The most favored Home Loan provider-SBI Bank offers Home Loan with attractive interest rates along with Latest Schemes and Benefits. SBI also provides a Housing loan with different schemes - SBI Easy Home Loan, Advantage Home Loan, SBI Home Plus, Her home loan for women.
SBI is the largest lender in home loan category of India. State Bank of India is India's largest bank with a network of over 13969 branches you can get your Home Loan account parked at a branch nearest to your present or proposed residence. State Bank of India offers lowest interest rates on housing loans.
|Bank Name||Up to 75 Lacs||Above 75 lacs|
|SBI||9.95% (For Women), 10.10% (For Others)||9.95% (For Women), 10.10% (For Others)|
|Date||Change by RBI in Rate Cut||New Repo Rate||Date||New Base Rate of SBI|
|Age||18 years to 70years||21 years to 70years|
|Income||Rs.1,20,000 (p.a.)||Rs.2,00,000 (p.a.)|
|Loan Amount Offered||5,00,000 - 1,00,00000||5,00,000 - 2,00,00000|
|Documentation||1) Application form with photograph
2) Identity & residence proof
3) Last 3 months salary slip
4) Form 16
5) Last 6 months bank salaried credit statements
6) Processing fee cheque
| 1) Application form with photograph
2) Identity & residence proof
3) Education qualifications certificate & proof of business existence
4) Business profile,
5) Last 3 years profit/loss & balance sheet
6) Last 6 months bank statements
7) Processing fee cheque
SBI processing fee structure (including service tax) is as under:
|Loan Amount||Processing Fee|
Upto Rs. 25 Lacs
No Processing Charges (Limited Period Offer)
Above Rs. 25 Lacs and upto Rs. 75 Lacs
Above Rs. 75 Lacs
Margin/ LTV Ratio:
|Loan Amount||Margin (Min.)||Maximum LTV Ratio (Max.)|
Upto Rs. 20 Lacs
Above Rs. 20 Lacs.
20% - 25%
75% - 80%
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.
Moratorium period (Repayment holiday): The moratorium period is included within the maximum repayment period.
FAQS about SBI Home Loans:
How will SBI decide the loan amount I am eligible for?
Bank will determine your loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.
Do I get tax benefits on the SBI home loan?
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.
Can I get a higher loan through my existing loan account to buy a new property?
Yes, you could go in for a ‘Top up Home Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.
What is an under construction property?
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.
Can I repay my loan ahead of schedule?
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.
Registered Office-State Bank of India
State Bank Bhavan Central Office 8th Floor,
Madame Cama Marg, Nariman Point,
Mumbai - 400021
Maharashtra - India
Visit Official Website of SBI.
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.