SBI - Home Loans

WELCOME to SBI Home Loans

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"THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI HOME LOANS now offers Interest Rates concessions on GREEN HOMES in accordance with SBI's commitment to Environment protection.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.

Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India

Best practices followed in SBI
People dealing with you End to End service by Permanent employees of SBI who are accountable to you.

Place SBI branch of your choice will service your loan account. You can always meet our employees face to face.

Price Complete transparency.

Interest charged on the daily reducing balance.

Prepayment charges No penalty for prepayments made, out of bonafide savings or windfall gains for which evidence is produced.

Costs hidden in fine print No hidden costs

Transparency Complete transparency. All the features of our product, including interest rates, are in the public domain.


Unique features:

* Provision for on the spot "In principle" approval.

* Loan sanctioned within 6 days of submission of required documents.

* Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)

*Option to club income of your spouse and children to compute eligible loan amount

*Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount

*Provision to finance cost of furnishing and consumer durables as part of project cost

*Repayment permitted upto 70 years of age

*Free personal accident insurance cover upto Rs.40 Lac.

*Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)

*Interest calculated on daily reducing balance basis, and starts from the date of disbursement.

‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.

*Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat


*Option to avail loan at the place of employment or at the place of construction

Package of exclusive benefits:

Complimentary international ATM-Debit card

Complimentary SBI Classic/ International Credit Card.

Option for internet-banking

Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily

50% concession in charges in respect of all personal remittances/ collection of outstation cheques

Personal loan at attractive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers.


Purpose :

Purchase/ Construction of House/ Flat

Purchase of a plot of land for construction of House

Extension/ repair/ renovation/ Home Improvement Loan/ Flat

Purchase of Furnishings and Consumer Durables as a part of the project cost.

Takeover of an existing loan from other Banks/ Housing Finance Companies.

Eligibility :

Minimum age 18 years as on the date of sanction

Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Loan Amount :

40 to 60 times of NMI, depending on repayment capacity as % of NMI as under -
Net Annual Income EMI/NMI Ratio
Upto Rs.2 lacs 40%
Above Rs.2 lac to Rs. 5 lacs 50%
Above Rs. 5 lacs 55%

To enhance loan eligibility you have option to add:

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources.


Margin
Purchase/ Construction of a new House/ Flat/ Plot of land:
25% for loans up to Rs.30 Lacs,
30% for loans above Rs.30 lacs and upto Rs.1 cr.
40% for loans above Rs.1 cr.
Repairs/ Renovation of an existing House/ Flat: 20%


Interest

Processing Fee
0.50% of Loan amount with a cap of Rs.10,000/-(including Service Tax)
Pre-closure Penalty
No penalty if the loan is preclosed from own savings/windfall gains for which documentary evidence is produced by the customer.

In case, such proof is not produced by the borrower, penalty @2% on the amount prepaid in excess of normal EMI dues shall be levied if the loan is preclosed within 3 years from the date of commencement of repayment.

Security :

Equitable mortgage of the property.
Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged.
Maximum Repayment Period
For applicants upto 45 years of age: 25 years
For applicants over 45 years of age: 15 years

Moratorium

Upto 18 months from the date of disbursement of first instalment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)

Disbursement :

In lump sum direct in favour of the builder/ seller in respect of outright purchase.
In stages depending upon the actual progress of work in respect of construction of house/ flat etc.


Documents:

Completed application form
Passport size photograph
Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID

Proof of business address in respect of businessmen/ industrialists

Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)

Copy of approved plan and approval from the Local Body

Statement of Bank Account/ Pass Book for last 6 months


‘SBI-Flexi’ Home Loans

A customized product designed to enable borrowers to hedge their Home Loan against unfavourable movement in interest rates. The product gives you a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.

Minimum Loan Amount: Rs.5 lacs

(Other terms and conditions – as applicable to regular Home Loans)


‘SBI-Maxgain’ Home Loans

An innovative and customer-friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.

The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your SB or Current Account.

The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposit/ investment avenues.
Minimum Loan Amount: Rs.5 lacs

(Other terms and conditions – as applicable to regular Home Loans)


‘SBI-Realty’ Home Loans

A unique product if you are on the look out for a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.1 crore* and with a comfortable repayment period of upto 25 years.

You are also eligible to avail another Housing Loan for construction of house on the plot financed above with the benefit of running both the loans concurrently.

(House construction should commence within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan)

(Other terms and conditions – as applicable to regular Home Loans)

(* relaxation considered on case to case basis)


‘SBI-Freedom’ Home Loans

A revolutionary product designed for customers who are on the look out for a source of finance for a property they want to invest in without mortgaging the same. All you have to do is pledge any financial security that you have and you will get a Home Loan for your dream home.

A must-take for those who do not want to pay stamp duty for mortgage of their property or go through the hassles of creation of mortgage.

You also have an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.

Repayment is highly customized, giving you the option to repay through regular EMIs or through maturity proceeds of the securities pledged.

(Other terms and conditions – as applicable to regular Home Loans)

‘SBI-OPTIMA’ ADDITIONAL HOME LOANS

‘SBI-HOMELINE’ SPECIAL PERSONAL LOANS

Innovative and value added products extended to existing Home loan borrowers with a satisfactory repayment record of 3 years and whose loan is Standard Asset, with a view to reinforce the customer loyalty and to maintain long term relationship with the borrowers. In case of take-over of Home Loans from other Banks/HFCs, the borrower should have fulfilled the above conditions with the present Bank/HFC.

Purpose :

‘SBI-Optima’ Additional Home Loans

To meet expenditure towards major repair, renovation, addition to their house/flat, purchase of furniture, fixtures and consumer durables

‘SBI-Homeline’ Special Personal Loans

General purpose loan to meet expenditure to meet forseen/unforeseen contingencies

Eligibility :

‘SBI-Optima’ Additional Home Loans
18 times NMI (for salaried borrowers)/
1 ½ times NAI ( for others) or

(i)25% of the original project cost of house/flat (ii) 85% of the cost of repairs etc. or (iii) gap between 85% of the current market price of flat/house and actual outstanding loan dues ,
whichever is lower (EMI/NMI ratio of all loans should not exceed 60%)

‘SBI-Homeline’ Special Personal Loans

18 times NMI (for salaried borrowers)/

1 ½ times NAI (for others)

Interest Rates/processing fee

‘SBI-Optima’ Additional Home Loans

As applicable to Home Loans

‘SBI-Homeline’ Special Personal Loans

Interest rates 50 bps above rates applicable to the repayment tenure (floating rates only)

Processing fee : 0.50% of the loan amount (including service tax)

Other Salient Features :

* Inbuilt provision for availment of the loans on the expiry of each bloc of 5 years, the first bloc commencing on the expiry of 5 years from the date of sanction of original Home Loan.
* Original Home Loan and all ‘SBI-Optima’ Home Loans/’SBI-HomeLine’ Personal Loans can run concurrently
* Comfortable repayment obligations – Tenure of the loans equal to the residual maturity of the original Home Loans -

‘PRASHASAN PLUS’, ‘TEACHER PLUS’ AND ‘OIL PLUS’

The above ‘ plus’ schemes offer concessional interest rate of 0.25% below the applicable interest rates on Home Loans to niche client groups like Government Employees, Teachers, employees of public sector oil companies etc.

For more information you may please call our contact centre on toll free number 1800 11 22 11

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