SBI home loans at 6.70%: Step-by-step guide and other details

The depository financial institution of India (SBI) has introduced first-of-its kind credit score linked home loans at 6.7 percent for its customers for any loan amount.

SBI Chief head (CGM) Umesh Kumar Pandey informed that this drive to supply home loans at concessional interest rates are going to be completed in two phases, the bank said in its official release.

The first phase are going to be operated from September 1 to October 31, while the second phase are going to be operational from All Saints’ Day to New Year’s Eve , it said.

Earlier the house loan rate of interest was different for salaried and non-salaried homebuyers wherein the non-salaried had to pay higher interest rates that their salaried counterparts.

“Now, there’s no occupation-linked interest premium being charged to prospective home equity credit borrowers. this is able to cause an extra interest saving of 15 bps to non-salaried borrowers,” the bank clarified.

The main objective of this campaign of SBI is to assist more and more people to urge their house at low interest rates and without paying processing fee, making the house loan business simpler and more attractive, it added.

SBI offers customised home loans as per the need of people with home loans like Regular home equity credit , SBI Privilege home equity credit for state employees, SBI Shaurya home equity credit for army and defense personnel, SBI MaxGain home equity credit , SBI Smart Home, Top-up Loan for existing customers, SBI NRI home equity credit , SBI FlexiPay home equity credit for loan of upper amount and SBI HerGhar home equity credit for ladies .

Features of the credit score linked SBI home loans:

Low interest rates

Zero processing charges

No hidden or administrative charges

Interest concession for ladies borrowers

First-of-its kind credit score linked home loans

No prepayment penalties

Interest calculation on a daily reducing balance

Home loan also available as an overdraft

To apply for SBI home equity credit , customers can now click on the link and fill the specified details like account number and mobile number to see eligibility and loan quotation.

Customers also can apply for a home equity credit using YONO SBI at the comfort of their home.

Here is the way to apply:

Login to your YONO account

On the house page, click on the menu (three lines) on the highest extreme left

Click on loans

Click on home equity credit

Do a fast eligibility check by providing your date of birth

Enter your income source

Enter your net monthly income

Details of the other loans

Check your eligible loan amount and proceed

Fill within the other required details and click on on submit

You will get a reference number and an SBI executive will call you shortly

Documents required for availing the house loan

Employer card

Loan Application: Completed application form duly filled in affixed with three Passport size photographs

Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card

Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

Permission for construction (where applicable)

Registered Agreement purchasable (only for Maharashtra)/Allotment Letter/Stamped Agreement purchasable

Occupancy Certificate (in case of able to move property)

Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, land tax Receipt

Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)

Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

Last six months’ checking account Statements for all Bank Accounts held by the applicant/s

If any previous loan from other Banks/Lenders, then Loan A/C statement for last one year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

Salary Slip or Salary Certificate of last three months

Copy of Form 16 for last two years or copy of IT Returns for last two financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

Business address proof

IT returns for last three years

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