How to apply for an SBI mortgage with an interest rate of 6.70%?
Types of SBI home loans
SBI mentioned on its website that “SBI Home Loans is the largest mortgage lender in India, which has helped over 30 lakh families achieve the dream of owning a home”. The reason behind the achievement is the benefits offered by the lender and the types of home loans which are as follows.
- SBI regular mortgage
- SBI Home loan balance transfer
- SBI NRI mortgage
- SBI FlexiPay mortgage
- SBI Privilege real estate loan
- SBI Shaurya mortgage
- SBI pre-approved real estate loan
- SBI Realty mortgage
- SBI Home Recharge Loan
- SBI Smart Home Recharge Loan
- Insta SBI YONO Home Recharge Loan
- SBI business real estate loan
- SBI real estate loan to non-employees – Differential offers
- SBI Tribal Plus
- SBI deposit
- SBI Reverse Mortgage
- SBI Corporate Real Estate loan
- SBI Loan Against Property
Features of SBI mortgage loans
In addition to the types of home loans mentioned above, SBI offers the following benefits on its home loan programs.
- Low interest rates
- Calculation of interest on a daily declining balance.
- Home loans are also available in the form of overdraft.
- Low processing fees
- No hidden costs.
- Home loans linked to credit score
- No prepayment penalty.
- More than 24,000 SBI branches
- Strong and dedicated sales team of over 1,600 members
- Credit-Linked Subsidy Scheme
- Easy application process
- Ease of tracking loan requests
- Instant eligibility verification
- Repayment up to 30 years
- Flexible loan term of up to 30 years
- The minimum and maximum age of the borrower must be 18 and 70 years old.
- Interest rate reduced by 5 bps if applied via the YONO app.
Documents required for the SBI mortgage
According to the official SBI website, here are the documents you should keep handy when applying for a regular home loan:
Documents applicable to all applicants:
- Employer identity card
- Loan application: Loan application form duly completed and affixed with 3 passport-size photographs
- Proof of identity (any person): PAN / passport / driver’s license / voter ID card
- Proof of residence / address (any person): recent copy of telephone bill / electricity bill / water bill / piped gas bill or copy of passport / driver’s license / Aadhar card
- Building permit (if applicable)
- Registered sales contract (Maharashtra only) / Award letter / Stamped sales contract
- Certificate of occupancy (in case of property ready to move)
- Action certificate (only for Maharashtra), maintenance bill, electricity bill, property tax receipt
- Copy of approved plan (Xerox plan) and registered builder development contract, deed of assignment (for new properties)
- Payment receipts or A / C bank statement showing all payments made to builder / seller
- Bank account statements for the last 6 months for all bank accounts held by the applicant (s)
- If a previous loan from other banks / lenders, then A / C statement of the loan for the last year
Proof of income for the employee / co-applicant / guarantor:
- Salary slip or salary certificate for the last 3 months
- Copy of form 16 for the last 2 years or copy of IT declarations for the last 2 financial years, recognized by the IT department.
Proof of income for the non-salaried applicant / co-applicant / guarantor:
- Proof of professional address
- IT returns for the last 3 years
- Balance Sheet & Profit & Loss A / c for the last 3 years
- Business license details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Qualification certificate (for CA / Doctor and other professionals)
SBI Home Loan Interest Rates and Processing Fees
For loan tranches up to Rs 30 lakhs and for the CIBIL / CIC score below 800, the current conditions apply for the interest rate of the card. For CIBIL scores> 800, 700-750 and 751-800, SBI now offers an interest rate of 6.70%, 6.90% and 6.80% respectively as part of its festive offer. For real estate loans above Rs 30 lakh and for a CIBIL score above 800, SBI offers an interest rate of 6.70%. Regarding the festive offers, SBI declared “No other concession / additional premium would be applicable during the festive offer. These concessions are not applicable to CRE and Maxgain real estate loans”.
SBI mortgage processing fees
|Holiday mortgage offer: administrative fees|
|Unapproved projects||Total exemption subject to the recovery of actual expenditure (for TIR & Valuation)|
|Reimbursable costs / Actual costs, if any, to be recovered. Source: SBI|
How to apply for an SBI home loan online?
By following the steps below, you can apply for SBI home loans from the comfort of your own home:
- Open the YONO SBI app and log into your mobile bank account.
- Now access the Loan menu and press “Mortgage loan”
- Now do an eligibility check and enter your date of birth.
- Enter your income score
- Enter your net monthly income.
- Provide details of other loans, if applicable.
- Once the verification is successful, your eligibility verification will be complete and you will be able to verify your eligible loan amount to continue.
- Now fill in the required information and press “Send”.
- Once done, you will receive a call from the SBI executive shortly.