A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    SBI Pal Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.15% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    9.10% - 9.25% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs Women's Special!
    1-30 Years
    Response Time Within 30 minutes
    9.25% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    ₹ 20L - ₹ 10Crs SBI Flexipay
    25-30 Years
    Response Time Within 30 minutes
    Home Loan BYTES FROM OUR KITCHEN

    For those who wish to have, construct or purchase a house or flat, State Bank of India offers some of the most attractive finance options in the country. SBI Home Loans are some of the most sought after home loans which offer multiple feature and benefits, like no other. Some of the unique advantages of SBI Home Loans are low processing charges, no prepayment penalties, multiple types of home loans to choose from, low interest rates, no hidden costs and a wide spread network of over 15,000 branches, any of which you may walk into and apply for the most suitable home loan.

    SBI Pal Home Loan Overview:

    The SBI Pal is a pre-approved home loan which basically sanctions the loan limit to customers, before finalization of the property in order to enable the customer to successfully negotiate with the builder / seller. For availing the SBI Pal Home Loan, the applicant’s loan eligibility will be assessed on the basis of his/her income details. A non-refundable processing fee will be applicable on this home loan and will be collected at the time of loan sanctioning.

    Features and Benefits of the SBI Pal Home Loan:

    Repayment:

    This loan must be repaid within a maximum tenure of 30 years or till the borrower reaches the age of 70 years, whichever occurs first. The moratorium period / repayment holiday period is included within the repayment period.

    Validity Period:

    The Pre-approved Loan Arrangement Letter (PLAL) issued by the bank will be valid for 4 months. Applicants must submit the property documents within the validity of the PLA Letter. Please note, no processing fee will be levied at this stage.

    Loan Amount:

    The minimum amount of loan applicable with the SBI PAL is Rs 10 lakh. The PLA Letter will mention the loan amount which the borrower is eligible for, which will be calculated on the basis of the prevailing interest rate.

    Fees:

    The processing fee structure (including service tax) is as under:

    Home Loan AmountProcessing Fee
    Up to Rs 25 lakh0.25% of loan amount, minimum of Rs 1,000/-
    Above Rs 25 lakh and up to Rs 75 lakhRs 6,500/-
    Above Rs 75 lakhRs 10,000/-

    SBI Pal Home Loan Eligibility Criteria:

    Age

    Applicant must not be below 18 years of age and not above 70 years of age at the time of loan maturity.

    Loan Amount
    • The amount of loan which you can take depends on factors like the applicant’s age, income, assets & liabilities, repaying capacity, cost of the proposed house/flat etc.
    • To add to your eligibility, you may choose any of the following options:
      • Income of your spouse / children living with you, provided they have a steady income and have their salary account maintained with SBI.
      • Expected rent accruals of the house / flat which you wish to purchase, if you plan to rent it out.
      • Depreciation (subject to conditions).
      • Regular income from all sources.

    SBI Pal Home Loan Interest Rate:

    Borrowers CategoryInterest Rate
    WomenAt Base Rate i.e. 9.85%
    Others5 BPS above Base Rate i.e. 9.90%
    • In case of women borrowers, the lady must either be the sole applicant or the first co-applicant of home loan.
    • The property proposed for the loan must either be in the sole name of the woman borrower or she must be the first owner in case of a joint-ownership.

    SBI PAL Home Loan New MCLR Rate:

    The bank’s MCLR as on April 1, 2016, is 9.2%. SBI will reset the interest rate every year as the benchmark for the home loans is the 1-year MCLR.

    The spread above MCLR for SBI PAL home loans are as follows:

    Category Interest rate
    For women 20 basis points more than the MCLR i.e. 9.4% p.a.
    For others 25 basis points more than the MCLR i.e. 9.45% p.a.

    FAQs about SBI Pal Home Loan:

    1. What is the security required for the SBI Pal Home Loan?

      An equitable mortgage of the property will be accepted as valid security for the home loan.

    2. Are there any additional charges payable by the SBI Pal Home Loan borrower?

      Yes, the borrower must pay the nominal pre loan sanction and post loan sanction charges like advocate’s fee, valuer’s fee, stamp duty, property insurance fee, etc.

    3. Is there any pre-closure / prepayment penalty applicable on the SBI Pal Home Loan?

      No, there is no prepayment / pre-closure penalty charged with this loan.

    4. What is the minimum amount which can be taken with the SBI Pal Home Loan?

      The minimum amount which can be taken is Rs 10 lakhs.

    5. For how long is the Pre-approved Arrangement Letter (PLAL) valid?

      The PLAL is valid for a period of 4 months.

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