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SBI offers several home loan schemes for various purposes. Since real estate usually has an appreciating value, owning a house is an excellent idea both from an owner’s point of view as well as from an investor’s point of view. SBI presents a convenient way to fulfil your dreams with a home loan.
|Home Loan Scheme||Description|
|SBI Regular Home Loan||A home loan with a repayment tenure of up to 30 years; interest is calculated on a daily reducing balance.|
|SBI Balance Transfer of Home Loan||Transfer home loan from scheduled commercial banks, private and foreign banks, housing finance, or PSUs.|
|SBI NRI Home Loan||NRIs can avail of home loans to invest in properties in India.|
|SBI Flexipay Home Loan||Salaried employees can get a 20% higher loan amount and get the option to pay only interest during the moratorium period and pay moderated EMIs thereafter.|
|SBI Privilege Home Loan||Exclusively for government employees with pensionable service. The loan amount is determined based on the applicant’s income, repaying capacity, age, assets, liabilities, and cost of the house/flat.|
|SBI Shaurya Home Loan||Dedicated to army and defence personnel, this scheme comes with lower rates, ease of repayment options and longer repayment tenure.|
|SBI Pre-Approved Home Loan||The scheme sanctions a home loan limit before finalising the property, helping them negotiate with the builder or seller. The limit will be set based on the applicant’s income.|
|SBI Realty Home Loan||Borrow money up to Rs.15 crore to purchase a plot for the construction of the residence. The construction must be done within five years from the date of receipt of the loan amount. Another loan can be taken for construction in the plot.|
|SBI Home Top Up Loan||Borrow a loan amount over and above the current home loan if you need more funding. It can be availed for any personal purpose since the interest rates are much lower than that of personal loans.|
|SBI Bridge Home Loan||This is the right choice if you plan to sell your current home and move to a bigger home or a home at a better location. Make use of the scheme to suit your short-term liquidity mismatch.|
|SBI Smart Home Top Up Loan||This is a general-purpose loan to meet urgent requirements, such as education, marriage, renovation, repair, furnishing, etc.|
|SBI YONO Insta Home Top-Up Loan||The scheme is only available for pre-selected home loan customers over YONO mobile app.|
|SBI Corporate Home Loan||Corporate entities can avail the loan for the construction or acquisition of residential units in the company’s name to use directors, promoters, and employees.|
|SBI Home Loan to Non-Salaried – Differential Offerings||The scheme is dedicated to non-salaried individuals offering the best home loan value. It can be availed for construction or acquisition of a residential house/flat, a takeover of home loans from other banks, and repair or renovation of an existing house/flat.|
|SBI Tribal Plus||Purchase or construction of a new house/flat without having to mortgage the land, purchase of an existing house/flat which is not more than 10 years old, and repair/renovation/extension of a current house or flat.|
|SBI Earnest Money Deposit (EMD)||Go for this scheme if you require money for booking residential plots/built-up houses sold by government housing agencies.|
|SBI Reverse Mortgage Loan||The scheme provides additional income for senior citizens who have self-acquired, self-occupied homes in India but do not have enough income to support themselves. Payments will be made against the mortgage of the residential property.|
|SBI Commercial Real Estate (CRE) Home Loan||If you are looking for additional residential properties, you can get additional home loans under this scheme over the existing home loans. A maximum of 3 home loans can be availed, including the existing and the proposed one excluding the closed ones in P-segment.|
|SBI Loan against Property (P-LAP)||Get a loan against property for serving personal matters. The loan is not provided for business purposes.|
|SBI Maxgain||This is an overdraft facility that comes with the usual EMI repayment structure. The overdraft limit will be reduced every month.|
Floating Interest Rate Structure:
|Loan Amount||Effective Rate on Term Loan|
|Term Loan||Max Gain|
|Up to Rs.30 lakh||7%||7.15%|
|Rs.30 lakh–Rs.75 lakh||7.05%||7.40%|
|Above Rs.75 lakh||7.15%||7.50%|
The interest rate structure may vary with the home loan scheme you wish to apply for. Please confirm the interest rate when you visit the bank branch for enquiry.
List of papers/documents applicable to all applicants:
Income proof for salaried applicant/co-applicant/guarantor:
Income proof for non-salaried applicant/co-applicant/guarantor:
Documents from the other bank:
|Processing fee (including advocate fee and valuer fee)||0.40% of the loan amount + GST Can range from Rs.10,000 to Rs.30,000 + GST|
Usually, the home loan is a significant amount taken for a longer period upon which interest is levied. An important tool like the Home Loan EMI calculator helps you evaluate and plan your budget.
Yes. One of the factors that influence the decision on loan amount is your salary or your monthly income. The loan amount is determined based on the EMI you can afford to pay and your take-home salary after taxes and other payroll deductions. The EMI to NMI ratio may vary from 20%-70% for various net annual income slabs. You can include a co-applicant to receive a higher loan amount.
Generally, the bank takes 3-10 days after submitting the complete documentation required by the bank and after completing all the necessary procedures.
Should I pledge anything to get the home loan?
You need not pledge anything else to get a home loan as the bank will consider the property you intend to purchase itself as a mortgage. Suppose the property cannot be provided as a mortgage in exceptional cases. In that case, other tangible security will be required, and the title of the property should be clear, as stated by the bank’s advocate.
Women applicants can get a concessional rate of 0.05% p.a. if they are the main applicant of the loan.
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