Waived The Processing Fee On Home Loans upto March by State Bank of India
SBI, India’s largest lender, is providing home loans with interest rates beginning at 6.70% annually(according to a statement by ET report). In particular, SBI has exempted the processing fee for customers who take out home loans in SBI-approved projects until March 2021. Standard home loan schemes, SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for army and defence staff, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan, SBI NRI Home Loan, SBI FlexiPay Home Loan for a loan of a higher amount, and SBI HerGhar Home Loan for women are among the home loan options provided by SBI. The bank said that new customers can get all details on home loans by calling 7208933140. SBI and Shapoorji Pallonji Real Estate approved a Memorandum of Understanding (MoU) last week. SBI and Shapoorji Pallonji Real Estate customers will now be able to take full advantage of quicker home loan processing and clearance, as well as other exclusive value-added initiatives. The bank has a 34 per cent market share in the home loan sector, due to a historically low rate of interest on home loans. The State Bank of India recently achieved a milestone in its home loan sector, surpassing the Rs 5 lakh crore mark. By FY 2024, the bank aims to have a home loan AUM of Rs 7 lakh crore.
Home loans under Pradhan Mantri Awas Yojana (PMAY)
Until December 2020, the State Bank of India has provided nearly two lakh home loans under the PMAY project. SBI is now the only bank appointed as the Central Nodal Agency for handling Pradhan Mantri Awas Yojana (PMAY) subsidy by the Ministry of Housing and Urban Development. SBI stated in a release said that it has been steadily diversifying home loans under PMAY and has approved 1,94,582 home loans as of December 2020 to endorse the government’s flagship initiative of “Housing for All by 2022.” “The Ministry of Housing and Urban Development has appointed SBI as the Central Nodal Agency (CNA) for administering the Pradhan Mantri Awas Yojana (PMAY) subsidy. SBI has been consistently expanding home loans under PMAY to endorse the government’s flagship scheme of “Housing for Everyone by 2022,” and has approved 1,94,582 home loans as of December 2020″ as per the bank.
SBI Home Loan Interest Rates
State Bank of India (SBI), the country’s largest lender, has lowered the interest rate on home loans to 6.70 per cent until March 31, the bank confirmed in a release on Monday. The lender is also waiving processing fees as per the release. The interest deduction is determined by the loan amount and the borrower’s CIBIL ranking. SBI claims it is essential to provide better rates to investors who have a strong repayment background, according to the bank. The bank said that SBI Home loan interest rates are related to CIBIL score and start at 6.70 per cent for loans up to Rs. 75 lakh and 6.75 per cent for loans above Rs. 75 lakh. Customers will get an additional concession of 5 bps id they apply for the loan using the YONO app. Women borrowers can earn a special 5 basis point concession on the occasion of International Women’s Day, according to the bank.
SBI Home Loan Eligibility
SBI offers a variety of home loan initiatives, each with its own set of eligibility requirements. Customers interested in applying for an SBI Home Loan should review the eligibility requirements to avoid loan disapproval. The following are the basic SBI Home Loan eligibility criteria:
- He or she must be an Indian resident, NRI, or Persons of Indian Origin
- He or she must be a salaried or self-employed individual
- He or she must be between the age cap of 18 to 75 years
- He or she must have a minimum credit rating of 750 or above
- He or she must have a valid and stable income source
SBI Home Loan Charges
The State Bank of India provides home loans with competitive interest rates beginning at 6.70 per cent per annum. The loan term will be extended up to 30 years, making for a more flexible repayment plan. These loans have a processing fee of 0.35 per cent of the loan amount (minimum Rs.2,000, gross Rs.10,000) plus related taxes. On SBI Home Loans, women borrowers get a 0.05 per cent interest rate cut. These are among the most common housing loan options in the nation because there are no hidden costs and no prepayment charges.
Documents required for SBI home loans
Below are the required documents for both salaried and self-employed individuals:
- Loan application form
- Proof of Identity: PAN, passport, Aadhaar Card, Driving license, Voter ID Card, passport size photographs
- Proof of residence: Aadhaar card, driving license, utility bills
- Proof of property: Construction approval paper, occupancy proof, payment slips and so on.
Income proof for salaried individuals: Salary slip for the last 3 months, Form 16 or copy of IT returns, Employer Identity Card, bank account statement for the 6 months
Income proof for non-salaried individuals: IT returns for the last 3 years, Balance Sheet & Profit & Loss statement for the last 3 years, TDS Certificate (Form 16A, if any), Certificate of qualification (for C.A./ Doctor, etc), business address proof.
SBI Home Loan Customer Care
The toll-free number for SBI home loan customer service is 1800 112 211/1800 425 3800. Customers can also reach SBI home loan customer care via email or mail, as detailed below:
Email ID: [email protected]
Postal address: Real Estate and Housing Business Unit,
State Bank of India, Corporate Center,
Madame Cama Road,
State Bank Bhavan, Nariman Point,
Mumbai-400021, Maharashtra