SBI - Home Loan Products : SBI Max Gain,SBI Yuva home loan,NRI home loan,SBI realty,SBI pal,SBI tribal plus,Gram Niwas,Sahyog niwas

SBI Home Loans - "THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.

Best Practices followed in SBI will tell you why it makes sense to do business with State Bank of India.

SBI Home Loans Unique Advantages :

1. Low Processing Charges

2. Package of exclusive benefits.

3. Low interest rates. Further, they charge interest on a daily reducing balance!!

4. No hidden costs or administrative charges.

5. No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.

6.Over 15,969 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence.

Documents Required :

List of papers/ documents applicable to all applicants:

• Completed loan application

• 3 Passport size photographs

• Proof of identify (photo copies of Voters ID card/ Passport/ Driving

• licence/ IT PAN card)

• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/

• Property tax receipt/ Passport/ Voters ID card)

• Proof of business address for non-salaried individuals

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

• Signature identification from present bankers

• Personal Assets and Liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement

• 2 passport size photographs

• Proof of identification as above

• Proof of residence as above

• Proof of business address as above

• Signature identification from his/her present bankers

Additional documents required for salaried persons :

• Original Salary Certificate from employer

• TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.

Additional documents required for Professionals/self- employed/ other IT assesses:

• Acknowledged copies of three years I.T. returns/ Assessment Orders.

• Photocopies of challans evidencing payment of Advance Income Tax.

Repayment :

Repayment period: Maximum 30 years or up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

Interest Rates :

HOME LOANS - INTEREST RATES With effect from 01.04.2016

(MCLR: 9.20%)     

Borrowers' category	Home Loan interest rate, irrespective of loan limit	EMI per Lac for 30 year Tenor	Maxgain above Rs. 20 lacs & upto Rs. 1 crore	Maxgain above Rs. 1 crore	CRE Maxgain, irrespective of loan limit
Women	20 bps above the MCLR i.e. 9.40% p.a	Rs. 834	30 bps above the MCLR i.e. 9.50% p.a.	55 bps above the MCLR i.e. 9.75% p.a.	75 bps above the MCLR i.e. 9.95% p.a.
Others	25 bps above the MCLR i.e. 9.45% p.a.	Rs. 838	35 bps above the MCLR i.e. 9.55% p.a.	60 bps above the MCLR i.e. 9.80% p.a.	80 bps above the MCLR i.e. 10.00% p.a

Home Loan Interest Rates - Before April 1, 2016

(Base Rate: 9.70%)     

Borrowers' category	Home Loan interest rate, irrespective of loan limit	Maxgain above Rs. 1 crore
Women	At BR i.e. 9.70% p.a.	25 bps above the BR i.e. 9.95% p.a.
Others	5 bps above the Base Rate i.e. 9.75% p.a.	30 bps above the Base Rate i.e. 10.00% p.a.

• The woman should be the sole applicant or first co-applicant of Home Loan and also

• The property proposed to be financed should be either in the sole name of the woman borrower or she should be the first owner in case of joint ownership.

Fees :

Processing Fee

• 0.35% of the loan amount + applicable service tax.
• Minimum: Rs. 2,000/-  + applicable service tax, and.
• Maximum: Rs. 10,000/-  + applicable service tax.

NOTE

1) Actual charges for the following will be payable by the customer in addition to the processing fee:

a) Pre-sanction

• Advocate's fee for property search and the title investigation report.

• Valuer's fee for valuation report.

b) Post-sanction

• Stamp duty payable for Loan agreement & mortgage.

• Property insurance premium.

• Processing fee recovered.

• CERSAI Registration Fee of Rs 250/- + service tax up to Rs 5 lakh limit and Rs 500+service tax for limits above Rs 5lakhs

NOTE : Existing Home Loan borrowers can opt for switch over to current rate of interest on Home Loans by paying 0.57% of the outstandings.

Pre-closure / Pre-payment Penalty,  - NIL

Different Home Loan Products :

1. SBI MAXGAIN

Home Loan as an Overdraft :

• An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.

• The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.

• The product enables customers to park their surplus funds/savings in  SBI Maxgain (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.

Loan Amount :

Minimum : Rs.20 lacs

Maximum : No Cap

Interest Rate

• A premium of 0.25% over and above the applicable Home Loan interest rate for Home Loan > Rs.1 crore is payable.

2. SBI YUVA HOME LOAN

Tailor-made home loan scheme for youth.

• SBI YUVA Home Loan provides 20% higher loan amount than that of normal Home Loan eligibility to Salaried employees of Private Sector Companies/MNCs/Government Undertakings/PSUs & the Government employees.

Eligibility

• Age between 21 years to 45 years.

• Minimum Net Monthly Income of applicants should be Rs. 30,000/- (expected rental income from the proposed property should not be included in the monthly income of the borrower).

Repayment

• Under SBI Yuva Home Loan Scheme, only the interest applied on Home Loan is payable during the first 36 months. The regular EMIs start after completion of 36 months.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

3. NRI HOME LOAN

Home Loans to Non-Resident Indians (NRIs) & Persons of Indian Origin (PIOs)

Eligibility

• Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)

• The applicants should have a regular source of income.

• Minimum employment tenure in India/Abroad should not be less than 2 years.

Loan Amount

Minimum : Rs. 3 lacs

Maximum : No upper cap.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

4. SBI REALTY

Home Loans for purchase of plot for construction of a dwelling unit.

SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.

• The construction of house should commence within 2 years from the date of availment of SBI Realty Loan.

• Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty with the benefit of running both the loans concurrently.

Loan Amount : Maximum Loan Amount: Rs.10 crores

Repayment Period : Upto 15 years

(Other terms and conditions are as applicable to regular Home Loan Scheme)

5. SBI PAL

Pre-approved Home Loan(PAL) :

• The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.

• The loan eligibility will be assessed on the basis of income details of the applicant.

• Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

Validity Period

• Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.

Loan Amount

• Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates

• Minimum Loan amount: Rs.10 Lacs.

(Other terms and conditions are as applicable to regular Home Loan Scheme)

6. SBI TRIBAL PLUS

Special Home Loan scheme for hilly/tribal areas :

' SBI Tribal Plus' is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals.

• Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage of land).

• Purchase of an existing (old) house / flat which is not more than 10 years old.

• Repair /Renovation/extension of an existing house or flat.

Loan Amount

Minimum : Nil

Maximum : Rs. 10 lacs

Repayment Period

Maximum repayment tenure: 15 years

7. GRAM NIWAS

Home loans 

• Scheme covers all Rural and Semi-urban centers having population upto 50,000 as per 2001 census.

• Home Loans under Gram Niwas Scheme are sanctioned for purchase/ construction/repair and renovation of house and purchase of plot for construction of a house/shed etc.

Loan Amount

Minimum Loan Amount: Nil

Maximum Loan Amount: Rs. 5 lacs

Repayment Period

Maximum repayment period :15 years

(Processing Charges are waived under the Gram Niwas Scheme)

8. SAHYOG NIWAS

Home loans to self help groups in rural areas 

The Sahyog Niwas Scheme provides Home Loan to Self help groups, having good payment record of 2 years.

• Purchase or construction of a house exclusively or including the housing needs of activities carried by them (Dairy shed, tailoring shed/shop, grocery stores etc.)

• Renovation or repair of an existing house / shed

• Purchase of a plot for the construction of house

• Extension of existing house / work space to existing house / shed.

Loan Amount

• Home Loan amount under Sahyog Niwas Scheme is restricted to 10 times of the saving corpus of SHG subject to a maximum amount of Rs. 50,000/ per member.

The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All the branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Their business is more than banking because they touch the lives of people anywhere in many ways

Their commitment to nation-building is complete & comprehensive.

For more details

Please Call SBI's 24X7 helpline number i.e. 1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080-26599990

You can also address the

Customer Service Department :

The Dy General Manager

Customer Service Department

State Bank of India

State Bank Bhavan, 16th Floor

Madam Cama Road,

Mumbai 400 021

Fax: 022 22742431

Email:  dgm.customer@sbi.co.in