Online SBI Home Loan Fastest Approval: This post is related to the Home Loan details of State Bank of India. If you planning on taking a Home Loan from the State Bank of India, you can know the details and the important information about the SBI Home Loan from this post. Proceed for the post to get the details for your search.
The State bank of India gives the Home Loans to its customers for fulfilling the dream of the customer to have an own house. The SBI Offers different kinds of Home loans to the right customers of it. The Home Loans of the State Bank of India vary on the rate of Interest and the easy finance methods. A large number of customers are availing the service and benefitted themselves to have an own house. The Home Loans are issued to the customers based on the market value of the property or the estimation value of the property of the customer by the bank or the property registration value.
The Home Loan is issued on the re payment capacity of the account holder. If you are having an account with the State Bank of India (SBI), then you are also eligible to take a loan for your dream home if you are eligible to take it. Before you go to the bank for the Home Loan, you can better know about the instructions and the Home Loan accessing process in prior. The procedure for the Home Loan is mentioned in the post. You can know the details and procedure and can access the Home Loan by the State Bank of India (SBI) easily. The amount will be transferred to your account directly from the State Bank of India (SBI).
There is no restriction on accessing a home loan. The loan is given to anyone, you may be a salaried person or a businessman. The income or bonus must be shown to the bank for acceptance of the Home Loan to a salaried person. This will increase their eligibility for the loan. The State Bank of India is providing its services for more than 200 years to the customers. It is the largest commercial bank in the country.
The SBI is not only having the branches in India but also set up its branches in some of the global countries. The State Bank of India is becoming very famous around the globe because of the assets, deposits, profits, branches, customers, employees and services. Most people are availing the Home Loan from the SBI because of the interesting schemes and interest rates. The State Bank of India is now offering the home loan to the young professionals with the scheme called the Flexi Pay Teaser Home Loan.
State Bank of India is offering the Home Loans with different types of schemes such as the Easy Home Loan, Advantage Home Loan, Home Loan for women, etc. All these loans are different from each other on a different basis such as property, interest rate, gender, etc.
State Bank of India (SBI) general Home Loan details:
|The rate of Interest||9.50 to 9.55 %|
|Processing fee for the loan||NIL (as an offer during the festival)|
|Charge for prepayment||NIL|
|Loan Value||Up to 90%|
|The maximum amount of loan||!0 crores|
State Bank of India (SBI) Home Loan Rate of Interest for Men and Women
The rate of interest is not same for all the customers. This is different on the basis of the gender. Earlier in the year 2015, the rate of interest for the women is 9.80% and for the men is 9.85%. Whereas the rate of interest for the women is 9.50 and men is 9.55 after October 2015. After the implementation of this rate of interest, the customers taking a Home Loan from the SBI are being benefited from saving the money.
If you have taken an amount of 20 lakhs for a home loan for a duration of 30 years, then you can save up to Rs 1,58,256. Whenever you are planning for a Home loan, you need to know some details before applying for a home loan. They are a processing fee, prepayment charges, hidden charges, partial prepayment charges, per lakh EMI, lowest EMI, tenure period, etc.
|Name of the Bank||Rate OF Interest with no limit||Rate of Interest for an amount greater than 1 crore|
|State Bank of India||9.50 % for women
9.55% for men
|9.75 % for women
9.80 % for men
Benefits of SBI Home loan
- The bank will provide a loan with a low interest rate for the customers. The interest is also decreased based on the repaying amount.
- The processing amount is very low.
- There are no charges for administration and no hidden charges.
- There are no prepayment penalties.
- There are a large number of banks in the country located in different areas of cities, towns, and villages. You can get the loan from your nearest bank only.
- You can get a loan on your present address or on the advised address.
Note: if you wanted to get a Home loan, you can inquire about the details of Home loans from various banks and select the best bank. You can compare the home loan offered by the SBI with others banks which will help you.
State Bank of India (SBI) Home Loan features
- You can avail low-interest rates.
- You can get a tenure for about 30 years to repay the loan.
- You can trust the schemes offered by the SBI.
- You will not be asked to pay the prepayment charges on the floating rates.
- You can avail a greater amount of saving on the Max Gain Overdraft facility.
- The bank will allow you to take a loan for the approved builder projects in metro cities, tier 2 cities, and tier 3 towns.
- You can avail the benefits of the State Bank of India on the top up loans with same interest rates.
State Bank of India (SBI) Home Loan directives by the RBI
The floating interest rate of the Home loan by the SBI will depend on the current base rate. The base rate is 9.30 % and 0.2 % is the premium on the base rate. So, the State Bank of India (SBI) will offer the customers a 9.5 % interest rate.
The base rate of the bank should be changed for the proper functioning of the bank. So, the rate of interest will be changed to increase the base rate. The bank will change the rate of interest on all the loans offered by the SBI.
Eligibility for a State Bank of India Home Loan
If you wanted to construct a house, a large number of materials are required. A large amount of money is to be invested for a dream home. If you are not capable of expanding on home, you can get a Home loan and repay the amount in installments.
You must a have an account in the SBI or should open a new account. You be employed, maybe as a salaried individual or a self-employed or businessmen. You can also add up to three members if you wanted to increase the amount for the loan. The members must be parents/ children. You must submit the required documents for getting a Home Loan eligibility.
Documents required for the SBI Home Loan
- Filled Application form with a photograph assisted to it.
- Identity proof.
- Residence proof
- Last 3months salary slip
- Form 16
- Last 6 months bank credited salary receipt.
- Processing fee cheque.
How to apply for the SBI Home Loan
- Open the official website of SBI.
- Get know about the new rate of interest and eligibility for a Home Loan
- You can also reach the nearest bank and ask for the details for Home loan.
- You must fill an application. You can use the online website or application at the branch.
- Submit the documents that are asked by the bank.
- If you follow the online process, you must get the instant approval first. Use the link as sbi.co.in/personal-banking/home-loan for getting the instant approval.
Instant Approval for the Home Loan
After you get an eligibility for the Home Loan by the bank, you need to get an Instant Approval for the loan. This can be down in very few simple steps. Later, you need to complete the further procedure.
- Get the eligibility for the loan firstly.
- Get know about the Loan offer.
- Fill out the application for the Home Loan.
- You have to provide some basic details of the Home loan. Such as the Property details, Application details, preferred location, Income details, etc.
- You must also add a co-applicant for the SBI Home Loan.
For more details and clarifications about the Home Loan, you can reach the nearest State Bank of India branch and ask for the details directly with the officer in the branch.