Apply SBI Home Loan 2019 – Interest Rates, Eligibility, Documents, Conditions & Details

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Apply SBI Home Loan 2019 : If you are planning to construct / buy a house and need loan for that, then you should read this article. Here we’ve provided details about SBI Home Loan 2019, Application process, Interest Rates,  Fee, Eligibility, Documents, SBI House Loan EMI calculator, Conditions & Details. We’ve given details of all types of Home loans providing by SBI bank. There are more than 15 types of  home loans available in SBI Bank. Each type of home loan had its own purpose & eligibility conditions.

About SBI Home loan

SBI Home Loans is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home.

SBI  Home Loan Products

  • SBI Regular Home Loan
  • SBI Balance Transfer of Home Loan
  • SBI Flexipay Home Loan
  • SBI Privilege Home Loan
  • SBI Shaurya Home Loan
  • SBI Tribal Plus
  • SBI Home Loan to Non-Salaried Differential offerings
  • SBI Pre-Approved Home Loan (PAL)
  • SBI Bridge Home Loan
  • SBI Earnest Money Deposit (EMD)
  • SBI NRI Home Loan
  • SBI Realty Home Loan
  • SBI Corporate Home Loan
  • SBI Commercial Real Estate (CRE) Home Loan
  • SBI Loan Against Property (P-LAP)
  • SBI Reverse Mortgage Loan
  • SBI Home Top Up Loan
  • SBI Smart Home Top Up Loan
  • SBI Insta Home Top-Up Loan
  • SBI Maxgain
  • SBI Green Home Loan
  • SBI Pre-EMI Interest by Builders Scheme

Features & Benefits

  • Packages of exclusive benefits
  • Low Interest rates. Interest calculation on a daily reducing balance.
  • Home loan also available as an overdraft. Optimally utilize your surplus funds.
  • Low Processing charges. No hidden costs.
  • No Prepayment penalties. Reduce your interest burden by prepaying the loan

What are the types of Home loans available?

The banks usually offer the following types of loans on interest:

Home Purchase Loan : It is the most common type of loan taken for purchasing a new residential property or an old house from its previous owner.

Home Improvement Loan : Home improvement loans are given for executing repair and renovation work at home.

Home Construction Loan : These loans are sanctioned to construct a house on a piece of land you have already purchased. The loan approval and application process for these loans is somewhat different from the other commonly available home loans.

Home Extension Loan : Home extension loans are offered for expanding or extending an existing house. To cite a few examples, addition of an extra room, a floor etc.

Land Purchase Loan : This type of loan is granted for the purchase of a plot of land for both residential or investment purposes.

Home Conversion Loans : These loans are available for people who have already purchased a house by taking a home loan but would now want to buy and move to another house. With these loans, they can fund the purchase of the new house by transferring the current loan to the new house.

Balance Transfer Loan : These loans are availed to transfer one’s home loan from one bank to another. It is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing home loan provider and wants to switch to a different bank.

NRI Home loans : These are specialized loans, structured to suit the requirements of NRI’s who wish to build or buy a home in India.

Loan against Property (LAP) : These loans are given or disbursed against the mortgage of a property.

Eligibility

  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.
CriteriaSalariedSelf-employed
Age18 Years-70 Years21 Years-70 Years
Income₹1,80,000 (p.a.)₹1,80,000 (p.a.)
Loan Amount OfferedCustomizedCustomized
Tenure30 Years30 Years
Current Experience2 Years3 Years

SBI House Loan Interest Rates & Processing Fees

ParticularsSalaried WomenSelf-employed WomenSalaried OthersSelf-employed Others
Interest Rate8.40%-9.10%8.40%-9.10%8.40%-9.10%8.40%-9.20%
TenureUp to 30 YearsUp to 30 YearsUp to 30 YearsUp to 30 Years
Processing Fee0.35 % of loan amount, up to a maximum ₹10,000 +GST0.35 % of loan amount, up to a maximum ₹10,000 +GST0.35 % of loan amount, up to a maximum ₹10,000 +GST0.35 % of loan amount, up to a maximum ₹10,000 +GST

Click here to view the Interest Rates

*Interest rate will vary as per the risk score of the customer

** Based on LTV of the Customer

Fees

  • Processing Fee*
    1. 35% of the loan amount plus service tax, Minimum of Rs. 2,000/- plus service tax and Maximum of Rs. 10,000/- plus service tax. Out of pocket expenses for obtention of TIR/Valuation Report/CERSAI Registration, etc. are recovered separately.

*Plus applicable taxes

Processing Fees waived on Home Loan proposals (both takeover and new) and Home Top-up Loans till 31.12.2018.

  • Pre-sanction**
    1. Advocate’s fee for property search and title investigation report.
    2. Valuer’s fee for valuation report.
  • Post-sanction**
    1. Stamp duty payable for Loan agreement & mortgage.
    2. Property insurance premium.
    3. CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lakh limit; and Rs 100 + GST for limits above Rs 5 Lakh.

Click here to view old Interest Rates

Download SBI Home Loan Application 2019

  • Click here to download “Home Loans Application Form”

Home Loan EMI Calculator – Click Here

Documents Required for SBI Home Loan

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • Permission for construction (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

Track Your Application Status

Track Your Application StatusClick Here
Track Your Disbursement StatusClick Here

PRADHAN MANTRI AWAS YOJANA

  • “Pradhan Mantri Awas Yojana” Click Here.
  • Avail upto Rs.2.67 lakhs interest subsidy under PMAY-CLSS.
  • Click here to download “PMAY Annexure B “

Terms & Conditions

  • Click here to download “Terms and Conditions”

Download SBI Home Loan Mobile App

Download our top-rated app. It’s free, easy and smart!

SBI APP

Contact SBI for Home Loan

Real Estate and Housing Business Unit,
State Bank of India, Corporate Center Madame Cama Road,
State Bank Bhavan, Nariman Point,
Mumbai-400021, Maharashtra

Customer Care Toll Free Numbers

  • 1800 112 211 (Toll Free)
  • 1800 425 3800 (Toll Free)
  • 080 26599990

Email ID

[email protected]
(In case of any complaints)

Frequently Asked Questions

What should be the language of the registration document?

The language of the registration document must be the one that is commonly / prominently used in your district. According to Section 19 of the Indian Registration Act, the Registering Officer or the Registrar has the discretionary authority to decline the registration of your document if it is presented in a language which is not commonly used in the district, unless and until it is accompanied with the authentic translation of the language in use.

Can I authorize someone else to register my property by granting him a Power of Attorney?

Yes, you can execute a Special Power Of Attorney to get your property registered by someone else.

What documents do I need to check if I am buying a resale property?

  • Clear and marketable Title
  • Sale Deed
  • Encumbrance Certificate
  • latest tax receipts
  • Occupancy Certificate
  • Building Plan Approvals
  • Possession Certificate

What documents are required for registration of a new apartment/plot?

  • Sale Deed
  • No Objection Certificate (NOC) from builder
  • NOC from banks
  • Building Plan approvals
  • Completion Certificate
  • PAN Card and
  • photographs

What documents are needed for registration of an independent house?

  • Allotment papers of the plot
  • Building Plan approvals
  • Transfer Deed (in case of multiple owners)
  • Sale Deed
  • PAN Card and
  • photographs

What are the types of insurances available with Home Loan?

i. Term Insurance product is offered by SBI Life Insurance Company which offers financial coverage to the term life insurance policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. (SBI Suraksha)

ii. Property insurance is offered by SBI General that covers private residences and protects them from unpredictable damages and natural disasters.

Do women get concessional interest rates for SBI Home Loans?

Yes. Under ‘HER’ Ghar, which is a scheme specifically designed for women home buyers. There is a concessional interest rate of 0.05% p.a. offered to women borrowers. However, the two criteria which must be satisfied are:

  • Woman should be the sole applicant or one of the co-applicants for Home Loan
  • The woman should be the sole owner or one of the co-owners of the property proposed to be financed by the Bank

What is the difference between fixed rate and floating rate of interest?

In the fixed interest rate scenario, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate scenario, the interest can decrease or increase depending on market fluctuations.

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