SBI Pre-Approved Home Loan

The SBI Pre-Approved Home Loan is a financial product the State Bank of India offers. It's designed to streamline the home-buying process for customers. This innovative loan product allows individuals to get their home loan sanctioned before finalising the property they wish to purchase. By assessing the loan eligibility based on the income details of the applicant, SBI provides a pre-approved loan limit, which empowers customers to negotiate with builders and sellers with greater confidence and clarity.

SBI Pre-Approved Home Loan – Highlights

SBI Pre-Approved Home Loan – Features and Benefits

The SBI Pre-Approved Home Loan comes with several features and benefits:

• You can obtain loan approval before selecting a property.
• Low interest rates make the loan affordable over the long term.
• Reasonable processing fees to keep upfront costs minimal.
• Transparency in fees ensures you know exactly what you’re paying for.
• For floating-rate loans, there’s no penalty for prepaying your loan.
• Interest is calculated on the outstanding balance, decreasing as you repay your loan.
• With up to 30 years of tenure, you are providing flexibility in managing your monthly outflows.
• This innovative feature allows you to use your loan amount as an overdraft.
• Special interest rate concessions for women borrowers to encourage property ownership among women.

SBI Pre-Approved Home Loan Interest Rates

The SBI Pre-Approved Home Loan comes with an interesting interest rate:

• Interest Rate: Home Loan interest rate starts at 8.50% onwards.
• Processing Fee: 50% concession in card rate. 100% waiver in selected cases.

SBI Pre-Approved Home Loan Fees and Charges

Here is a table explaining the charges associated with an SBI pre-approved home loan:

SBI Pre-Approved Home Loan – Eligibility Criteria

The eligibility criteria for the SBI Pre-Approved Home Loan include:

• Applicant must be a Resident Indian.
• 18+ years at the time of loan application.
• 70 years at the time of loan maturity.
• Up to 30 years, providing flexibility in repayment terms.
• The applicant’s income details are assessed to determine loan eligibility and amount.

SBI Pre-Approved Home Loan – Documents Required

For the SBI Pre-Approved Home Loan, the required documents include:

• Employer Identity Card: For employment verification.
• Loan Application: A fully filled-out loan application form with three passport-size photographs.
• Proof of Identity: One of the following – PAN, Passport, Driver’s License, or Voter ID card.
• Proof of Residence/Address: One of the following is a recent copy of the telephone bill, electricity bill, water bill, piped gas bill, or a copy of the passport, driving license, or Aadhar card.
• Account Statement:
  • Last 6 months’ Bank Account Statements for all accounts held by the applicant/s
  • Loan A/C statement for the last 1 year if any previous loan from other Banks/Lenders.
• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
  • Salary Slip or Salary Certificate for the last 3 months.
  • Copy of Form 16 for the previous 2 years or copy of IT Returns for the last two financial years, acknowledged by IT Dept.
• Income Proof for Non-Salaried Co-applicant/ Guarantor:
  • Business address proof.
  • IT returns for the last 3 years.
  • Balance Sheet & Profit & Loss A/c for the previous 3 years.
  • Business License Details (or equivalent).
  • TDS Certificate (Form 16A, if applicable).
  • Certificate of qualification (for professionals like C.A., Doctor, etc.).

SBI Pre-Approved Home Loan EMI Calculator

The SBI Pre-Approved Home Loan EMI Calculator is a user-friendly online tool that helps you calculate your home loan’s monthly payment. You need to enter the loan amount you’re considering, the interest rate offered by SBI, and the loan’s duration. This way, you can easily understand how much you’ll need to pay each month and plan your finances accordingly, ensuring you’re comfortable with your future financial commitments.