SBI Home Loan Calculator is a tool of utmost importance for those who are working towards getting a loan facility for their home. A Calculator eases out the cumbersome process of calculation and determination of important figures when it comes to availing a loan. This tool is available in two variants- SBI Home Loan Eligibility Calculator and SBI Home Loan EMI Calculator.
The first one contributes towards ascertaining the eligibility of the applicant for the loan and the latter helps in determining the monthly installments that the applicant would have to pay towards the loan repayment. Let us know more about this product and how these tools help out in the process of availing this facility.
Benefits of SBI Home Loan
Find out the numerous benefits that makes this product stand out.
Bundle of benefits: The bank offers a package of benefits to the applicants so as to offer them an exclusive and convenient experience.
Reasonably priced interest rates: The interest rates of the bank for this product are carefully and reasonably priced so as to provide the best to the customers.
Home Loan as an overdraft: SBI makes the home loan available as an overdraft. This give the applicant an option to use the loan amount optimally.
Low Processing Fee: The bank charges a considerably low processing fee from the applicants. Also, the employees of the Central and State Government are not charged any processing charges for the loan application.
No Prepayment Charges: SBI does not charge any fee for the prepayment of the loan form its customers.
SBI Home Loan Eligibility based on Salary
The eligibility criteria of SBI differs for applicants from different professional backgrounds. Take a look at the norms of eligibility followed by the bank before ascertaining the right candidate.
Salaried Professionals: The age limit prescribed by the SBI for the salaried professionals is from 18 years to 70 years. As per the SBI Home Loan eligibility based on salary, the applicant must have an annual income of ₹ 1,20,000. The loan amount that can be applied for by this group of applicants can range between ₹ 5 Lakhs to ₹ 1 Cr.
Self-Employed Professionals: The age bracket set by the bank for those who are self-employed is from 21 years to 70 years. According to the eligibility criteria based on salary, the applicant must have an annual income of ₹ 2,00,000. The loan amount that can be applied for by this group of applicants can range between ₹ 5 Lakhs to ₹ 2 Cr.
SBI Home Loan documents
The documents that are required by every applicant are:
- A completely filled Application Form
- Bank Statement of the applicant of the last six months
- Identity Proof (Passport/ Voter ID/ Aadhar Card/ Driving License/ PAN Card)
- Residence Proof (Electricity Bill/ Telephone Bill/ Voter ID/ Property Tax Receipt/ Passport)
- The Self-Employed Professionals need to produce the proof of their business address.
- Income Proof:
- For Salaried Professionals- IT Return of the last two years/ Form 16/ Original Salary Certificate
- For Self-Employed Individuals- IT Returns of the last three years/ Assessment Orders
SBI Home Loan Interest
SBI Interest Rates are very strategically and economically priced. The reason why most of the applicants are attracted to this product is the low rate of interest provided by the bank. The SBI Interest Rates range between 8.35% to 8.55%. The interest rates provided by the bank for the amount up to ₹ 30 Lakhs differ for female applicants and for other applicants. For the female applicants, the special rate of interest is 8.35% while for other applicants, the rate of interest is 8.40%. For the loan amount more than ₹ 30 Lakhs, the interest rate for female applicants is 8.50% and for others it is 8.55%.
SBI Home Loan Processing Fee
Apart from the interest rates, SBI also charges a processing fee of about 0.35% of the loan amount along with the applicable Service Tax. A rule of concession is applicable for those who are employees of the Central and the State Government. The bank can charge from a minimum of ₹ 2,000 to a maximum of ₹ 10,000 as the processing fee from the applicants.
SBI Home Loan EMI Calculator
An EMI Calculator for Home loan is a quintessential tool during the process of application. This tool makes it simpler for the applicant to calculate the monthly installments that he/she will have to pay towards the loan. All that one needs to do is, feed-in the loan amount, rate of interest offered by the bank and the total loan tenure and the tool will give out the amount of monthly installments to be paid by the applicant. This tool proves to be highly beneficial when the applicant needs to perform these calculations multiple times. You can go on changing the values and the tool will give out accurate results every single time.
SBI Home Loan Eligibility Calculator
SBI Home Loan Eligibility calculator helps the applicant determine his/ her eligibility for the loan. The tool asks for basic personal details of the applicant to ascertain whether he/she is eligible for the loan. This saves a lot of time of the applicant and reduces the effort of visiting the bank again and again to know these simple yet important details.
SBI Home Loan Customer Care
SBI Home Loan Customer Care takes care of all the queries of the applicants and addresses their grievances. You can always reach them through the toll free numbers provided by the bank- 1800-11-22-11 and 1800-425-3800. You can also visit the nearest SBI branch to sort out your doubts during the working hours of the bank.