SBI HOME LOAN

WELCOME to SBI Home Loans

“THE MOST PREFERRED HOME LOAN PROVIDER” voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.

Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India.

SBI Home Loans Unique Advantage
  • Low Processing Charges
  • Package of exclusive benefits.
  • Low interest rates. Further, we charge interest on a daily reducing balance!!
  • No hidden costs or administrative charges.
  • No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
  • Over 15,969 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence.

HOME LOAN PRODUCTS:- 

SBI FLEXIPAY HOME LOAN

Higher Home Loan eligibility with flexible repayment option.

  • Upto 1.2 times higher loan eligibility compared to loan eligibility under normal Home Loan schemes available to working professionals / executives.Loan amount, however, must be Rs.20 Lacs or higher.

  • Salaried applicants with minimum 2 year experience and aged between 21- 45 years will be eligible to avail of SBI FlexiPay Home Loan.

  • To neutralize the impact of such additional loan on monthly EMIs, customers have the option of paying only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.

  • Option of selecting moratorium of upto 36 – 60 months. Only interest to be repaid during the selected moratorium period.

  • Longer repayment of 25 to 30 years is available under the scheme. However, customers will be free to make prepayments towards their Home Loan loan without any pre-payment penalty.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI MAXGAIN

HOME LOAN AS AN OVERDRAFT

  • An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.

  • The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.

  • The product enables customers to park their surplus funds/savings in  SBI Maxgain (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.

Loan Amount

Minimum Loan Amount : Rs.20 lacs

Maximum Loan Amount : No Cap

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

NRI HOME LOANS:

HOME LOANS TO NON RESIDENT INDIANS (NRIs) & PERSONS OF INDIAN ORIGIN (PIOs)
Eligibility
  • Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)

  • The applicants should have a regular source of income.

  • Minimum employment tenure in India/Abroad should not be less than 2 years.

Loan Amount

Minimum Loan Amount: Rs. 3 lacs

Maximum Loan Amount: No upper cap.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI REALTY

HOME LOANS FOR PURCHASE OF PLOT FOR CONSTRUCTION OF A DWELLING UNIT

SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.

  • The construction of house should commence within 5 years from the date of availment of SBI Realty Loan.

  • Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty scheme. The outstanding in SBI Reality account will be first liquidated through disbursement from Home Loan and the remaining amount will be disbursed for construction of House in phases linked to the stages of construction

Loan Amount : Maximum Loan Amount: Rs.10 crores

Repayment Period : Upto 15 years

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI PAL

PRE-APPROVED HOME LOAN
  • The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.

  • The loan eligibility will be assessed on the basis of income details of the applicant.

  • Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

Validity Period
  • Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.

Loan Amount
  • Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates

  • Minimum Loan amount: Rs.10 Lacs.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI TRIBAL PLUS

SPECIAL HOME LOAN SCHEME FOR HILLY/TRIBAL AREAS

‘ SBI Tribal Plus‘ is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals.

  • Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage of land).

  • Purchase of an existing (old) house / flat which is not more than 10 years old.

  • Repair /Renovation/extension of an existing house or flat.

Loan Amount

Minimum Loan Amount: Nil

Maximum Loan Amount: Rs. 10 lacs

Repayment Period

Maximum repayment tenure: 15 years

 

SBI PRIVILEGE HOME LOAN

Eligible applicants – Employees of Central / State Governments including PSBs, PSUs of Central Government, and other individual(s) with pensionable service.

  • Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.

  • Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.

  • Full waiver of Processing Fee.Out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.

  • Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.

  • Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI SHAURYA HOME LOAN

Eligible applicants – Defense Personnel belonging to Army, Navy and Air force.

  • Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term. This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.

  • Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.

  • Full waiver of Processing Fee. Out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.

  • Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.

  • Option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

 

SBI BRIDGE LOAN

NEW PRODUCT : SBI BRIDGE HOME LOAN

SBI Bridge Loan is a Short Term Loan to meet shortfall in funds for purchase of a new home/flat by mortgaging existing unencumbered property.

The applicant for Home Bridge Loan should satisfy each of the below mentioned eligibility criterion :

  • a) Individuals who own an unencumbered fully constructed house/flat and intend to sell the existing home/flat for meeting temporary shortfall in cost for acquiring new home/flat.

  • b) In case of joint ownership of the existing property, all co-owners of the property should also join as co-borrowers for the Bridge Loan.

Loan will be given by way of Term Loan (No Overdraft facility.)

LTV & Permissible Loan Amt.

  • i) 65%, if Market Value of the existing property is upto Rs.1 Crore.

  • ii) 60%, if Market Value of the existing property is above Rs.1 Crore.

  • iii) 90% of the cost of the proposed home/flat.

Loan Tenor : Maximum 2 years. Interest applied on Bridge Loan during the currency of the loan should be serviced.

Repayment :The Bridge Loan needs to be repaid in full by the borrower any time within the loan tenure of 2 years, in one or more number of instalments. No EMIs will be stipulated.

 

HOME LOANS TO NON-SALARIED SEGMENT DIFFERENTIAL OFFERINGS

Home Loans for the purpose of construction/acquisition of residential house/flat, purchase of residential plot, & takeovers to non-salaried class with relaxation in EMI/NMI rate. Eligibility : Professionals/Self-Employed/Businessmen who are over 18 years of age. In case of Firm it should be profit making unit in last 2 years with 3 years existence.

Loan Amount : Minimum: Rs.50000/-, Maximum : Rs.50 Crores.

Relaxation in EMI/NMI ratio :

 

Additional EMI/NMI Ratio Upto 5% > 5% and upto 10% > 10% and upto 15%
Eligibility Criteria LTV ratio upto 65% LTV ration upto 60% LTV ratio upto 50%
OR
Liquid Collateral of 7.50% of loan amt.
OR
Liquid Collateral of 15% of loan amt.
OR
Liquid Collateral of 25% of loan amt.

“Liquid Collateral in the form of Term Deposits with our Bank or NSCs/KVPs in own name/in the name of parents/spouse/children/siblings.

Repayment : Maximum of 30 years . Interest applied during the moratorium period should be serviced.

 

PRADHAN MANTRI AWAS YOJANA “HOUSING FOR ALL (Urban)”

“Housing for All” Mission for urban area will be implemented during 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.

Affordable Housing through Credit Linked Subsidy

The Mission, in order to expand institutional credit flow to the housing needs of urban poor will implement credit linked subsidy component as a demand side intervention. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.

Under Housing for All there are 4 verticals:

  • CLSS – EWS / LIG
  • Revised CLSS – EWS/LIG
  • CLSS (MIG-I)
  • CLSS (MIG-II)

 

CREDIT LINKED SUBSIDY SCHEME- EWS / LIG

Scheme: Under this scheme credit linked interest subsidy @6.50% for 15 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.

  • Applicants belonging to LIG(Low Income Group) & EWS (Economically Weaker Sections) section. The EWS/LIG categories are defined as follows:
  • EWS households with an annual income upto Rs. 3.00 lacs
  • LIG households with an annual income between Rs. 3.00 lacs to Rs. 6.00 lacs

Scheme Tenor: 17th June 2015 to 31st March 2022

  • Maximum subsidy of Rs. 2.20 lacs (approx.) is eligible

COVERAGE & ELIGIBILITY

  • The ownership of the house should either in the sole name of the female member of the household or joint ownership with the wife. However, this condition will not be made mandatory in cases of construction of house on an existing plot or extension/renovation of existing Kuccha/Semi-pucca house
  • The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India
  • The carpet area of house under this Scheme should be upto 30 sq. mts. for EWS beneficiaries and upto 60 sq. mts. for LIG beneficiaries
  • Credit Linked Subsidy is available for housing loans availed for acquisition/construction of house and repair/extension of Kucha/Semi Pucca house
  • Maximum term of loan on which the subsidy will be calculated is 15 years

REVISED CREDIT LINKED SUSBSIDY SCHEME – EWS /LIG

  • All the above guidelines of CLSS- EWS / LIG applies to this scheme also.
  • The Maximum term of loan increased from 15 years to 20 years
  • Maximum subsidy of Rs. 2.67 lacs (approx.) is eligible

CREDIT LINKED SUBSIDY SCHEME- MIG

Government of India under the aegis of the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has launched ‘Credit Linked subsidy Scheme (CLSS)’ for Urban Areas under the ambit of Pradhan Mantri Awas Yojana. The CLSS-MIG will be implemented initially for a period of one year i.e. from 01.01.2017 up to 31.12.2017.

Scope and Coverage:

All Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG. Planning Area as notified with respect to the Statutory Towns and which surrounds the concerned Municipal area will also be covered under the Scheme to provide interest subsidy for Housing Loan beneficiaries belonging to Middle Income Groups (CLSS-MIG).

  • The credit linked subsidy @ 4% will be available for loan amount up to Rs. 9 lacs in case of MIG-I and @3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs. 9 or12 lacs but the subsidy will be restricted to Rs. 9 or 12 lacs, as the case may be.
  • Under CLSS, an interest subsidy will be available for a tenor of 20 years or actual tenor of the loan, whichever is lower. However, Bank can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years. The Net Present Value (NPV) of or the subsidy will be calculated at a discount rate of 9% and will be credited upfront to the loan account.
  • Maximum subsidy eligible under CLSS-MIG(I) – Rs. 2.35 lakhs (approx.)
  • Maximum subsidy eligible under CLSS-MIG(II) – Rs. 2.30 lakhs (approx.)
  • Eligibility:
    (a) The Household with an annual income from Rs 6,00,001 to Rs. 12 lacs for MIG-I
    (b) The household with an annual income from Rs 12,00,001 to Rs. 18 lacs for MIG-II
  • The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India.
  • The carpet area of house under this Scheme should be up to 90 sq. mts. for MIG-I beneficiaries and up to 110 sq. mts. for MIG-II beneficiaries.
  • Banks shall have to submit a consolidated certificate on completion of the housing unit within one year period from the completion of construction or a maximum of 36 months from the date of the disbursement of the 1st installment of the loan amount. In case of default in not providing utilization/end use certificate the Bank shall refund the amount of subsidy to the CNA.
  • In case a borrower who has taken a Home Loan under the Scheme and has availed interest subvention benefit under the Scheme but later on switches to another Bank, such beneficiary will not be eligible for the benefit of interest subvention again.
  • Home Loan under this scheme will be available only by way of term loan (no maxgain facility will be available) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.
  • Though the interest subvention under CLSS (MIG) is available upto Rs. 9 or12 lacs, loan limits over and above Rs. 9 and 12 lacs will also be sanctioned to the eligible borrowers based on the eligibility criteria stipulated under our existing Home Loan Scheme.
  • All loans accounts under the Scheme will be linked to Aadhaar

PMAY – CLSS TABULAR GUIDELINES

INTEREST RATES: The interest rates are as applicable for Home Loans in SBI

Criteria Existing Instructions(CLSS – EWS +LIG) Revised Instructions (CLSS – EWS +LIG) CLSS (MIG-I) CLSS (MIG-II)
Household Income/annual (Rs) Upto Rs. 6 lakhs Upto Rs. 6 lakhs Rs. 6.01-12.00 lakhs Rs. 12.01-18.00 lakhs
Property Area (carpet) 30/60 sqm* 30/60 sqm* 90sqm 110sqm
Location 4315 towns 4315 towns Urban -2011* Urban -2011*
Woman Ownership Yes (except for construction) Yes (except for construction) NA NA
Max Loan Amt for Subsidy Upto 6 lakhs Upto 6 lakhs Upto 9 lakhs Upto 12 lakhs
Subsidy % 6.50% 6.50% 4% 3%
Subsidy Amount Rs. 2.20 lakhs Rs. 2.67 lakhs Rs. 2.35 lakhs Rs. 2.30 lakhs
NPV 9% 9% 9% 9%
Max term of loan (on which subsidy will be calculated) 15 yrs 20 yrs 20 yrs 20 yrs
Property should be Family’s 1st home** 1st home** 1st home** 1st home**
Validity 2022 2022 31/12/2017 31/12/2017
Applicability Loans approved on/after 17/06/2015 Loans approved on/after 01/01/2017 Loans approved on/after 01/01/2017 Loans approved on/after 01/01/2017

*Applicable in case of Repair and Renovation

** Major earning son / daughter can also own a house & avail subsidy separately for their 1st home

# 4315 Statutory Towns and the Planning Area as notified with respect to the Statutory Town and which surrounds the concerned municipal area will also be covered under the Scheme.

##Carpet Area: The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.