State Bank of India
State Bank of India
4.0/5

About State Bank of India Home Loan

SBI now has one associate bank, down from the eight that it originally acquired in 1959. All use the State Bank of India logo, which is a blue circle, and all use the ""State Bank of"" name, followed by the regional headquarters' name:

  • State Bank of Patiala (founded 1917)
  • State Bank of Mysore (founded 1913)
  • State Bank of Bikaner & Jaipur (founded 1963)
  • State Bank of Hyderabad (founded 1941)
  • State Bank of Travancore (founded 1945)
  • Bharatiya Mahila Bank(founded 2013)

Are you eligible for
State Bank Of India Home Loan?


At least 21 years old

Less than 60 years old

Salaried with regular income

Self-employed with minimum income required

For what purpose can I avail loans from State Bank Of India Home Loan?

One can avail home loans from State Bank Of India Home Loan for the following purposes:

Construction of home
Home extension loans
Home improvement loans
Loan against property
New home
Plot loans
Resale home
Short term bridging loans
Top up loans
Transfer of home loan from another lender (Balance Transfer)

Documentation needed to apply for State Bank Of India Home Loan

Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:

Purpose Documents-Salaried Documents-Self Employed
 
 
ID proof   Passport-In force
  Valid Driving License
  Aadhaar card
  Proof of residence
  3 passport size photographs
  Voter ID Card
  Passport-In force
  Valid Driving License
  Aadhaar card
  Proof of residence
  3 passport size photographs
  Voter ID Card
 
Income Proof   Last 3 months' Salary Slips
  Last 3-6 months' Bank Statements, showing salary credits/pass book
  Latest Form-16 and IT returns Personal assets and liabilities statement
  Income Tax Returns along with computation of income for the last 3 Assessment Years
  Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules
  (Both the individual and the business entity and attested by a CA)
  Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual
 
Property documents   Copy of the Allotment Letter / Buyer Agreement Receipt/(s) of payment/(s) made to the developer
  Copy of the Allotment Letter / Buyer Agreement Receipt/(s) of payment/(s) made to the developer
 
 
Supporting documents   Employment Contract / Appointment Letter in case current employment is less than 1 year old
  Last 6 months' Bank Statements showing repayment of any ongoing loans
  Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  Latest Form 26 AS
  List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
  Memorandum and Articles of Association of the Company
  Partnership Deed in case of the business entity being a partnership firm
  Details of ongoing loans of the individual and the business entity including the outstanding amount, installments, security, purpose, balance loan term, etc.
  Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
 

FAQs about State Bank Of India Home Loan:

Am I allowed to prepay my loan? If so, what will be the prepayment penalty?

Yes, you can make prepayments on your housing Loan. However, penalty charges may be levied by some companies.

Can I structure my home loan as part fixed or part floating?

Yes, you have the flexibility to schedule your home loan as part floating or fixed in line with your own convenience and requirements.

How is my Home Loan eligibility determined?


Lenders compute your loan eligibility basis various factors including income, age, occupation, co-applicant’s income, number of dependents, assets & liabilities and savings history. 

Should I evaluate transferring my existing home loan to a new lender?

Not all home loan products are created equal. For long, it was inferred that signing up with a particular home loan provider was a commitment that would only end after the loan has been completely repaid. Also, this meant that the lender’s high interest rates had to be complied with, and that better loan options from other lenders that emerged at a later date were to be seen as missed opportunities. Not anymore!!

Following are compelling reasons for  you to evaluate moving your existing home loan

o    Simple transfer procedure, followed by a chance to gain an additional top-up loan offers.

o    Attractive and best in class interest rates that help you save money.

o    A bunch of customized repayment options to help you pay off the loan amount easily.


o    Absolutely 0% hidden charges.

What is a ‘Plot Loan’?

Plot Loan is a type of home loan that allows borrowers to purchase a plot of land wherein they can eventually build a house. The advantage with this is that the borrower can decide upon his/her requirements in terms of the design of the house and other such requirements. All the essential conditions associated with the standard home loan shall apply here as well.

What is a ‘Short Term Bridging Loan’?

As the name so aptly describes, a Short Term Bridging Loan is a financial ‘bridge’ that takes care of your needs before you move into your brand new home, and are still running through the process of selling your old house. This interim period could result in double the expenditure and compliance with a whole bunch of legal and personal issues- necessitating the need for an all-encompassing Short Term Bridging Loan.

    What is the processing fee for State Bank Of India Home Loan?

    The processing fee is up to 0.35% of the total loan amount or Rs.2, 000 whichever is higher plus taxes as applicable. Maximum chargeable amount is Rs 10,000

    What purpose do Home Improvement Loans serve?

    As the name clearly mentions, a home improvement loan helps you improve the aesthetic and functional qualities of your home. The Home Improvement Loan can be used for such varied purposes as painting the house, tiling and flooring, plastering, construction of a sturdy fence or border, etc. The borrower must however sufficiently prove that the disbursed loan will be used for the exact purpose for which it is intended.

    Who can I assign as co-applicant(s) for the home loan?

    When you are applying jointly for a housing loan, all proposed owners of the house must be co-applicants. But, all co-applicants need not necessarily be co-owners. Co-applicants are generally immediate family members.

    Know Your CIBIL Score: When considering your eligibility for the loan, all lenders will seek out your CIBIL score to confirm your reliability as a borrower.

    Competition

    Recent Review

    659 days   ago
    RATED 4.8 I was a SBI Maxgain Home Loan customer, I am extremely satisfied by the product and the services rendered by RACPC Gurgaon. Will recommend this product to everyone

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