With Relaxed SBI Home Loan Eligibility, own your Dream House Now!

 SBI Home Loan Eligibility is the criteria used by the bank to determine the eligibility and financial capability of the applicants. SBI is one of the largest banks in the world and many people want to get associated with this bank, especially after the recent SBI merger. SBI has always made it a point to keep pace with the changing needs of the customers. With the rising demands and desires of the people, the bank has launched the products that are just what the customers desire. Apart from providing multiple benefits on all its products and services, the bank provides for a much appreciated, convenient and hassle free banking experience. Read on to know more!

SBI Home Loan Documents

SBI Home Loan Documents that are required from every applicant are:

• Duly filled application form
• Proof of Identity (Driver’s License/ Passport/ Voter’s ID/ PAN Card)
• Proof of Residence (Electricity Bill/ Telephone Bill/ Passport/ PAN Card/ Property Tax Receipt)
• Proof of Business Address (For Self-Employed Individuals)
• Bank account statement and/ or passbook for the last 6 months
• Signature Identification
• Statement of personal assets and liabilities
• Passport size photographs

Apart from the general documents, specific documents are also required from applicants depending upon their nature of profession. They are:

• For Salaried Professionals:
• Salary certificate (original)
• Certificate of TDS on Form 16 or Income Tax Returns for the last 2 years
• For Self-Employed Individuals:
• Income Tax Returns or Assessment Orders for the last 3 years
• Receipts for payment of advance Income tax

SBI Home Loan Interest Rate

SBI Home Loan Interest Rate varies on the basis of the nature of profession of the applicant. Also, special interest rates are provided by the bank for female applicants. Take a look!

• Salaried Professionals: The interest rates provided by SBI to the salaried professionals for a credit up to ₹ 30 Lakhs is 8.40%. However, the interest rates for female applicants for a credit up to ₹ 30 Lakhs is 8.35%. For the credit amount of more than ₹ 30 Lakhs, the rate of interest ranges from 8.55% to 8.80%. For the females applicants, the rate of interest for the credit amount more than ₹ 30 Lakhs ranges from 8.50% to 8.75%.
• Self-Employed Individuals: The interest rates provided by SBI to the self-employed individuals for a credit up to ₹ 30 Lakhs is 8.55%. However, the interest rates for female applicants for a credit up to ₹ 30 Lakhs is 8.50%. For the credit amount of more than ₹ 30 Lakhs, the rate of interest ranges from 8.65% to 8.90%. For the females applicants, the rate of interest for the credit amount more than ₹ 30 Lakhs ranges from 8.60% to 8.85%.

SBI Home Loan Processing Fee

Currently, SBI is not charging processing fee for the takeover of Home Loan proposals that were sourced for the period beginning from April till the month of  June. This is applicable only if the credit amount is fully or partially disbursed on or before the end of July. Also, the applicants who are employees of the Central and/or the State government are exempted from paying the processing fee.

The structure of processing fee charged otherwise is up to 0.35% of the credit amount, along with the applicable Service Tax, which may range from a minimum of ₹2,000 to a maximum of ₹ 10,000.

SBI Home Loan Apply Online

SBI Home Loan Online application can be done through the official website of the bank. To do so, all that an applicant needs to do is visit the official website of SBI and navigate as required to the application form page of the product. The form would ask for the basic credentials of the applicant such as name, age, monthly income, other financial obligations and the likes. By filling this form and successfully submitting it, the applicant is done with the first and the major step of SBI Home Loan Application. The next step would be to submit the required documents. This can be done through a doorstep service wherein an SBI executive could pick up your documents for you and submit them in the bank or you could directly do that by visiting the nearest SBI branch. You can seek help and assistance from an SBI executive in case you have any queries regarding the application process.

SBI Home Loan Status

SBI Home Loan Status can be checked on the customer portal of SBI bank using the unique login ID that in provided to every customer during the process of application. This login ID helps the customers keep an eye on the status of their credit application. This status contains key information about the credit facility provided by the bank and allows the applicant gain access to the progress in the process of credit application. The applicants can access the SBI Home Loan Status anytime and anywhere as this facility is especially provided by the bank, keeping the convenience of the customers in mind. This facility makes the whole process more transparent and convenient for the customers.

SBI Home Loan Customer Care

SBI Home Loan Customer Care can be reached out through multiple channels. This division of the bank pays special emphasis to the queries and grievances of the customers. You can get in touch with them through their toll free numbers - 1800-11-22-11 and 1800-42-53-800. You can also visit the nearest SBI branch to resolve your issues in person.

SBI Home Loan Calculator 2017

SBI Home Loan Calculators are of two types:

SBI Home Loan Eligibility Calculator: This calculator helps the applicants in judging their Home loan eligibility for the SBI loan. The tool simply asks for the basic details of the applicant such as name, age, monthly income and the likes. On assessing these details, the tool churns out the eligibility of the applicant in less than 1 minute. This reduces the painful task of visiting the bank just to ascertain the eligibility of the applicant.

SBI Home Loan EMI Calculator: SBI Home Loan EMI Calculator is a tool that helps the applicant ascertain the monthly installments that they would have to pay towards the repayment of the credit amount. The tool asks for the basic details of the loan such as the credit amount, rate of interest offered by the bank and the total tenure of credit. By assessing these details, the device calculates the monthly installments that the applicant would have to pay on a regular basis. This tool eases out the cumbersome and time taking task of the applicant of determining the EMIs and helps them a well balanced decision before taking the loan.