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Home LoansThey say "Home is where the Heart is"

Planning for that dream home in India? Enjoy the added benefits of low interest rates, hassle free processing, quick turnaround time, attractive takeover options and flexible repayment schedule with no hidden costs.



Attractions

  • Lowest EMIs
  • Hassle-free centralized processing with minimum turnaround time
  • Transparency with no hidden costs
  • Higher loans, by clubbing spouse's income / adding expected rent accruals
  • No Pre-Payment penalty
  • Life cover from SBI Life at attractive rates of premium
  • Complimentary International ATM cum Debit Card
  • Dedicated network of NRI Branches, Personal Banking Branches, Special Housing Finance Branches, Intensive Housing Finance Branches & Home Loan Outbound Sales Force catering exclusively to Home Loans

More information on Home Loans:

Home Loan Products
Eligibility
Documents
Repayment
Contact us for a Home Loan

Home Loan Products:

SBI-Maxgain

  • Park your surplus funds and withdraw the same whenever required.
  • Earn optimal yield on your savings, at no extra cost.
  • Get a Home Loan as an overdraft on your account.
  • Minimize interest on the home loan.
  • Maximize income in the wake of low yields from other deposits and investments.
  • Enjoy flexibility to operate your Home Loan account like a Savings or Current account.
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SBI-Realty

  • Get a Home Loan to purchase a plot of land.
  • Enjoy low margin, high loan eligibility with a maximum of Rs.20 lacs*
  • Avail easy repayment period of up to 15 years.
  • Avail another Home Loan to construct a home on the plot.
  • Enjoy the benefit of running both the loans concurrently.
  • Ensure that you construct the house within 2 years from the date of availing the Home Loan.
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SBI-Home Equity

It is for granting personal loans to the banks home loans customers against the security of their house property. All home loans customers with a satisfactory repayment record of at least one year and who maintain a Savings bank or current account with us.

The loan can be used for any purpose, viz. extension/repair of house, purchase of car/ consumer durables, education / medical expenses of family members, personal expenses, etc. There will be no need to obtain documentary evidence for the end-use of funds. However a certificate from the customer in the application to the effect that the loan will not be used for speculative purposes would be obtained.

Minimum Loan Amount: Rs.50.00 Lacs

Maximum Loan Amount: Rs. 2.00 Crores

Interest Rate

  • Term Loan 1.25% above Base Rate
  • Overdraft 1.50% above Base Rate
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Eligibility:

Personal Criteria

  • Minimum age 18 years.
  • Valid Indian Passport (for NRIs) / valid foreign passport (for People of Indian Origin - PIOs).
  • Steady source of income.
  • Employed abroad for at least 2 years.
  • Valid job contract or work permit.

Property Types

Non Resident Indians (NRI) and Persons of Indian Origin (PIO) can avail SBI Home Loans for the following:
  • New home
  • Home improvement or extension
  • Land purchase
  • Home furnishings and consumer durables
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Loan Amount

Minimum Loan Amount: Rs. 3 lakhs

Maximum Loan Amount:

For Purchase of Home

It is restricted to the stipulated LTV ratio, arrived on the basis of assessed value of the underlying property, as given below:

Home Loan Amount Loan to Value (LTV) ratio for construction linked disbursement
For Home under construction House ready for possession
Up to Rs. 20 lacs 90% 90%
Above Rs. 20 lacs and up to Rs. 75 lacs 80% 80%
Above Rs. 75 lacs 75% 75%

Clubbing of income will be permitted as per the norms specified for Home Loan scheme for residents.

For Other Property Types

  • Repair and renovation: Rs.10 lacs.
  • Purchase of plot: Rs.20 lacs.
  • Home furnishings and Consumer Durables: 10% of the project cost, subject to a maximum of Rs.3 lacs.

Additional Clause

Aggregate repayment obligations should not exceed 50% of NMI / NAI
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Documents:

List of Documents

  • Completed Home Loan Application Form.
  • 2 passport size photographs.
  • Proof of Identity - Copy of first four pages of passport and page with visa stamp, or IC / PIO card.
  • Valid work permit.
  • Copy of the employment contract. An English translation of the contract duly attested by employer / consulate / SBIs foreign branches / offices, or Embassy in case the contract is available in any other language.
  • Last salary certificate / slip in original.
  • Copy of salary certificate duly attested by Indian Embassy / Consulate / SBI Branch / Exchange Companies abroad recognized by SBI.
  • Copy of identity card issued by the current employer / proof of income in case of self employed professionals / businessmen.
  • Brief profile of applicant and work establishment.
  • Details of previous employment.
  • Bank account statement / passbook for the last six months.
  • Account statement / passbook of overseas bank showing salary and savings.
  • Proof of residence (driving license / utility bills).
  • Copy of Continuous Discharge Certificate (CDC) - for applicants employed in the merchant navy.
  • Sale Deed / Agreement for Sale.
  • Copy of approved building plans / approvals in respect of proposed construction/purchase/extension.
  • Original NOC under the Provisions of ULC Act.
  • For Purchase / construction of house-Original title deed, non-encumbrance certificate on the property for 13 years, possession certificate and land tax receipt.
  • For purchase of flat- construction agreement, allotment letter, copy of approved plan, estimates-payment schedule, undertaking from the builder in Form B format as specified by the bank.
  • Copy of the Order permitting Land Conversion in case of conversion of agricultural land.
  • Copy of the land tax receipt / building tax receipt.
  • Copy of the Allotment letter of Housing Board / Builder / Co-op. Society.
  • Detailed Cost Estimate / Valuation Report from approved valuer in case of outright purchase of an existing house / flat.
  • Undertaking from the builder in Form B, which is the specified format for the bank.
  • Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents / complete the mortgage formalities / avail the loan installments.
  • Any other documents as required by the Bank.

Processing Fee

Processing fee structure (inclusive of Service Tax) is as under:

Loan Amount Processing Fee
Up to Rs. 25 Lacs 0.25% of loan amount, minimum Rs. 1,000/-
Above Rs. 25 Lacs & up to Rs. 75 Lacs Rs. 6,500/-
Above Rs. 75 Lacs Rs. 10,000/-

*Subject to change

In case of 'Take Over of Home Loan', the processing fee is Rs 1,000/- per account, irrespective of loan amount and it is valid up to 30.09.2013.

In case of 'Take Over of Home Loan with Top-Up loan', the processing fee will be 0.25 % of the consolidated loan amount taken over subject to minimum of Rs 1,000/- and maximum of Rs 10,000/- .

Note: Actual charges for the following will be payable by the customer in addition to the processing fee:
  1. Pre-sanction
    i. Advocate's fee for property search and the title investigation report
    ii. Valuer's fee for valuation report
  2. Post-sanction
    i. Stamp duty payable for Loan agreement & mortgage
    ii. Property insurance premium
    iii. Processing fee recovered
There is no penalty for Pre-closure of home loan.
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Repayment:

Mode of Repayment

  • Repayment in EMIs (Equated Monthly Installments).
  • Remittances from abroad through normal banking channels.
  • Funds transfer from NRE / FCNR (B) / NRO accounts.
  • Remittance from local funds by close relatives.

Repayment Period

Maximum 30 years (or) Up to the age of 60 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

Moratorium period (Repayment holiday)

The moratorium period is included within the maximum repayment period.

Interest

  • Interest is applied on the basis of daily diminishing balance.
  • Interest rates are same as applicable for resident Indian borrowers for various tenures, available on floating rate.

Click here to view interest rates

Security

  • Equitable mortgage by deposit of title deeds.
  • Registered mortgage when considered necessary.
  • Additional security by way of lien over credit balances in deposit accounts, NSCs, life insurance policies, third party guarantees, if security is either inadequate or not free from encumbrances.


Click here to download Home Loan application form.

Click here to download NRI Power of Attorney for Home Loan application form.
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