How to Apply for a Home Loan in SBI Online

The home loan offered by State Bank of India is an ideal choice for getting a new home for you. The home loan interest rate offered by SBI is quite

The home loan offered by State Bank of India is an ideal choice for getting a new home for you. The home loan interest rate offered by SBI is quite affordable for all people belonging to all classes. One important thing to note is SBI Home Loans is one of the largest Mortgage Lenders in India, which has helped over 30 lakh families to fulfill the dream of owning a home. Learn here How to Apply for a Home Loan in SBI Online.

Home loan features like the one SBI provides is what every home loan borrower dreams of because of the attractive options such as SBI home loan processing fee and affordable interest rate. In this article, we have shared the details of the product to understand and apply for it if you are looking for a home loan.

SBI Home Loan Benefits and Features

  • Lowest home loan interest rate starting from just 7.20%
  • women borrowers can avail of Concession of 5 basis points on SBI home loan rates
  • No prepayment penalty on floating rate home loans
  • Longer loan tenure up to 30 years
  • Both salaried and self-employed are eligible for SBI home loan
  • Top up, overdraft and balance transfer facilities are also available

Latest SBI Home Loan Interest Rates 

Before we get to know home loan, how to apply and other procedures, it is imperative to check the interest rates of the same for different tenures. To help you with that, we have shared the tabular format showing the maximum loan amount, tenure, SBI home loan interest rate, and the processing fee on home loan.

ParticularsSalaried (Women)Self-employed (Women)Salaried (Others)Self-employed (Others)
Rate of Interest7.35%-7.80%7.50% – 7.95%7.40%-7.85%7.55%-8.00%
Loan TenureUp to 30 YearsUp to 30 YearsUp to 30 YearsUp to 30 Years
Consolidated Processing Fee0.35% of loan amount + GST subject to a maximum of ₹10,000 +GST0.35% of loan amount + GST subject to a maximum of ₹10,000 +GST0.35% of loan amount + GST subject to a maximum of ₹10,000 +GST0.35% of loan amount + GST subject to a maximum of ₹10,000 +GST

You can also calculate your State Bank of India home loan EMI with the help of the SBI home loan calculator which can be found over the internet easily. It has a very simple interface that asks for your loan amount, interest rate, and loan tenure and provides you the estimated EMI amount.

SBI Home Loan Eligibility Criteria

SBI provides home loans to people belonging to all classes including salaried, self-employed, employees of central/state government, self-help groups, and defense personnel belonging to the army, navy and air force. The eligibility for SBI home loan is calculated based on your age, income, property value, and repayment capacity. For your reference, below we have provided a table showing SBI home loan eligibility.

ParticularsFor salaried peopleFor Self employed
Minimum Age18 Years21 Years
Maximum Age70 Years70 Years
Minimum Income₹1,80,000 p.a.₹1,80,000 p.a.
Loan Amount OfferedCustomizedCustomized
Tenure of loanUp to 30 YearsUp to 30 Years
Current Experience2 Years3 Years

SBI Home Loan Eligibility for Self Employed People

Whether the applicant is Proprietor of any Proprietorship firm or one of the partners in a Partnership Firm or one of the Directors in a Company; in all the mentioned conditions, the firm/Company should come under the below-given guidelines:

  • The individual should be a resident Indian
  • Should be in existence for at least the last 3 years
  • Must have earned Net Profit in the last two years
  • Existing Credit Facilities (if any), should be regular and standard. An Opinion Report in this regard is also obtained from the existing Bankers.
  • Minimum Age of the borrower should be 18 years
  • Loan Tenure can be availed up to 30 years.
  • Loan Amount can be availed of a minimum Rs. 50,000/- & maximum Rs. 50 crores.

Pradhan Mantri Awas Yojana

The PMAY – Housing For All scheme, is a scheme launched by the Government of India to provide a place to reside for millions of urban poor. It has a set deadline for 2022, in which over 2,508 cities and towns across 26 states in the country will be covered and over 2 million houses will be built. The last date to Apply for LIG and EWS Category is 31 March 2022.

How to Apply PMAY in SBI

The Ministry of Housing and Urban Development has set up a very simple process that allows people to apply for a house under the scheme with a few easy steps. The form basically has two pages and requires a person to fill all key details about themselves such as Aadhar number and personal details.

Documents Needed for SBI home loan for all applicants:

  • In case of salaried person, Employer Identity Card will be needed
  • Duly filled loan application form affixed with 3 Passport size photographs
  • Proof of Identity can be submitted a one from PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address can be referred from anything such as a recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

On a closing note

Getting a home is like getting a dream come true and with the affordable interest rates provided by the SBI home loan facility, it’s just a step closer. Make sure that you read all the terms and conditions before applying for a home loan in SBI. For more details, you can also visit SBI’s website or the nearest branch.

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