subject to the house not being more than 10 years old, and for renovation or repair or extension of an existing flat or house.

    The processing fees for this type of loan is 0.35% of the loan amount with a minimum charge of Rs.2,000 and a maximum of Rs.10,000.

    SBI Reverse Mortgage Loan Processing Fees:

    For senior citizens who have a self-occupied or self-acquired property in India, the bank offers the SBI Reverse Mortgage Loan. In this type of loan, you can reverse mortgage your home and SBI makes payments to you or your spouse against the residential property while you’re not required to service the mortgage loan during your lifetime.

    The processing fees for the SBI Reverse Mortgage Loan is 0.50% of the loan amount, subject to a minimum amount of Rs.2,000 and a maximum of Rs.20,000.

    SBI Loan Against Property Processing Fees:

    SBI offers a loan against your property for personal use like expenses on marriage, education, healthcare, etc. However, you cannot use these funds for business activities. The processing fees under the SBI Loan Against Property is 1% of the loan amount with the maximum charges restricted to Rs.50,000.

    SBI Home Loan Processing Fees for Salaried and Self-Employed Professionals (SEP):

    The processing fees for salaried and self-employed professionals is 0.35% of the loan amount with a minimum fee of Rs.2,000 and maximum of Rs.10,000 plus applicable taxes.

    SBI Home Loan Processing Fees for Self-Employed Non-Professionals (SENP):

    SBI charges processing fees of 0.35% of the home loan amount subject to a minimum of Rs.2,000 and a maximum of Rs.10,000.

    Frequently Asked Questions:

    1. What is the difference between a floating rate and a fixed rate of interest?
    2. ANS: In the floating interest case, the interest rate can increase or decrease due to market fluctuations, while in the fixed interest rate case, the interest rate remains the same is not affected by market conditions.

    3. How is the home loan interest rate computed?
    4. ANS: Housing loan interest rates are computed by banks on daily/monthly/yearly reducing balance method. SBI calculates housing loan interest rate based on the daily reducing balance method. Details of the types of interest rate calculation are listed below:

      • Daily Reducing Method: In this type of calculation, the principal amount reduces from the day you pay the Equated Monthly Installment (EMI).
      • Monthly Reducing Method: Here, the principal amount reduces every month as you pay the EMI.
      • Annual Reducing Method: In this case, the principal amount reduces at the year-end and you continue to pay interest on the principal amount which you have already paid to the bank.
       
    5. What are the SBI home loan prepayment charges?
    6. ANS: State Bank of India does not charge prepayment penalty on any of its housing loans to its customers.

    7. What are the SBI home loan balance transfer charges?
    8. ANS: SBI is currently charging zero processing fees which are valid until 31 March 2019 for balance transfer of the housing loan. Also, for this type of loan, there are pre-sanction fees such as legal and valuer’s fee as well as post-sanction fees which include stamp duty for loan agreement and mortgage, property insurance premium and CERSAI registration of Rs.50 plus GST up to Rs.5 lakh and Rs.100 plus GST for loan amount above Rs.5 lakh.

    9. What is a Pre-EMI on home loans?
    10. ANS: A pre-EMI is the interest amount you’ll have to pay on the loan amount being disbursed during the progress of the construction of your home. After the possession of the flat/house, the actual EMI payment commences.

    11. Does SBI offer concessional home loan interest rates for women?
    12. ANS: SBI has a special scheme known as ‘HER’ Ghar designed exclusively for women applicants, under which there’s a concessional interest rate of 0.05% per year subject to the below two criteria:

      • Women should be one of the co-applicants or the sole applicant for housing finance.
      • Also, women should be a co-owner or sole owner of the property for which the loan is being availed.
       
    13. What are the different types of documents required to apply for a home loan?
    14. ANS: Below are the documents required to be submitted:

      • Identity Proof: Aadhar Card, Voter ID, Driving License, PAN
      • Income Proof: For salaried individuals, the bank requires the latest 3 months' salary slips which reflects all deductions along with Form 16 for the last three years. As for non-salaried individuals, you’re required to submit IT returns for the last 2 years and the calculations of income for the past 2 years which should be certified by a Chartered Accountant.
       
    15. What are the other charges that could be imposed when availing a home loan?
    16. ANS: There are other charges apart from the processing fee and interest rate. These are:

      • Pre-Payment Penalty: When you repay the outstanding loan amount ahead of the scheduled tenure, a penalty could be charged by banks. Currently, SBI does not charge prepayment charges on its housing finance schemes.
      • Miscellaneous Charges: Other miscellaneous charges include a legal fee for search time clearance and valuer’s charges towards the valuation of the property which is being financed by the bank.
       
    17. What is the down payment required for a home loan?
    18. ANS: Banks and lenders usually fund 75% to 85% (maximum of 90%) of the total value of the property being purchased, while the remaining amount is paid by the borrower upfront. This upfront payment is known as a down payment.

    19. What are the tax benefits of home loans?
    20. ANS: Under Section 80C of the Income Tax Act, you can claim tax deductions on the interest amount and the principal paid on the loan. While you can claim a maximum deduction of up to Rs.1.5 lakh on the principal amount being paid, it's up to Rs.2 lakh for the interest amount being paid. Additionally, you can claim a tax deduction for the stamp duty and registration charges which can be claimed only on the year the property is being registered.

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