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SBI Home Loan Offer To End Tomorrow: Here’s How You Can Grab Yours


When it comes to purchasing your dream house, a home loan can be a part of your personal finance which is a type of collateral loan where the lender keeps your property as collateral to sanction you the loan amount which is fully dependent on your income criteria, credit score, employment type and much more. Most of the borrowers what they do is they mostly focus and consider loan tenure, amount, and applicable interest rates. But in a home loan what matters the most apart from the interest rate is the processing fee or application fee which is a non-refundable amount imposed by your lender to process the loan amount against your application.


The processing fees which may vary from 0.5% to 3% is a must to consider by comparing the fee of different lenders failing to do the same can make a direct impact on your home loan budget. However, as a big relief to the customers, the country's largest lender State Bank of India has recently waived off the processing fee of 0.40% on home loans which is valid till 31st August 2021. To know what's on the offer by SBI and the process to grab the deal before it expires, keep on reading to achieve freedom from your rent house today.

SBI Home Loan Products

SBI Home Loan Products

SBI is the largest lender in India in terms of mortgage loans and the bank has granted its loan offer to over 30 lakh families across the country. SBI offers a range of home loan products such as SBI Regular Home Loan, SBI Balance Transfer of Home Loan, SBI NRI Home Loan, SBI Flexipay Home Loan, and SBI Privilege Home Loan. With a plethora of core values such as wide product range, interest calculation on daily reducing balance, overdraft facility available, low-interest rates, low processing fees, no hidden costs, no pre-payment penalty, 24,000+ branches, 1600+ member strong dedicated Sales Team, and winning the Special Commendation Award For Best Home Loan Provider" at the 13th CNBC-AWAAZ Real Estate Awards 2019, SBI has a remarkable footprint of its home loan offerings across the home loan borrowers of India. The interest on home loans is typically determined by the bank on a monthly, annual, or daily reducing balance. 'SBI charges interest on daily reducing balance' which means that the principal amount of your loan, for which you pay interest, decreases as you clear your EMI without missing or failing.

Documents and eligibility criteria

Documents and eligibility criteria

The eligibility criteria and the required documents for home loans may vary from bank to bank, but according to the official website of SBI, following the general eligibility criteria and documents that are required while applying for a home loan.


  • The borrower should be a resident of India or an NRI
  • He / she should be above 18years of age at the beginning of the loan
  • Repayment should be up to the age of 70 years.


Here is the list of documents that are required for a home loan application, according to the official website of SBI:

Tentative List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver's License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • Permission for construction (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for the last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
What’s on offer by SBI on home loan?

What’s on offer by SBI on home loan?

According to a Tweet of SBI issued on 18th August 2021, SBI has the following offers for the home loan customers:

  • Zero processing fee
  • 5 bps interest concession for women if she is the main applicant/co-applicant.
  • 5 bps interest concession if applying via YONO.
  • Low-interest rate starts at 6.70% onwards.
  • Housing loans with low equated monthly installments.
  • No upper limit on home loan.
  • SBI offers loans with one of the longest tenors (up to 33 years) with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.
  • SBI offers loans to both new and old houses/flats and for construction of houses. Cost of furnishing the house can also be included in the project cost.
  • SBI levies interest based on daily reducing balance, unlike the annual reducing balance method used by several other financiers/banks.
How to apply for SBI home loan?

How to apply for SBI home loan?

A borrower can apply for a home loan with SBI via the following modes:

  • Website at-
  • YONO Mobile App-
  • SMS ‘HOME' to 567676
  • Call on 1800112018

Via a Tweet issued on 24th August 2021, SBI has outlined the following steps to apply for a home loan online:

  • Open the YONO app on your mobile phone and click on the Hamburger menu.
  • Visit the loans menu
  • Click on home loan.
  • Do a quick eligibility check by providing your date of birth (DOB).
  • Enter your income source
  • Enter your net monthly income.
  • Details of any other loans
  • And that's it! Your eligibility check is complete!
  • Check your eligible loan amount and proceed.
  • Fill in the details and click on submit.
  • And you are done. You will receive a call from an SBI executive shortly.
SBI Home Loan Interest Rates

SBI Home Loan Interest Rates

Following are the floating interest card rates on home loans which are in force from 01.05.2021:

Loan amountSalaried
Term Loan Maxgain
Up to Rs 30 Lacs EBLR+ 15 bps, ER: 6.80%, (ER: Effective Rate) EBLR+ 50 bps, ER: 7.15%
Above Rs 30 Lacs to Rs 75 Lacs EBLR+ 40 bps, ER: 7.05% EBLR+ 75bps, ER: 7.40%
Above Rs 75 Lacs EBLR+ 50bps, ER: 7.15% EBLR + 85bps, ER: 7.5%
Source: SBI


Here are some important points that SBI has mentioned on its website regarding home loan interest rates:

  • A premium of 15 bps will be added to the Card Rate for Non-Salaried Customers.
  • A premium of 10 bps will be added to the Card Rate for Loan up to Rs 30 Lacs if LTV ratio is >80% & <=90%.
  • A premium of 10 bps will be added to the Card Rate for customers falls under RG (4 to 6)
  • 05 bps concession will be available to women.
  • 05 bps concession will be available for digitally sourced loan in YONO
  • Premium of Non Salaried Customers, Risk Grade 04 to 06, Loan up to Rs 30 Lacs if LTV ratio is >80% & <=90% and concession for women customers will be clubbed with Card Rate/ other premium for arriving at Final Rate for the customer.

Read more about: sbi home loan state bank of india
Story first published: Monday, August 30, 2021, 16:53 [IST]
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