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Interest Rate
Loan amount upto ₹75 lacs:
Women - 8.60%
Others - 8.65%
Loan amount above ₹75 lacs:
Women - 8.70%
Others - 8.75%
Processing Fees
0% Processing Fee for Takeover of Home Loans proposals / Proposals under Builder Tie-up / Proposals sourced under OCAS for the period from 1st Oct, 2016 to 31st March, 2017.
0% processing fee for all Central / State Govt. Employee.
The processing fee structure for proposals other than above is as under :
0.35% of the loan amount plus applicable service tax.
Minimum: ₹2,000/- plus applicable service tax, and.
Maximum: ₹10,000/- plus applicable service tax.
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Upto ₹30 lacs - 10%
More than ₹30 lacs and upto ₹75 lacs - 20%
More than ₹75 lacs - 25%
Loan Approval Before Property Selection
Yes
Documents Required
Salaried
Completed loan application
3 Passport size photographs
Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card)
Proof of business address for non-salaried individuals
Statement of Bank Account/ Pass Book for last six months
Signature identification from present bankers
Personal Assets and Liabilities statement
Original Salary Certificate from employer
TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt
Self Employed
Completed loan application
3 Passport size photographs
Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card)
Proof of business address for non-salaried individuals
Statement of Bank Account/ Pass Book for last six months
Signature identification from present bankers
Personal Assets and Liabilities statement
Acknowledged copies of three years I.T. returns/ Assessment Orders.
Photocopies of challans evidencing payment of Advance Income Tax.
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
NIL prepayment are applicable on floating rate based home loans
Loan Closure Charges
Nil
Loan Closure Conditions
NIL foreclosure charges are applicable on floating rate based home loans
Rate change over Last 4 Years
-1.05
Closure Process
In case of death of Loan Account holder:
Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
Letter of relinquishment for relinquishing r
Features
SBI Flexipay Home Loan
You can opt for paying only interest till the full loan is disbursed.
You can select this period on your own up to 36-60 months.
Under this scheme, you can apply for a home loan of more than ₹20 lakhs and salaried applicants should be 2 years experienced with an age of 21-45 years.
This loan offers higher eligibility and longer repayment period of 25-30 years with nil prepayment penalties
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 years
EMI
₹23,067
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,304,266
PROPERTY INSURANCE COST
₹16,667
PROCESSING FEES
₹10,000/-
TOTAL FEES + INSURANCE
₹31,667
TOTAL EMI PAID ₹ 8,304,266 over 30 years
Reason: