Cheapest Home Loans

• Purchase or construct a house or flat.
• Purchase a plot of land for construction of house.
• Extention, repair, renovation or alteration of an existing house or flat.
• Purchase of consumerdurables and furnishings as a part of the project cost.

Features of SBI Home Loan:

• Home Loan interest rate is lowest.
• SBI can takeover an existing loan from Housing Finance Companies or other Banks.
• SBI charges on the daily reducing balance.
• SBI does not charge any penalty on repayments of Home Loan.
• There is no hidden costs.
• There is option to club, income of your children and spose, to compute eligible loan amount.
• There is provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount.
• There is provisions to finance cost of furnishing and consumer durables as part of project cost.

SBI provides Home Loan in following Schemes.

1. SBI Easy Home Loan.
2. SBI Advantage Home Loan.
3. SBI Happy Home Loans.
4. SBI Green Home Loan.
5. SBI Home Plus-Loan
6. SBI Home Line-Loan.
7. SBI My Home Campaign-Loan.

Eligibility of SBI Home Loan:

• On the date of sanction the minimum age of the applicant should be not less than 18 years.
• To enable the borrower to repay the Home Loan fully, the maximum age limit is fixed at 70 years.
• For servicing the loan repayment, the Home Loan borrower should have availabilty of sufficient, regular and continuous source of income.
  

• The Interest Rate during the first year i.e. from the date of first disbursement to the date of first anniversity is fixed at 8% p.a.
• The Interest Rate for next two years is fixed at 9% p.a.
• The Interest Rate after three years may be fixed or floated as per the borrower's choice made at the time of sanction. If option for floating rate is chosen, then the rate will be 2.5% below SBAR. If the option for fixed rate is chosen, then the rate will be 0.75% below SBARprevailing on the third anniversary date from the date of first disbursement, and shall have a reset frequency of 5 years from the third anniversary date of the loan. Fixed interest shall be subject to force-majeure clause. (SBAR - 11.5% p.a.)

SBI Easy Home Loan Processing Fee:

• The Loan amount upto Rs. 5 Lacs, the Processing fee is Rs. 1000/-.
• The Loan amount above Rs. 5 Lacs and upto Rs. 10 Lacs, the Processing fee is Rs. 2000/-.
• The Loan amount above Rs. 10 Lacs and upto Rs. 20 Lacs, the Processing fee is Rs. 5000/-.
• The Loan amount above Rs. 20 Lacs and upto Rs. 50 Lacs, the Processing fee is Rs. 7000/-.

SBI Advantage Home Loan:
The SBI Advantage Home loan Scheme offers Home Loan with competitive interest rate above Rs. 50 Lacs. There are over 12000 SBI branches nationwide.Your Home Loan account can be placed at a branch nearest to your present or proposed residence.

SBI Advantage Home Loan Interest Rate:

• The Interest Rate during the first year i.e. from the date of first disbursement to the date of first anniversity is fixed at 8% p.a.
• The Interest Rate for next two years is fixed at 9% p.a.
• The Interest Rate after three years may be fixed or floated as per the borrower's choice made at the time of sanction. If option for floating rate is chosen, then the rate will be 1.75% below SBAR. If the option for fixed rate is chosen, then the rate will be 0.75% below SBAR prevailing on the third anniversary date from the date of first disbursement, and shall have a reset frequency of 5 years from the third anniversary date of the loan. Fixed interest shall be subject to force-majeure clause.

SBI Advantage Home Loan Processing Fee:

• The Loan amount abovve Rs. 50 Lacs, the Processing fee is Rs. 8000/-.
• The Loan amount above Rs. 1 Crore and upto Rs. 5 Crores, the Processing fee is Rs. 10000/
• The Loan amount above Rs. 5 Crores, the Processing fee is Rs. 20000/-.

SBI Happy Home Loan:
The SBI Happy Home Loan scheme makes it possible to the genuine needy purchasers to purchase house or flats at a lowest interest rate of 8% p.a. for a period of one year from the date of disbursement on new Home Loans including SBI Special Home Loans Scheme.

SBI Green Home loan:
In this scheme SBI has adopted a Green Banking Policy to promote towards the fight against the adverse climatic change. The Board of the State Bank of India has approved to incentivize customers who opts for Green Projects which reduce Carbon Emissions and promote Renewable Energy. "Green Housing" or "Green Home" is one of the categories identified for this purpose. At present SBI is the only Bank in the country which is promoting the cause of Green Building by offering a 5% concession in margin, 0.25% concession in the rate of interest and waiving out processing fees on the existing Home Loan Schemes to the customers who opts for Green Projects.

SBI Home Plus Loan:
The SBI Home Plus Scheme is launched for granting personal loans to the Home Loan customers against the security of their house property. All the Home Loan customers who have a saving bank or current account and having a satisfactory repaying records of at least one year are eligible for this scheme. The Loan can be used for any purpose like repair or extension of house, purchase of a car or consumer durables, education or medical expenses of family members, personal expenses, The customers need not to produce any documentary evidences against the use of the fund. However, the customer will have to declare in the application that the Loan will not be used for speculative purposes.

SBI Home Line Loan:
SBI grants SBI Home Line Loan to those customer who has satisfactory repayment records for last 3 years. This is a special personal loan comes with inbuilt provision to sanction personal loan to home loan borrower. The interest rate charged on this personal loan is only 50 bps above the Home Loan interest rate applicable during repayment period opted by the borrower (floating rates only) prevailing as on date of sanction of SBI Home Line Special Personal Loan.

SBI My Home Campaign Loan:
SBI reduced its home loan rates in “SBI My Home Campaign”. In SBI’s home loan scheme, rate of interest for the first year is 8%, and for the next two years is 8.5% to 9% depending on size of the loan. SBI has made reduction in interest rate on home loan between Rs 30 lakh and Rs 50 lakh. However, the interest rate will remain the same for the first year at 8%, at the second and third year the interest rate will be brought down to 8.5% from 9.5% . For the period beyond third year, the floating rate on the loan has been dropped by 1.25 percentage points. Earlier, the rate was at 1.5 percentage points below PLR, which has now been increased to 2.75 percentage point below the bench mark rate. So the effective home loan rate will become lower. If the present condition remains the same and the bank does not change PLR, the new rate will be 9% as against 10.25% earlier.

Documents required to apply for a SBI Home Loan:
The documents required to submit along with the filled application form to apply SBI Home Loan are:

• Completed loan application form.
• Proof of identification:- You can submit photocopies of Passport or Voter Identity Card or IT PAN Card or driving Licence.
• Passport size photographs 3 numbers.
• Business address proof for non-salaried applicants.
• Residencial address proof:-You can submit photocopies of latest electricity bill or telephone bill or passport or property tax receipt or voters identity card.
• Bank account statement for last six months or current pass book.
• Statement of individual assets and liabilities.
• Signature verification certificate from the current banker.
• For salaried individuals: (a) copy of income tax returns for last two financial years or TDS certificate on Form-16 duly approved by the income tax department. (b) Original Salary certificate or Pay slip from the employer.
• For self employed individuals: (a) certified copies of income tax assesment orders or returns for the last three years. (b) photocopies of receipts showing advance income tax payment.
• For guarantor where ever applicable: (a) Statement of individual assets and liabilities. (b) Two passport size photographs. (c) Proof of Identification. (d) Residencial address proof. (e) Business address proof. (f) Authentication of signature from his/her current bankers.

SBI Home Loan Interest Rate:
Loan Scheme 1st Year 2nd and 3rd Year After 3rd year
-------------------------------------------------------------------------------------------------
1. SBI HI FIVE Loan 8% p.a. 9% p.a. 9% p.a.
Loam amount upto Rs. 5 Lacs Fixed Interest Rate Floating Interest Rates Floating Interest Rates
Or Or
10.5 p.a. 10.5% p.a.
Fixed Interest Rates Fixed Interest Rates

2. SBI Easy Home Loan 8% p.a. 8.5% p.a. 9% p.a.
Loan amount upto Rs. 50 Lacs Fixed Interest Rate Fixed Interest Rate Floating Interest Rate
Or
10.5% p.a.
Fixed Interest Rate

3. SBI Advantage Home Loan 8% p.a. 9% p.a. 10% p.a.
Loan amount above Rs. 50 Lacs Fixed Interest Rate Fixed Interest Rates Floating Interest Rate
Or
11% p.a.
Fixed Interest Rate
-------------------------------------------------------------------------------------------------
Note:- the Interest rate after three years may be fixed or floating as per the borrower's choice made at the time of sanction.

Related articles

 Subscribe in a reader

Blog Weblog Directory

LIST OF POSTS

1. Cheapest Home Loan In India
2. SBI Home Loan
3. SBI Housing Loan Interest Rate