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    Navigate Your Path to Home Ownership: Understanding SBI Home Loans

    Zestful GraceBy No Comments6 Mins Read

    Home loans are a long-term investment, a huge investment that guarantees the borrower will repay the loan amount with interest. The strict eligibility parameters ensure that the funds are provided to the right person and that the borrower does not feel burdened by paying off the EMI. 

    Before applying for a Home Loan, one needs to calculate the EMI, i.e., the Equivalence Monthly Installments associated with the loan. Whether it is a 50 lakh personal loan EMI or a 60 Lakh Home Loan EMI, the EMI Calculator can be used to ascertain the home loan interest rates and calculate the EMI amount.

    Eligibility Criteria

    For SBI Regular Home Loans or Home Loan Balance Transfer or Pre-Approved Home Loan

    • An applicant should be an Indian Resident
    • The applicant should not be below 18 years of age.
    • The applicant should be above 70 years of age.

    For SBI NRI Home Loan

    • The minimum age of an applicant should be 18 years
    • The maximum age of an applicant should be 60 years
    • An applicant can be aNon-Resident Indian and a person of Indian Origin

    For SBI Flexipay Home Loan

    • The minimum age of an applicant should be 21-45 years
    • The maximum age of an applicant should be 60 years
    • An applicant should be a salaried individual.
    • An applicant should be an Indian Resident. 

    For SBI Privilege Home Loan

    • Government employees working with the Central or State Government, Public Sector Undertakings of the Central Government, Public Sector Banks and other individuals with pensionable service.
    • The minimum age of an applicant should be 18 years
    • The maximum age of an applicant should be 75 years
    • An applicant should be an Indian Resident

    For SBI Shaurya Home Loan

    • An applicant should be anArmy and Defence Personnel
    • The minimum age of an applicant should be18 years
    • The maximum ageof an applicant should be 75 years
    • An applicant should be an Indian Resident

    For SBI Realty Home Loan

    • The minimum age of an applicant should be 18 years
    • The maximum age of an applicant should be 65 years
    • An applicant should be an Indian Resident

     For SBI Top-up Home Loan

    • An applicant should be an Indian resident or an NRI.
    • The applicant should not be below 18 years of age.
    • The applicant should not be above 70 years of age.

    For SBI YONO Insta Home Top-up Loan

    Only pre-selected customers depend on the various credit checks like satisfactory repayment, residual loan tenure, etc.

    For SBI Home Loan to Non-Salaried-Differential Offerings

    • The minimum age of an applicant should be 18 years
    • An applicant should be an Indian Resident
    • An applicant should be aNon-Salaried individual.

    If the applicant is a proprietor in the proprietorship firm, is one of the Directors in a company, or one of the partners in a partnership firm, the company/firm:

    • It should be in existence for at least three years
    • Should have earned Net Profit in the past two years
    • Should have regular and standard credit facilities
    • In case the proposed house property is acquired jointly by a proprietor and proprietary firm, then the firm should be debt-free or an existing borrower.

    For SBI Tribal Loan

    • The applicant’s minimum age should be21 years
    • The applicant’s maximum age should be 60 years
    • An applicant should be a Resident Indian

    SBI Home Loan Interest Rates

    Mentioned below are the SBI Home Loan Interest Rates:

    SBI Home Loan SchemeInterest Rate (per annum)
    SBI Home Loan (TL)8.50% – 9.65%
    SBI Home Loan Max Gain (OD)8.70% – 9.85%
    SBI Top-up Home Loan8.80% – 11.30%
    SBI Top-up Home Loan (OD)9.00% – 9.95%
    SBI Tribal Plus8.60% – 9.55% 
    SBI YONO Inst Home Top-up9.35% p.a.

    Documentation Required

    1. General Documents
    • ID card of the employer
    • Duly filled application form with 3 passport-sized photographs
    • Identity Proof: i) PAN
    • Voter ID
    • Passport
    • Driving License
    • Address Proof: i) Copy of telephone bill 
    • Electricity bill
    •  Water bill
    •  Piped gas bill
    • Passport copy 
    •  Aadhar card
    1. Property Papers
    • Permission for construction
    • Occupancy certificate, i.e. ready to move in, electricity bill, maintenance bill, property tax receipt
    • Approved Plan Copy 
    • Conveyance Deed
    • Sale agreement Registered (only in the case of Maharashtra), Stamped Sale Agreement, Allotment letter.
    • Details of Bank account or payment receipts to the builder
    • Registered Development Agreement of the builder
    1. Account Statement
    • Bank account statements for the last six months for all bank accounts
    • Loan account statement for the last one year for previous loans from other financial institutions
    1. Income Proof for Salaried Applicant/Guarantor/ Co-applicant
    • The last three months’ salary slip/certificate
    • Copy of ITR or Form 16, acknowledged by IT Department
    1. Income Proof for Non-Salaried Applicant/Co-applicant/Guarantor
    • ITR for the last 3 years
    • Business Address Proof
    • Profit and loss Statement for the last three years
    • Balance sheet for the last three years
    • Qualification Certificate in case of CA, Doctors and other professionals
    • TDS Certificate, i.e. Form 16
    • Business License Details

    Processing Fees and Charges

    ParticularsCharges
    Home Loan- Regular, NRI, Realty,
    Max gain, Trible Plus, Flexi-pay, CRE, Non-salaried,
    PAL, Apon Ghar Loan above 15 lacs, Top-up Home Loan    		0.35% of the loan amount (INR 2,000-INR 10,000)
    YONO Insta Home Top-Up Loan (Digital
    Product)    		INR 2,000
    Privilege and Shaurya Home LoanNIL
    Apon Ghar (HL up to INR 15 lacs)NIL
    Kerala Govt Employees’ Home loans
    scheme    		NIL

    How do you apply for an SBI Home Loan?

    1. Through SBI Yono App:

    Step 1: Launch the SBI Yono app.

    Step 2: Under the tab “Menu”, click the option “Home Loan”. 

    Step 3: Provide some basic details like date of birth, income source, net monthly income, and any other loan availed to check the loan eligibility

    Step 4: Fill out the remaining details and click “Submit”.

    Step 5: A call will be received from the bank to proceed further.

    1. Through SBI Official Website:

    Step 1: Launch the official website of SBI Home Loan.

    Step 2: Now, click “Apply Online”.

    Step 3: Fill out the details required to know the eligible loan amount.

    Step 4: Again click on “Apply Now”.

    SBI Home Loan Customer Care

    Toll-free numbers 

    • 1800112018
    • 18001234
    • 18002100
    • 1800112211
    • 18004253800
    • 080-26599990

    For reporting unauthorised electronic transactions:

    • 1800111109 (Toll-free)
    • 9449112211 (mobile number, toll-free)
    • 080-26599990

    Email id:

    • contactcentre@sbi.co.in
    • customercare@sbi.co.in 

    Also, one can text them by sending an SMS “UNHAPPY” to 8008202020 or avail Missed call Banking @ SBI Quick. 

    Read also more blog norcow .

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