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How to avail SBI home loan

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ET OnlineLast Updated: Sep 23, 2021, 01:47 PM IST

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One can avail an SBI home loan online and via the bank's YONO platform. Here is a look at the features and documents required to avail an SBI home loan.

The State Bank of India (SBI) offers various types of home loans. These include Regular Home Loan, SBI Privilege Home Loan for government employees, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for loan of higher amount and SBI HerGhar Home Loan for women. One can avail the loan online and via the YONO platform.

Here is a look at the features and documents required to avail a home loan from the PSU lender, according to a press release issued by SBI.

Home loan tenure: 3-30 years
Interest rate: SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount
Zero processing charges
No hidden or administrative charges
Interest concession for women borrowers
Credit score linked home loans
No prepayment penalties
Interest calculation on a daily reducing balance
Home loan also available as an overdraft

How to apply online
Customers can click on the link below to apply for the home loan, fill in the required details, check eligibility and get the loan quotation: https://onlineapply.sbi.co.in/personal-banking/home-loan?se=SBI-Microsite&cp=Homeloan&Ag=SBI-Microsite

How to avail home loan using YONO SBI

Login to your YONO account
On the home page, click on the menu (three lines) on the top extreme left
Click on loans
Click on Home Loan
Do a quick eligibility check by providing your date of birth
Enter your income source
Enter your net monthly income
Details of any other loans
Check your eligible loan amount and proceed
Fill in the other required details and click on submit
You will get a reference number and an SBI executive will call you shortly

Use ET Online's home loan calculator to calculate EMI of your home loan and your loan repayment schedule in regular installments over a period of time.

Borrower bonanza: Low home loan interest rates and other festive season offers

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Festive cheer on home loans

Festive season has commenced and banks as well as non-banking financial institutions have already rolled out a plethora of festival offers like lower interest rates on loans and waiver of processing fees. Indian banks are aggressively pushing loans for both home and gadget purchases at record low rates of interest, tapping into festive season optimism.

Last month, finance minister Nirmala Sitharaman had asked state-run banks to step up lending and hold credit outreach programmes across India from October to bolster the various stimulus packages. With outreach programmes thus scheduled to return soon, credit flow to productive sectors of the consumer economy is likely to increase further. Here is the cheer that some major lenders are bringing you this festive season.

SBI

The country's largest public sector bank, the State Bank of India (SBI) has announced that as part of its festive season scheme, it will be offering credit score linked home loans at 6.7%, irrespective of the loan amount. SBI has also waived processing fees on home loans. Click here to know how to avail SBI home loan.

Kotak Mahindra Bank

Kotak Mahindra bank's festive offer of 6.5% is a record low and the lowest in the industry. It will be valid for a 60-day period from September 10 to November 8. The limited festive period offer will be applicable across all loan amounts, and on both fresh loans and balance transfer cases. The lowest rate of 6.5% will be applicable to the salaried class and those with credit scores upwards of 800.

HDFC

Mortgage lender, Housing Development Finance Corp (HDFC), said that it will be offering home loans at 6.7% interest rate for those with credit scores above 800, as stated on thee lender's website. The offer applies to all new loan applications irrespective of the loan amount or employment category. The close-ended scheme and will be valid till 31st October 2021. Additionally, HDFC has slashed its processing fees to Rs 3, 000 plus taxes, from the earlier Rs 10, 000 plus taxes. Click here to find out if you are eligible for the loan.

Bank of Baroda

Bank of Baroda has also launched retail loan offers ahead of the festive season. The bank is offering a waiver of 25 basis points on prevalent interest rates for home and car loans. Home loans for the public lender start at 6.75% and car loans at 7%. The bank is also offering a waiver of processing fees on home loans.

What are the documents required

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

Also read: SBI cuts home loan interest rate to 6.7%, waives processing fees, gives incentive for non-salaried borrowers

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 income tax department

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)

( Originally published on Sep 22, 2021 )

How to avail SBI home loan

One can avail an SBI home loan online and via the bank's YONO platform. Here is a look at the features and documents required to avail an SBI home loan.