Banking & Finance

How to avail SBI Home Loan

Step-by-step guide

Published

September 23, 2021

SBI Home Loan

SBI is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home. SBI is taking continuous effort to make affordable housing conveniently accessible to customers with dreams of owning their desired home. The bank offers home loan customized as per the requirement of individuals with home loans such as Regular Home Loan, SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for army and defense personnel, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for loan of higher amount and SBI HerGhar Home Loan for women.

Features and benefits

Low interest rates
Zero processing charges
No hidden or administrative charges
Interest concession for women borrowers
First-of-its kind credit score linked home loans
No prepayment penalties
Interest calculation on a daily reducing balance
Home loan also available as an overdraft

SBI Home Loan Business size – Rs. 5.05 lakh crore

SBI Home Loan Market Share – 34.77%

Home Loan tenure – 3-30 years

Interest rate – SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount

SBI Home Loan calculator – This basic calculator will help you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate. Customers can put in the desired home loan amount, number of years and interest rate (6.70%) to get their EMI figure.

***Illustration of EMI calculation for Home loan of Rs. 50 lakh for 20 years at 6.70% (For representation purpose only)***

Apply online – Customers can click on the link below to apply for the home loan, fill in the required details, check eligibility and get the loan quotation:

Avail home loan using YONO SBI at the comfort of your homes:

Login to your YONO account
On the home page, click on the menu (three lines) on the top extreme left
Click on loans
Click on Home Loan
Do a quick eligibility check by providing your date of birth
Enter your income source
Enter your net monthly income
Details of any other loans
Check your eligible loan amount and proceed
Fill in the other required details and click on submit
You will get a reference number and an SBI executive will call you shortly

Documents required for availing the loan

Employer Identity Card
Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

Permission for construction (where applicable)
Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
Occupancy Certificate (in case of ready to move property)
Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

Salary Slip or Salary Certificate of last 3 months
Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor: