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State Bank of India Home Loans |
State Bank of India home loans are one of the best home loan products that you will come across in the market. The bank has designed a range of loan products to satisfy different requirements of the consumers.
About State Bank of India Home Loans
State Bank of India home loans are available with attractive interest rates and repayment terms that are suitable for the borrowers. These loans are offered by the personal banking division of State Bank of India. The bank has been recognized as the most favored home loan provider in Awaaz Consumer Awards. In addition, the bank has also achieved the award of the most favored bank in an opinion poll carried out by TV18 in collaboration with AC Nielsen – ORG Marg in 21 locations in India.
State Bank of India home loans are now available with attractive discounts on Green Homes in line with the vow of State Bank of India to Environmental Safety.
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
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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 can’t be mortgaged.
Margin for SBI home loans
| Loan Amount |
Margin (Minimum) |
Maximum LTV Ratio (Maximum) |
| Upto Rs.75 Lakhs |
20% |
80% |
| More than Rs.75 Lakhs. |
25% |
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 spouse’s 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.
Documents necessary to apply for a State Bank of India home loan:
- 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
For guarantor (whenever applicable)
- Statement about individual assets and liabilities
- 2 Passport size photographs
- Identity proof as mentioned above
- Residence/address proof as mentioned above
- Business address proof as mentioned above
- Signature authentication from his/her current bankers
Other documents necessary for salaried individuals
- 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
Other documents necessary for self- employed individuals/Professionals/other Income Tax assessees:
- Certified copies of Income Tax Assessment Orders/Returns for the last three years.
- Photocopies of receipts showing Advance Income Tax payment.
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