State Bank of India (SBI) is one of the leading public sector banks that offer a wide variety of home loan schemes to its customers. Its multiple credit and home loan schemes are provided to meet almost every type of lifestyle needs of its customers. The SBI Flexipay Home Loan is one such scheme and has been created specifically for the needs of the country’s middle-class segment of the society. SBI’s Flexipay home loan scheme offers the option to pay only interest during the moratorium (pre-EMI) period, and afterwards, pay moderated EMIs (Equated Monthly Instalments).
SBI Flexipay Interest Rate 2020 | |
| Interest Rate | 7.40% onwards |
| Min Age | 21 years |
| Max Age | 45 years to apply & up to 70 years for repayment |
| Loan Tenure | Upto 30 Years |
| Loan Amount | As per applicant’s profile |
| Home Loan Eligibility | 20% higher |
| Pre-payment Charges | Nil |
| Nationality | Indian |
| CERSAI Registration Charges | Rs. 50 + GST up to Rs. 5 lakh limit |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the housing finance company and RBI. GST and service tax shall be levied extra on the mentioned charges.
SBI Flexipay Home Loan
This is a special scheme which offers up to 1.2 times more chance of clearing the eligibility criteria as compared to other home loan schemes for working professionals. The scheme offers a minimum loan of Rs. 20 lakhs. Salaried applicants with at least 2 years of experience in the professional category can apply for the SBI Flexipay home loan, provided their age is between 21 years and 45 years. Customers can also choose to pay only interest in the moratorium period which is the pre-EMI period and they can pay EMIs thereafter once the moratorium period ends. The moratorium period can be up from 36 to 60 months.
One of the most noteworthy benefits of this SBI Flexipay Home Loan scheme is the longer repayment period. This means that the customer can choose a longer repayment period up to 30 years and they are free to prepay SBI Flexipay home loan without any penalty or prepayment charges.
SBI Flexipay Interest Rates
SBI Flexipay Interest Rates 2019 | |||
| Category | Above Rs. 20 lakhs & Upto Rs. 30 lakhs | Above Rs. 30 lakhs & Upto Rs. 75 lakhs | Above Rs. 75 lakhs |
| Women | 7.40%-8.85 % p.a. | 8.90-9.00% p.a. | 9.00-9.10% p.a. |
| Others | 7.40%-8.90 % p.a. | 8.95-9.05% p.a. | 9.05-9.15% p.a. |
*Interest rate will vary as per the risk score of the customer
- Pre-sanction**
- Advocate’s fee for property search and title investigation report.
- Valuer’s fee for valuation report.
- Post-sanction**
- Stamp duty payable for Loan agreement & mortgage.
- Property insurance premium.
** To be paid at actuals.
SBI Flexipay Home Loan Eligibility and Documentation
SBI Flexipay Eligibility Criteria at a Glance
- Salaried executives or professionals with minimum 2 years’ experience
- Age should be more than 21 years and less than 45 years
SBI Flexipay Home Loan: Documents Required
- The application form duly filled by the borrower with all the details
- 3 passport sized photographs
- Copy of ID proof of any of the following:
- PAN card
- Aadhar card
- Voters ID card
- Driving licence
- Copy of address proof of any of the following:
- Electricity or landline bills
- Aadhar card
- Voters ID card
- Property tax receipt
- Bank account statement of the last six months
- Signature verification certificate from present bankers
- Copy of previous two years IT returns
- Copy of Form 16 of previous two years
- Salary certificate from employer for last 3 months
Property Papers
- Construction permission
- Registered Sale Agreement
- Certificate of occupancy
- Share Certificate (only for Maharashtra)
- Electricity & Maintenance bills, property tax receipt
- Plan copy- Approved
- Registered Development agreement of the builder
- Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement
Other Home Loan Schemes from SBI
SBI Maxgain
This is a special loan scheme which offers loan as an overdraft. The benefit of this home loan product is that applicants can take the loan without any maximum limit. The minimum limit for the loan is Rs. 20 lakhs. Therefore, customers get optimal benefits by sanctioning the loan as overdraft with high flexibility to operate their account. Customers can also put their savings account deposits in this home loan account for any amount of time and withdraw anytime. The money kept in the home loan account reduces the interest on the loan. As a result you can use your savings for speeding up the repayment of loan with reduced payable interest.
NRI Home Loan
This home loan product is specifically designed for non-resident Indians and people of Indian origin (PIOs). The individuals applying for the loan should have a regular source of income and should be employed abroad for at least 2 years or should have a valid job contract for 2 years. The minimum loan amount is Rs. 3 lakhs with no upper limit.
SBI Realty
This type of home loan product caters to the needs of individuals who are willing to buy a land or want to construct a dwelling property. However, it comes with certain limitations as well. The construction has to be started within 5 years of sanctioning of the loan while the customers can also take another SBI Realty loan for the construction on the property. The amount outstanding for the first loan will be consequently liquidated through the disbursed amount of the second loan and the remaining loan amount for the second loan will be disbursed in stages as per the completion of various stages of construction. Individuals can take a loan up to Rs. 15 crore with a maximum tenure of 10 years.
SBI PAL (Pre-Approved Loan)
These are SBI pre-approved home loans. With this home loan, the applicants are provided with the sanctions of home loan limits before the actual sanctioning of the loan so that they can confidently negotiate with the builders or the owners of the property. The eligibility of the loan is assessed as per the income of the applicant. The property documents should be submitted within this period
SBI Privilege
This home loan is primarily designed for the service class of the society. All central and state government employees including the employees of public sector banks under central government are eligible for this loan. The scheme also includes employees with pensionable service. The repayment period is kept 30 years but it can also be extended to the age of 75. Customers who have loans from other the banks can also transfer their loans into this scheme.
SBI Shaurya
Unlike other loans, this one is exclusively for defence personnel including all the individuals in Army, Navy and Air Force. The repayment payment can be extended up to 75 years of age in SBI Shauraya. Due to the tie-up with Government a concession of some basis points is also kept for the check-off facility.
At paisabazaar.com you have the option of checking and comparing from various loan deals offered by various financial institutions. So do not hurry and take good time in comparing and picking the deal that meets your requirement. You can freely apply online for any home loan at paisabazaar.com and enjoy the benefits.