SBI Home Loan for Salaried Person

State Bank of India provides home loans specifically designed for salaried individuals. With attractive interest rates and flexible repayment options, the bank aims to make homeownership more accessible. Salaried individuals can benefit from the bank's high loan eligibility criteria and hassle-free application process. With competitive interest rates based on the borrower's creditworthiness and loan amount, the home loans offered by SBI are a cost-effective option for homebuyers. 

Additionally, the bank provides various repayment options, including flexible loan tenure and opting for fixed or floating interest rates. SBI's home loan for salaried persons is a reliable and convenient choice for those looking to fulfil their dream of owning a home.

SBI Home Loan for Salaried Person – Highlights

Here are the highlights of SBI Home Loans for salaried persons:

SBI Home Loan for Salaried Person – Fees and Charges 

Here are the fees and charges associated with SBI Home Loans for salaried individuals:

Fee for processing: 0.40% of the loan value (minimum INR 10,000; maximum INR 30,000)

No charges for prepayment on floating-rate loans. 2% of the outstanding principal for fixed-rate loans.

Late payment charges: 2% per annum and the applicable interest rate on the overdue amount.

SBI Home Loan for Salaried Person – Documents Required

The following documentation is necessary for salaried individuals applying for an SBI Home Loan:

• Identity Proof: It includes a PAN Card, Aadhaar Card, Voter ID Card, Passport, and Driving License.
• Address Proof: It includes an Aadhaar Card, Voter ID Card, Passport, Driving License, and Utility Bill.
• Income Proof: It includes Salary Slip, Form 16, Bank Statement, and Income Tax Returns.
• Property Documents: Required documents include a Sale Deed, Agreement of Sale with the Builder, Land and Building Tax Receipts, and a No Objection Certificate (NOC) from the Society or Builder.

SBI Home Loan for Salaried Person – Eligibility Criteria

Here are the eligibility criteria for SBI Home Loans for salaried individuals:

• Age: The applicant should be at most 70 years old and not less than 18 years of age.
• Income: The applicant should have a monthly income of at least INR 25,000.
• Employment: An applicant must be a salaried worker of a government organisation, a public sector undertaking, an Indian company or an MNC.
• Credit Score: The applicant should have a good credit score. A potential applicant must have a credit score of 650 and above to be eligible for a home loan.