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SBI home loan

SBI home loan with competitive interest rates starting at 6.80 percent per annum. SBI is giving a 70 basis point interest rate reduction, with rates starting at 6.70 percent pa. and no processing fee. This offer is good until March 31, 2021. The loan term can be extended up to 30 years, allowing for a more convenient repayment schedule. These loans have a processing fee of 0.35 percent of the loan amount (minimum Rs.2,000, maximum Rs.10,000) + applicable taxes. On SBI Home Loans, women borrowers get a 0.05 percent interest rate reduction. They are one of the most popular housing loan solutions in the country since there are no hidden fees and no prepayment penalties.

SBI Home Loan Details

State Bank of India has decreased the interest rates on its credit-linked home loans as part of its festive season offer. The interest rate on the seasonal offer is 6.70 percent per annum. These interest rates will remain in force until December 31, 2021.

The interest rate on the seasonal offer is 6.70 percent per annum. This is true regardless of the size of the mortgage. This interest rate also applies to house loans with a balance transfer. This is an approximately 45-basis-point drop from the previous interest rate. For a home loan of Rs.75 lakh, this corresponds to a savings of almost Rs.8 lakh over the course of 30 years.

Individuals with a credit score above 800 will receive a 6.70 percent p.a. interest rate, those with a credit score between 751 and 800 will receive a 6.80 percent p.a. interest rate, and those with a credit score between 700 and 750 will receive a 6.90 percent p.a. interest rate, according to the credit-score linked interest rate for home loans above Rs.30 lakh.

For home loans under Rs.30 lakh, those with a credit score of 800 or higher will receive a 6.70 percent annual interest rate, while those with a credit score of less than 800 will continue to pay the current interest rates.

Schemes for SBI Home Loan

Regular Home Loan from SBI
Interest rate: 6.80% p.a. and upwards
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
Women have a 0.05 percent lower interest rate.
Prepayments are free of charge.
Applicants must be between the ages of 18 and 70.

Home Loan from SBI Flexipay
The interest rate is determined by the customer’s credit score. Processing charge is 0.35 percent of the loan amount (min. Rs.2,000; max. Rs.10,000)
During the pre-EMI period, you have the option of only repaying the interest component.
In the coming years, EMIs will be increased.
Home loan eligibility for younger professionals has improved by 20%.

Home Loan from SBI Privilege
From 6.95 percent p.a. onwards, interest rate with check-off
From 7.00 percent p.a. onwards, interest rate without check-off
The fee for processing is completely eliminated.
Curated for employees of the federal and state governments
If you check off, you get a discount on your interest rates.
There is no processing cost.

Home Loan from SBI Shaurya
From 6.95 percent p.a. onwards, interest rate with check-off
From 7.00 percent p.a. onwards, interest rate without check-off
The fee for processing is completely eliminated.
Designed specifically for Defense and Armed Forces people.
Lower loan rates and longer-term choices are available.
There is no processing cost.

SBI Tribal Plus
The interest rate is 10 basis points higher than the final rate.
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
Especially for those who live in tribal or hilly areas.
A maximum 15-year repayment period is available.
A land mortgage is not required, and a third-party guarantor is permitted.

Differential offers from SBI Home Loan to Non-Salaried Individuals
Male interest rate: 7.15 percent and above
Female interest rate: 7.10 percent and above
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
Individuals who have a source of income but do not get a monthly wage are eligible for this special program.
Special offers on loans for purchasing a new home, building a home, upgrading or repairing your home, or transferring a loan from another bank.
Available to business owners, partners, and directors as well.

Pre-Approved Home Loan from SBI (PAL)
Interest rate (for salaried males): 7% and up
Rate of interest (for salaried females): 6.95 percent and up
Rate of interest (non-salaried male): 7.15 percent and up
Rate of interest (non-salaried female): 7.10 percent and up
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
Before a home is completed, a loan is approved.
Increases your bargaining power with the seller or function Object
Benefits comparable to those offered by SBI’s regular home loan

The interest rate on an SBI Bridge Home Loan (for the first year): 9.50 percent
Interest rate (for the second year): 10.50%
0.35 percent of the loan amount is charged as a processing fee (min. Rs.5,000)
Designed for persons who are selling one home and purchasing another. It can help cover the cost of a new home while you wait for the proceeds from the sale of your old one.
A two-year repayment period is possible.

Earnest Money Deposit with SBI (EMD)
Rate of interest: 10.45%
0.5 percent of the loan amount is charged as a processing fee (min. Rs.1,000)
Money to pay a deposit on a house or a parcel of land.
Can only be used to pay the reservation fee for houses/plots offered by urban development authorities, housing boards, and other government agencies.
1-year short-term loans

NRI Home Loan from SBI
Interest rate (for salaried males): 7% and up
Rate of interest (for salaried females): 6.95 percent and up
Rate of interest (non-salaried male): 7.15 percent and up
Rate of interest (non-salaried female): 7.10 percent and up
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
For Non-Resident Indians (NRIs) looking to buy a home in India.
For female candidates, there is a discount on the interest rate.
When compared to a regular home loan, there are no additional costs or interest rates.

Home Loan from SBI Realty
Male interest rate ranges from 7.70 to 7.90 percent.
Female interest rate: 7.65 percent to 7.85 percent
0.35 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.10,000)
Designed for the purchase of a plot of land on which to build your own home.
A maximum borrowing capacity of Rs.15 crore is available, with payback terms of up to ten years.
Taking a second SBI home loan for the actual construction is an option.

Processing fee for SBI Corporate Home Loans: 0.5 percent of the loan amount (min. Rs.50,000; max. Rs.10 lakh)
Only for corporations to build or purchase homes for their employees.
Both public limited and private companies can use it.
Balance transfers of housing loans from one bank to another in the name of a firm are also possible.

Home Loan for Commercial Real Estate (CRE) from SBI
The interest rate is 50 basis points more than the interest rate on a home loan (For All)
0.35 percent of the loan amount is charged as a processing fee (min. Rs.5,000)
People who already own two or more homes and want to acquire more are eligible for a special scheme.
This strategy allows for the purchase of a maximum of three residences.
Benefits include a cheaper interest rate for women and the availability of an overdraft facility.

Loan Against Property from SBI (P-LAP)
Rate of interest (for salaried individuals): 8.90%–9.40%
Interest rate (above 50% of net monthly income from professional, company, or rental income): 8.80% – 9.65%
1% of the loan amount is charged as a processing fee (max. Rs.50,000)
To get money for personal reasons, put your property up as collateral.
There is no charge for making a deposit.
It is only available for personal use, not for business.

The interest rate for SBI Reverse Mortgage Loans for SBI Pensioners: 8.05 percent
9.05 percent interest rate (others)
0.50 percent of the loan amount is charged as a processing fee (min. Rs.2,000; max. Rs.20,000)
Designed specifically for senior citizens who own or live in a home.
After you retire, it can help you produce or supplement your income.
The loan does not have to be repaid throughout the borrower’s life.

Eligibility Criteria for SBI Home Loans
The following are the loan eligibility criteria for SBI house loans:

Age Requirement: Minimum age is 18; maximum age is 70.
Indians who are both residents and non-residents

Documents required for an SBI home loan application are the same for everyone:

Completed loan application form
three passport-style photos
Proof of Address (one): A recent utility bill or a copy of your Aadhaar card, driver’s license, or passport is required. One proof of identity: A voter ID card, a PAN, a driver’s license, or a passport are all acceptable forms of identification.
Identity card for the employer

For a salaried applicant, guarantor, or co-applicant, proof of income is required.

Salary certificate or three months
a copy of the past two years’ IT returns or a copy of the previous two years’ Form 16

Non-salaried applicant/guarantor/co-applicant proof of income:

Returns on IT investments during the last three years
The past three years’ balance sheet
Accounts of Profit and Loss for the last three years
a copy of your business license or a similar document
If applicable, use Form 16A or a TDS certificate.
Professionals should read: Qualification certificate
Proof of business location

Statement of Accounts:

Bank account statements for all bank accounts held by the applicant for the last six months Loan account statement for the preceding year if another loan is currently active

Papers related to property 

a copy of the blueprint that was authorized
Certificate of Occupancy (for the ready-to-move property)
Deed of Conveyance (For New Property)
Construction permission (where applicable)
Maintenance bill Electricity bill Property tax receipt Stamped Agreement for Sale or Allotment Letter
Approved Plan Copies (Xerox Blueprints) & the Builder’s Registered Development Agreement, Conveyance Deed (For New Property)
Payment receipts or bank account statements for payments to the seller or builder

SBI Home Loan Customer Care : Toll-free number: 1800-11-2018