if you are looking of the SBI Home Loans list with good interest rates then you are in correct place, State Bank Of India which is a National Bank of India from this bank you can get a trustable home loan. The SBI Provides You a Upto Rs.10 Crore loan for you with a interest rate of 6.70% in the time period of 30 years. the main motive of SBI is give a easier borrows to borrowers to manage their finance and without stress. Buying a home is every ones dream this dream will be fulfilled by State Bank Of India. you should note that with this amount of you can construct and repair your house.
Applying for SBI home loans is not very hard process meanwhile the applier can easily apply through the official website of the SBI. Morever the sbi provides a transperency without any hidden costs or administration charges, this Bank is very trust worthy for your home loan needs. you must consider that sbi is owned by the Reserve Bank Of India which is official managing system of Indian Finances. from this bank you can check the pre-approved projects to get the speed up your dream house to be complete. In this article iam going to explain you how you can apply for the SBI Home loan from official website, what are the eligibility criteria to get the sbi home loan. What are the additional benefits you can from the loan. lets get started
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Eligibility Criteria For SBI Home Loan
Before going to apply for the home loan let us look at the Eligibility Criteria of the 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 :
- The Applier be at least 18 years old and not should have the age which is more than 70 years old when the loan ends.
- You should have a regular income from work or business that is enough to pay back the loan.
- Who wants to apply for this loan they should have a good credit history, Credit score is score that shows your ability and willingness to pay back money.
- The home that you want to buy or build should be legal and That house has to eligible as per the bank’s rules, terms and policies.
How To Check Sbi Home loan Status / Application tracker
Follow the below steps carefully to check the status of your home loan
- Firstly you have to go to SBI Home Loans official website in your google search to start the process.
- Homepage will be open infront of you on the home page at the right corner of the page you are able to find the Application Tracker option.
- After Finding the option you have to click on the ‘Application Tracker‘ link on the right side of the homepage .
- The page will be redirected other in this you have to Select between ‘Track your application status’ and ‘Track your disbursement status’
- Provide your SBI home loan reference number in the required field. you can check the reference image
- Input the mobile number associated with your home loan application .
- Atlast you have to Hit the ‘Track‘ button to view the status of your application or disbursement .
What are the Interest 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. 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.
- after that you need to scroll down to the page where you are able to see the options which says APPLY ONLINE, Just Simply Click Online.
- Therefore you will be redirected to the next step in this step you need to check you have a relationship with your SBI Account if yes then you need to just simply click the YES Option, then You have to choose the type of relation do you have with the SBI Account.
- Moreover You need to add you account number and then your Phone number, therefore just click the check mark and then you need to Click The SUBMIT.
- After clicking the button you will be redirected to the next section in the same page which is loan offer, In this section you will get some offers according to the loan. you need to select the required offer and then just complete all the process and click on NEXT button
- After completing this step you need to Complete all your application while Uplaoding all the details online. complete the step by clicking on the Submit button and then take a printout for further proceedings.
- Take the application form to the Nearest SBI Bank for contuing your proces
Features of Applying The SBI Home Loans
- 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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