SBI Home Loan 2024: The State Bank of India (SBI) recently announced home loan offer at lowest interest rate ever with Zero Processing Fee.
The SBI home loans is available for 3 year to 30 years. You may take loan of ₹5 lakh to ₹2 Crore at lowest interest rate. There will be no hidden charges and no pre payment penalty. These is interest concession for women borrowers.
You may apply online for SBI home loan by log on to official website OnlineApply.sbi.co.in or you using YONO SBI mobile application.
Here you will find various resources related to home loan like required documents, loan eligibility, maximum loan amount and interest rate.
State Bank of India Home Loan Complete Detail 2024
The SBI announced the first of its kind, credit score linked home loans at 6.70% irrespective of the loan amount. This lower interest home loan shall be processed at zero charge. In processing the loan, there are no hidden or administrative charges involved.
In the upcoming festive season, you may save loan interest more than ₹8 lakh for availing a home loan of ₹75 lakh. SBI reduced interest rate from 7.15 to 6.70 per cent for a ₹75 lakh loan with a 30-year tenure.
Types of SBI Home Loan
You may avail the following type of home loans as per your requirement:
- Regular Home Loan
- Balance Transfer of Home Loan
- NRI Home Loan
- Flexipay Home Loan
- Privilege Home Loan
- Shaurya Home Loan
- Pre-Approved Home Loan
- Realty Home Loan
- Home Top Up Loan
- Smart Home Top Up Loan
- YONO Insta Home Top-Up Loan
- Corporate Home Loan
- Home Loan to Non-Salaried Person
- Tribal Plus Home Loan
- Earnest Money Deposit (EMD)
- Reverse Mortgage Loan
- CRE (Commercial Real Estate) Home Loan
- Loan against Property
- SBI MaxGain Home Loan
- SBI Green Home Loans
- SBI HerGhar Home Loan for women
Required Documents
For getting the SBI home loan you need to have completed loan application form, 3 Passport size photographs, income proof for salaried applicants, identity proof, proof of residence, bank account statements etc.
List of papers or documents applicable to all applicants
Following documents are required for each types of SBI home loan:
- Identity Proof:
- PAN card; or
- Passport; or
- Driving License; or
- Voter ID card.
- Residence Address Proof:
- Electricity Bill; or
- Gas Bill; or
- Telephone Bill; or
- Water Bill; or
- Aadhar Card.
- Employer Identity Card
- Home Loan Application: Completed loan application form with 3 Passport size photographs.
Property Papers
- Permission for construction (If applicable)
- Xerox Blueprint of approved Plan
- Stamped Agreement for Sale or Allotment Letter. [See last point]
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Conveyance Deed (For New Property)
- Occupancy Certificate (in case of ready to move property)
- Maintenance Bill, Electricity Bill, Property Tax Receipt. [See last point]
- Registered Development Agreement of the builder
- Only for Maharashtra – Registered Agreement for Sale and Share Certificate
Account Statement
- Bank Account Statement: Last 6 months bank account statements for all bank accounts held by the applicant.
- Loan Account Statement: If any previous loan from other Banks or Lenders, then loan account statement for last one year
Income Proof for Salaried Applicant
Income Proof for salaried Applicant/ Co-applicant/ Guarantor:
- Salary Certificate: Salary Slip or Salary Certificate of last 3 months
- Form-16: Copy of Form 16 for last 2 years
- Income Tax Return (ITR): Copy of IT Returns for last two financial years, acknowledged by Income Tax Department.
Income Proof for Non-Salaried Applicant
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof
- IT returns for last 3 years
- Balance Sheet and Profit & Loss A/c for last 3 years
- Business License Details (or equivalent)
- TDS Certificate (Form-16A, if applicable)
- Certificate of qualification for:
- Chartered Accountant (CA);
- Company Secretary (CS);
- Cost and Management Accountant (CMA);
- Doctor; and
- Other professionals.
How to Apply Online for SBI Home Loan
How to Apply? You have to visit official website www.OnlineApply.SBI.co.in and complete three easy steps viz. Get Eligibility, Loan Offer and Complete Application.
Customers can click on the above link button to apply for the home loan.
Get Eligibility
Fill in the required details to check eligibility. In this step, you will be asked three questions:
- Do you have an existing relationship with SBI?
- Type of relationship
- Enter your mobile number with ISD code.
Thereafter, you have to select the checkbox to authorize State Bank of India and/or its representatives to contact you (Call/Email/SMS) with reference to your loan application.
Note that the above consent will supersede any registration for any Do Not Call (DNC) / National Do Not Call (NDNC).
However, if you have no account with SBI then you will be asked for:
- Purpose of loan
- Purchase or construct on identify property
- Repair or renovation of own house or flat
- Balance transfer of existing home loan
- Unidentified property (Pre-approved loan)
- Applicant Detail
- Date of Birth
- Gender
- Resident Type (Indian Resident or NRI/PIO Holder)
- Marital status
- Income Detail
- Salaried Person
- Retired (Pensioner)
- Self-employed Businessman
- Self-employed Professional
- Agriculturist (Net annual income)
- Homemaker (Monthly income from regular source).
Loan Offer
After completing the first step (Eligibility) you will get information about the loan amount. You may take loan up to ₹2 Crore.
How much loan can be offered to you depends on your SBI home loan eligibility.
Complete Application
Now you shall get the loan quotation along with the reference number. The SBI executive will contact you to verify and complete remaining process.
How to Apply for Home Loan through Mobile App?
You can apply for loan through the official Yono SBI app (The Mobile Banking and Lifestyle App). In Yono SBI mobile application, you will see the home loan option.
Firstly, download official mobile app from Google play store at https://play.google.com/store/apps/details?id=com.sbi.lotusintouch
Login to the mobile app using your SBI account detail. After successful login to your account, click on the menu on the top extreme left. Then, click on Home Loan under loans dropdown menu option.
After that do a quick eligibility check by providing some personal detail like DOB, income source, monthly income and details of any other loans.
Fill in the other required details and click on submit. You will get a reference number and an SBI executive will call you shortly.
Note that if you have downloaded Yono Lite SBI app then you can not apply for loan. Even after login to your account, there is no option available for home loan in the latest Yono Lite SBI – Mobile Banking.