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Security
• Equitable mortgage of the property
• Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged
Maximum Repayment Period
• For applicants upto 45 years of age: 25 years
• For applicants over 45 years of age: 15 years
Moratorium
Upto 18 months from the date of disbursement of first instalment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)
Disbursement
• In lump sum direct in favour of the builder/ seller in respect of outright purchase
• In stages depending upon the actual progress of work in respect of construction of house/ flat etc.
Documents
• Completed application form
• Passport size photograph
• Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
• Proof of business address in respect of businessmen/ industrialists
• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
• Copy of approved plan and approval from the Local Body
• Statement of Bank Account/ Pass Book for last 6 months
‘SBI-Flexi’ Home Loans
A customized product designed to enable borrowers to hedge their Home Loan against unfavourable movement in interest rates. The product gives you a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.
Minimum Loan Amount: Rs.5 lacs
(Other terms and conditions – as applicable to regular Home Loans)
‘SBI-Maxgain’ Home Loans
An innovative and customer-friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.
The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your SB or Current Account.
The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposit/ investment avenues.
Minimum Loan Amount: Rs.5 lacs
(Other terms and conditions – as applicable to regular Home Loans)
‘SBI-Realty’ Home Loans
A unique product if you are on the look out for a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.20 lacs* and with a comfortable repayment period of upto 15 years.
You are also eligible to avail another Housing Loan for construction of house on the plot financed above with the benefit of running both the loans concurrently.
(House construction should commence within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan)
(Other terms and conditions – as applicable to regular Home Loans)
(* relaxation considered on case to case basis)
‘SBI-Freedom’ Home Loans
A revolutionary product designed for customers who are on the look out for a source of finance for a property they want to invest in without mortgaging the same. All you have to do is pledge any financial security that you have and you will get a Home Loan for your dream home.
A must-take for those who do not want to pay stamp duty for mortgage of their property or go through the hassles of creation of mortgage.
You also have an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.
Repayment is highly customized, giving you the option to repay through regular EMIs or through maturity proceeds of the securities pledged.
(Other terms and conditions – as applicable to regular Home Loans)
‘SBI-OPTIMA’ ADDITIONAL HOME LOANS
‘SBI-HOMELINE’ SPECIAL PERSONAL LOANS
Innovative and value added products extended to existing Home loan borrowers with a satisfactory repayment record of 3 years and whose loan is Standard Asset, with a view to reinforce the customer loyalty and to maintain long term relationship with the borrowers. In case of take-over of Home Loans from other Banks/HFCs, the borrower should have fulfilled the above conditions with the present Bank/HFC.
Purpose
‘SBI-Optima’ Additional Home Loans |
to meet expenditure towards major repair, renovation, addition to their house/flat, purchase of furniture, fixtures and consumer durables |
‘SBI-Homeline’ Special Personal Loans |
General purpose loan to meet expenditure to meet forseen/unforeseen contingencies |
Eligibility
‘SBI-Optima’ Additional Home Loans |
18 times NMI (for salaried borrowers)/
1 ½ times NAI ( for others) or
(i)25% of the original project cost of house/flat (ii) 85% of the cost of repairs etc. or (iii) gap between 85% of the current market price of flat/house and actual outstanding loan dues ,
whichever is lower (EMI/NMI ratio of all loans should not exceed 60%) |
‘SBI-Homeline’ Special Personal Loans |
18 times NMI (for salaried borrowers)/
1 ½ times NAI (for others) |
Interest Rates/processing fee
‘SBI-Optima’ Additional Home Loans |
As applicable to Home Loans |
‘SBI-Homeline’ Special Personal Loans |
Interest rates 50 bps above rates applicable to the repayment tenure (floating rates only)
Processing fee : 0.50% of the loan amount (including service tax) |
Other Salient Features
- Inbuilt provision for availment of the loans on the expiry of each bloc of 5 years, the first bloc commencing on the expiry of 5 years from the date of sanction of original Home Loan.
- Original Home Loan and all ‘SBI-Optima’ Home Loans/’SBI-HomeLine’ Personal Loans can run concurrently
- Comfortable repayment obligations – Tenure of the loans equal to the residual maturity of the original Home Loans -
‘PRASHASAN PLUS’, ‘TEACHER PLUS’ AND ‘OIL PLUS’
The above ‘ plus’ schemes offer concessional interest rate of 0.25% below the applicable interest rates on Home Loans to niche client groups like Government Employees, Teachers, employees of public sector oil companies etc.
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