State Bank of India Home Loan
SBI Home Loan has built a strong reputation based on trust, reliability, and customer satisfaction. One of the most appealing aspects of SBI Home Loan is its competitive interest rates. SBI understands the significance of affordable EMIs (Equated Monthly Installments) for its customers. The SBI Home Loan product is not limited to a particular segment of the population. It caters to a wide range of individuals, including salaried employees, self-employed professionals, and even Non-Residential Indians (NRIs). This inclusivity ensures that everyone has the opportunity to achieve their homeownership goals with the support of SBI.
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State Bank of India Home Loan
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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 ]
- 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: email@example.com / firstname.lastname@example.org
Main Branch Address: Customer Service Department, State Bank of India, State Bank Bhavan, 16th Floor, Madam Cama Road, Mumbai 400 021.
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Home Loan By Other Banks
- Axis Bank Home Loan
- Bank of Baroda Home Loan
- HDFC Bank Home Loan
- ICICI Bank Home Loan
- Bajaj Finserv Home Loan
- Canara Bank Home Loan
- IndiaBulls Home Loan
- YES Bank Home Loan
- DHFL Home Loan
- CITI Bank Home Loan
- Union Bank of India Home Loan
- Federal Bank Home Loan
- IndusInd Bank Home Loan
- IDFC FIRST Bank Home Loan
- Hero FinCorp Home Loan
- Punjab National Bank Home Loan
- IDBI Bank Home Loan
- Kotak Bank Home Loan
- Godrej Housing Finance Home Loan
- Tata Capital Housing Finance Limited Home Loan
- HDFC Sales Home Loan
- Indian bank Home Loan
- Vastu Housing Finance Home Loan
- Capital First Ltd. Home Loan
- Home First Finance Company Home Loan
- Hero Housing Finance Home Loan
- Clix Capital Home Loan
- Aditya Birla Finance Limited Home Loan
- Housing Development Finance Corporation Home Loan
- L&T Finance Home Loan
- HSBC Home Loan
- LIC Housing Finance Home Loan
- Reliance Capital Home Loan
- Fullerton India Home Loan
- Bank of India Home Loan
- IIFL Finance Home Loan
- Piramal Housing Finance Home Loan
- Edelweiss Financial Services Home Loan
- Poonawalla Fincorp Limited Home Loan
- Aadhar housing Finance Home Loan
- DCB Bank Home Loan
- Punjab National Bank Housing Finance Home Loan
- Capri Global Home Loan
- Punjab & Sind Bank Home Loan
- Muthoot Finance Ltd Home Loan
- karnataka bank Home Loan
- Bank of Maharashtra Home Loan
- Ujjivan Small Finance Bank Home Loan
- RBL Bank Home Loan
- Cholamandalam Finance Home Loan
- Deutsche Bank Home Loan
Mutual Fund Scheme
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Gold & Silver Rate
From refinancing to reducing your interest, we have the answers right here.
Does SBI Provide Home Loans at the best rate?
SBI is one of the prime financial institutions that one can rely upon regarding safety and security.
Moreover, loan rates are attractive and personalised for its customers as per their eligibility.
What is the interest rate of a Home Loan in SBI?
SBI home loan is currently being offered at an interest rate that ranges from 8.55% to 9.45%. Furthermore, the rates are applied per the applicant’s CIBIL score.
What are the benefits SBI Provides on Home Loan?
SBI home loan is available with an array of features and benefits, making it one of the most lucrative loan schemes in the market. Customers can expect the SBI home loan to be a product with exclusive features, attractive interest rates, overdraft protection facilities, minimal loan disbursal fees, and no prepayment charges.
Does SBI have a fixed rate of interest on a home loan?
The interest rates are generally available per an individual’s CIBIL score and profile. Moreover, there are provisions for customers to choose from fixed or variable interest rates. The floating interest rate scheme is currently being offered at 8.55%.
Does SBI Check for CIBIL Score for Home Loan?
SBI Home Loan requires an individual or a group to have a minimum CIBIL score of 650 or above. Other factors also determine whether one can avail of a home loan from SBI or not.
What KYC documents will I have to submit to apply for a home loan from SBI?
The KYC documents submitted while applying for an SBI home loan include identification documents like an aadhaar card, PAN card, driving license, voter ID, etc. For address proof, one can provide recent bills with the address in them.
Furthermore, the loan scheme will also require bank details and employment details.
Will I be penalised for not paying my EMI on the SBI housing loan?
Any loans that amount to a maximum of INR 25,000 will pay no penalty for missing any EMIs. However, above the threshold of INR 25,000, each missed EMIs will be charged up to 2% above the interest expense.
What is the processing fee on the SBI home loan?
The applicable processing fee is about 0.35%, along with the applicable GST. Alternatively, the processing fee on the SBI home loan ranges from a minimum of INR 2000 to a maximum of INR 10,000.
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