SBI Flexi Pay Home Loan

Customers can select moratorium of up to 60 months during which time only the interest has to be repaid.

There is also an option of longer repayment (25 to 30 years). In case customers want to make prepayments, they will not be charged any prepayment penalty.

EMI Calculator:

There is a simple-to-use SBI EMI Calculator provided by BankBazaar. The tab can be found on the right hand side. On the EMI calculator page you will have to enter the amount, duration and interest rate. Once you press calculate, the EMI will be shown.

SBI Home Loan Festive Offer

State Bank of India (SBI) has rolled out a limited period festive season offer. During this period, the bank will be offering Credit Score linked home loans starting at an interest rate of 6.70% p.a. This offer will be valid for all borrowers irrespective of the loan amount that they borrow. During the festive offer, the bank will also offer incentives for non-salaried borrowers. Borrowers will also be able to enjoy the benefit of processing fee waiver on their loans during this offer period.

Eligibility:

1. The SBI Flexi Pay Home Loan can be availed by executives/ working professionals.
2. Applicants must be salaried employees with a minimum of two years of experience.
3. Applicants must be aged between 21 years and 45 years.

Documentation for SBI Flexi Pay Home Loan:

1. Duly filled loan application
2. Three Passport size photographs
3. Last six months’ Pass Book/ Statement of Bank Account
4. Signature identification from present bankers
5. Identity Proof (photocopies of Passport/ Voters ID card/ IT PAN card/ Driving licence/)
6. Personal Assets and Liabilities statement
7. Proof of residence (photo copies of recent Passport/ Electricity Bill/ Telephone Bills/ Property tax receipt/ Voters ID card)

Additional documents required for salaried persons :

1. Last two financial years’ copy of IT Returns or TDS certificate on Form 16 which is duly acknowledged by IT Department.
2. Original Salary Certificate from employer

Additional documents required for self- employed/ Professionals/ other IT assesses:

1. Proof of business address for non-salaried individuals
2. Proof of Advance Income Tax having been paid (photocopies of challans).
3. Copy of Acknowledged Assessment Orders/ I.T. returns for three years.

• Can Home loan be taken over by SBI?
  • Home Loan can be taken over from the following institutions:
  • Private and Foreign Banks
  • Scheduled Commercial Banks (SCBs)
  • Employers of the borrowers if they are State/ Central Government, or their undertakings or Public Sector Undertakings
  • Housing Finance Companies (HFCs) registered with National Housing Bank (NHB)
• What are the documents required for the SBI Flexi Pay Loan?
  • Duly filled loan application
  • Three Passport size photographs
  • Last six months’ Pass Book/ Statement of Bank Account
  • Signature identification from present bankers
  • Identity Proof (photo copies of Passport/ Voters ID card/ IT PAN card/ Driving licence/)
  • Personal Assets and Liabilities statement
  • Proof of residence (photo copies of recent Passport/ Electricity Bill/ Telephone Bills/ Property tax receipt/ Voters ID card)
  • Additional documents required for salaried persons :
    • Last two financial years’ copy of IT Returns or TDS certificate on Form 16 which is duly acknowledged by IT Department.
    • Original Salary Certificate from employer
  • Additional documents required for self- employed/ Professionals/ other IT assesses:
    • Proof of business address for non-salaried individuals
    • Proof of Advance Income Tax having been paid (photocopies of challans).
    • Copy of Acknowledged Assessment Orders/ I.T. returns for three years.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score