Types of SBI Home Loan

Q: What is the interest rate structure of SBI Home Loans?

SBI has adopted the Repo Rate as an external benchmark rate for its retail loans, especially the floating rate Home Loans. The new structure is valid from October 01, 2019. The External Benchmark Rate equals the Repo Rate plus 2.65%. The Repo Rate as on date is 5.40%. Therefore, the SBI External Benchmark Rate (EBR) is 8.05%.

Q: Does SBI load any premium on the EBR?

Yes, SBI loads a minimum of 0.20% on the EBR when sanctioning Home Loans. The premium depends on various factors. The occupation of the borrower - Salaried customers, have an advantage, as self-employed persons have to contend with a higher premium. The credit rating of the borrower - SBI evaluates every borrower according to its laid down procedure. Customers who fall in the Risk Grade 4 to 6 have to pay 0.10% more than the applicable card rate. The loan amount - SBI has three different slabs for the loan amount. The loans up to 30 Lakhs attract the least premium whereas those over 75 Lakhs have the highest premium. Women borrowers get the benefit of 0.05% on the interest rate structure at each level

Q: Who can avail the benefit of the new interest rate structure?

The new interest rate structure linked to the EBR applies to all new borrowers. Existing borrowers can also migrate from the MCLR interest rate structure to the EBR.

Q: Do they have to pay any charges to migrate to the new structure?

Yes, the existing borrowers who wish to migrate to the EBR structure should pay a one-time switchover fee of 5,000.

Q: What is the frequency of the change in the floating rate of interest?

Reserve Bank of India can revise the repo rate at any time. However, SBI does not change the EBR immediately. The change takes place at quarterly intervals on the first day of the calendar quarter after RBI announces the change in the repo rate.

Q: How do I calculate my Home Loan eligibility?

Access the SBI Home Loan webpage and navigate to the product you are looking for. On the Eligibility Tab, you will find the link to calculate your loan eligibility. Click on the link and submit the required data. You get a loan offer from SBI based on the information you provide. However, your actual eligibility can differ. SBI official will calculate your eligibility after the submission of your documents.

Q: What is the Loan-to-Value ratio in SBI?

The LTV ratio depends on the loan amount. Loans up to 30 Lakhs - LTV ratio is 90% Loans more 30 Lakhs and up to 75 Lakhs - LTV ratio is 80% Loans above 75 Lakhs - the LTV ratio is 75%

Q: What are the factors that determine my Home Loan eligibility?

Your Home Loan depends on various factors: Your net income after all statutory and loan deductions Your occupation Your repayment capacity The position of loans where you pay instalments directly and not through salary account The value of the property The loan tenure Your age

Q: What is the security for SBI Home Loans?

The borrower has to create an equitable mortgage by depositing the title deeds of the property with the bank. The bank advocate prepares the legal scrutiny report. This report lists out the documents that the borrower has to submit to the bank. The borrower can create the mortgage by depositing these documents and registering the memorandum of deposit of title deeds with the Sub Registrar Office wherever applicable.

Q: Why is the interim period security insisted by SBI on Balance Transfer Loans?

In the case of a balance transfer account, SBI parts with the money to the existing banker. It can take some time for the current banker to hand over the documents and cancel the mortgage. During this period, the SBI loan remains unsecured. Hence, they require interim security in the form of another property or a third-party guarantee of excellent worth.

SBI offers multiple personal loan products including SBI Xpress Credit, SBI Quick Personal Loan, SBI Kavach Personal Loan, SBI Pension Loan, SBI Pre-approved Personal Loan to meet the financial requirements of everyone. You can get loan up to Rs. 20 Lakhs for tenure up to 6 years

Updated: 08-06-2022 12:04:23 PM

About SBI Home Loans

SBI has a separate department known as SBI Home Loans to deal exclusively with Home Loans and mortgage loans. SBI has the distinction of being the largest mortgage lender in India. It has helped more than 3 million families achieve their long-cherished dream of owning a house.

Table of Contents: About SBI Home Loans[Hide]

SBI Home Loans - Features
SBI Home Loans - At a Glance
SBI Home Loans - How to Apply
SBI Home Loans - Details
SBI Home Loans - Other Home Loan-related Products
SBI Home Loan - Documents Required
SBI Home Loans - Processing Fee
SBI Home Loans - Other Products

SBI Home Loans - Features

SBI has the most extensive variety of Home Loans amongst all banks and housing finance institutions in India.

SBI provides excellent value to customers by offering these critical benefits:

Extensive range of products to suit every requirement
Calculation of Home Loan interest on daily reducing balance method
Overdraft facility allowed on the Home Loan
One of the lowest interest rates in the country
Low processing fees
Transparent processing with no hidden costs
No penalty on pre-payment of the Home Loan

SBI Home Loans - At a Glance

Loan Product	Ideal for	Maximum Loan	Rate of Interest	Maximum Tenure
SBI Regular Home Loan	All housing Loan requirements	No limit	8.20% to 8.70%	30 years
SBI Balance Transfer of Home Loan	Transfer existing Home Loan balances to SBI	No limit	8.20% to 8.70%	30 years
SBI NRI Home Loan	Housing loan requirements of NRI community	No limit	8.20% to 8.70%	30 years
SBI Flexipay Home Loan	Salaried employees and young earners	No limit	8.20% to 8.70%	30 years
SBI Privilege Home Loan	Home Loan requirements of government employees	No limit	8.20% to 8.55%	30 years
SBI Shaurya Home Loan	Home Loans for the Armed Forces	No limit	8.20% to 8.55%	30 years
SBI Pre-approved Home Loan	Loan facility before finalisation of property	No limit	8.20% to 8.70%	30 years
SBI Realty Home Loan	Purchase a plot of residential land	15 Crores	8.90% to 9.10%	10 years
SBI Home Top Up Loan	Existing Home Loan borrowers	No limit	8.60% to 10.65%	30 years
SBI Bridge Home Loan	Meet the liquidity mismatch between the sale of existing property and purchase of a new house	Minimum loan is 20 Lakhs, and the maximum amount is 2 Crores	10.35% to 11.60%	2 years
SBI Smart Home Top Up Loan	Existing customers to enable to meet personal expenses	5 Lakhs	9.15% to 10.15%	20 years
SBI Insta Home Top Up Loan	Online top up loan to existing customers	Minimum loan is 1 Lakh, and the maximum amount is 5 Lakhs	9.30%	5 years
SBI Corporate Home Loan	Home Loans to corporate entities	No limit	8.20% to 8.70%	30 years
SBI Home Loan to Non-salaried - Differential Offerings	Home Loans to non-salaried individuals	Minimum amount is 50,000, and the maximum loan is 50 Crores	8.35% to 8.70%	30 years
SBI Tribal Plus	Home Loans in tribal areas	10 Lakhs	8.20% to 8.70%	15 years
SBI Earnest Money Deposit EMD	Meet Earnest money deposit requirements	100% of application money with a maximum of 10 Lakhs	11.55%	1 year
SBI Commercial Real Estate Home Loan	Finance the requirement of a third home	No limit	8.20% to 8.70%	30 years
SBI Maxgain	Home Loan as an OD facility	No limit	8.45% to 8.80%	30 years
SBI Green Home Loans	Home Loans to people who opt for green projects	No limit	8.20% to 8.70%	30 years
Pre-EMI Interest by Builders Scheme	Allow customers to capitalise the difference between the contracted pre-EMI amount and the pre-EMI portion paid by the builder	No limit	8.20% to 8.70%	30 years
SBI Suraksha	Insurance Component of Home Loan insurance	100% of the Insurance premium amount	8.20% to 8.70%	30 years
Pradhan Mantri Awas Yojana	Meet Home Loan requirements of eligible first-time homebuyers	No limit	8.20% to 8.70%	30 years

Also Check: SBI Home Loan Cibil Score

SBI Home Loans - How to Apply

SBI offers the facility to existing and new customers to apply for a Home Loan online. Access the SBI Home Loan webpage and click on the Apply Now option. Complete the details asked for and get the provisional loan offer letter. SBI officials will call you to complete the formalities.
Approach any branch of SBI (preferably the office nearest to your home) and contact the branch manager to complete the Home Loan application formalities.
Existing customers can apply for specific Home Loan products using their SBI YONO app
Approach the Retail Asset Credit Processing Centre (RACPC) and contact the relationship manager to complete the Home Loan application.
Avail the services of Direct Selling Associates (DSA) who will help you with the compilation of the Home Loan documents and complete the loan application.

SBI Home Loans - Details

Here are the details of each of the Home Loan on offer by SBI:

SBI Regular Home Loan

Purpose

Purchase of ready built property including houses and flats
Purchase of a property under construction
Purchase of pre-owned homes or apartments
Constructing a house on their own land
Extension of the existing land
Repairs and renovations to existing homes/flats

Specific features

Overdraft facility available
Interest concession available to women borrowers

Eligibility

Resident Indians between 18 and 70 years

Maximum loan amount

No limit depends on the LTV ratio

Maximum loan tenure

Up to 30 years

Rate of interest

Loan Amount Slab	Salaried	Self-Employed
Up to 30 Lakhs	8.20%	8.35%
More than 30 Lakhs and up to 75 Lakhs	8.45%	8.60%
More than 75 Lakhs	8.55%	8.70%

Special conditions for interest rates

If LTV > 80% and <= 90% - 0.10% more for loans up to 30 Lakhs.
If the customer falls in Risk Grade 4 to 6 - 0.10% more than the card rate.
Women beneficiaries get 0.50% for all slabs
Overdraft Facility - As applicable to SBI Maxgain

Documents required

KYC, income proof, and property-related documents

SBI Balance Transfer of Home Loan
Purpose	A takeover of existing Home Loan balances from other banks and Housing Finance Companies.
Specific features	Home Loans available as an overdraft facility Women borrowers get concession in interest rates
Eligibility	Resident Indians 18 years and above up to 70 years
Maximum loan amount	100% of the balance outstanding in the existing Home Loan subject to satisfying LTV ratio.
Maximum loan tenure	Up to 30 years
Rate of interest	Same as that applicable to SBI Regular Home Loan
Documents required	Apart from the KYC, Income proof, and property-related documents, the applicant should submit additional documents related to the BT application.

SBI NRI Home Loan
Purpose	Satisfying the Home Loan requirements of non-resident Indians
Specific features	Overdraft facilities available on the Home Loan Women borrowers get the benefit of 0.05% on the interest rate
Eligibility	Non-resident Indians, Persons of Indian origin between the ages of 18 and 60 years.
Maximum loan amount	No limit, as the loan amount depends on the demand and the repaying capacity of the individuals.
Maximum loan tenure	Maximum of 30 years
Rate of interest	Same as that applicable to resident Home Loans under the SBI Regular Home Loan product.
Documents required	Specific documents to prove the non-resident status, apart from the regular KYC, income, and property documents.

SBI Flexipay Home Loan
Purpose	A variant of the SBI Regular Home Loan product where you pay the interest alone during the pre-EMI period. Exclusive product for salaried class, as it allows payment of moderated EMIs in the initial years that increases gradually along with your income. Ideal product for young earners
Specific features	20% higher Home Loan eligibility as compared to the regular Home Loan Facility to pay telescopic EMIs Interest concessions to women borrowers
Eligibility	Resident Indians between 21 and 45 years of age are eligible to apply for this Home Loan product. The maximum age of the borrower at the maturity of the Home Loan can extend up to 70 years.
Maximum loan amount	No upper limit, as the loan amount depends on the repaying capacity of the borrower subject to the satisfaction of LTV ratio.
Maximum loan tenure	The maximum repayment tenure can go up to 30 years
Rate of interest	8.20% to 8.55%
Documents required	The regular KYC documents, income proof documents and property documents

SBI Privilege Home Loan
Purpose	Exclusive Home Loan product for Government employees, PSBs, PSUs, and other salaried individuals with pensionable service.
Specific features	No processing fee Interest concessions are available if check-off is provided Women borrowers get the benefit of 0.05% in the interest rate
Eligibility	Resident Indian between 18 years and 75 years employed in Government service or other eligible organisations mentioned above.
Maximum loan amount	No ceiling on the loan amount
Maximum loan tenure	Can go up to 30 years beyond the age of retirement of the employee
Rate of interest	As applicable to salaried employees - 8.20% to 8.55%
Documents required	Regular documents to prove identity, address, income, and property-related documents.

SBI Shaurya Home Loan
Purpose	Exclusive Home Loan product for the Armed Forces and Defence Personnel in the service of the nation.
Specific features	Zero processing fee Interest rate benefits if check-off provided Rate of interest concession to women
Eligibility	Resident Indian between 18 and 75 years of age and employed in the Armed Forces (all types of defence establishments).
Maximum loan amount	No upper limit on the Home Loan amount
Maximum loan tenure	Up to 30 years, even beyond the age of retirement of the employee
Rate of interest	Same as that applicable to salaried employees
Documents required	Standard KYC documents, proof of income, and documents concerning the property to be financed by the bank.

SBI Pre-approved Home Loan
Purpose	This product provides the facility to obtain the in-principle sanction of the Home Loan before finalising the property. It helps the borrower to select the ideal property within their budget It improves the negotiating capacity of the borrower
Specific features	Overdraft facilities available on the Home Loan Interest rate concessions of 0.05% to women
Eligibility	All eligible resident Indians in the age group of 18 to 75 years
Maximum loan amount	No limit depends on income and repaying capacity of the borrower
Maximum loan tenure	Maximum of 30 years
Rate of interest	Same as that applicable to SBI Regular Home Loan borrowers
Documents required	KYC documents and income proof documents at the time of applying for the loan. Property-related documents after finalising the property and before the disbursal to verify the genuineness of title.

SBI Realty Home Loan
Purpose	Purchase a residential plot intending to construct your dream house within 5 years from the date of sanction of the loan. The borrower is also eligible to apply for another SBI Home Loan for building the house.
Specific features	Flexible repayment tenures up to 10 years Interest benefit for women
Eligibility	Indian residents between 18 and 65 years
Maximum loan amount	15 Crores
Maximum loan tenure	Maximum of 10 years
Rate of interest	Loans up to 30 Lakhs	8.90%
	Loans more than 30 Lakhs and up to 75 Lakhs	9%
	Loan amount higher than 75 Lakhs	9.10%
Special conditions	Persons having a salary account with SBI - 0.05% concession If construction is not completed within 5 years of sanction of the loan - the rate of interest applicable on the entire investment will be the contracted rate plus 3.95%.
Documents required	Standard KYC documents, Income proof papers, and records related to the purchase of land.

SBI Home Top Up Loan
Purpose	Existing Home Loan customers of SBI can avail this loan for funding any purpose (excluding speculation).
Specific features	Rates of interest much lower than the personal loan interest rates Overdraft facility available
Eligibility	Both resident Indian and NRI are eligible for this loan Applicants should be between 18 and 70 years of age
Maximum loan amount	No limit on the loan amount subject to income, repayment capacity, and LTV ratio.
Maximum loan tenure	Can extend up to 30 years
Rate of interest	Loan amount range	Term Loan	Overdraft
	Up to 20 Lakhs	8.60%	NA
	More than 20 Lakhs <= 1 Crore	8.80%	9.50%
	Above 1 Crore <= 2 Crores	9%	9.75%
	More than 2 Crores <= 5 Crores	9.45%	---
	Above 5 Crores	10.65%	----
Special conditions	Non-salaried customer - 0.15% more at every stage Customers in the risk grade 04 to 06 - 0.10% more than the applicable rate
Documents required	Documents as relevant to the SBI Regular Home Loan

SBI Bridge Home Loan
Purpose	Opportunity to borrowers to switch over to a better property by selling their existing home. Meet short-term liquidity mismatch because of the time lag between selling the current house and purchasing of the new property. Avoid distress selling of the existing house
Specific features	Short term loan with repayment tenures not exceeding 2 years
Eligibility	Indian residents between the ages of 18 and 70 years
Maximum loan amount	The minimum loan amount in this product is 20 Lakhs The maximum loan eligibility is 2 Crores
Maximum loan tenure	The maximum repayment tenure is 2 years
Rate of interest	First year - 10.35% Second year - 11.60%
Documents required	Regular KYC documents, income proof papers, and documents related to both the properties.

SBI Smart Home Top Up Loan
Purpose	Immediate top-up loan available to meet all kinds of expenditure such as education, health care, marriage, renovations, and so on. Existing Home Loan borrowers can walk into the nearest RACPC and avail this top-up loan.
Specific features	No documentation required Overdraft facility available
Eligibility	Resident and non-resident Indians between 18 and 70 years are eligible Credit score should be a minimum of 550 Minimum of one year of satisfactory repayment record, excluding the moratorium period. Applicants should not have any other top-up loans active on the date of application.
Maximum loan amount	5 Lakhs
Maximum loan tenure	Can extend up to 20 years
Rate of interest	Category	Salaried person	Self-employed
	Term Loan	9.15%	9.65%
	Overdraft	9.65%	10.15%
Documents required	No documentation required

SBI Insta Home Top Up Loan
Purpose	Pre-selected Home Loan customers can avail of this product to meet all kinds of emergencies.
Specific features	No manual intervention - right from selection of borrower, disbursement of the loan, and setting up of Standing Instruction in the savings account for repayment of instalment. All processes online through SBI YONO or internet banking No documentation required
Eligibility	Existing Home Loan customer with a minimum loan amount of 20 Lakhs with an internet banking facility. The residual term should be a minimum of 5 years Satisfactory repayment record of 3 years or more CIBIL Score of 550 or higher No other active top-up loan
Maximum loan amount	The minimum top-up loan amount is 1 Lakh, and the maximum is 5 Lakhs
Maximum loan tenure	5 years
Rate of interest	9.30% irrespective of gender, occupation, and risk grades
Documents required	No documents required

SBI Corporate Home Loan
Purpose	Home Loans to corporate entities for acquiring or constructing flats or houses in the name of the company for use by employees and directors. Balance takeover of similar loans from other banks and financial institutions
Specific features	Low processing fees
Eligibility	Corporates who are existing borrowers of SBI or are debt-free Minimum of 3 years in the line of business Should have earned a continuous net profit for the previous three years Loans accounts, if any should be in the Standard Category Corporate rating of BBB or better for companies having exposure more than 10 Crores. A credit rating of SR-8 or better for existing units
Maximum loan amount	No limit on the amount of loan
Maximum loan tenure	Flexible loan repayment tenures
Rate of interest	Same as that of SBI Regular Home Loan
Processing fee	0.50% of the loan amount The minimum amount is 50,000 The maximum fee is 10 Lakhs
Documents required	Applicable SME/C&I loan documents

SBI Home Loan to Non-Salaried - Differential Offerings
Purpose	Exclusive Home Loan product for the non-salaried individuals to meet all housing requirements.
Specific features	Hassle-free loan process
Eligibility	Resident Indian individuals above 18 years of age who do not have a salaried income. If the applicant is the proprietor of a firm, partner in a partnership concern, or a director in a company, the following conditions apply: Minimum existence of the firm should be for 3 years Earned net profit for continuously 3 years Existing borrowers should be in Standard Category If the Home Loan is availed in the name of the firm, the company should be a current borrower of SBI or a debt-free entity.
Maximum loan amount	The minimum loan amount is 50,000 with the maximum being 50 Crores
Maximum loan tenure	Up to 30 years
Rate of interest	Loans up to 30 Lakhs	8.35%
	Loans > 30 Lakhs and <= 75 Lakhs	8.60%
	Loans > 75 Lakhs	8.70%
Documents required	Documents as applicable to non-salaried individual

SBI Tribal Plus Home Loan
Purpose	Home Loan exclusively for people living in tribal and hilly areas
Specific features	Exclusive Home Loan product No mortgage of land Third-party guarantee mandatory Women get benefit in interest rates
Eligibility	Resident Indian aged between 21 and 60 years The applicant should reside in the hilly or tribal area, and the loan should be for property situated in hilly or tribal areas.
Maximum loan amount	10 Lakhs
Maximum loan tenure	15 years
Rate of interest	Same as applicable to SBI Regular Home Loan product
Documents required	Standard documents as applicable to Home Loans in SBI except for property documents (title documents of agricultural land).

SBI Earnest Money Deposit (EMD)
Purpose	Finance Earnest Money Deposit payment requirements for people booking plots/houses sold by development authorities like DDA, MHADA, HUDA, and other housing boards.
Specific features	Short term loans up to 100% of the EMD No income criteria
Eligibility	Resident Indian of a minimum of 21 years of age
Maximum loan amount	15 Lakhs for CSP/DSP account holders 10 Lakhs for others
Maximum loan tenure	Not more than 12 months
Rate of interest	11.55%
Processing fee	0.50% of the loan amount with a minimum of 1,000
Documents required	Only KYC documents to prove identity and address Allotment letter from the development authority demanding payment of EMD.

SBI CRE (Commercial Real Estate) Home Loan
Purpose	Individuals owning 2 or more houses can apply for financial assistance to fund another home.
Specific features	Cannot exceed more than three CRE Home Loans for an individual The individual should not have more than 5 Home Loans in their name, including the present CRE loan. Overdraft facility available
Eligibility	Resident Indians between 18 years and 70 years of age
Maximum loan amount	No limit
Maximum loan tenure	Up to 30 years
Rate of interest	As applicable to SBI Regular Home Loan
Processing fee	0.35% of the loan amount with a minimum of 5,000
Documents required	Standard KYC documents, income proof documents, and papers relating to the property.

Pradhan Mantri Awas Yojana
Purpose	Fulfil Home Loan requirements of eligible beneficiaries to purchase or construct the first homes.
Special features	Upfront Interest subsidy Reduced EMIs
Eligibility	Resident Indians who do not own a house in the name of any member of the family. The family consists of husband, wife, and unmarried children Beneficiaries should satisfy all income norms for availing the loan and interest subsidy.
Income eligibility	Category of borrower		Total yearly family income from all sources should not exceed
	Economically Weaker Section - EWS		3 Lakhs
	Low-Income Group - LIG		6 Lakhs
	Middle-Income Group - I		12 Lakhs
	Middle-Income Group - II		18 Lakhs
Maximum loan amount	No limit depending on the repayment capacity of the applicant and LTV ratio. However, loan amount eligible for interest subsidy calculation has a ceiling for each category.
Loan amount ceiling for subsidy	Type of borrower	EWS/LIG		MIG-I	MIG-II
	Loan amount eligible for a subsidy	6 Lakhs		9 Lakhs	12 Lakhs
	Rate of subsidy	6.5%		4%	3.5%
	The maximum amount of subsidy	2.67 Lakhs		2.35 Lakhs	2.30 Lakhs
Rate of interest	Same as SBI Regular Home Loan Product
Documents required	KYC documents Income documents to prove eligibility under specific categories Property-related papers

Additional Reading: Cibil score required for home loan

SBI Home Loans - Other Home Loan-related Products

Other Home Loan-related schemes available at SBI

SBI Maxgain

Home Loan in the form of an overdraft facility
Customers repay their EMIs as usual with the DP reducing on the OD account every month.
Rates of interest are as follows:

Loan Amount Slab	Salaried Individual	Self-employed person
Up to 30 Lakhs	8.45%	8.60%
Loans > 30 Lakhs and <= 75 Lakhs	8.70%	8.85%
More than 75 Lakhs	8.80%	8.95%

If the LTV ratio lies between 80% and 90%, the applicable rate of interest for loans up to 30 Lakhs is 0.10% more than the applicable rate.
If the customer falls under Risk Grade 4 to 6, the applicable rate of interest is 0.10% more than the card rates.
Women borrowers get a benefit of 0.05% at each stage

SBI Green Home Loans

Unique Green Banking Policy of SBI
Incentivise borrowers who go in for Green Projects that reduce carbon emissions and promote renewable energy.

Pre-EMI Interest by Builders Scheme

Reputed builders undertake to service the pre-EMI interest at stipulated rates of interest.
This product allows the borrower to accumulate the gap in the pre-EMI interest portion and capitalise the same. Alternatively, the borrower can repay the pre-EMI interest difference amount separately.
The payment of regular EMI starts after the end of the moratorium
Product available only where the builder has a tie-up with SBI

SBI Suraksha

Finance options for the insurance premium linked to the Home Loan in case the customer opt to avail SBI Life cover.

SBI Home Loan - Documents Required

SBI has a simplified documentation procedure. The applicants should submit the following sbi home loan documents when applying for a Home Loan.

KYC Documents - Common to all individual borrowers

Employer ID Card - wherever applicable
Fully completed Home Loan application form along with 3 passport-sized photos
Identity proof documents should include one of the following:
- PAN card
- Passport
- Driving Licence
- Voter's ID card

Proof of residence can consist of one of these documents:
Copy of the latest utility bill such as electricity bill, water bill, piped gas bill, telephone bill
Passport
Driving licence
Aadhar Card

KYC Documents for NRI borrowers - Additional documents apart from the ones listed above

Attested copy of valid passport and visa
Address proof for the overseas address
In the case of persons employed in the Merchant Navy - Copy of the Continuous Discharge Certificate.
In the case of PIOs - PIO card issued by the Government of India
All documents should be attested by the representative offices of Indian Embassy or Consulates or Overseas notary public or officials of the branch/sourcing entities based in India.

KYC Documents about non-individual borrowers

Partnership Firm should provide a copy of the partnership deed, registration certificate, PAN card of the firm.
Companies should provide Certificate of incorporation, MOA, AOA, Board Resolution, shareholding pattern certified by CA.
Copies of GST registration or any other document to demonstrate the continuity of business

SBI can call for any other document it deems fit to satisfy itself about the identity and residential status of the borrower.

Income Proof Document - Salaried individuals

Payslip of Salary certificate detailing the salary received during the last 3 months
Copy of Form 16 for 2 years
IT returns for two years, if applicable

Income Proof Document - Non-salaried individuals

Proof of business address
Business profile in brief
Income Tax Return statement for the previous 3 years
Financial Statements for 3 years
Business Licence details or its equivalent papers
TDS Certificates such as Form 16A or Form 26AS
Professional qualification certificate in the case of self-employed professional applicants

Additional Income Proof documents - Common to both categories

Statement of bank account for the last 6 months to evidence credit of salary or income
If the applicant has any outstanding loans, the statement of loan account for the past year

Income Proof Documents - Non-resident Indian salaried individuals

Valid work permit
Contract of Employment - In case the contract is in a language other than English, the NRI should enclose an
English translation copy duly certified by the Embassy or Foreign office.
Payslip or salary certificate for the last 3 months
Statement of account in the bank showing credit of salary amounts for the previous 6 months
The originals of the latest salary slip
Copy of the employee ID card
IT returns wherever applicable

Income Proof Documents - Non-resident Indian self-employed persons

Proof of business address
In the case of independent professionals/businesspersons - proof of income
Financial statements for the last 2 years (audited by CA)
Latest two years IT returns wherever applicable
Six months bank account statement in the individual's name and the name of the business

Property-related documents

Permission for development of property - wherever applicable
Registered agreement for sale - in Maharashtra only or Allotment letter or Stamped agreement for sale.
In the case of ready to move property - Occupancy certificate
Share Certificate (in Maharashtra only), maintenance bill, electricity bill, or property tax receipt
Copy of the approved plan and the registered construction/development agreement between the applicant and the builder.
Conveyance deed - in the case of new property
Receipts of payments made to the seller or builder
An estimate of repairs and renovations wherever applicable
Any other document required by SBI Home Loans

Specific Documents required in Balance Transfer Cases

List of original documents held at the bank or financial institution
Loan account statement for the past 1 year
Sanction letter copy of the existing Home Loan
Interim period security

Also Check: SBI Free Cibil Score

SBI Home Loans - Processing Fee

40% of the loan amount with a minimum of 10,000 and a maximum of 30,000
This amount includes the advocate and valuer fee
Specific products do not have any processing fee

SBI Home Loans - Other Products

Apart from Home Loans, SBI Home Loans offers the following additional products:

Loan Product	Ideal for	Maximum loan	Rate of Interest	Maximum tenure
Loan Against Property	Fulfilling personal requirements such as education, healthcare, marriage, and business needs.	No limit	9.90% to 10.75%	15 years
Reverse Mortgage	An additional source of recurring income for senior citizens who have self-acquired and self-occupied home in India.	Minimum 3 Lakhs and maximum 1 Crore	10.15%	10 to 15 years

Additional Reading: How to increase cibil score?

Lowest Interest Rate

Home loan interest rates are the lowest ever in the past 15 years. With raining Best offers on home loan, currently you can avail of the best interest rate on home loans starting @ 8.50% p.a for all loan amounts.

Affordable EMI plans

You can now avail the lowest Home Loan EMI at just Rs. 769/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.

No Foreclosure Charge

Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.

Home Loan Popular Offers

L&T
Home Loan

Loan Tenure Up to 25 Years
Competitive Rate of Interest

Int Rates : 8.6% - 8.75%

Max Tenure : 25

Loan Amt : ₹10,00,000.00

Lowest EMI : ₹812.00

Up to 90% of the property cost

HDFC Bank
Home Loan

Low-interest rate, longer tenure & flexible EMIs
Doorstep customer service, as required

Int Rates : 8.75% - 9.1%

Max Tenure : 30

Loan Amt : ₹10,00,000.00

Lowest EMI : ₹787.00

Up to 90% of the property cost

Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

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