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SBI Home Loan

SBI Home Loan

 

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Member's Recomendation

36   10

18 review(s)
Expert Review | Write a Review

  • Interest Rate
  • 11%
  • Pre payment charges
  • 2%
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • 1.75%
     
  • Loan to Value ratio
  • Upto 20 lakh-90%,Above 20 lakh-80%
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only.Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of SBI Home Loan

  • SBI home loan contains package of exclusive benefits.
  • SBI offers lowest interest rates. Further, they charge interest on a daily reducing balance!!
  • Low processing charges.
  • No hidden costs or administrative charges.
  • No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
  • Over 12000 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence.
  • Actual loan amount will be determined taking into consideration factors such as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.
  • Security:
    Equitable mortgage of the property.
    Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged.
  • Home Loan Rates

 

Amount Interest Rate
Up to 30 lakh 10.5%
Above 30 lakh to 75 lakh 10.75%
Above 75 lakh 11.25%

Documents Required for SBI Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt
    Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last
    2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of SBI Home Loan

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User Reviews

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SBI home loans reliable n hassle free

By: by sachin_s80, Mumbai | 01 April 2010

I decided to apply to SBI for my home loan because I have read pretty negative reviews about the private banks, especially ICICI from mouthshut as well as my other friends.Advantages of SBI:Once sanct...[Read]

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SBI Home loan, convenient and right product

By: Tanmay, Simla | 23 October 2009

I AM AN EXISTING CUSTOMER OF SBI HOME LOAN. I HAD APPLIED FOR A HOUSE LOAN OF RS.15 LACS APPROX. MY LOAN GET SANCTIONED WITHIN TWO HOURS AFTER THE SUBMISSION OF THE DOCUMENTS AND WAS DISBURSED THE VER...[Read]

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if you are in urgency don\'t go for SBI home loan.Otherwise its good.

By: ravindra, Ahmedabad | 14 April 2010

I have taken a loan of Rs1100000, it took a months time to disburse the loan though papers were submitted in all.Actually it depends on the staff that how fast you get your loan. so if you are in urge...[Read]

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I just felt like at home in SBI

By: gnsgrewal, Ludhiana | 12 April 2010

Few days back I applied for hoam loan. I got excellent services from SBI ludhiana Civil lines ludhiana and my loan(9.5% with benefits of teacher plus, margin money and salary account) was disbursed in...[Read]

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i was so frustrated that it had no boundaries

By: shishirbn, Bangalore | 10 April 2010

I have seen reviews of people on this bank who have suffered a lot mentally,physically and in all other ways from this SBI bank so i thought i will also share my pain. I had applied for a home loan in...[Read]

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The PSU smell was all to pervasive to be felt at every step.

By: manik_sarkar, Kolkata | 08 April 2010

I applied for a Home extension Loan and finally withdrew even though the loan was sanctioned(vide reference RASECC/HIL... dtd 22/09/07).I went to HDFC instead. 1. My loan was sanctioned and I went to ...[Read]

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THIS TIME THE INTEREST WAS NOT REDUCED AND IT CONTINUED AT 10%

By: a k jalewa, Jaipur | 14 December 2009

I AVAILED A TAKE OVER HOME LOAN FROM SBI, VIDYADHAR NAGAR, JAIPUR IN OCTOBER 2008. IWAS OFFERED LOAN AT 3% (10.75%) LESS THAN SBAR (13.75%). THE DOCUMENTS SHOWED A DISCOUNT OF 2% ONLY AS THE AGM TOLD ...[Read]

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they completely demoralized me for the whole duration.

By: ranabesh chowdhury, Kolkata | 07 April 2010

I wish to have House renovation and remodelling loan from SBI worth of Rs 2lakh.For this i approached to Srinagar road,Kolkata-700094 branch for further proceeding.But fact is no one responded well in...[Read]

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SBI have niether online facility nor good response for the customer request.

By: srinivasan, Chennai | 16 December 2009

Dear Sir,I have taken home loan from SBI and paying the EMI without any due for the past 5 years. Everyyear i have to face a nightmare in getting the IT statement / interest certificate. I visit chenn...[Read]

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I do not know why i have pay higher rate of interest

By: somnath gorai, Kolkata | 05 April 2010

SBI Housing Loan- A/C No. 30563886323 I have taken a Housing Loan of Rs. 11,39000 as on 12th dec-08 on flexible interest rate for the period of 15 years. That time interest rate was Higher, but presen...[Read]

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My loan amount of 1400000 Rs but he said i can get only 1000000 Rs.

By: ratnaprakash, Hyderabad | 04 April 2010

I have applied for homeloan in sbi on 07-Nov-2009 .Before taking loan i confirmed with the sbi bank manager (Musarambagh,Hyderabad) regarding my loan amount , as per my eligibility bank manager said i...[Read]

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Now I really want to know, whether or not I can close my loan with out any charges

By: uthuman hameed, Madurai | 24 November 2009

Hi,I had taken a SBI home loan (8%) to buy a old house [Purchase Outright] at Madurai, Tamilnadu.Due to the lack of procedures/transparency & improper guidance from SBI loan dept officers, I ve decide...[Read]

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In spite of this promise, till date the cheque for the loan amount has not been released

By: k .swaminathan, Mumbai | 19 October 2009

My wife has applied for housing loan in the Month of September 2009 and the document verification and other formalities have been completed by 7th November 2009. We were promised that the cheque for t...[Read]

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PART PAYMENT INTEREST ON HOME LOAN

By: sanjoy Kr. Mukherjee, India | 09 August 2010

Dear Sir, Ref. our homeloan A/c No. 00000031196741240 of Rs. 4.95 Lakhs sanctioned in May'10. Ist withdrawl of Rs. 2.00 Lakhs was made on 05.6.2010. Apart from two monthly EMIs of Rs.10037/- Auto Deb...[Read]

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Dont go for SBI home loan if u need before 3 months

By: Chandra Mouli, India | 20 January 2011

Please do not go for SBI home loan if you target for registration in less than 4 months. I bet you wont get loan within minimum 4 months. I myself applied in November and now in Janaury its still on S...[Read]

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Pathetic service

By: Shiva, India | 17 March 2011

I had taken a home loan (33 lakhs) from SBI Secunderabad branch. When taking the loan was promised all beautiful things. Never ever got a single statement from them either through post or through emai...[Read]

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homeloan

By: manoj chaurasia, India | 13 July 2011

homeloan...[Read]

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SBI

By: Richa Sharma, India | 04 August 2011

I would like to say that, SBI is a bank which must open more branches, as it has 100s of customers are standing in queue all the time....[Read]

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