SBI Flexi Pay Home Loan

Dating back to 1806, State Bank of India has a rich history in the field of banking and and financial services. This government-owned corporation is headquartered in Mumbai and has over 16,300 branches, in both India and abroad. In fact, the company has spread its wings into 36 countries with 191 foreign offices.

Home loans are only one of the company’s many financial products which include corporate banking, investment banking, finance and insurance, among much, much more. The newly launched SBI Flexi Pay Home Loan has become an instant hit in the market because of the flexible features, making the dream of owning a home a reality even for young earners.

Features of SBI Flexi Pay Home Loan:

If you have been turned down from availing a home loan before because you were not eligible, it may be time to look at SBI Flexi Pay Home Loan to meet your need. This home loan has up to 1.2 times higher loan eligibility than loan eligibility you would get with normal Home Loan schemes. Applicants must take out a Loan amount of at least Rs.20 Lacs with this particular type of loan.

The highlight of the SBI Flexi Pay Home Loan is that customer will not buckle under very high EMIs because they have the option of paying only interest during the moratorium (pre-EMI) period. After this period they can pay moderated EMIs. During the subsequent years, the EMIs will be stepped-up.

Customers can select moratorium of up to 36 - 60 months during which time only the interest has to be repaid.

There is also an option of longer repayment (25 to 30 years). In case customers want to make prepayments they will not be charged any prepayment penalty.

EMI Calculator:

There is a simple-to-use EMI Calculator provided on the SBI home loans page. The tab can be found on the right hand side. On the EMI calculator page you will have to enter the amount, duration and interest rate. Once you press calculate, the EMI will be shown.

Eligibility:

• The SBI Flexi Pay Home Loan can be availed by executives/ working professionals.
• Applicants must be salaried employees with a minimum of two years of experience.
• Applicants must be aged between 21 years and 45 years.

Documentation for SBI Flexi Pay Home Loan:

• Duly filled loan application
• Three Passport size photographs
• Last six months’ Pass Book/ Statement of Bank Account
• Signature identification from present bankers
• Identity Proof (photocopies of Passport/ Voters ID card/ IT PAN card/ Driving licence/)
• Personal Assets and Liabilities statement
• Proof of residence (photo copies of recent Passport/ Electricity Bill/ Telephone Bills/ Property tax receipt/ Voters ID card)

Additional documents required for salaried persons :

• Last two financial years’ copy of IT Returns or TDS certificate on Form 16 which is duly acknowledged by IT Department.
• Original Salary Certificate from employer

Additional documents required for self- employed/ Professionals/ other IT assesses:

• Proof of business address for non-salaried individuals
• Proof of Advance Income Tax having been paid (photocopies of challans).
• Copy of Acknowledged Assessment Orders/ I.T. returns for three years.

FAQs:

1. Can Home loan be taken over by SBI?

   Yes, however, the borrower must be eligible and fulfilling all the criteria of the Bank for availing Home Loan. Thus far, the borrower must have been up to date and regular with payments of interest and/or instalment according to the original terms of sanction. The borrower must possess all the valid documents which give evidence of the title to the house/flat.

   • Home Loan can be taken over from the following institutions:
   • Private and Foreign Banks
   • Scheduled Commercial Banks (SCBs)
   • Employers of the borrowers if they are State/ Central Government, or their undertakings or Public Sector Undertakings
   • Housing Finance Companies (HFCs) registered with National Housing Bank (NHB)
2. What are the documents required for the home loan?
   • Duly filled loan application
   • Three Passport size photographs
   • Last six months’ Pass Book/ Statement of Bank Account
   • Signature identification from present bankers
   • Identity Proof (photo copies of Passport/ Voters ID card/ IT PAN card/ Driving licence/)
   • Personal Assets and Liabilities statement
   • Proof of residence (photo copies of recent Passport/ Electricity Bill/ Telephone Bills/ Property tax receipt/ Voters ID card)
   • Additional documents required for salaried persons :
     • Last two financial years’ copy of IT Returns or TDS certificate on Form 16 which is duly acknowledged by IT Department.
     • Original Salary Certificate from employer
   • Additional documents required for self- employed/ Professionals/ other IT assesses:
     • Proof of business address for non-salaried individuals
     • Proof of Advance Income Tax having been paid (photocopies of challans).
     • Copy of Acknowledged Assessment Orders/ I.T. returns for three years.
3. Will I be charged for prepayment?

   No, there is no charge for prepayment.

4. What are the criteria for eligibility to avail the loan?
   • The SBI Flexi Pay Home Loan can be availed by executives/ working professionals.
   • Applicants must be salaried employees with a minimum of two years of experience.
   • Applicants must be aged between 21 years and 45 years.