SBI Shaurya Home Loan for Defence Personnel

The State Bank of India offers a special home loan called the SBI Shaurya Home Loan for defence personnel. This special deal is a way to thank those who protect our country. It comes with some great perks like low-interest rates, no fees for processing your loan application, and a long time (up to 30 years) to repay the loan. You can get even lower interest rates if you're a woman or choose certain repayment options. This loan is about making it easier and more affordable for our nation's defenders to own a home.

Highlights of SBI Shaurya Home Loan for Defence Personnel

SBI Shaurya Home Loan – Features and Benefits

Here are the features of the SBI Shaurya home loan for defence personnel: 

• Exclusive to Indian Army, Navy, and Air Force employees.
• Offers lower rates compared to standard home loans.
• There is no cost for processing the loan application.
• Full transparency in all loan-related fees.
• Freedom to repay the loan ahead of schedule without extra charges.
• Reduces overall interest payable.
• Up to 30 years, easing the monthly financial burden.
• Lower rates for women borrowers.
• Additional interest rate concession is available for those providing a check-off facility.

SBI Shaurya Home Loan Fees and Charges

Given below are the fees and charges of the SBI Shaurya home loan for defence/army personnel:

• Processing Fee: Completely waived, offering immediate savings.
• Out-of-Pocket Expenses:
  • Advocate’s Fee: For legal opinion.
  • Valuer’s Fee: For property valuation.
  • CERSAI and CIBIL Charges are mandatory for loan registration and credit checks.
• Post-Sanction Costs:
  • Stamp Duty: Varies by state for loan agreement.
  • Property Insurance Premium: Essential for loan tenure.
  • CERSAI Registration Fee: Rs 50 + GST for loans up to Rs 5 lakh; Rs 100 + GST for above Rs 5 lakh.

SBI Shaurya Home Loan – Eligibility Criteria

Here’s a quick guide to help you assess your eligibility:

• Applicant must be a Resident Indian.
• Owning your dream home with SBI Shaurya can start as early as 18 years old. The applicant should be at most 75 years old. 
• SBI Shaurya offers a generous loan tenure of up to 30 years.

SBI Shaurya Home Loan – Documents Required

Here is a list of documents that you may need with SBI Shaurya home loans for army personnel:

• Employer Identity Card
• Completed loan application with 3 passport size photographs
• Proof of Identity (any one): PAN, Passport, Driver’s License, Voter ID card
• Proof of Residence/Address (any one): Recent utility bill (Telephone/Electricity/Water/Gas) or Passport, Driving License, Aadhar Card
• Property Papers:
  • Permission for construction (if applicable)
  • Registered Agreement for Sale/Allotment Letter/Stamped Agreement for Sale
  • Occupancy Certificate (for ready-to-move properties)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved Plan copy & Registered Development agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or Bank A/C statements showing payments to the Builder/Seller
• Last 6 months Bank Account Statements for all accounts held by the applicant/s
• Loan A/C statement for the last 1 year if any previous loan from other Banks/Lenders
• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
  • Salary Slip or Salary Certificate for last 3 months
  • Copy of Form 16 for the last 2 years or IT Returns for last 2 financial years, acknowledged by IT Dept.
• Income Proof for Non-Salaried 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 professionals like C.A./Doctor)

SBI Shaurya Home Loan EMI Calculator

You need three key pieces of information to use the SBI Shaurya Home Loan EMI Calculator. The amount you want to borrow (loan amount), the interest rate and the tenure. The EMI, or Equated Monthly Installment, is calculated using a formula that combines these elements to determine your monthly payment. This formula considers the principal amount, the interest rate every month (annual interest rate divided by 12), and the total number of months over which the loan will be repaid. If you have a specific set of values for these parameters, I can help you calculate the EMI.