10 Lakh SBI Home Loan

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Having a house that you can return to at the end of the day is a dream for many. To bring this long-waiting dream to life, an SBI 10 lakh home loan might be the most viable option you may have. As India’s largest home loan lender, the bank offers an array of financing options catering to a diverse range of customers, along with attractive features and discounts.

These features may include a flexible 10 lakh home loan EMI SBI, competitive SBI home loan interest rates for 10 lakhs, minimal eligibility criteria, and moderate documentation requirements, among others. These aspects collectively make this SBI 10 lakh home loan more affordable and borrower-friendly, making your homeownership journey less difficult. Let’s scroll down and learn more.

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Table of Content

1. 10 Lakh SBI Home Loan Highlights

2. 10 Lakh SBI Home Loan EMI for 10 Years

3. 10 Lakh SBI Home Loan EMI for 20 years

4. 10 Lakh SBI Home Loan Fees and Charges

5. 10 Lakh SBI Home Loan Documents Required

6. 10 Lakh SBI Home Loan Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

10 Lakh SBI Home Loan – Highlights

Let’s take a look at a list of key parameters you might be aware of before delving deeper into the 10 lakh home loan EMI SBI, eligibility, documentation, and other relevant factors.

Interest Rates	8.40% – 9.05% p.a., depending on the loan amount, tenure, credit score, and other pertinent components.
Processing Fees	0.25% of the loan amount plus applicable service tax
Loan Amount	Up to 90% of the property value.
Loan Tenure	Maximum 30 years (or) up to the age of 70 years of the borrower, whichever is early.
Eligibility	Salaried or self-employed individuals, including NRIs, with a regular source of income.

10 Lakh SBI Home Loan EMI for 10 Years

Here is the data regarding a 10 lakh home loan EMI SBI for a 10-year loan tenure:

Loan Amount	Interest Rate	Loan Tenure	EMI	Total Interest Payable	Total Payment
Rs 10,00,000	8.40% p.a.	10 years	Rs 12,345	Rs 4,81,418	Rs 14,81,418

10 Lakh SBI Home Loan EMI for 20 years

Following are the estimated SBI housing loan EMI for 10 lakhs, as per a 20-year loan tenure:

Loan Amount	Interest Rate	Loan Tenure	EMI	Total Interest Payable	Total Payment
Rs 10,00,000	8.40% p.a.	20 years	Rs 8,615	Rs 10,67,611	Rs 20,67,611

10 Lakh SBI Home Loan – Fees and Charges

Following are the fees and charges that you can expect as an SBI 10 lakh home loan borrower:

Fee/Charge	Amount
Processing Fee	Up to 0.25% of the loan amount, plus applicable taxes.
Prepayment Charges	Nil (for both fixed and Floating rate of interest)
Late Payment Charges	Rs. 500 + GST
Cheque Bounce Charges	Rs. 225 + GST
Cheque Swap Charges	Rs. 225 + GST
Duplicate Statement Issuance Charges	Rs. 100 + GST.
Duplicate Amortisation Schedule Issuance Charges	Rs. 200 + GST.
Duplicate Interest Certificate Issuance Charges	Rs. 100 + GST.
Loan Conversion Charges/Switching Fee	0.50% of the outstanding loan amount + GST
Legal Fee	As per actuals
Valuation Fee	As per actuals

10 Lakh SBI Home Loan – Documents Required

The following are some or all of the documents you require as an SBI 10 lakh home loan applicant:

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.

Proof of Address: Recent copy of Utility Bills, Passport, Driving License or Aadhaar Card.

Proof of Income: Salaried applicants must submit their salary slips for the last 3 months, bank statements for the last 6 months showing salary credits, and the latest form 16 or IT returns. Whereas self-employed applicants must submit their business address proof and licence details, balance sheet and profit and loss account for the last 3 years, TDS certificate, IT returns for the last 3 years, and bank statements for the last 6 months.

Proof of Property: Allotment letter or buyer’s agreement, receipt of payment made to the developer, NOC from the builder or society, property tax receipts, approved plan, and builder’s registration certificate.

10 Lakh SBI Home Loan – Eligibility Criteria

Let’s take a look at the criteria for 10 lakh home loan eligibility SBI:

You must be a resident of India or a Non-Resident Indian.
You must be salaried or self-employed individuals.
Your age must be between 18 to 70 years.
Your minimum income must be Rs. 25,000 per month.
You must have a good credit score and repayment history.
You must have valid proof of identity, residence, income, and property.