The necessity of having a house can be fulfilled without creating pressure on savings and daily expenditure by availing home loan. HL provides the funds for the purchase and construction of new house and repair of existing house. The borrowed amount has to be repaid in easy installment until the tenure lasts. The EMI constitutes a part of principal amount and a part of interest. Interest is a certain percentage calculated on the borrowed amount. The lending institute determine the rate of interest at the time of approval.
However, the applicant can check the prevailing rate of interest of several lenders online and after thorough research can apply for the loan at the institution that is offering loan at the lowest rates. SBI Home Loan interest rates are decent and depends on the category of borrower. The loan from the bank can be taken by the eligible candidates only. The eligibility criteria and product description are as follows –
SBI Home Loan Eligibility Criteria
The loan can be availed by the candidates whose profile match the eligibility standards set by the bank. The eligibility criteria prescribed by the bank is mentioned below:
- The applicant’s age should be between 18 to 70 years. The maximum age of the applicant at the time of loan expiration should not be more than 70 years.
- If the applicant desires to secure funds from the bank, then he/she is required to earn a regular income. It is mandatory for all the applicants.
The applicants also have the provision to enhance their loan eligibility. All they have to do is add-
- The income of spouse/daughter/son if any one of them are living with the applicant, and have a steady and stable income. Having a salary account which is managed and operated by the State Bank is important
- The rent which is expected from the new property, just in case it is going to be rented out
- Regular source of income from all the available sources
The applicant has to ensure that he submits the documents on time if he wishes to successfully complete the process of loan disbursal. Don’t miss to check out the list of documents-
- Completely filled application form
- Proof of Identity- PAN card/Aadhar card/Driving license/Passport/Voter ID card
- Bank statement of the previous six months
- Proof of Residence- Electricity bill/Voter ID Card/Telephone bill/Passport/Property tax receipt
- Proof of Income- For salaried individual: IT returns of the past two years/Form 16 along with original salary certificate For Self-employed individual: IT returns of the previous three financial years and Assessment orders
- Three photographs of passport size
- Non- salaried class are required to show a business address proof
SBI Home Loan Interest Rates
The Bank provides home loan at both fixed and floating rate of interest. The fixed rate of loan is applicable on the loan tenure of 2 years. The fixed rate ranges from 8.35% to 8.55%. The floating rate of interest also ranges from 8.35% to 9.05%. However, the rates variate according to the amount and the category of borrower. The lowest rate of 8.35% is offered by the bank to the woman borrower. Whereas, for other applicants, minimum rate is 8.40%.
SBI is the country’s leading lender. It offers home loan at the industry’s competitive rates. In recent past, the bank has revised its rates thus enabling people to own a dream shelter. For those who already are paying higher EMIs, they can transfer their running credit to SBI at avail the advantage of lower rates. Yes, it is possible to transfer your loan to SBI. It require just few steps.
In case, you are looking forward to fresh loan then SBI Home Loan is the best option. You can apply for the loan by visiting the bank branch or even online. It is only after the eligibility test that the loan application is processed and the amount disbursed. So, if you too want to avail the loan then the check the eligibility criteria before applying for the loan.
Home Loan Products Offered
State Bank of India provides a wide range of products under the home loan category which can meet the requirements of the people. Check them out right now-
- Flexipay Home Loan
- SBI Realty
- SBI Pal
- Gram Niwas
- NRI Home Loan
- Shaurya Home Loan
- Privilege Home Loan
- Tribal Plus
- Shaurya Home Loan