SBI Privilege Home Loan

The SBI Privilege Home Loan is launched by State Bank of India specifically for government employees. This includes state and central government employees (including Central government PSBs and PSUs) and pensioners.

SBI Privilege Home Loan Interest Rate

Interest rates vary according to the customer’s risk score, LTV ratio, and other factors where check-off facility is not available. For the check-off facility, the interest rate is in the range of 6.80% p.a. - 7.15% p.a.

Eligibility Criteria

The following are the eligibility criteria for the SBI Privilege home loan:

1. Minimum age: 18 years
2. Maximum age: 75 years
3. Resident Indian

Documents Required

These are the documents required for income proof and identity proof:

For all applicants:

• Proof of residence/address proof (any one of the following): Recent copy of the telephone bill/Water Bill/electricity bill/piped gas bill or copy of driving license/Aadhaar card/passport
• Proof of identity (any one of the following): Voter ID card/PAN/passport/driver’s license
• Employer identity card
• Completed loan application form with 3 passport-sized photographs affixed

Income proof for non-salaried individuals (applicant, guarantor, or co-applicant):

• IT returns of the last 3 years
• Profit and loss A/C and balance sheet of the last 3 years
• Details of business license or equivalent
• Proof of business address
• TDS certificate or Form 16A, as applicable
• For doctors, CA, or other professionals: Certificate of qualification

Income proof for salaried individuals (applicant, guarantor, or co-applicant):

• Salary certificate or salary slip of the last 3 months
• Copy of IT returns of the last two years (acknowledged by the IT Department) or copy of Form 16 of the last two years.

Property Papers

• Conveyance deed (for new property), builder’s registered development agreement, and approved plan copy (photocopy of the blueprint)
• Bank account statement or payment receipts of payments made to the seller or builder
• Property tax receipt, electricity bill, maintenance bill (for Maharashtra, share certificate also)
• For properties that are ready-to-move, occupancy certificate
• Stamped agreement for sale, allotment letter (for Maharashtra, registered agreement for sale)
• Permission for construction

Account Statement

• Loan account statement for the last one year (if any previous loan from other banks or lenders)
• Bank account statements of the last 6 months for all bank accounts

Features and Benefits

SBI Privilege Home Loan comes with many features and benefits that offer higher value to borrowers such as:

• Concession on interest for women borrowers
• Repayment tenure of up to 30 years
• No penalty for pre-payment
• No processing fees
• No hidden charges
• Lower interest rates
• Daily reducing balance on interest charges

FAQs

1. How are loan amounts determined?

   Loan amounts are determined by taking into account the applicant’s age, income, repayment ability, cost of the proposed property, assets and liabilities, etc.

2. Is there a list of approved projects?

   Yes, SBI has a list of approved projects on the SBI Realty website.

3. What are the fees that are not covered under this loan?

   Some fees that are not covered under the loan are the fee for valuer for the valuation report, advocate’s fee for a legal opinion, as well as CIBIL and CERSAI charges.

4. Are there any fees that has to be paid out of pocket at actual?

   Yes, at the pre-sanction stage, it is the valuer’s fee and advocate’s fee. At the post-sanction stage, it is the premium for property insurance, stamp duty for mortgage and loan agreement, and CERSAI registration fee.

5. Is this loan open to non-government employees?

   No, only government employees and pensioners are eligible for this loan.