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.

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Table of Content

1. SBI Home Loan for Salaried Person Highlights

2. SBI Home Loan for Salaried Person Fees and Charges

3. SBI Home Loan for Salaried Person Documents Required

4. SBI Home Loan for Salaried Person 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 Salaried Person – Highlights

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

Highlights	Details
Loan Tenure	Up to 30 years
Processing Fee	There is no processing fee for defence personnel, government employees, and pensioners, and others can get up to a 50% discount on the processing fee.
Interest Rates	8.40% Onwards

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.