State Bank of India (SBI) has always been the top choice for home loans from SBI seekers which is the reason it has been voted as “The Most Preferred Home loan Provider” by Awaaz Consumer Awardsalong with “The Most Preferred Bank” award in a survey conducted by TV 18 in 21 cities across India.
State Bank of India ( SBI )makes it to the top owing to its competitive home loans products. The salient features are as follows:
Home loans from SBI
|Interest rate||8.30% – 8.60% per annum with yearly MCLR reset*|
|Options of interest rate||Floating And Fixed (2 Years Only)**|
|Processing fees||NIL up to 31.12.2017|
|Repayment period||Max 30 years|
|Balance transfer facility||Available|
|Top up facility||Available|
|Maxgain facility***||Available @ 8.65%-8.80%|
*MCLR reset date will be the date of first disbursement
**Available Only For Loans Up to 30 Lacs Under “Hamara Ghar” Scheme
***Max-gain Feature Enables Loan Account To Be Operated As Overdraft
MONEYBAZAAR’S Analysis ON Home loans from SBI:
- Amongst the lowest rate of interest in the market. Starts @ 8.30%(women borrower)
- Generally first bank to reflect the rate cut by RBI. Further the interest is charged on daily
- Max-gain facility available.
- No prepayment penalties. Reduces interest burden and optimally utilize borrowers surplus
funds by prepayment of the loan
- Large number of homeloan products-higher eligibility.
- No hidden costs or administrative charges
- Time consuming process
- ROI comes with a mark up (35 bps) over the current MCLR (8.00 %)
- Low rate of interest is offered in affordable segment only i.e. UPTO 30 Lacs only.
- Max-gain is offered at a higher rate of (mark up of another 0.15%)
DOCUMENTS REQUIRED FROM THE LOAN SEEKER:
1. KYC(Know You Customer) Documents
- Pan card
- Address proof ( any one ):
- Adhaar card
- Voter id card
- Driving license
- Rent agreement supported by permanent address proof
2. Income Proof:
- For Salaried
- Latest salary slips for last 3 months.
- Form 16 for last 2 years.
- Self Employed/Professionals
- ITR’S for last 3 years with Computation, Profit & Loss and Balance Sheets
- 6 months bank statement for salaried.
- 6 months current and savings account statement for self employed or Professionals
- Sanction letter of existing loans (if any).
4. Property Documents:
- Allotment letter and payment receipts for Banks & approved projects
- Complete chain of property starting from allotment letter if the sale or lease deed has been executed.
- Sanctioned map of property (not required in approved projects)
**CHARGES OTHER THAN PROCESSING FEES**
Actual charges for the following will be payable by the customer in addition to the processing fees:
- Advocate’s fee for property search and the title investigation report.
- Valuer’s fee for valuation report.
- Stamp duty payable for Loan agreement & mortgage.
- Property insurance premium.
- CERSAI Registration Fee of Rs 50/- + GST up to Rs 5 lacs limit and Rs 100 + GST for
limits above Rs 5lakhs