You are on page 1of 16

State Bank Of India Home Loan

The Most Preferred Home Loan provider SBI Bank offers a Home Loan with Attractive Interest Rates with Latest Schemes and Benefits. SBI also provides a Housing loan with different schemes. Schemes Are:1. SBI Easy Home Loan 2. SBI Advantage Home Loan 3. SBI Housing Finance Scheme 4. SBI Happy Home Loans 5. SBI Life Style Loan 6. SBI Green Home Loan 7. SBI Home Plus 8. SBI Home Line 9. SBI MY HOME CAMPAIGN Current Rate of Interest Loan Schemes SBI HI-FIVE Loan Loan Amount upto Rs. 5 Lacs SBI Easy Home Loan Loan Amount upto Rs. 50 Lacs SBI Advantage Home Loan Loan Amount upto Rs. 75 lacs 1st Year 8.75% 2nd and 3rd year 9.50% After 3rd Year 10.00% As per base rate applicable 10.00% As per base rate applicable 10.25%

8.75%

9.50%

As per base rate applicable Note:- Interest rate after three years may be Fixed or Floating as per the borrowers choice made at the time of sanction. Features & Benefits of SBI Home Loan Purchase/ Construction of House/ Flat Purchase of a plot of land for construction of House Lowest Home Loan Interest Rate.. Extension/ repair/ renovation/ alteration of an existing House/ Flat Purchase of Furnishings and Consumer Durables as a part of the project cost. Takeover of an existing loan from other Banks/ Housing Finance Companies. Interest charged on the daily reducing balance No penalty on prepayments of home loan No hidden costs Option to club income of your spouse and children to compute eligible loan amount Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount Provision to finance cost of furnishing and consumer durables as part of project cost Eligibility Criteria & Documentation required for SBI Home Loan Salaried Age Income Loan Amount Offered Tenure Current Experience Documentation 21years to 60years Rs.1,20,000 (p.a.) 5,00,000 - 1,00,00000 5years-20years 2years 1) Application form with photograph 2) Identity & residence proof Self employed 21years to 70years Rs.2,00,000 (p.a.) 5,00,000 - 2,00,00000 5years-20years 3years 1) Application form with photograph 2) Identity & residence proof

8.75%

9.75%

3) Education qualifications certificate & proof of 3) Last 3 months salary slip business existence 4) Form 16 4) Business profile, 5) Last 6 months bank salaried credit 5) Last 3 years profit/loss & balance sheet statements 6) Last 6 months bank statements 6) Processing fee cheque 7) Processing fee cheque Other 1. SBI 2. SBI 3. SBI 4. SBI Products from SBI (State bank of India) Home Loan Personal Loan Housing Loan Card

Information on deposits & Loan Schemes and services also available. Call 1800112211 (Tollfree from BSNL/MTNL) Registered Office-State Bank of India State Bank Bhavan Central Office 8th Floor, Madame Cama Marg, Nariman Point, Mumbai - 400021 Maharashtra - India Disclaimer : Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates. Compare Home Loan Rate of interest

Home loan

Apply Home Loan Home Loan Banks Home Loan Interest Rate Home Loan FAQs

SBI Home Loan Calculator


State Bank Of India comes up with a unique SBI home loan calculator to enable its home loan customers an easy and simple way to calculate their monthly installments and get an estimate of the amount for successive payments in settlement of their debt. Know more

SBI Home Loan Insurance


The State Bank of India comes up with the SBI Home loan insurance product providing a shield to the customer's home loan in wake of any unexpected occurrence. Know more

SBI Home Loan Application


SBI Home loan application form is available on the SBI Bank website. State Bank Of India offers an easy and facile way for its clients to apply for home loan schemes offered by the bank on the web . Know more Benefits offered by State Bank of India home loans Given below are the key benefits offered by State Bank of India home loans: Package of special benefits. Affordable interest rates. In addition, SBI imposes interest on the basis of daily reducing balance method. Nominal processing fees. No administrative costs or hidden fees. There are no prepayment penalties. You can lower your interest burden and use your excess funds in the

most desirable way through prepaying the loan. With more than 12,000 branches throughout the country, you can receive your home loan account placed at a branch which is closest to your current or future home.

Types of State Bank of India home loans State Bank of India home loans are available in the following categories: SBI Easy Home Loan SBI Hi-Five Loan SBI Advantage Home Loan

Eligibility Criteria for State Bank of India home loans You should be at least 18 years of age to qualify for a State Bank of India home loan. The maximum age (limit) for a loan applicant is 70 years by which the loan has to be paid in full. However, this is dependent on availability of adequate, constant and steady source of earnings for paying off the loan. Security for SBI home loans Equitable mortgage of the property will work as security against a home loan offered by State Bank of India. Other substantial security of sufficient amount such as Life Insurance policies and National Savings Certificates can work as security for the loan in case the property cant be mortgaged. Margin for SBI home loans Loan Amount Upto Rs.75 Lakhs More than Rs.75 Lakhs. Margin (Minimum) 20% 25% Maximum LTV Ratio (Maximum) 80% 75%

N.B.: LTV Ratio is Loan to Value Ratio. Quantum of Finance: The amount of loan will be decided after taking into account factors like earnings and repayment ability of the loan applicant, his assets and liabilities, his age and property (flat/house) value. For increasing loan eligibility, you are allowed to club: Your spouses income or income of your daughter/son staying with you, given that they have a stable source of income and his/her salary account is kept with State Bank of India. Depreciation, dependent on certain stipulations. Probable rent receivables (minus taxes, surcharges and so on) in case the flat/house being bought is planned to be leased out. Steady income from all other sources. Filled out loan application form Identification proof (photocopies of Passport/Voters Identity Card/IT PAN card/ Driving licence) 3 Passport size photographs Business address proof for non-salaried applicants Residence/address proof (photocopies of latest electricity bill/telephone bills/ passport/property tax receipt/Voters identity card) Pass Book or bank account statement for past 6 months Statement about individual assets and liabilities Signature authentication from current bankers Statement about individual assets and liabilities 2 Passport size photographs

Documents required to apply for a State Bank of India home loan:

For guarantor (whenever applicable)

Identity proof as mentioned above Residence/address proof as mentioned above Business address proof as mentioned above Signature authentication from his/her current bankers Copy of Income Tax Returns for past two financial years or TDS certificate on Form 16 properly approved by the Income Tax Department. Original Salary Certificate/Pay Slip from employer Certified copies of Income Tax Assessment Orders/Returns for the last three years. Photocopies of receipts showing Advance Income Tax payment.

Other documents required for salaried individuals

Other documents required for self- employed individuals/Professionals/other Income Tax assessees:

SBI Loan Against Property


The State bank of India offers LAP commonly called the loan against property which offers you a finance on the property you own. Know more

SBI Home Loan Customer Care


SBI home loan customer careservices can be accessed from everywhere and at any time using the toll-free helpline numbers or the Internet . Know more

Home Loan Calculator

The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities.
Top of Form

Loan Amount: Rate of interest (%) Time in Years Processing Fee(optional) Processing Fee Calculated

: : : : :
Bottom of Form

Home Loan Mustread Home Loan Articles