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About SBI Home Loans
SBI Home Loans, the largest mortgage lender in India, has been a trusted partner in fulfilling the homeownership dreams of over 31 Lacs families.
With its unwavering commitment to trust, transparency, integrity, and excellence, SBI stands is a stalwart beacon of security and reliability, delivering unparalleled value to its customers.
With a diverse range of products designed to cater to various needs, SBI Home Loans offers the flexibility of interest calculation on a daily reducing balance, an overdraft facility, competitive interest rates, and minimal processing fees. What truly distinguishes SBI is its unwavering commitment to transparency, ensuring no hidden costs or pre-payment penalties, giving you the control and convenience you deserve.
SBI Home Loans include options for purchasing ready-built property, under-construction property, pre-owned homes, plots, plots + construction of a house, construction of a house, extension of house and repair/renovation.
Headquartered in Mumbai, SBI commands a formidable presence with over 24,000 branches across India and a dedicated sales team of over 1600 members. As one of the largest banks in India, SBI holds a significant market share in assets, loans, and deposits.
The legacy of SBI dates back to 1806, with its origins tracing back to the Bank of Calcutta. Over the years, it has evolved into a multinational public sector bank with a global footprint spanning 36 countries and nearly 200 international branches. Despite its international presence, SBI remains deeply rooted in serving the needs of the Indian market, with domestic operations contributing significantly to its revenue.
SBI Home Loans is not just about financial assistance; it's about empowering individuals to turn their homeownership dreams into reality. With a customer-centric approach and a commitment to excellence, SBI ensures everyone can access homeownership regardless of background or circumstances. Additionally, SBI customers can leverage benefits such as the Pradhan Mantri Awas Yojana and CLSS scheme, further enhancing the inclusivity of their services.
Banking Partner Guide
- Types of SBI Home Loans
- SBI Home Loan Interest Rates
- Eligibility for SBI Bank Home Loans
- Accessing Eligibility for SBI Bank Home Loans
- Income for SBI Bank Home Loans
- Property Value Parameters for SBI Bank Home Loans
- CIBIL Score for SBI Bank Home Loans
- FOIR Focus for SBI Bank Home Loans
- SBI Home Loan Application - Simplified
- Check Your Eligibility For SBI Bank Home Loan
- Apply for the SBI Bank Home Loan
- Document Checklist SBI Home Loan
- Additional Documents Based on Employment Type For SBI Home Loan Loan
- For Salaried & Self-employed Individuals
- List of Documents Required to Apply For SBI Bank Home Loan
Types of SBI Home Loans
Under the broad umbrella of SBI Home Loans, multiple options cater to diverse needs and aspirations:
Here are some loans offered by SBI Bank:
Home Purchase Loans
The popular choice for buying a new residential property or purchasing an existing home from its previous owner.
Home Improvement Loans
Designed to cover the costs of repair and renovation work within your home, ensuring it meets your changing needs.
Home Construction Loans
Tailored for those who wish to build their dream home on a pre-owned plot of land, offering specialized support throughout the construction process.
Home Extension Loan
For homeowners seeking to expand their existing dwelling, whether by adding extra rooms or additional floors, to accommodate growing families or lifestyle changes.
NRI Home Loans
Specially crafted to meet the unique requirements of Non-Resident Indians (NRIs) looking to invest in or build a home in India, offering tailored solutions to suit their circumstances.
Home Conversion Loans
Ideal for individuals who have previously availed of a home loan but now wish to shift to a new property. This loan enables a seamless transfer of their existing loan to finance the purchase of their next abode.
Balance Transfer Loan
Empowering borrowers to transfer their existing home loan from one bank to another.
Land Purchase Loans
Facilitating the purchase of a residential plot.
Loan Against Property (LAP)
Leveraging the equity in your property, LAP provides access to funds for various needs while keeping your asset intact - presenting a versatile financing solution for diverse financial requirements.
SBI Home Loan Interest Rates
| Interest Rate* | 9.15% onwards | ||
| Loan Amount | Depends on the applicant's credit score | ||
| Loan Tenure | 3 to 30 years, depending on the type of loan | ||
| Processing Fees | 0.35 % of the loan amount + applicable taxes |
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Note*: The interest rates shown here are as of Feb 2024. The above rates are subject to change at the bank’s discretion in accordance with RBI guidelines. Applicants are advised to check with the bank to determine the interest rate for their loans at the time of application.
Eligibility for SBI Bank Home Loans
The applicant must meet the following criteria to qualify for SBI bank home loans.
| Eligibility Criteria | SBI Home Loans | ||
|---|---|---|---|
| Age | Minimum: 18 years, Maximum: 70 years | ||
| Maximum loan amount | Up to ₹10 crore | ||
| Tenure | Maximum up to 30 years | ||
| Interest rates | 9.00% onwards | ||
| Maximum EMI as percent of income | Up to 65% |
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Accessing Eligibility for SBI Bank Home Loans
Eligibility for an SBI Bank home loan hinges on several key factors.
Income for SBI Bank Home Loans
The net monthly income is a cornerstone for eligibility, and higher incomes correlate to increased loan amounts. This is the amount you retain after deductions like PF, ESI, taxes, and other obligatory expenses.- If you wish to increase your eligibility, add a co-applicant – it increases the combined net monthly salary that the bank considers, potentially expanding the limits of your loan amount.
Property Value Parameters for SBI Bank Home Loans
- SBI Bank employs loan-to-value (LTV) ratios rather than disbursing loans equal to the total property value. These ratios are contingent upon the assessed value of the property in question. Considering property value, SBI employs loan-to-value (LTV) ratios, ranging from 90% for properties below INR 30 Lacs to 75% for those exceeding INR 80 Lacs.
CIBIL Score for SBI Bank Home Loans
- A favourable CIBIL score makes for easier loan approvals, as it reflects your creditworthiness. In India, the CIBIL score is the sum of the applicant's credit history and past financial conduct, which is very important to maintain an optimal score.
- A high score increases your chances of loan approval, while a low one may hinder the process.
FOIR Focus for SBI Bank Home Loans
- FOIR, or Fixed Obligation to Income Ratio, is another critical factor for SBI Bank's home loan eligibility. This ratio compares your fixed financial commitments vis-à-vis monthly income, including current EMIs, if any. SBI Bank stipulates a minimum FOIR of 0.65 as a prerequisite for home loan eligibility.
Age, income, property value, CIBIL score, and FOIR collectively qualify your SBI Bank home loan eligibility. The right balance ensures a smooth and successful loan approval process.
SBI Home Loan Applications - Simplified
Applying for an SBI Bank Home Loan is a straightforward, streamlined process designed to simplify your journey to homeownership. Here's a concise guide on how to apply, along with the necessary documents:
Here's a concise guide on how to apply, along with the necessary documents:
Check Your Eligibility For SBI Bank Home Loan
- Assess factors such as age, income, credit history, FOIR, and dependents to gauge eligibility.
- Ensure you meet SBI Bank's eligibility criteria before proceeding.
01
Apply Online
Apply online for a loan
02
Download Application
Download and fill out the Application form accurately
03
Keep Documents Ready
Gather all essential documents, including identification proof
04
Start Verification Process
The Save Max team will help you with verification & ensure all requirements are met
Document Checklist SBI Home Loan
List of papers/documents applicable to all applicants:
Employer Identity Card
Proof of Identity (Any one of the following) : PAN/ Passport/ Driver’s License/ Voter ID card 
Proof of Residence/ Address (Any one of the following) : Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card 
Loan Application: Completed loan application form duly filled in, affixed with 3 Passport size photographs
Property Papers
Permission for construction
Allotment Letter/Stamped Agreement for Sale
Occupancy Certificate
Maintenance Bill, Electricity Bill, Property Tax Receipt 
Approved Plan copy & Registered Development Agreement of the builder.
Payment Receipts for payments made to Builder/Seller 
Conveyance Deed (For New Property)
Account Statement
Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s 
If the applicant has availed of a loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year
Income Proof for Salaried Applicant
- Salary Slip or Salary Certificate for the last 3 months.
- Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant
- Business address proof
- IT returns for the last 3 years.
- Balance Sheet and Profit & Loss A/c for last 3 years
- Business License Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./doctor and other professionals)
* Please note that a co-applicant/guarantor for the home loan will also be required to provide any or all of the above documents upon request for loan approval.
Additional Documents Based on Employment Type For SBI Home Loan
Salaried Individuals
- Sale Deed
- Title Deed
- Driving License
- Approved Building Plan
- Occupancy Documents
Self- Employed Individuals
- Audited financial statements (last two years)
- GST Registration
- Trade License
- Partnership Deed
- Occupancy Documents
- ROC Registration Certificate
List of Documents Required to Apply for SBI Bank Home Loan
| Documents | Salaried | Self-employed Professional | Self-employed non Professional |
|---|---|---|---|
| Application form with photograph duly signed | |||
| Identity, address and age proof | |||
| Bank statements of last 6 months | |||
| Salary slips of last 3 months | |||
| Processing fee cheque | |||
| Form 16/Income Tax Returns | |||
| Proof of Business existence | |||
| Business profile | |||
| Education qualification certificate and Proof of Business existence | |||
| Income Tax Returns (ITR) of last 3 years with computation of income | |||
| Last 3 years CA certified/audited Balance Sheets and Profit & Loss Statements |
Disclaimer : Bank policies and interest rates are subject to fluctuations and may vary over time. For accurate and up-to-date information, we recommend you talk to a member of the Save Max team. The information provided on this page is referenced from the bank's website (https://bit.ly/3VGdpRd).
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