State Bank of India offers attractive interest rates on home loans starting at 6.80% p.a. SBI Home Loan is offering an interest concession of 70 bps with rates starting at 6.70% pa. and zero processing fee. This offer is valid till 31st March 2022. The loan tenure can be extended up to 30 years. Ensure a comfortable repayment period. The processing fee on these loans is 0.35% of the loan amount (Min. Rs.2,000; Max. Rs.10,000) plus applicable taxes. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans. No hidden charges. A full waiver of prepayment charges makes them one of the most preferred housing loan products in the country.

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SBI Home Loan Festive Offer 2022

Reduction in interest rate:

As part of its festive season offer. The State Bank of India has reduced the interest rates on its home loans that are linked to credit scores. The festive offer interest rate is 6.70% p.a.These interest rates are effective till 31 March 2022. The festive offer interest rate is 6.70% p.a. This is irrespective of the quantum of the home loan. This interest rate is also applicable for balance transfer home loans. This is a reduction of nearly 45 basis points from the earlier interest rate. This translates to a savings of approximately Rs.8 lakh for a tenure of 30 years for a home loan of Rs.75 lakh.

According to the credit-score linked interest rate for home loans above Rs.30 lakh, individuals with a credit score above 800 will get an interest rate of 6.70% p.a., those with a credit score between 751 and 800 will get an interest rate of 6.80% p.a., and those with a credit score between 700 and 750 will get an interest rate of 6.90% p.a. For home loans below Rs.30 lakh, those with a credit score above 800 would get an interest rate of 6.70% p.a. and those with a credit score below 800 would continue with the prevailing interest rates.

No difference between salaried and non-salaried

SBI has also leveled the gap in interest rates between salaried and non-salaried individuals. By offering the same interest rate irrespective of occupation type. Earlier, non-salaried individuals were subject to an occupation-linked premium on interest rates. Which was 15 bps higher than for salaried individuals.

Waiver of the processing fee

The bank has also waived the processing fee on home loans as part of the festive period offer. Cut in base rate and prime lending rate

Effective from 15 September 2021, SBI has also revised its prime lending rate to 12.2% and base rate to 7.45%.

 SBI Home Loan Interest Rates 2022

SBI offers floating-rate packages on their home loans. State Bank of India interest rates is pegged to the floating interest card rate. which currently stands lowest at 6.80% p.a. (Updated on 11 Jan 2022). The rates vary based on employment type: salaried or self-employed.

SBI Home Loan Eligibility Requirements

The loan eligibility criteria for SBI home loans are as given below:

  • Eligible Age: Minimum: 18; Maximum: 70
  • Nationality: Resident and Non-resident Indian

Documents Required for SBI Home Loan Application

General for all applicants:

  • Duly filled in the loan application form
  • Three passport-size photographs
  • Proof of Residence (one): Latest utility bill or copy of Aadhaar card, driving license, or passport Proof of identity (one): Voter ID card, PAN, driver’s license, or passport
  • Employer identity card

Proof of income for salaried applicant/guarantor/co-applicant:

  • Salary certificate or salary slips of the previous three months
  • Copy of IT Returns of the previous two financial years or
  • Copy of Form 16 of the previous two years

Proof of income for non-salaried applicant/guarantor/co-applicant:

  • IT returns for the previous three years
  • Balance Sheet of the previous three years
  • Profit & Loss Account of the previous three years
  • Details of business license or equivalent
  • Form 16A or TDS certificate, if applicable
  • For professionals: Certificate of qualification

Proof of business address

Account statement:

Bank account statements of the previous six months for all bank accounts held by the applicant.

Loan account statement of the previous year if another loan is currently active

How to Apply for SBI Home Loan

You can apply for a home loan from SBI in two simple ways:

  • Offline: Visit the nearest branch of the bank with all the required documents. Request the application form, fill it incorrectly, and submit it to the bank official.
  • Online: Visit the CT official website of SBI. Apply online leaving your contact details on the application form. You will receive a call back from the bank’s representative.
For Any Assistance Contact:

Email: ourfutureinvestment2022@gmail.com

Conclusion:
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