SBI Bank Home Loan | Interest Rate | Eligibility | Documents Required

SBI, State Bank of India, the largest Bank of India is the most availed Public sector bank, which is preferred by all Indian Citizens. Such is the craze and authenticity of the State Bank of India, upon the verification at each home, you will surely find an account associated with this bank. The most accomplished bank of the country, provides various facilities to the people of India and is responsible to carry out banking services with around 14000 branches, which includes 191 foreign offices spread across 36 countries and thus making it the largest banking and financial services company in India by assets.

Among several products through the State Bank of India, one such product ‘Home Loans’ is one of the most sought after services, which huge population of the country avail through the State Bank of India.

Features of SBI Home Loan

• Low Processing Charges as offered by bank

• With Over 15,969 branches nationwide, the people are privileged to get Home Loan parked at a branch nearest to their present or proposed residence

• Several exclusive Packages thus offering several benefits

• Low interest rates at Home Loans

• No prepayment penalties

• Interest is being charged on a daily reducing balance

• No hidden costs or administrative charges

• State Bank Rewards for Home Loan

Other features of Home loans by SBI

The state Bank of India offers Home loans at very affordable rate of interest. The eligibility criteria and some other details in connection with it are as mentioned below :

Eligibility Criteria

The eligibility criteria includes the loan seeker’s compulsory age must be above 18 years, while the maximum limit of age is defined at 70 years.

Regarding Loan Amount, the actual loan amount sanctioned depends on the combination of various factors, which includes the applicant’s income and repaying ability, age of applicant, assets and liabilities, cost of the proposed home and other factors. One must keep in mind that the eligibility criteria for home loan can be extended with the addition of some other features like Income of your spouse, Expected rent accruals (in case, the expected property is being planned to be rented out), Depreciation of various kinds and subject to some conditions and Regular income from all sources.

Documents required for SBI Home Loans

There are some documents required for this facility of SBI Home loans similar to the case of all other banks. The documentation work of the State Bank of India is also kept minimum. The documents as needed for SBI Home loans are as mentioned below :

• Completely filled loan application form

• Passport size photographs (3 in numbers)

• Proof of identify (examples are photo copies of Voters ID card or Passport or Driving license or IT PAN card)

• Proof of residence (photo copies of recent Telephone Bills, or Electricity Bill, or Property tax receipt or Passport or Voters ID card)

• Personal Assets & Liability statement

• Proof of business address (in case of non-salaried individuals)

• Statement of Bank Account or Pass Book for last six months

• Signature identification from present bankers