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SBI home loan at 6.70%: Step-by-step guide on how to apply for it

01:23 PM Sep 22, 2021 | FPJ Web Desk

State Bank of India recently announced its credit score linked home loans at just 6.70 percent, irrespective of the loan amount.

Earlier a borrower availing a loan greater than Rs. 75 lakh, had to pay an interest rate of 7.15 percent. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent. 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.

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Further, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower. Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers.

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To welcome the festivities and boost the market sentiments, the lender has waived off the processing fees completely and offers attractive interest concession based on the credit score of the borrower.

SBI Home Loan calculator

This basic calculator will help you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate. Customers can put in the desired home loan amount, number of years and interest rate (6.70%) to get their EMI figure.

https://homeloans.sbi/calculators

How to apply online

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

Home loan using YONO SBI

· Login to your YONO account

· On the home page, click on the menu (three lines) on the top extreme left

· Click on loans

· Click on Home Loan

· 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

· Check your eligible loan amount and proceed

· Fill in the other required details and click on submit

· You will get a reference number and an SBI executive will call you shortly

Documents required for availing the loan

· Employer Identity Card

· Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs

· Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card

· Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

· Permission for construction (where applicable)

· Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale

· Occupancy Certificate (in case of ready to move property)

· Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt

· Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)

· Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement

· 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

Income proof for salaried applicant/ co-applicant/ guarantor

· Salary Slip or Salary Certificate of last 3 months

· Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income proof for non-salaried applicant/ co-applicant/ guarantor

· Business address proof

· IT returns for last 3 years

· Balance Sheet & 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)

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