SBI Commercial Home Loans Rates

SBI Commercial home loans rates are one of the best rates that you will get from the commercial and public sector banks in India. The rates have been planned to fit the budgets and necessities of average borrowers.

About SBI Commercial Home Loans Rates

SBI Commercial home loans rates are one of the most competitive rates in India. The rates have been decided in such a manner that the borrowers don’t face any hassles in paying off the loan. The table given below will give you a fair idea about SBI Commercial home loans rates:

Housing Loan Scheme

In case of loans up to and inclusive of Rs. 15.00 Lakhs		In case of loans above Rs. 15.00 Lakhs.		Fixed rates for repayment term of maximum 10 years regardless of the loan amount.
Term Years	Revised Interest Rate % Floating	Term Years	Revised Interest Rate % Floating	Term Years	Revised Interest Rate
Up to 5 years	10.50%	Up to 5 years	10.75%	Up to 5 years	12.50%
Over 5 years and up to 15 years	11.00%	Over 5 years and up to 15 years	11.25%	Over 5 years and up to 15 years	12.50%
Over 15 years and up to 20 years	11.50%	Over 15 years and up to 20 years	11.75%	You should remember that the fixed interest rate will be readjusted once every year based on the interest rates existing at that time.

Floating interest rates on SBI Commercial home loans are effective from 9th April, 2007.
Fixed interest rates on SBI Commercial home loans are effective from 23rd April, 2007.


Repayment of SBI Commercial home loans

You can pay off an SBI Commercial home loan by means of Equated Monthly Installments (EMIs) and the maximum period of repayment for an SBI Commercial home loan is 15 years. Repayment for the loan commences one month following complete disbursement of the loan. Until that period, the borrower needs to pay pre-EMI interest beginning from the 1st month following 1st disbursement.

Prepayment penalty on SBI Commercial home loans

You don’t need to pay any prepayment penalty for paying off a home loan from SBI Commercial ahead of schedule.

Mode of disbursal

The home loan will be disbursed by means of a pay order in the name of the builder/vendor once the margin amount is paid by the borrower.

Necessary documents

Listed below are important documents that you need to furnish while applying for an SBI Commercial home loan:

• In case of salaried individuals, certified copy of most recent salary slip or pay slip and Form 16
• In case of self-employed individuals, Income Tax returns for the past 3 years.
• Bank statement or pass book for the past 6 months
• Residential/address proof and age proof
• Copy of No Objection Certificate from builder/housing society
• Copy of share certificate/contract for sale