State Bank of India Home Loan

Features & Benefits of SBI Home Loan

SBI is one of India’s major financial service providers, making them an easy option to consider while shopping for financial products. With the growing need for housing spaces among citizens, housing loans have become a go-to financial resource for many. SBI home loan comes with attractive and lucrative features and benefits that give customers a convenient option for a loan. With a starting interest rate of 9.70%, SBI home loans provide women with a specialised rate card. 

Mostly, the scheme is sanctioned based on the CIBIL score of the customer, although other factors also come into play. 

This guide explores all the aspects of the SBI home loan facility, its features and benefits, SBI home loan interest rates, balance transfer provision, etc.

SBI home loans come with an array of features and benefits that makes them a lucrative financial product to opt for. There could be various reasons one can opt for an SBI Home Loan. SBI is one of the largest lenders in India, and its reputation is enough for anyone to trust its products and services. 

Secondly, SBI home loans have specialised rates for women borrowers as well. These, clubbed with the following features and benefits of SBI loan, make the product a highly reliable scheme to choose from.

• Attractive interest rates along with affordable processing fees. 
• Application processes are more or less transparent, and customers can expect fast loan sanctioning. 
• Attractive repayment tenure can be chosen. Customers have the provision to repay their loans in up to a 30-year time frame. 
• One can also opt for pre-closure of their loan without incurring any penalty charges. 
• Loan takeover facility is available with the SBI home loan scheme. 
• SBI bank home loan scheme is open to many customers. The eligibility criteria are set with minimal expectations.

Eligibility Criteria for SBI Home Loans

To avail of an SBI home loan offer, customers must adhere to certain parameters the bank sets. These eligibility criteria are as follows.

• Customers must be a citizen of India. 
• The minimum age that one needs to be is 18 years, whereas the maximum age limit is 70 years. 
• The loan tenure is extendable as per the bank policy. The maximum tenure one can choose is up to 30 years. 
• Eligible home loan amount will be based on the employer profile, property type, and repayment capacity. 
• The application will only be accepted on presenting the mandatory documents.

Documents Required for SBI Home Loan

Customers opting for the SBI home loan will be required to obtain a few documents that will authenticate their identity, residential address, employment status, and bank account details. The bank must collect all essential information from the customer to ensure there is no discrepancy or fraudulence because the bank puts funds embracing the credit risk. Here is a list of documents required for a successful application procedure.

• Identification card of the employer of the borrower 
• Submission of loan application along with three passport-size photographs 
• Identification proofs which can be any of the following: PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence / Address, which can be any of the following: Recent copy of Telephone Bill / Electricity Bill / Water Bill / Piped Gas Bill or copy of Passport / Driving Licence / Aadhar Card.

Other than that, customers will be required to submit essential papers pertaining to their property. These should include a no-objection certificate from the project owner/builder, a sale agreement deed, stamp duty, a maintenance bill, and other related documents that are required to be submitted. 

Furthermore, customers must also show their bank account details and income proof. Income proof can be obtained from the salary slip, or copy of form 16 or a copy of IT returns.

How Does the EMI Calculation Work for the SBI Home Loan?

SBI home loan EMI calculation incorporates a generic mathematical formula integrated with an AI-backed SBI Home loan calculator. This online tool enables anyone to compute a loan scheme's outcome easily. Banks have their system of EMI calculation, which again uses the same generic mathematical formula. The formula is shown below:

EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ]

Where,

• P stands for the Principal Amount, 
• R stands for Interest Rates, 
• N represents the number of years

The individual inclined to assess EMIs on their home loan can also take the assistance of various EMI calculators available online.

Balance Transfer Facility for an SBI Home Loan

SBI provides a balance transfer facility to its SBI home loan customers who wish to change their lenders. These lenders can include scheduled commercial banks, private banks, foreign banks, HFCs, and even the borrower’s employers, given the home loan customer satisfies the eligibility criteria set forward by the bank. The balance transfer facility from SBI incorporates similar parameters for loan applications as it applies to general SBI home loan customers. The interest rates will begin from 8.50% per annum. One of the primary benefits of opting for the SBI balance transfer facility is that customers can get better deals pertaining to lower interest rates.

Furthermore, customers can expect a lack of any hidden charges and prepayment penalties.

Moreover, there is a provision for customers to opt for an overdraft facility and concession for women borrowers.

SBI Home Loan Customer Care Number

There are various means by which a customer can get in touch with a bank representative to get their queries sorted. SBI home loan borrowers can contact SBI customer care through toll-free contact numbers and email addresses or visit the nearest bank branch. Given below are the available networks through which SBI customer care is provided.

• Toll-free number: 1800 1234
• Toll-free number: 1800 2100
• Toll-free number: 1800 11 2211
• Toll-free number: 1800 425 3800
• Toll number: 080-26599990 

For reporting any unlawful transactions,

• 1800 11 1109 (Toll-Free)
• 94491 12211 (Mobile number, Toll-Free)
• 080 - 2659 9990 (Toll number)

Email Address: customercare@sbi.co.in / contactcentre@sbi.co.in

Main Branch Address: Customer Service Department, State Bank of India, State Bank Bhavan, 16th Floor, Madam Cama Road, Mumbai 400 021.