SBI Home Loan for Bank Employees

The State Bank of India offers a specialised service called SBI Home Loan for Bank Employees, which aims to assist bank employees in buying or building their own homes. This unique home loan solution is designed specifically for bank employees and is offered by SBI, a government-owned bank. Additionally, individuals with pensionable services are also eligible for this home loan scheme. 

SBI Home Loan for Bank Employees – Highlights

The table below showcases information about the SBI home loan for bank employees, such as tenure, documentation required and interest rate. 

SBI Home Loan for Bank Employees – Fees and Charges 

The SBI Home Loan for Bank Employees consists of the following fees and charges:

• A processing fee of 0.35% of the loan amount, in addition to any applicable taxes.
• There are no prepayment charges.
• Late payment charges amount to 2% per month on the overdue amount.
• 18% of GST levied on home loans as per the government guidelines.

SBI Home Loan for Bank Employees – Documents Required 

The primary documents required for an SBI home loan for bank employees have been listed below. 

Loan Application Form: Application filled for the required loan amount. 

KYC Documents: Proof of identity and residence.

Property Documents: Letters confirming the allocation of the property, certificate of occupancy, deed of conveyance, and other relevant documents.

Income Proofs: Statements of salary slips for the past three months or financial statements such as balance sheets and profit and loss accounts for the past three years.

SBI Home Loan for Bank Employees – Eligibility Criteria 

Interested applicants for the SBI Home Loan for Bank Employees must fulfil the following eligibility criteria. 

• The central or state governments must employ you, Central Public Sector Undertakings (PSUs), Public Sector Banks (PSBs), or have a pensionable service.
• You must have at least two years of remaining service.
• You must have a minimum net monthly income of Rs. 25,000.