Do you want to buy a home in 2023? You can get money from State Bank of India (SBI) to help you(SBI home loans) SBI is the biggest bank that gives money for homes in India.
State Bank of India has many types of home loans for different people and budgets. SBI has good interest rates, easy payment options, and low fees. Here are some things you should know about SBI home loans 2023.
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Eligibility Criteria For SBI Home Loan
SBI has different rules for different types of home loans. But some of the common things that decide if you can get a home loan are:
- Your age: You should be at least 18 years old and not more than 70 years old when the loan ends.
- Your income: You should have a regular income from work or business that is enough to pay back the loan.
- Your credit score: You should have a good credit history and score that shows your ability and willingness to pay back money.
- Your property: The home that you want to buy or build should be legal and good as per the bank’s rules.
You can check if you can get a SBI home loan online
How To Check Sbi Home loan Status
- Go to SBI home loan website or download YONO app
- Find Application Tracker option and click on it
- Choose Track your application status option
- Enter your reference number and mobile number
- Click on Track button
- See your home loan status on the screen
- If you have any questions, call SBI customer care number
- Tell them your reference number and ask for your home loan status
- Listen to their answer and note it down
- Thank them and end the call
What are the Intrest Rates of Sbi
SBI home loan interest rates depend on another rate called EBR. EBR is 9.15% now. The interest rate you get may be different because of your credit score, loan amount, loan time, and other things. SBI also gives lower interest rates for some people, like women, workers, and those who buy homes from builders that SBI likes.
Bank has a special offer till 30 June 2023. SBI home loan interest rates are from 8.55% to 9.65% now. This depends on your CIBIL score and the type of home loan you choose. CIBIL score is a number that shows how good you are at paying back money. For example, if your CIBIL score is 800 or more, you can get a regular home loan at 8.70%. This is 0.45% less than the EBR of 9.15%. If your CIBIL score is from 700 to 749, you can get a Flexipay home loan at 8.80%. This is 0.55% less than the EBR of 9.35%. Flexipay home loan lets you pay less money in the beginning and more money later.
Other Information
State Bank of India also gives more lower interest rates for some people till 31 March 2023. If your CIBIL score is 700 or more, and you want to take over someone else’s home loan, or buy a home that is already built or sold before, you can get a lower interest rate of 0.20%. This means you can get a regular home loan at 8.50% and a Flexipay home loan at 8.60% under this offer.
Bank also gives more lower interest rates for some people who buy homes from builders that SBI likes. You can get a lower interest rate of 0.05% over the above rates. This means you can get a regular home loan at 8.45% and a Flexipay home loan at 8.55% under this offer.
But these interest rates can change anytime as per the bank’s decision and market situation. You can check the latest interest rates on the SBI website or use the online EMI calculator to find out how much money you have to pay every month.
Processing Fee Of SBI Home Loans
SBI charges a fee for home loans, which is usually some part of the loan amount plus GST. GST is a tax that you have to pay to the government. But SBI has a special offer till 30 June 2023. SBI is giving half off on the fee for all types of home loans, personal loan against property (P-LAP), and top-up loans. The lowest fee is Rs.2,000 and the highest fee is Rs.10,000 plus GST
For P-LAP, the fee is Rs.10,000 plus GST only. For Insta Home Top Up, Reverse Mortgage and Earnest Money Deposit (EMD) loans, there is no half off on the fee.
SBI also gives full off on the fee for some people till 31 March 2023. If you want to take over someone else’s home loan, or buy a home that is already built or sold before, you don’t have to pay any fee for this.
Apart from the fee, SBI also pays money to a lawyer and an expert who check if the home is legal and good as per the bank’s rules.
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How to take SBI home loans
Bank offers both offline and online Meathods to take loan for home
Online Method
To apply for SBI home loans online, you can follow these steps:
- Visit the SBI Home Loans website or the YONO app and browse through the range of home loan products, check your eligibility and apply online.
- You can also get an instant in-principle approval 24X7 without visiting a branch.
- You will need to submit some documents such as identity proof, income proof, property papers, etc. to complete the application process.
- You can also track your application status online and get real-time notifications at every stage.
- You can pay your SBI home loan EMI online using NEFT from your savings account to your loan account.
- You can also download your SBI home loan interest certificate online from the e-Services tab on the SBI website.
Offline method
To apply for SBI home loans offline, you need to follow these steps:
- Visit the nearest SBI branch with the required documents such as identity proof, address proof, income proof, property papers, etc.
- Fill the home loan application form and submit it along with the documents and processing fee.
- The bank will verify your documents and eligibility and conduct a credit appraisal.
- If your loan is approved, the bank will issue a sanction letter with the loan amount, interest rate, tenure, etc.
- You need to sign the loan agreement and submit the post-dated cheques or ECS mandate for repayment.
- The bank will disburse the loan amount to your account or directly to the seller/developer of the property.
You can also check your eligibility and apply online through the SBI home loans website or get your free CIBIL score by filling a form.
You can also download your home loan statement and interest certificate online.
Documents Required for SBI Home Loans
SBI requires various documents from the borrower to verify their identity, income, property, and repayment capacity. The documents required vary depending on the type of home loan product, the purpose of the loan, and the profile of the borrower. However, some of the common documents required are:
- Identity proof such as PAN card, Aadhaar card, passport, voter ID card, driving license, etc.
- Address proof such as Aadhaar card, passport, voter ID card, driving license, utility bills, rent agreement, etc.
- Income proof such as salary slips, bank statements, income tax returns, Form 16, etc. for salaried applicants and business proof such as GST registration certificate, business license, audited financial statements, income tax returns, etc. for self-employed applicants.
- Property proof such as sale deed, agreement to sell, allotment letter, possession letter, title deed, approved building plan, valuation report, etc.
- Other documents such as photographs, signature verification proof, application form with photograph duly signed by all applicants/co-applicants.
The borrower can apply for SBI home loans online by filling up an online application form and uploading the required documents on the SBI home loan website. Alternatively,
the borrower can also visit any nearest SBI branch and submit a physical application form along with the required documents.
Benefits of SBI Home Loans
SBI home loans offer various benefits to the borrowers such as:
- Competitive interest rates that are linked to either MCLR or EBLR or RLLR depending on the type of home loan product.
- Flexible repayment options that allow the borrower to choose from different types of EMIs such as step-up EMIs or step-down EMIs depending on their income growth and cash flow.
- Low processing fees and charges that are transparent and reasonable.
- High loan amounts that can go up to Rs. 10 crore depending on the type of home loan product and the eligibility of the borrower.
- Long repayment tenures that can go up to 30 years depending on the type of home loan product and the age of the borrower.
- Easy documentation and online application process that make it convenient and hassle-free for the borrower to apply for a home loan.
- Special concessions and discounts for government employees and defence personnel who have a salary account with SBI.
- Pre-approved digital sanction letters that can be generated online within minutes by providing basic details such as name Date of birth.
Frequently Asked Questions
Q . What is SBI Home Loan?
A .A loan from SBI to buy or build a home.
Q .What are the interest rates of SBI Home Loan?
A .Rates vary depending on credit score and loan type.
Q .How to apply for SBI Home Loan?
A You can apply online or visit a branch.
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