State Bank of India Home Loan - Frequently Asked Questions

What are the various interest rates offered on home loans?
Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.35% p.a while other customers are charged a interest rate of 9.40% p.a. These rates are irrespective of the actual loan amount.
What is the processing fee charged by SBI for home loans?
SBI charges a low processing fee for its home loans. Upto 0.35% of the loan amount is charged. The amount can be maximum of Rs.11,500
Can I pay off my SBI home loan earlier than the initial tenure?
Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.
Is there any security required for the SBI home loan?
Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.
Is a guarantor required to sign my loan application?
Yes. A guarantor with all the valid and required documents needs to sign your loan application.
What kind of job makes me eligible for SBI home loan?
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
Can joint-applications be made for SBI Home Loans?
Yes. Joint applicants are welcome at SBI.
Are there any tax benefits associated with SBI home loan?
Yes. Tax rebate under section 80C of the Income Tax Act is applicable.
Are long-term home loans beneficial or short-term loans?
Long-term loans are beneficial in giving you the option and comfort of lower EMIs, however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.
How long does it take for my loan to get sanctioned?
If all the required documents are in place then your SBI home loan can be sanctioned in a few days.
Where can I apply for SBI home loan?
With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

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