How Do I Apply For Sbi Home Loan

It is everyone’s dream to own a home. Ever since a kid or at least after a person starts earning they will start thinking about having their own home and start their family. This article is for those people looking to get a home loan with SBI – one of the best banks in the business when it comes to home loans.

Here are the complete details and procedures to get a home loan from SBI. Let us begin with the basics

What is a home loan?

A home loan is money borrowed on interest for construction, purchasing, expansion or remodeling of a home.

Who is eligible for SBI home loans?

The eligibility criteria for a SBI home loan is that the borrower should be a resident of India or an NRI and he / she should be above 18years of age at the beginning of the loan while the repayment should be up to the age of 70 years.

Where can I avail a SBI loan?

SBI has branch network which is the largest in India, where you can avail home loan. SBI also has specialized retail loan processing centers and Home Loan Sales Teams across the country to cater to the housing loan requirements of individual customers.

A gamut of loans for every home loan need from SBI

SBI offers loans on interest from Home Purchase Loan, loan taken by individual for purchasing a new residential property or an old house from its previous owner.

Home Improvement Loan, a home loan that is given for executing repair and renovation work at home. Home Construction Loan which are sanctioned to construct a house on a piece of land that has already been purchased. The loan approval and application process for these loans is somewhat different from the other commonly available home loans.

Then comes your Home Extension Loan which are offered for expanding or extending an existing house. Land Purchase Loan which is granted for the purchase of a plot of land for both residential or investment purposes. SBI also provides Home Conversion Loans which are available to people who have already purchased a house by taking a home loan but would now want to buy and move to another house. With these loans, they can fund the purchase of the new house by transferring the current loan to the new house.

SBI allows Balance Transfer Loan which can be availed to transfer a customer’s home loan from another bank to SBI. It is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing home loan provider and wants to switch to a different bank. SBI offers attractive NRI Home loans which are highly specialized loans, structured to suit the requirements of NRI's who wish to build or buy a home in India.

Home Loan Interest Rate from SBI

SBI offers very attractive interest rate starting from 8.35% per annum and gives special rate for women. The interest rate, tenure and other charges are as follows.

Home loan interest rates for women and men

Documents required for SBI Home loan

To get an SBI loan without any issues some documents need to be submitted like PAN, Driving license, Voter ID, Aadhar Card for proof of identity with proof of income for

• Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.

• Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA

Conclusion

With these details available we hope you can get the loan without any issues and get your dream home at a great deal.

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