How to take Home Loan from SBI – Interest rate, Eligibility, Document, Online application

Friends, today in this article we are going to know about how to take home loan from SBI. In today’s era of inflation, it is very difficult for common people to buy or build their own house. Because most of the people in our country come from poor and middle class.
For these people, buying or building their own house is a dream. But SBI home loan is such a way, due to which even a common citizen of India can build a house for himself by paying the lowest interest. After reading this article, you will be able to take a home loan very easily.

SBI Home Loan

The full name of SBI is State Bank of India and its headquarter is located in Mumbai, Maharashtra. Although all the banks of the country give home loans, but SBI is the most trusted bank. Along with this, the salary of most government employees is deposited in SBI Bank. That’s why the people of India take maximum home loan from SBI every year. SBI has so far fulfilled the dream of more than 30 lakh people by giving them home loans.

How much home loan can be taken from SBI

At present, you can take a home loan up to 2 crores from SBI. You get a minimum of 5 years and a maximum of 30 years to repay the home loan. But remember that the longer you take the loan, the more interest you will have to pay. So don’t take a home loan for a long time.

The amount of loan you will get depends on your assets, monthly earning, expenses and stability of income. Seeing the same, you will be given a loan. Apart from this, your CIBIL score should also be good, only then the bank will give you the loan.

SBI Home Loan Processing Fee and Charges

Generally, 0.40% of the loan taken by you has to be paid for the processing fee of the loan. But in many special situations like Diwali, Holi or any other festival, the processing fee can also be 0%. So whenever you take a home loan, do talk to the bank about the processing fee.

Interest rate on SBI home loan

SBI has kept its interest rate very low so that the common citizen of the country can also build his own house. Currently SBI’s home loan interest rate is 6.70%, but if you want to take a loan of more than 75 lakhs, then you will have to pay 7.5% interest rate. These interest rates keep on changing over time. Therefore, whenever you want to take a loan, then go to the official site or branch of SBI and get information about the interest rate.

Eligibility Criteria for taking SBI Home Loan

• Any Indian citizen can apply for SBI Home Loan.
• Age should be between 18 years to 75 years.
• There should be a fixed income source every month.
• Civil score should be more than 550.
• NRI and PIO individuals can also avail home loan from SBI.

Documents required for SBI home loan

• One of the following for ID Proof – Aadhaar Card, PAN Card, Water ID, Passport, Driving License
• One of the following for address proof – Bank Passbook, Voter ID, Ration Card, Electricity Bill, Water Bill, Telephone Bill, Gas Bill and LIC Policy Slip
• One of the following age related documents – Birth Certificate, 10th class mark sheet, Aadhaar Card, PAN Card, Passport, Bank Passbook and Driving License
• One of the following for income related documents – last 3 months salary slips, your last 6 months bank statements, last 3 years IT returns
• Documents related to the property – allotment letter, NOC from the society or builder, detailed estimate of the cost of construction of the house
• If you pay income tax, then its proof.
• 3 passport size photographs

(Read More – How to take loan from Bank of India)

How to apply for SBI home loan

  1. To apply for SBI home loan, you must first visit your nearest SBI branch.
  2. After that you can get information about home loan by talking to the manager there.
  3. Many banks also have a loan support person, who gives you all the information about the loan. Like which documents are required, what is the eligibility and how much is the interest rate.
  4. After that you will be given the Application Form of SBI home loan.
  5. We have to fill this form completely, attach all the documents with it and submit it to the bank.
  6. After that the bank staff will check your form, eligibility and credit score.
  7. At this point in time if the bank feels that you are eligible for SBI Home Loan, then only your application form will be approved.
  8. Within a few days, your home loan amount will be deposited in your bank account.

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