SBI Home Loan

The key features and benefits of the SBI Home Loan are:

• Home Loan products to suit every customer’s requirements
• Low home loan interest rate starting from 8.60%
• Longer loan tenure of upto 30 years
• Zero processing fees till 31^st May 2019
• No pre-payment penalty
• Pre-approved loan available
• Home loan available as Overdraft
• Concession on the interest rate for women borrowers
• The loan can be used to fulfil business and personal requirements

SBI offers various home loan schemes customised to suit varied home loan requirements. Some of them are discussed as follows:

SBI Regular Home Loan

SBI Regular Home Loan can be availed for multiple purposes including the purchase of ready built property, under construction property or pre-owned homes, construction of a house, the extension of the house, repair and renovation.

Borrower Type	Resident Indians
Loan Amount	As per the applicant’s credit profile
Interest Rate	Women: 8.55% – 8.80% Others: 8.60% – 8.85%
Loan Tenure	Upto 30 years
Processing Fee	Nil till 31st May 2019
Pre payment Charges	Nil for floating rates
Age Limit	18 – 70 years

SBI NRI Home Loan

SBI NRI Home Loan allows Non-Resident Indians (NRIs) get financial support when investing in properties.

Borrower Type	Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
Loan Amount	As per the applicant’s credit profile
Interest Rate	Women: 8.60% – 9.20% Others: 8.65% – 9.30%
Loan Tenure	Upto 30 years
Processing Fee	Nil till 31st May 2019
Pre payment Charges	Nil for floating rates
Age Limit	18– 60 years

SBI Flexipay Home Loan

SBI Flexipay Home Loan offers customers the option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will step-up during the subsequent years. This home loan variant is very useful for the younger generation. young earners.

Borrower Type	Resident Indians
Employment Type	Salaried and Self Employed Professionals
Loan Amount	As per the applicant’s credit profile
Interest Rate	Women: 8.60% – 9.20% Others: 8.65% – 9.10%
Loan Tenure	Upto 30 years
Processing Fee	Nil till 31st May 2019
Pre payment Charges	Nil for floating rates
Age Limit	21– 45 years (to apply for a loan) & 70 years (for loan repayment)

SBI Privilege Home Loan

SBI has launched SBI Privilege Home Loan exclusively for government employees.

Borrower Type	Resident Indians
Employment Type	Employees of Central & State Government, which includes PSBs, PSUs of Central Government & other individuals with pensionable service
Loan Amount	Upto Rs. 50 crore
Interest Rate	With check off: 8.60% -8.95% Without check off: 8.65% -9.10%
Loan Tenure	Upto 30 years
Processing Fee*	Nil
Pre payment Charges	Nil for floating rates
Age Limit	18– 75 years

*SBI offers a full waiver on Processing Fees under this loan product. However, out-of-pocket expenditures such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to be recovered from the borrower.

SBI Realty Home Loan

SBI Realty provides an opportunity for the customer to purchase a plot for construction of a dwelling unit. The construction of the house should take place within 5 years from the date the loan has been sanctioned. The customer can also avail another Home Loan for construction of a house on plot financed under SBI Realty.

Borrower Type	Resident Indians
Employment Type	Salaried and Non-Salaried Individuals
Loan Amount	Upto Rs. 15 crore
Interest Rate	Women: 9.20% – 9.55% Others: 9.25% – 9.60%
Loan Tenure	Upto 10 years
Processing Fee	Nil
Pre payment Charges	Nil for floating rates
Age Limit	18– 65 years

SBI Home Top Up Loan

The customer who already has a home loan from SBI and requires more funding can opt for Home Top up loans. It can be availed for any personal purpose. The interest rates are much lower than usual personal loan interest rates.

Borrower Type	Resident Indians & NRI
Employment Type	Salaried and Non-Salaried Individuals
Loan Amount	Depends on the borrower’s credit profile
Interest Rate	Salaried: 8.95% – 11.50% Non-Salaried: 9.10% – 11.75%
Loan Tenure	Upto 30 years
Processing Fee	Nil
Pre payment Charges	Nil
Age Limit	18– 70 years

Bridge Home Loan

SBI offers “SBI Bridge Home Loan” for all the homeowners who aspire to upgrade their homes – to bigger homes or better locations, by selling off their existing homes.

Borrower Type	Resident Indians
Loan Amount	Rs. 20 lakh to Rs. 2 crore
Interest Rate	1st Year: 10.95% p.a. 2nd Year: 11.95% p.a.
Loan Tenure	Upto 2 years
Processing Fee	Nil
Pre payment Charges	Nil
Age Limit	18– 70 years

Tribal Plus

Home Loan designed especially for Hilly/Tribal areas. SBI Tribal plus Home Loan can be availed for the purpose of purchase or construction of a new house/flat (without mortgage of land), purchase of an existing (old) house/flat which is not more than 10 years old, and repair /renovation/extension of an existing house or flat.

Borrower Type	Resident Indians
Loan Amount	Upto Rs. 10 lakh
Interest Rate	8.65% onwards
Loan Tenure	Upto 15 years
Processing Fee	Nil
Pre payment Charges	Nil for floating rates
Age Limit	21– 60 years

Earnest Deposit Money

EMD scheme has been designed keeping in mind the financing needs of applicants who are looking for earnest money for booking of residential plots/built-up houses being sold by Government Housing agencies like Urban Development Authorities like PUDA, HUDA and Housing Boards.

Borrower Type	Resident Indian
Loan Amount	Upto Rs.15.00 lakh for CSP/DSP account holders Upto Rs.10 lakh for others
Interest Rate	Women & Others: 11.90%
Loan Tenure	Upto 1 year
Processing Fee	0.50% of the loan amount, minimum Rs. 1,000
Pre payment Charges	Nil for floating rates
Age Limit	21 years (minimum)

Note:

• In cases of successful allotment, lump-sum repayment is to be made
• Short term loans of upto 100% of application money
• No minimum income criterion

Other Home Schemes at SBI

• SBI Maxgain: Under ‘SBI – Maxgain’ Home Loans will be sanctioned as an Overdraft. While customers will have to remit the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans, the Drawing Power on the Overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the Overdraft is liquidated at the end of the loan tenure. (Interest component of the EMI remitted will service the interest obligations).
• SBI Green Home Loans: SBI has adopted a Green Banking Policy with an objective of contributing towards the fight against the adverse climate change. One of the initiatives for this purpose is incentivizing borrowers who go in for Green Projects, i.e. those projects which reduce Carbon Emissions and promote Renewable Energy. “Green Housing” or “Green Home” is one of the types of projects identified for this purpose.
• Pre-EMI Interest by Builders Scheme: In this scheme, the builder agrees to service full or part of the Pre-EMI interest (during the moratorium period) debited to the Home Loan account of the individual borrower as an incentive to Home buyers to generate maximum sales. In cases of Part Pre-EMI Schemes, the Pre-EMI interest at the stipulated interest rate is serviced by the Builders whereas the remaining Pre-EMI interest is serviced by the borrowers. However, in both the cases, the payment of EMIs by the borrower starts from the stipulated repayment start date as per the terms of sanction. The stipulated repayment start dates are clearly specified for each project and accordingly, the specific moratorium periods are permitted by the bank for different projects.

Additionally, this scheme will be restricted to the approved projects under our Builder Tie Up arrangement, subject to fulfilment of Bank’s guidelines.

• SBI Suraksha: SBI offers life insurance linked to the housing loan. The premium of RinN Raksha is funded by SBI and the repayment is spread over the entire tenor of the loan in EMIs. This facility will be available to new Home Loan accounts and to an existing Home Loan in case the customer now opts to avail SBI Life cover.

Customers who are unsure whether they can afford Home Loan or not can use an online Home Loan EMI Calculator to know the estimated EMI value based on the amount they wish to borrow, loan repayment tenure and interest rate. Paisabazaar’s EMI calculator gives you accurate results in just a few seconds.

Steps to Use Paisabazaar’s Home Loan EMI Calculator

• Visit the Home Loan EMI Calculator
• Enter the values – Loan amount, Loan Tenure and Interest Rate

Once you are done entering the values, the results will appear on the right side of the tool. The result will not only include the EMI value but also the total interest payable amount.

Documents Required for Salaried/Self-Employed Applicants

List of papers/ documents applicable to all applicants:

• Employer Identity Card
• Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card

Property Papers:

• Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready to move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

• Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate of last 3 months
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• Business address proof
• IT returns for last 3 years
• Balance Sheet & Profit & Loss A/c for last 3 years
• Business License Details(or equivalent)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)

Documents Required for NRI and PIO Applicants

List of papers/ documents applicable to all applicants:

• Employer Identity Card
• Attested copy of valid Passport and visa.
• Address proof mentioning the current overseas address
• Copy of Continuous Discharge Certificate (CDC)-for applicants employed in the merchant navy.
• PIO Card issued by Government of India. (in case of PIOs)
• The attestation of documents may be done by FOs/Rep. Offices or Indian Embassy/Consulate or Overseas Notary Public or officials of Branch/Sourcing outfits based in India.
• Loan Application: Completed loan application form duly filled with 3 Passport size photographs
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card

Property Papers:

• Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready to move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

• Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any.
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Valid work permit
• Employment contract – an English translation duly attested by employer/ consulate / our foreign office / Embassy in case it is in any other language
• Last three months’ salary certificate/slip
• Last six months’ Bank Statement showing salary credit
• Latest salary certificate /slip in original and copy of identity card issued by the current employer
• Duly acknowledged copy of last year Individual Tax Return except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor

• Business address proof
• Proof of income in case of self-employed professionals/businessmen.
• Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts,
• Last 2 years Individual Tax Return except for NRI/PIO located in Middle east countries
• Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit.

Documents Required to Apply for Realty Home Loans

List of papers/ documents applicable to all applicants:

• Employer Identity Card
• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
• Proof of business address for non-salaried individuals
• Statement of Bank Account/ Pass Book for last six months
• Signature identification from present bankers
• Personal Assets and Liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

Additional documents required for salaried persons:

• Original Salary Certificate from employer
• TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Dept.

Additional documents required for Professionals/self- employed/ other IT assesses:

• Acknowledged copies of three years I.T. returns/ Assessment Orders.
• Photocopies of challans evidencing payment of Advance Income Tax

Offline SBI Home Loan Application

Customers can apply for SBI Home Loan offline by visiting the nearest SBI branch.

Online SBI Home Loan Application

Customers can apply for SBI Home Loan through the bank’s website or internet banking portal.

An alternative method to apply for HSBC Home Loan online is through Paisabazaar.com. Here, all they have to do is complete an online application process. The steps to apply for a home loan at Paisabazaar.com are as follows:

• Visit Paisabazaar.com
• Click the ‘Home Loans’ tab
• Fill up the required fields and accept the terms and agree to the given terms & conditions
• Enter your personal and home loan related details to proceed further
• A few eligible loan options will appear. Compare and apply which suits your requirements the best.

On successful loan application, customers receive a call from our executives and guide them through the loan procurement process.

Why one should choose SBI housing loan schemes?

• Home loans by SBI are at low processing charges making them affordable for the customer.
• The rate of interest is also low compared to interest rates charged on Home loans by other providers and interest is charged on a daily reducing balance method which considers the balance at the end of the day for interest calculation.
• There are no hidden costs or administrative charges which increase the liability burden on the customer and the charge structure is both transparent and reasonable.
• There is no pre-payment penalty levied on the customer if he or she makes a prepayment of the loan to reduce the liability and consequently the quantum of interest charged.
• The bank operates through a wide range of over 15,969 branches which make it easier for the customer to avail an SBI Home loan from the branch nearest to his or her current residence or the proposed residence.

What is meant by a person resident in India?

As per India’s Foreign Exchange Management Act (FEMA) 1999, a person resident in India is a person residing in India for more than 182 days during the course of the previous financial year (April-March) and who has come to or stays in India either for employment, business or for any other vocation.

Who is a Person of Indian Origin (PIO)?

PIO means an individual (not a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan), who at any time has held an Indian passport, or who or either of his parents or grandparents were a citizen of India according to the Indian Constitution or the Citizenship Act, 1955.

Are there any tax benefits for Non-Resident Indians buying properties?

No. Tax benefits are available for NRI’s only if you file your returns and subsequently become eligible to avail the tax benefits

What is the mode of payment for NRI home loans?

The housing loan needs to be paid for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI. Generally, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI regulations.