Most of us would like to own our house someday. However, problems like rising inflation rates, increasing real-estate costs and high-interest rates put a halt to this dream. While there are other banks and Housing Finance Companies (HFCs) in the country that provide home loans, SBI home loan stand out as the clear winner due to the trust aspect. If you still haven’t narrowed down the bank to you want to submit your home loan application, there are some important considerations of why SBI home loan are popular:
- Provides Competitive Interest Rates: SBI home loan interest rate are recognized to be the most competitive in the market today. In fact, SBI provides women borrowers interest rates as low as 8.15% p.a. This includes a 0.05% interest rate reduction for female borrowers, in recognition of the importance of women in Indian households.
- Provides Total Transparency: With SBI, you can expect full transparency throughout the loan procedure. This includes the amount of the loan you are eligible for, the documentation, and, most crucially, all fees and charges. You may rest confident that everything will be explained to you in a clear and concise manner.
- Able to provide Products tailored to your specific requirements: If you consider an SBI home loan, you will get many options to choose from. FlexiPay Home Loan for Young Salaried Earners, Privilege Home Loans for Government Employees, Shaurya Home Loan for Defence Employees and businessmen, NRI Home Loans, and a variety of other products are available from SBI to meet the individual home loan needs of distinct consumers.
- Provides Assistance in selecting the appropriate property: Through its home search platform, www.sbirealty.in, SBI assists you in selecting the ideal property from a variety of pre-approved projects based on your budget, location, and amenities.
- Provides Low-interest rates: EMIs (Equated Monthly Installments) for SBI Home Loans start at just INR 744 per lac for a Rs.30 lakh home loan with a 30-year tenure and an SBI home loan interest rateof 8.15% p.a.
- Instant Loan Top-Ups for Existing Home Loan Borrowers: In addition to conventional home loans, SBI offers Top-Up loans to existing clients who are eligible with extremely SBI home loan interest rate starting at 8.60% p.a. One can get a Top-Up instantaneously through the SBI YONO app, which can be used for a variety of purposes such as weddings and trips. In as little as 5 minutes, the Top-Up amount will be credited immediately to their savings account.
- Provides Pre-Approved Home Loans: If you have not yet purchased a property, you can apply for a Pre-Approved property Loan from SBI. This provides you with an idea of how much money you have to work with when looking for a home.
- Quick processing of PMAY subsidies: SBI has been designated as a Central Nodal Agency (CNA) for Pradhan Mantri Awas Yojana home loan subsidy claims. As a result, the subsidy is expected to be released as soon as feasible.
- You will get dedicated Relationship Managers:Do you know SBI has dedicated Relationship Managers for home loan applicants at various locations? These relationship managers help prospective home buyers regarding documents required to SBI home loan interest rate from the beginning of the application process until the finish of the procedure. This ensures that the consumer receives door-to-door service and that the entire procedure is finished smoothly.
How Do I Apply for an SBI Home Loan?
One can apply for the SBI home loan both online or by physically submitting your application. Here are the steps that one needs to follow:”
SBI Home Loan Offline Application Process:
For the offline process,
The applicant can go to any SBI branch near them and speak with a bank representative about the various SBI home loan Schemes. They can examine their eligibility requirements either online or by visiting the bank and once satisfied, they can apply for the preferred house loan. Submit all required documentation for background and income verification.
SBI Home Loan Online Application Process:
To apply online, go to the SBI home loan official website (https://homeloans.sbi/). Check the eligibility conditions for all of the State Bank’s home loans and fill out the application form. Following the submission of the application form and documentation, one of the representatives will contact you to continue the application process.
Before applying for a house loan, it is a good idea to calculate the monthly installments or EMI for the loan amount using the SBI home Loan Calculator.
Documents Required for an SBI Housing Loan
The following documents are necessary to apply for a house loan with the State Bank of India:
- ID card provided by your current workplace (for salaried employees)
- Completed application form
- 3 passport-sized photos
- Address Proof: PAN/Voter ID/Passport/Driving Licence Telephone bill, electric bill, water bill, piped gas bill, passport and Aadhar card
Property Papers
- Permit for Construction
- Allotment letter
- Maintenance bill/electricity bill/property tax receipt
- Stamped Sale Agreement
- Copy of plan approved
- Registered Development
- Development Agreement
- Bank account information or payment receipts
- Conveyance deed
Documentation For Account Statement Verification
Bank account statement for the last 6 months.
Loan account statement (for the last year) for past loans carried out with other banks or financial organizations.
Documents Required for Income Proof
(For Salaried People)
- The last three months’ salary slip
- Copy of ITR/Form 16
(For Non-Salaried Individuals)
- ITR for the previous three years
- Balance sheet for the last three years with proof of business address
- Form 16 TDS Certificate
- Information about Business Licences
So we are Saying,
When you take a home loan from SBI, you will be taking a loan from India’s preferred home loan provider. It is said that one in every three home buyers in the country today avail SBI home loan and that’s something. Just make sure your documents are in order and you have checked your CIBIL score before applying. if in case it is low, you could always improve your score by checking your report for any errors or paying the bills on time. Once it is above 700, only then it is suggested to apply for a home loan to get a favourable SBI home loan interest rate.
