SBI Mortgage
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The SBI Mortgage is one the most popular mortgage or housing loan products in
Table of Contents
SBI Mortgage: Products
SBI home loan products are available in different denominations to meet individual financial needs. Some of the most popular products are:
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SBI Easy Home Loan
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SBI Advantage Home Loan
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NRI Home Loans
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SBI Realty
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SBI Flexi
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SBI Home Line
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SBI Home Plus
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Gram Niwas
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SBI Reverse Mortgage Loan
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SBI Happy Home Loans
The interest rates for each of the schemes are revised periodically in relation to the prevailing State Bank advance rate (SBAR).
SBI Mortgage: Features
Some of the notable features of SBI mortgage products are:
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Loans are available for people between the ages of 18 and 70 years.
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Low processing fees (0.50% of the loan amount).
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Loans below Rs75 lacs are available at floating and fixed interest rates. However, loans over Rs75 lacs are charged at floating rates.
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Repayment period is a maximum 25 years or up to the age of 70.
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Flexibility to add the income of spouse/children, provided they live with the applicant and have their salary account with SBI.
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No penalty on pre-closure of the loan account, subject to providing documentary evidence for income.
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One can purchase SBI home loans against property mortgage of equitable value or tangible securities, such as insurance policy or government bonds.
SBI Mortgage: Documents
The documents required by the loan seeker and guarantor to for an SBI home loan include the following:[br]
For the loan applicant:
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Duly filled loan application
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3 passport size photographs
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Identity proof (any of the following voter ID card, passport, driving license and PAN card)
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Residence proof (either telephone bill or electricity bill)
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Recent salary slip or business address proof for non-salaried person
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Bank account details for last six months
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Signature approval from the bank.
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Income tax statement
For guarantor:
Guarantor has to submit address and identification proof (as mentioned above). In addition, s/he has to declare personal assets and liabilities before the bank.
During festive occasions, SBI launches special home loan campaigns with reduced interest rates.