SBI Home Loan for Government Employees

The State Bank of India introduced the 'SBI Privilege Home Loan', a specialised mortgage offering crafted for the nation's government workforce. This exclusive home financing solution is available to a broad spectrum of employees, encompassing those serving in various capacities under central or state governments, including Public Sector Banks (PSBs) and Public Sector Undertakings (PSUs) of the central government, as well as retirees eligible for a pension. Eligibility and loan quantum are meticulously assessed based on a range of criteria, including but not limited to the applicant's earnings, repayment capability, age, net worth, and the valuation of the property in question.

SBI Home Loan for Government Employees – Highlights

SBI Home Loan for Government Employees – Fees & Charges

No processing fee is required. However, there will be out-of-pocket expenditures like the advocate’s fee for a legal opinion, the valuer’s fee, CIBIL, and CERSAI charges. 

For Pre-sanction 

• The fee for an advocate is required for property search
• The advocate’s fee related to the property search
• Valuer’s fee for valuation report.

Post-sanction

• Stamp duty payable for Loan agreement
• Insurance premium for property 
• CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lakh limit; and Rs 100 + GST for limits above Rs 5 Lakh

SBI Home Loan for Government Employees – Documents Required

The SBI home loan documents for government employees are as follows: 

• Loan Application
• Proof of Identity and Proof of Residence
• Permission for construction (where applicable)
• Registered Agreement for Sale
• Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
• Last 6 months’ Bank Account Statements for all Bank Accounts held by the applicant/s
• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
• Last 3 months’ salary slips 
• Business address proof
• IT returns for the last 3 years
• Certificate of qualification (for C.A./ Doctor and other professionals)

SBI Home Loan for Government Employees – Eligibility Criteria

• The resident should be an Indian citizen 
• His or her minimum age should be 18 years 
• His or her maximum age should be 75 years 
• The maximum loan tenure is up to 30 years 

SBI Home Loan Schemes for Government Employees

The State Bank of India presents a dedicated home loan scheme, the ‘SBI Privilege Home Loan’. This scheme is specifically designed for the government sector workforce. It caters to a wide array of government personnel, ranging from employees of both central and state governments to members of public sector banks and central public sector undertakings, as well as those entitled to pension benefits.