WELCOME to SBI Home Loans
"THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.
SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.
Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India Best practices followed in SBI People dealing with you End to End service by Permanent employees of SBI who are accountable to you. Place SBI branch of your choice will service your loan account. You can always meet our employees face to face. Price Complete transparency.
Interest charged on the daily reducing balance. Prepayment charges No penalty for prepayments made, out of bonafide savings or windfall gains for which evidence is produced. Costs hidden in fine print No hidden costs Transparency Complete transparency. All the features of our product, including interest rates, are in the public domain.
Unique features:
* Provision for on the spot "In principle" approval.
* Loan sanctioned within 6 days of submission of required documents.
* Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)
*Option to club income of your spouse and children to compute eligible loan amount
*Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount
*Provision to finance cost of furnishing and consumer durables as part of project cost
*Repayment permitted upto 70 years of age
*Free personal accident insurance cover upto Rs.40 Lac.
*Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)
*Interest calculated on daily reducing balance basis, and starts from the date of disbursement.
‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.
*Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat
*Option to avail loan at the place of employment or at the place of construction
- Complimentary international ATM-Debit card
- Complimentary SBI Classic/ International Credit Card.
- Option for internet-banking
- Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily
- 50% concession in charges in respect of all personal remittances/ collection of outstation cheques
Personal loan at attrctive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers.
Purpose
Purchase/ Construction of House/ Flat
Purchase of a plot of land for construction of House
Extension/ repair/ renovation/ alteration of an existing House/ Flat
Purchase of Furnishings and Consumer Durables as a part of the project cost.
Takeover of an existing loan from other Banks/ Housing Finance Companies.
Eligibility
Minimum age 18 years as on the date of sanction
Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.
Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount Net Annual Income EMI/NMI Ratio Upto Rs.2 lacs 40% Above Rs.2 lac to Rs. 5 lacs 50% Above Rs. 5 lacs 55%
1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
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