state Bank of India (SBI) has recently announced the first of its kind, Credit Score Linked home loans Only at 6.70 per cent, irrespective of the loan amount. SBI has launched this loan keeping in mind the upcoming festive season in the country. Earlier, the interest rate for taking home loans above Rs 75 lakh was 7.15 per cent. The offer results in savings of 45 bps, which translates to huge interest savings of over Rs 8 lakh for a loan of Rs 75 lakh with a tenure of 30 years.
The bank offers customized home loans 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 High Loan Loan and SBI Harghar Home Loan for Women.
Home loans given by public lender State Bank of India are of low interest rate and are being processed at zero charges. In processing the loan, there are no hidden or administrative fees involved. Above all, if a woman is taking a home loan, she will get interest subvention for women borrowers, Credit Score Linked Home Loans. There is no prepayment penalty on these home loans offered by SBI. These home loans are also available in the form of overdraft. Home loan provided by SBI is available for 3 years to 30 years. This credit adds to the home loan home loan amount at just 6.70 per cent, irrespective of the loan amount.
how to apply?
One can apply for these home loans through the online link. Customers can click on the link given below to apply for home loan, fill required details, check eligibility and get loan quote: 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. First you need to login to your YONO SBI app. On the home page click on the menu given at the top left, click on loan, 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, enter any other loan details, fill 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?
Employer ID card, loan application is required to get home loan: The complete loan application form duly filled in with 3 passport size photographs affixed. Any Identity Proof like PAN, Passport, Driving License, Voter ID Card. Apart from all these documents, proof of residence and address, recent copy of telephone bill / electricity bill / water bill / pipe gas bill or copy of passport / driving license / Aadhar card. Construction Permit (where applicable. Also, payment receipts or bank account statement showing all payments made to builder/seller, bank account statement for the last 6 months for all bank accounts held by the applicant. If any previous loan is from other banks/lenders, then loan account details for the last 1 year.
Income proof is required for salaried applicants to avail a home loan. Salary slip or salary certificate of last 3 months is required to submit the proof. Also, copy of Form 16 for the last 2 years or IT returns of the last 2 financial years, accepted by the IT department. In case of non-salary applicants, business address proof and IT returns for the last three years are required. In addition, Balance Sheet and Profit and Loss Account for the last 3 years, TDS certificate (Form 16A, if applicable) is required.
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