Here’s everything you need to know about the SBI Realty Home Loan. Read on.
When it comes to Home Loans, there are various types of property loans that are generally available to customers like home-improvement loans, home-construction loans, plot loans etc.
So, if you are looking to buy a plot either for investment purpose or for building a residential house, the SBI Realty Home Loan might be the right fit for you. Here’s everything you need to know.
What is the SBI Realty Home Loan?
The SBI Realty Home Loan is a special Home Loan scheme that allows you to purchase a plot for construction of a dwelling unit instead of already constructed or under construction properties. Under this scheme, you also have an option to opt for a separate Home Loan if you wish to buy a residential plot and construct your own house.
What is the eligibility criteria?
In order to apply for a Home Loan under this scheme, you need to meet the following conditions:
- You must be an Indian resident
- You should be at least 18 years of age and not more than 70 years
- The construction of the house has to be completed within 2 years of taking the loan
What are the documents required for SBI Realty Home Loan?
You’ll require following documents to apply for the SBI Realty Home Loan:
- Completed loan application
- 3 passport size photographs
Proof of Identify:
- Voter ID card
- Passport
- Driving license
- PAN card
Proof of Residence:
- Recent telephone bills
- Electricity bill
- Property tax receipt
- Passport
- Voter ID card
Proof of business address for non-salaried individuals:
- Bank account statements or passbook for the 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 identity, residence and business address as mentioned above
- Signature identification from current bankers
Additional Reading: SBI Home Loans
Interest Rates & Fees:
There are a couple of charges that you should take note of before opting for this loan:
Rate of Interest:
The bank offers different interest rates for different loan amounts. It also provides concessional interest rates for women borrowers.
| Category | Salaried | Businessmen & Professionals | ||
| Loans above Rs. 10 lakhs & up to Rs. 50 crores | Loans above Rs. 75 lakhs & up to Rs. 50 crores | Loans above Rs. 5 lakhs & up to Rs. 75 lakhs | Loans above Rs. 75 lakhs & up to Rs. 15 crores | |
| Women | 8.70% | 8.75% | 8.90% | 8.95% |
| Others | 8.75% | 8.80% | 8.95% | 9.00% |
Source: SBI Website
Processing Fee: The bank charges a small processing fee of around 0.35% of the total loan amount.
Advocate’s Fee: You will be charged a small fee for property search and title investigation report before the loan is approved.
Property Insurance Premium: Home Insurance is automatically included when you take a Home Loan from SBI. However, you have the option to opt out and choose a different insurer.
Why should I opt for SBI Realty Home Loan?
Flexibility Of Repayment: The maximum repayment tenure for SBI Realty Home Loan is 10 years. This gives you ample amount of time to repay your loan easily.
No Pre-Payment Charges: There are no pre-payment charges that means you can repay the loan amount earlier and save on interest cost.
Floating Interest Rate: The interest is charged on a daily reducing balance.
Interest Concession For Women: The bank offers special interest rates for women borrowers.
Additional Reading: Fixed Or Floating Rate: Which Is Ideal For Your Home Loan Now?
Now that you know all about SBI Realty Home Loan, it is best to compare across lenders to choose the rates and terms that are just right for you.