State Bank of India (SBI) is the topmost bank in India which offers various products such as home loan, personal loan, car loan, among others. Talking about the home loan offered by the bank, there is a special rate for women applicants which is at present 8.35% per annum, the lowest housing loan rate in India.
The loan can be taken for varied purposes as there are different schemes based on the requirement of the applicant. The list of home loan schemes at SBI are mentioned below. You may later read the eligibility and documentation required for the loan. Later, you would notice an example form for the calculation of SBI home loan EMI.
SBI Home Loan Schemes-
- Flexipay Home Loan
- Maxgain Home Loan
- NRI Home Loans
- SBI Realty
- SBI Pal
- SBI Gram Niwas
- SBI Tribal-Plus
- Sahyog Niwas
- Privilege Home Loan
- Shaurya Home Loan
SBI Home Loan Eligibility-
Just like for any other loan, there is an eligibility criterion for SBI home loans as well. So have a look at the eligibility here:
For Salaried:
- Your age must be between 18-70 years
- Your net annual income should be at least ₹1,20,000
- You can get loan amount up to ₹5 lakhs to ₹1 crore
- The minimum work experience required is 2 years
For Self-employed:
- Your age must be between 21-70 years
- Your net annual income should be at least ₹2,00,000
- You can get loan amount up to ₹5 lakhs to ₹2 crores
- The minimum work experience required is 3 years
Documents Required-
The list of documents required for the loan application are as follows:
For Salaried:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Original salary certificate from employer
- TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department
For Self-employed:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Acknowledged copies of three years IT return/Assessment orders
- Photocopies of challans evidencing payment of Advance Income Tax
How can you calculate EMI on your SBI home loan?
SBI home loan calculator is that tool that is used to calculate EMI (Equated Monthly Installments) before or after you take the loan. Having said that, the home loan calculator takes into account the loan amount, the interest rates and the tenure period for which you are taking the loan. A borrower can check what payments he will have to make in the future and accordingly decide if the loan is affordable or not. By doing so, there are better chances of making the right decision and hence the payment will be tension-free.
- Loan amount
- Tenure
- Interest rate
Once you have mentioned these details in the calculator, you get the data like the EMI, the total interest outgo, and the total amount (principal+interest). For better understanding, let us take an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.
EMI: ₹19,519
Total interest outgo: ₹15,13,480
Total amount: ₹35,13,480
Other than the above information, you may note that you can apply for the loan online as well as offline depending upon your comfort level. Thus, if you have been looking for a lender which can help you buy your dream home without affecting your pocket much, SBI may prove to be the best choice. SBI home loan interest rates are maximum 8.90% per annum which is still the lowest among the highest rate range. Thus, check your eligibility, documents list and apply online for a home loan at SBI.
