State bank of India is a public sector bank and also the largest mortgage lender in India. We have prepared a list of the best features of the State Bank of India Home Loan. Here you will know What are the Interest rates of SBI home loans? | Features and benefits of SBI home loan | Which documents are required of property? | SBI Home Loan Processing Fee and charges. Before applying for the State Bank of India Home Loan, you may compare it with other banks’ home loans.
What are the Interest rates of SBI home loans?
| Amount of Loan | Interest Rates of SBI |
| Up to Rs. 30 lakh | 7% |
| Rs. 30 lakh – Rs. 75 lakh | 7.05% |
| Above Rs. 75 lakh | 7.15% |
There are many schemes of SBI home loans. The rate of interest may vary from scheme to scheme.
Features and benefits of SBI home loan
- SBI home loans are available at low interest of rates ranges from 6.80% per annum to 7.50% per annum depending upon various home loan schemes available in SBI.
- SBI home loan offers special interest rates for their women customers. (up to 0.05%).
- Both salaried and self-employed can avail SBI home loan.
- Maximum tenure for repayment of home loan is 30 years and minimum period of tenure is 5 years.
- You can avail 90% of the value of property depending upon your profile and repayment capacity and income.
- The document of pueeh property are kept as collateral.
Which documents are required of property?
- Permission letter for construction.
- Allotments letter/stamped agreement for sale.
- For ready to move property, occupancy certificate is needed.
- Copy of approved plan and registered development agreement of the builder and conveyance deed (for a new property).
- Payment receipts and bank account statement showing all the payments made to the builder/seller.
- No prepayment penalty on floating rate home loans.
- Top up, balance transfer and overdraft facilities and available.
SBI Home Loan Processing Fee and charges
| For approved projects | Processing fee is nil |
| Prepayment charges | No prepayment charges for floating rates |
| CERSAI registration fee | Up to Rs. 5 lakh: Rs. 50/- above Rs. 5 lakh:- Rs. 100/- |
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