SBI Home Loan Interest Rate will help you Lower your EMI

Home is the best place on earth. There you can rejoice, stay with comfort and do whatever you feel like. You can create and modify things according to your wish and wants. But in the rented house you have to refrain from exercising authority and constrain your desire of modifying the house as per your requirements. With home loans getting cheaper why stay in the rented house. By availing loan at reasonable rates, go for your own house, the house of your wish, the home which is constructed as per your requirements. SBI, country’s largest bank provides a loan to the customer to help them fulfill their housing dreams. Also, SBI home loan interest rate are the best in the market. Recently, the bank has slashed the interest rates on the home loan and one can get the product at the rate as low as 8.35%.

The bank considers the need of all sections of society. It has proposed various Home loan variants to cater the requirement of all.

Home loan products offered under SBI Home Loan category:

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
• Maxgain
• SBI Pal
• Gram Niwas
• NRI Home Loan
• Shaurya Home Loan
• Privilege Home Loan
• Tribal Plus
• Shaurya 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

Documents needed for a home loan:

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

Interest rate and processing fees

 

The rate of interest charged by the bank for a home loan lies in the range of 8.50% to 9.10%. It is very important to check the interest rates thoroughly ass they determine the EMI amount you pay for your loan amount. The processing fee charged by the bank for the same is 035% of the loan amount sanctioned along with applicable service taxes.

The maximum and minimum amount will turn out to be Rs. 10,000 and Rs. 2,000 respectively.

SBI Home Loan Interest Rate

The Bank charges Home loan interest rate at both fixed and floating rates. 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%.