SBI Home Loan Interest Rate and Eligibility in Simple Language!
SBI (State Bank of India) is the biggest bank in India. It is owned by Indian Government and has its headquarter in Mumbai. SBI bank has a huge network of branches all across India. In this article, we cover the SBI home loan interest rates as well as eligibility criterion for getting home loan from SBI bank.
SBI Home Loan Interest Rate Current
SBI 1 year MCLR: 8%
|SBI Loan Interest details||Since Feb 2017|
|SBI home loan Interest Rate||8.50% - 9.10%|
|Loan Tenure / Duration||1 Year to 30 years|
|Partial Pre Payment Charges||Nil|
|Pre closure Charges||Nil|
SBI Home loan - Term loan Interest Rate Current
|Women fixed 2Y, then Floating||8.50% for first 2 years, then floating|
|Men fixed 2Y, then Floating||8.55% for first 2 years, then floating|
|Women Floating (<= 75 lakh)||MCLR + 0.6% = 8.6%|
|Men Floating (<= 75 lakh)||MCLR + 0.65% = 8.65%|
|Women Floating (> 75 lakh)||MCLR + 0.65% = 8.65%|
|Men Floating (> 75 lakh)||MCLR + 0.79% = 8.70%|
SBI Home loan - Max Gain Interest Rate
|Women Floating (<= 75 lakh)||MCLR + 0.75% = 8.75%|
|Men Floating (<= 75 lakh)||MCLR + 0.80% = 8.85%|
|Women Floating (> 75 lakh)||MCLR + 0.95% = 8.95%|
|Men Floating (> 75 lakh)||MCLR + 1% = 9%|
SBI Home loan - CRE Max Gain Interest Rate
|Women Floating||MCLR + 1.05% = 9.05%|
|Men Floating||MCLR + 1.10% = 9.10%|
SBI Home Loan Eligibility
To decide the eligibility of a home loan, SBI has to check three primary criterion:
Applicant repayment Capacity - i.e., whether the applicant has the capacity to pay the monthly EMI or not. This is verified through your salary slips and last 6 statements. Basically you should have enough salary to pay your monthly EMI after your typical monthly expenses.
Applicant Credit History - i.e., whether you have successfully paid your previous loans and on time. This is verified through your CIBIL Score.
Home Suitability for Loan (Mostly Legality of land and Plan approval by government). If you are buying from a builder, typically the builder has already taken a pre-approval of project. If you are buying second hand property, you need to submit legal documents photocopy so that bank can verify the legality of land/apartment etc.
SBI Home Loan - Required Documents
You will need to submit following set of documents along with your SBI Home loan application.
Documents required for Identify Proof & Address Proof - e.g., PAN card, Passport, Voter ID Card, Aadhaar Card or Driving License (PAN card is must + another id card for address proof is needed)
Income Proof - Last 3 months salary slips, Last Income Tax Return and Form 16, last 6 months bank statement
Home Related - 1) Details about home/property and all legal documents (typically directly submitted by builder itself, otherwise you need to get from builder and submit), 2) Documents showing your agreement with builder or buyer and receipts of payments made till yet if any.
Cheque for SBI loan Processing Fee
Passport size photographs of applicants