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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.35% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs Women's Special!
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.35% Floating
    0% to 0.35% (max. ₹11,500)
    ₹ 20L - ₹ 10Crs SBI Flexipay
    25-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    The State Bank of India (SBI) offers a wide range of home loan products to cater to all kinds of borrowers in the country. Among the types of loans it offers is SBI Her Ghar Home Loan for women, SBI FlexiPay Home Loan offering flexible repayment options, SBI NRI Home Loans tailored for non-resident Indians, and SBI Realty Home Loans specifically for purchase of plots of land instead of ready houses.

    Eligibility Criteria for SBI Realty Home Loan:

    If you want to avail an SBI Realty Home Loan, you need to meet the following criteria:

    • Minimum age: 18 years
    • Maximum age: 70 years at the time of maturity of loan
    • Income is an important eligibility criteria for SBI Realty Home Loan. The EMI you have to pay is based on your income. If your net annual income is up to Rs. 2 lakh, then your EMI cannot exceed 30% of the income. Similarly, with an income of up to Rs. 5 lakh, the EMI cannot be more than 40% of the income, for up to Rs. 10 lakh the maximum permissible EMI is 45% and for an income of more than Rs. 10 lakh, 50% of the income can be paid as EMI.
    • The construction of the house has to be completed within 2 years of taking the Realty Loan.
    • You must be able to pay off the loan in 15 years.
    • Your CIBIL score should be high.

    Documents Required for SBI Realty Home Loan:

    Before applying for an SBI Realty Home Loan, make sure the following documents are in order:

    • Filled-up loan application (Application form needs to be fully and cautiously filled.)
    • 3 passport-sized photographs
    • Proof of identify (photo copies of Voter’s ID card/Passport/Driving licence/PAN card/Aadhaar card)
    • Proof of residence (photo copies of recent Telephone Bills/Electricity Bills/Property tax receipt/Passport/Voter’s ID card/Aadhaar card)
    • Statement of Bank Account/Pass Book for the last 6 months
    • Signature identification from your current bank
    • Personal Assets and Liabilities statement

    Salaried individuals need to provide these documents too:

    • Original Salary Certificate from employer
    • TDS certificate/Form 16/copy of IT Returns for the last 2 financial years, acknowledged by the I-T Department.

    Non-salaried individuals and entrepreneurs need the following documents in addition to the above:

    • Proof of business address
    • Acknowledged copies of 3 years’ I-T returns/Assessment Orders
    • Photocopies of challans showing payment of Advance Income Tax.

    If you are using a guarantor, the guarantor needs to submit the following documents:

    • Personal Assets and Liabilities Statement
    • 2 passport-sized photographs
    • Proof of identification
    • Proof of residence
    • Proof of business address
    • Signature identification from their bank

    SBI Realty Home Loan Features and Benefits

    The key features of the SBI Realty Home Loan are as given below:

    • The Realty Home Loan, as the name suggests, is meant for purchase of an undeveloped property rather than an apartment or bungalow ready for possession. You can also include the cost of building a house on the plot in the loan amount.
    • You can get loans of up to Rs. 10 crore.
    • The repayment tenure is up to 15 years, depending on your profile, age and income.
    • The interest rate is among the lowest in the market – with 9.35% (MCLR+20 basis points) for women and 9.4% (MCLR+25 basis points) for others. The rate is floating, based on a daily reducing balance and the benchmark is 1-year MCLR.
    • You can take additional home loan to construct the house after the plot is bought, and both the loans can be operated simultaneously.
    • To improve your chances of getting a loan, you can add the income of your spouse or children living with you, if their salary accounts are held in the SBI.
    • You do not have to pay any additional fees for making pre-payments or partial payments towards your loan amount. You can put in additional amount in your loan account whenever you can, and the amount will be reduced from the principal amount payable.
    • You also become a part of the State Bank Rewardz programme, which gives you reward points on each transaction.

    SBI Realty Home Loan Fees and Charges:

    The fees and charges applicable on an SBI home loan are:

    • Processing fees: 0.35% of the loan amount, with the minimum processing fee being Rs. 2,000 and the maximum Rs. 10,000. Service tax will be charged over and above the processing fee.
    • Advocate’s fee: This will be charged for property search and title investigation report before the loan is approved. The amount will depend on the professional’s fees.
    • Valuer’s fee: A valuation report of the property, to be done before sanction of the loan, will be charged as applicable.
    • Stamp duty: Apart from the stamp duty on property registration that is included in the loan amount (or you may have decided to pay yourself), both the mortgage papers and the loan agreement has to be notarised on stamp paper. For this, a stamp duty needs to be paid to the bank.
    • Property insurance premium: Home insurance is automatically included when you take a home loan from SBI. However, you can choose to opt out of the insurance and insure your property with another insurer.
    • CERSAI Registration Fee: This refers to Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), which is a centralised online mortgage registry in India. To register the mortgage of your property with CERSAI, the bank charges Rs. 250 and service tax on loans of up to Rs. 5 lakh, and Rs. 500 and service tax for amounts above Rs. 5 lakh.

    Frequently Asked Questions – FAQs on SBI Realty Home Loan:

    1. Can I take the SBI Realty Loan to buy a flat?

      No. SBI Realty Home Loan is specifically designed for the purpose of buying plots on which you can construct your own house.

    2. Can I take another home loan from SBI after taking a Realty Home Loan?

      Yes, you can. You can run concurrent home loans if the first loan taken was the SBI Realty Home Loan. This way, you can supplement the original amount and build your dream house.

    3. Is it possible for my husband and me to be joint applicants on a home loan application?

      Yes, absolutely. You can also avail the lower interest rate available for women if you are the sole applicant or the co-applicant. Your husband, however, will have to pay the normal interest rate.

    4. Do I need to pledge any collateral security with SBI for the Realty Home Loan?

      No. The plot of land you buy with the bank’s financing will be considered as mortgaged to SBI. 

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