SBI Maxgain Home Loan

SBI Maxgain Highlights
Interest Rate	9.50% – 10.05% p.a.
Loan Tenure	Up to 30 years
Eligibility Criteria	Only for buying “Ready to Move-in” property

Note: Interest rates as of 30 November 2023

SBI Maxgain Interest Rates

CIBIL Score	Interest Rates
>=750	9.55% p.a.
700-749	9.75% p.a.
650-699	9.85% p.a.
550-649	10.05% p.a.
NTC/No CIBIL Score/-1	9.75% p.a.

Note: 5 bps concession on card rates for borrowers with CIBIL Score greater than or equal to 750.

Interest Rates of Home Loan Overdraft Offered by SBI and Other Lenders

Name of Lender	Interest Rates (% p.a.)
SBI Maxgain	9.50-10.05
Axis Bank Super Saver Home Loan	8.70 onwards
Kotak Mahindra Bank	8.70 onwards
PNB Max Saver	8.40-10.25
Baroda Home Loan Advantage	8.40-10.85
Union Bank Smart Save	9.35-10.95
IDFC First Bank	8.75 onwards
Federal Bank	8.80 onwards

Note: Interest rates as of 30 November 2023

Processing Fees and Charges for SBI Maxgain

Processing Fees	NIL during the campaign (Valid for sanctions till 30 June 2023) [0.35% of loan amount (Rs 2,000 – Rs 10,000)] + GST
Pre-payment Charges	NIL
CERSAI Charges	Up to Rs 5 lakh – Rs 50 Above Rs 5 lakh – Rs 100

General Eligibility Criteria for SBI Maxgain

The eligibility criteria set for SBI Maxgain and regular SBI home loan is usually the same. The below-mentioned list might give you a general idea of the home loan overdraft eligibility:

• Applicant should be an Indian Resident
• Applicant should have availed the overdraft facility for buying “Ready to Move-in” property

Also know about the SBI home loan eligibility criteria for other home loan schemes.

Documents Required for SBI Maxgain

The documents required to apply for SBI Maxgain are similar to the documents required to apply for a regular SBI home loan. Here’s the general list of documents that might be required at the time of applying for SBI Maxgain:

General Documents

• Duly filled application form with 3 passport sized photographs
• KYC documents (Identity Proof and Address Proof)

 Property Papers

• Permission for construction
• Sale agreement Registered (only Maharashtra), Allotment letter, Stamped Sale Agreement
• Occupancy certificate (ready to move in), maintenance bill, electricity bill, property tax receipt
• Copy of plan approved
• Registered Development Agreement of the builder
• Conveyance Deed
• Bank account details or payment receipts for payments made for the builder

Account Statement

• Bank account statement for last 6 months for all bank accounts
• Loan account statement for last 1 year for previous loan from other financial institutions

Income Proof for Salaried Applicant/Co-applicant/Guarantor

• Last 3 months salary slip/certificate
• Copy of ITR/Form 16, acknowledged by IT Department

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

• ITR for last 3 years
• Business Address Proof
• Profit and loss account and balance sheet for last 3 years
• TDS Certificate (Form 16)
• Qualification Certificate for CA, Doctors and other professionals
• Business License Details

FAQs

1. What are the benefits of availing SBI MaxGain home loan?
Ans. The major benefit of availing SBI MaxGain is that it allows borrowers to use their monthly surpluses in reducing the interest cost on their home loans.

2. Are there any extra costs to avail the SBI MaxGain home loan?
Ans. Similar to any other loan, SBI MaxGain also attracts processing charges and other charges applicable during the loan processing. However, SBI might reduce or waive off processing fees of SBI MaxGain home loans during festive season or special campaign offers. Note that borrowers also have to bear higher interest costs as the SBI Maxgain home loan interest rates are slightly higher than the rates offered on regular home loans.