Home Loan Banks: SBI Bank

The added advantages of applying for a home loan from SBI Bank are minimal documentation, quick loan procedure, expert advice related to the various queries of the customers, minimal processing fees and nil prepayment charges.

SBI Bank Home Loan Interest Rate in Bangalore

Base Interest Rate 8.50% to 12.95%
Maximum Tenure 30 years
Processing Fee Up to 0.50% of the loan amount plus applicable taxes.
Prepayment and Foreclosure
Charges Allowed and no charges for floating rate loans
Age Limit Min 24 years and Max 70 years

SBI Bank Home Loan Checklist in Bangalore

KYC Documents
  • Age Proof – Pan card
  • Residential address proof – Aadhar/ Passport
  • One passport size photograph
Income Documents and Bank Statement

For Self-employed – for both applicant and co-applicant

  • 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)

For Salaried – for both applicant and co-applicant

  • 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
Additional documents required in case of Balance Transfer of Home Loan
  • Existing Loan repayment track record (RTR)
  • In case of Balance Transfer – Sanction letter
  • LOD (List Of Document) from existing bank
Property documents
  • Sale Deed
  • Mother Deed
  • EC (past 15 years)
  • Khata and Khata Extract
  • Latest tax paid receipt
  • Construction approved plan copy
  • Sale Agreement
  • Occupancy certificate

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      Home Loan - EMI Calculator

      Why choose SBI Bank Housing Loan

      Now that you know what housing finance in India is, you can consider banks that can make the best Home Loan offers. SBI realizes the importance of a home of your own and offers Home Loans that can make building your dream living space easier. SBI Bank gives Home Loans at attractive interest rates with easy repayment facilities. You can also enjoy SBI loan offers that make financing truly simple.

      Benefits of taking SBI bank housing loan

      When you opt for a Home Loan, you can enjoy the following benefits:

      • Taxation: A Home Loan allows you to claim income tax deductions on the interest and principal amount due. Under the Income Tax Act, 1961, as per Section 80C, you can claim up to INR 1.5 lakh on principal repayments, and up to INR 2 lakh on interest repayments under Section 24B. You can avail of other tax benefits via a Home Loan, as well.
      • Interest Rate: When compared to the various kinds of loans available, the interest rate on a Home Loan is relatively lower. Plus, in case of a cash crunch, you can also apply for a Top-Up Loan in addition to the existing Home Loan.
      • Due Diligence: When you apply for a Home Loan, banks check the property from a legal standpoint and ensure that the documents are valid and the title is clear. This step can prevent you from being scammed and passing this due diligence can validate your property. 

      Different types of loan provided by SBI bank

      SBI Home Loans
      As the name suggests, these loans are meant for purchase of a house. These include loans for:

      • Purchase of a new apartment, row house or bungalow from a developer or a development authority.
      • Purchase of resale properties.
      • Construction of a house on a plot of land.

      SBI Regular Home Loan
      A beautiful house exudes good feelings and creates a positive environment for both – the residents and visitors. If you are looking to create the home for your family, SBI Regular Home Loan is the right choice to be made. The interest rate on SBI Regular Home Loan is 9.15% per annum. The processing fee on this loan is 0.35% of the loan amount. The minimum processing amount ranges between Rs. 2,000 to Rs. 10,000. SBI regular home loan offers a 0.5% lower interest for women, with zero foreclosure charges.

      SBI Flexipay Home Loans
      If you are a salaried person with the positive cibil score above 700 then this plan is exclusively available for your and it also allows you to pay only interest during the moratorium (Pre-EMI) period and then opt for moderate EMI’s.

      SBI Realty Home Loan
      If you want to purchase the plot of land to build the house then you can obtain up to Rs. 15 crores of loan amount with the tenure maximum tenure of 10 years.
      You have an option to take separate Home Loan for construction from SBI.

      SBI Tribal Plus
      This scheme is launched for the people who live in tribal or hilly areas. The interest rate of this loan starts from 9.25% and has a processing fee of 0.35% of the loan amount. The repayment tenure for this particular loan is 15 years.

      SBI Home Loan For Non-salaried Differential Offerings
      Home Loan for Non-Salaried offers home loans for the purpose of buying new homes, construction and for repairing/renovating existing houses exclusively for Non-Salaried applicants.

      SBI Pre-approved Home Loan
      Get your Home Loan sanctioned before even finalising the property with the help of Pre-Approved Home Loan, the benefits of this loan is similar to SBI Regular Home Loan.

      SBI bank – Top up loans

      Sometimes dreams need a little extra help. With SBI Top Up Loans you can celebrate your personal or professional milestones such as marriage, a dream vacation, business expansion, debt consolidation etc. with super ease and minimal new documentation. Let your dream fuel more dreams.

      SBI bank balance transfer of existing loan at lower interest rate

      SBI offers Balance Transfer Loans at attractive interest rates to lower your loan repayments. Move your Home Loan outstanding balances to SBI, pay lower monthly instalments and enjoy the savings for the other things in life that really matter to you and your family.

      Balance Transfer Benefits

      • Duly filled application form.
      • Home loan approval in 4 simple steps.
      • Customized Repayment Options
      • Tailor-made home loans to suit your requirements.
      • Easy documentation
      • Apply with minimal documents, save time and effort.
      • 24×7 assistance
      • Connect with us on Chat, WhatsApp anytime, anywhere
      • Online loan account
      • Login to your account to conveniently manage your loan

      SBI bank – NRI Home Loans

      Your work might have taken you abroad but the yearning for the homeland remains unabated. With SBI Home Loans turning your dream home in India, into a reality, is convenient and easy.

      • Loans to NRIs, PIOs and OCIs* for the purchase of a flat, row house, bungalow from private developers in approved projects in India
      • Loans for the purchase of properties from Development Authorities such as DDA, MHADA etc.
      • Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority in India
      • Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners’ Association or Development Authorities settlements or privately built up homes
      • Attractive interest rates
      • Avail of Home Loan Advisory Services in the country where you currently reside
      • Property Search Advisory Services – expert legal and technical counselling to help you make the right home buying decision
      • Valuable insights on developer projects, location, documentation and offerings
      • Loan for purchase of property located anywhere in India**
      • Loans also available for those employed in the Merchant Navy

      SBI bank housing loan FAQ’s