SBI Flexipay Home Loan

SBI Flexipay Home Loan is a specialised option for salaried individuals looking for a higher loan amount. It allows borrowers to pay only the interest during the pre-EMI period, with the EMIs gradually increasing in the following years. This home loan variant is particularly beneficial for young earners, who must pay only the interest component during the pre-construction period. Once the construction is complete, borrowers can repay regular EMIs consisting of principal and interest. Additionally, SBI provides concessions for women borrowers who are availing of SBI Flexipay Home Loans. The interest rate starts at 8.40% annually; repayment tenures can last up to 30 years.

SBI Flexipay Home Loan Highlights

Here’s a highlight of the SBI Flexipay Home Loan and its features in a tabular format:

SBI Flexipay Home Loan – Features and Benefits

The SBI Flexipay Home Loan offers several notable features and benefits to make homeownership more accessible, particularly for young earners and salaried individuals. Here’s an overview:

• If you were previously denied a home loan due to ineligibility, consider the SBI Flexi Pay Home Loan as a potential solution. This loan offers higher loan eligibility up to 1.2 times than regular Home Loan schemes. To qualify, applicants must borrow a minimum amount of Rs.20 Lacs.
• The standout feature of the SBI Flexi Pay Home Loan is that it allows customers to avoid high EMIs during the moratorium period by only paying the interest. After this period, they can make more manageable EMIs. In the following years, the EMIs will gradually increase.
• Customers can choose a moratorium period of up to 60 months, during which only the interest needs to be repaid. Additionally, a longer repayment term is flexible, ranging from 25 to 30 years. If customers wish to make prepayments, they will not face any penalties.

SBI Flexipay Home Loan Interest Rates

Please Note:

• A discount of 10 basis points is offered on Home Loan Balance Transfer, resale, and ready-to-move-in properties, compared to the rates mentioned above. This discount applies to individuals with a CIBIL Score of 700 or above.
• CIBIL assigns Score Bands of 101-150 and 151-200 for borrowers who are new to Credit.
• For SBI Bank Home loans up to Rs 30 lakh, a premium of 10 basis points is applicable for Loan-to-Value (LTV) ratios greater than 80% and less than or equal to 90%.
• A discount of 5 basis points is available for women borrowers and salary account holders.

SBI Flexipay Home Loan Fees and Charges

The following are the SBI Flexipay Home Loan processing fees:

SBI Flexipay Home Loan – Eligibility Criteria

The eligibility criteria for the SBI Flexipay Home Loan are:

• SBI offers Flexipay home loans to Indian citizens residing in the country.
  
• The eligibility criteria state that applicants must be at least 21 years old.
  
• While the maximum age to apply for the loan is 45, the repayment period extends to 70.

SBI Flexipay Home Loan – Documents Required

The list of papers/ documents applicable to all applicants for an SBI Flexipay Home Loan are:

General Documents

• A completed application form with 3 passport-sized photographs
• KYC documents for identity proof and address proof
• Property papers

Construction Permission Documents

• Registered sale agreement (only for Maharashtra), allotment letter, and stamped sale agreement.
• Occupancy certificate (if the property is ready to move in), maintenance bill, electricity bill, and property tax receipt.
• Copy of the approved plan.
• Registered development agreement from the builder.
• Conveyance deed.
• Bank account details or payment receipts for payments made to the builder.

Account Statements

• Bank account statement for the past 6 months for all bank accounts
• Loan account statements for the previous year from other financial institutions
• Income proof for salaried applicants/co-applicants/guarantors
• The last 3 months’ salary slip/certificate
• Copy of the ITR/Form 16, acknowledged by the IT Department
• Income proof for non-salaried applicants/co-applicants/guarantors
• ITR for the past 3 years
• Business address proof
• Profit and loss account and balance sheet for the past 3 years
• TDS certificate (Form 16)
• Business license details

SBI Flexipay Home Loan Moratorium

The SBI Flexipay Home Loan offers customers a unique option to choose a moratorium for up to 60 months. During this time, borrowers are only required to repay the interest. This feature is specifically designed to assist young earners by allowing them to make lower initial repayments. Once the moratorium period concludes, the EMIs gradually increase, providing borrowers with easier financial management in the loan’s early years. This scheme takes into account the potential for increased earnings in the future.

SBI Flexipay Home Loan EMI Calculator

The SBI Flexipay Home loan is designed to give customers a larger loan amount. It offers the flexibility to pay only the interest for the first 3-5 years, followed by flexible EMIs. This type of SBI home loan is particularly beneficial for young salaried individuals aged between 21-45 years. The Flexipay calculator allows you to determine the division of EMIs you must pay throughout the home loan. To calculate the EMI for an SBI Flexipay Home Loan, you can utilise the EMI calculators on the official SBI website or other financial websites. These calculators typically require inputting the loan amount, interest rate, and loan tenure.