|** 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.
|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.
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 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.
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.
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 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.
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.
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.
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.
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.
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.
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 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 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.
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 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.
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.
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.
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 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.
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 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.
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.
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:
ANS: State Bank of India does not charge prepayment penalty on any of its housing loans to its customers.
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.
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.
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:
ANS: Below are the documents required to be submitted:
ANS: There are other charges apart from the processing fee and interest rate. These are:
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.
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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