SBI Home Loan at 6.7%, All-Time Low. Know Eligibility, Documents, How to Apply

State Bank of India (SBI) recently announced the first of its kind , credit score linked home loans at just 6.70 percent, irrespective of the loan amount. The SBI has launched this loan, keeping in mind the upcoming festive season in the country. Before this, availing a home loan above Rs 75 lakh had an interest rate of 7,15 per cent. The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30-year tenure.

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.

The home loans offered by the public lender State Bank Of India are of low interest rate and are being processed at zero charge. In processing the loan, there are no hidden or administrative charges involved. On the top of everything, if a woman is availing the home loan she will get interest concession for women borrowers, credit score linked home loans. These home loans offered by the SBI have no prepayment penalties. These home loans are available as an overdraft as well. The home loan provided by the SBI is available for 3 year to 30 years. This credit linked home loan home loans at just 6.70 per cent, irrespective of the loan amount.

How to Apply?

One can apply for these homeloans via online link. 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: https://onlineapply.sbi.co.in/personal-banking/home-loan?se=SBI-Microsite&cp=Homeloan&Ag=SBI-Microsite.

One can avail home loan using Yono SBI app. Firstly, you have to login to your YONO SBI app. On the home page, click on the menu on the top extreme left, click on loans, click on Home Loan. After that 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, fill in the other required details and click on submit. You will get a reference number and an SBI executive will call you shortly

What are the documents required?

For getting the home loan one need to have employer Identity Card, loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs. Any identity proof like PAN, Passport, Driver’s License, Voter ID card. In addition to all these documents , proof of residence and address, recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card. Permission for construction (where applicable. Along with this, payment Receipts or bank A/C statements showing all the payments made to Builder/Seller, 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.

For availing the home loan, income proof for salaried applicants is required. To furnish proof the salary slip or salary certificate of the last 3 months is required. Also, the Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept. In case of non salaries applicants, business address proof and IT returns for the last three years are required. In addition to this, balance Sheet & Profit & Loss A/c for the last 3 years, TDS Certificate (Form 16A, if applicable) is required.