SBI CRE (Commercial Real Estate) Home Loan

SBI offers a specialised home loan called SBI CRE (Commercial Real Estate) Home Loan, which caters to individuals interested in investing in commercial real estate. Nowadays, a home loan is not limited to only residential properties. It also includes commercial properties. The SBI CRE (Commercial Real Estate) Home Loan is a good option for individuals who want a non-residential property loan. However, individuals are still limited to a maximum of 3 loans, excluding closed loans.

SBI CRE Home Loan- Highlights

SBI CRE Home Loan – Features and Benefits

The SBI CRE (Commercial Real Estate) Home Loan is designed to facilitate individuals’ purchase of commercial properties. This specialised loan product from the State Bank of India offers a range of features and benefits tailored to meet the needs of those looking to invest in commercial real estate. Here’s a closer look at what the SBI CRE Home Loan offers:

• Firstly, it offers extremely competitive interest rates compared to other similar options
  
• Secondly, the processing fees, including administrative charges, are kept low, which benefits borrowers. Moreover, the charges are transparent, and there are no hidden fees.
  
• Another advantage is that there is no penalty for pre-paying the loan ahead of schedule.
  
• Additionally, the interest is calculated based on the daily reducing balance method, which can result in savings for the borrower.
  
• Lastly, the Home Loan can also be availed as an overdraft, meaning that the interest is only charged on the amount used, limiting the overall interest cost.

SBI CRE Home Loan Interest Rates

SBI CRE Home Loan interest rates start from 9.35% annually (p.a.).

SBI CRE Home Loan Fees and Charges

Here is an outline of the fees and charges associated with an SBI CRE Home Loan:

SBI CRE Home Loan – Eligibility Criteria

These are the basic requirements to be eligible for an SBI CRE (Commercial Real Estate) home loan.

• This loan is only for individuals who are resident Indians, according to the Income Tax Act.
• The borrower must be at least 18, the legal age for entering into contracts. 
• If you are over 70 years old, you cannot access this loan due to the risk of lending to older individuals. The maximum loan tenure is typically 30 years, but the lender decides.

SBI CRE Home Loan- Documents Required

Here is a list of documents required to avail an SBI CRE Home Loan:

• Employer Identity Card
  
• Completed loan application form duly filled in and affixed with 3 passport-size photographs.
  
• Proof of Identity: PAN/ Passport/ Driver’s License/ Voter ID card
  
• Proof of Residence: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill, or copy of Passport/ Driving License/ Aadhar Card

Property Related Documents

• Permission for construction (where applicable)
  
• Registered Agreement for Sale (only for Maharashtra)/ Allotment Letter/ Stamped Agreement for Sale
  
• Occupancy Certificate (in case of ready-to-move property)
  
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement

• Last 6 months’ Bank Account Statements for all Bank Accounts held by the applicant/s
  
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year
  

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor

• Salary Slip or Salary Certificate of the last 3 months
  
• A copy of Form 16 for the last two years or a copy of IT Returns for the last two financial years, acknowledged by the IT Department.
  

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor

• Business address proof
  
• IT returns for the last 3 years.
  
• Balance Sheet & Profit & Loss A/c for last 3 years
  
• Business License Details (or equivalent)
  
• TDS Certificate (Form 16A, if applicable)
  
• Certificate of qualification (for C.A./ Doctor and other professionals)