SBI Home Loan for Bank Employees

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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.

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Table of Content

1. SBI Home Loan for Bank Employees Highlights

2. SBI Home Loan for Bank Employees Fees and Charges

3. SBI Home Loan for Bank Employees Documents Required

4. SBI Home Loan for Bank Employees Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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.

Features	Details
Interest rate	7.05% per annum onwards
Loan amount	Up to Rs. 10 crores depending on salary and other eligibility criteria
Loan tenure	Up to 25 years
Foreclosure charges	There is no foreclosure charge included
Documentation	Minimal documentation required

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.