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SBI Realty Home Loan : Eligibility, Interest Rate, Features & Benefits

SBI Realty Home Loan

Introduction

SBI Realty Home Loan provides an opportunity for the customer to buy a plot for the construction of a dwelling unit.
The construction of the residential house should take place within five years from the date the loan has been sanctioned.
The customer can also avail of another Home Loan for the construction of a house on a plot financed under the SBI Realty Loan.
The maximum funds of loan that can be offered to a customer can range up to Rs 15 crores with a comfortable repayment of ten years.

Also Read SBI Loan Against FD : Interest Rate | Features | Benefits | Online | Repayment

SBI Realty Home Loan Eligibility

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If you want to avail of a Realty Home Loan, you need to meet the following criteria:

  1. Resident Type is Indian
  2. Minimum Age is 18 years.
  3. Maximum Age is 65 years.
  4. Loan Tenure is up to 10 years.
  5. Loan Amount – As per the applicant’s credit score.
  6. Income is an major eligibility criteria for SBI Realty.
  7. The EMI you have to pay is totally based on your income.
    If your net annual income is up-to Rs 2 lakh , then your EMI can’t exceed 30% of the income.
    Likewise, with an income of up to Rs 5 lakh, the EMI can’t be more than 40% of the income.
    For up to Rs 10 lakh the maximum permissible EMI is 45% and for an income of more than Rs. 10 lakh, 50% of the income can be paid as EMI.

Also Read Why CIBIL Score is Important? | Check Credit Score | Improve

SBI Realty Home Loan Interest Rate

Loan AmountApplicable Interest Rate
Up to Rs 30 Lacs7.70%
Above Rs 30 Lacs to Rs 75 Lacs7.80%
Above Rs 75 Lacs7.90%

Also Read SBI Realty Home Loan EMI Calculator

Documents Required

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List of documents applicable to all applicants:

  • Employer Identity Card.
  • Completed loan application.
  • 3 Passport size photographs.
  • Proof of identify (Voters ID card/ Passport/ Driving licence/ IT PAN card).
  • Proof of residence (recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card).
  • 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 or 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 Dept.
  • Acknowledged copies of three years IT returns.

Also Read Loan Repayment Calculator India | Loan Repayment Schedule with Chart

SBI Realty Home Loan Features & Benefits

The main features and benefits of SBI Realty Home Loan are:

  • SBI Realty for buy of an undeveloped property rather than an apartment or bungalow ready for possession.
  • You can also include the cost of building a residential house on the plot in the loan amount.
  • Attractive interest rates ranging from 7.70% to 7.90% per annum.
  • You can get home loans of up to Rs 15 crore.
  • The repayment tenure is up to 10 years, However, depending on your profile, age and income.
  • You can take extra home loan to construct the house after the plot is bought, and both the loans can be operated at the same time.
  • To improve your chances of getting a realty loan, you can add the income of your spouse living with you, if their salary accounts are held in the SBI.
  • You do not have to pay any extra fees for making pre-payments or partial payments towards your loan amount.
  • You can put in extra amount in your loan account whenever you can, and the amount will be reduced from the principal amount payable.

SBI Realty Home Loan Fees

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0.40% of the home loan amount plus applicable GST (Goods and Services Tax) subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.

However, for builder tie-up projects where individual TIR (total indicator reading) and Valuation Are not required: 0.40% of loan amount subject to a max. recovery of Rs. 10000/- plus applicable tax.

if TIR and Valuation are needed, then normal charge as mentioned above will be applicable.

Source-SBI

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