SBI Home Loan Eligibility Criteria

To get you home loan approved successfully with SBI, you need to fulfill the SBI Home Loan eligibility criteria:

Documents Required for SBI Home Loan

Below are the documents required for SBI Home Loan - 

• Fully completed application for Home Loan

• Loan applicant’s Passport size photographs

• Identification Proof (Any one): Driving License, Passport, Aadhar Card and Voter I Card

• Age Proof (Any one): PAN Card, Passport, Driving license, Birth Certificate, 10th class Marksheet and Bank Passbook

• Residence Proof: Utility Bill (Electricity, Telephone, Water, Gas Bill/Slip), Aadhar card, Voter ID card, LIC Policy slip, Ration Card and Letter of Public authority verifying the applicant’s address 

• Proof of Income (For Salaried): Last 2 Months Payslip, Form 16, Increment or Promotion Letter, IT returns of the last 3 years, Investment proofs such as Fixed Deposits, Shares, etc.

• Proof of Income (For Self-employed): Business License details (or any other equivalent document), Last 3 years IT returns, Balance Sheet & Profit and Loss Statement of Firm/ Company (attested by a CA), Professional Practice License (For Doctors, Lawyers, Consultants, etc.), Registration Certificate of Establishment (For Shops, Factories, etc.) and Proof of Business Address.

SBI Home Loan Schemes

1.  Regular Home Loan (Term Loan): Offered to both salaried employees and self-employed individuals at an affordable interest rate, SBI Regular Home Loan is India’s most demanded home loan scheme.

2.  Home Loan (MaxGain): This home loan scheme works as a Current/Savings account. In this scheme, you can take an overdraft of Rs. 20 lakh and above, and utilise the amount as required. In case some amount is left unutilised, you can save it in your Current/Savings account. A cheque book and ATM card is also issued to you.

3.  Realty Home Loan: This home loan scheme is specially designed for individuals wishing to construct a home on a vacant plot. It offers a loan amount of up to Rs.10 crores. However, to avail of this loan scheme, it is compulsory to have a Savings account with SBI.

4.  Home Loan Top Up (Term Loan): Also known as the term loan, this home loan top-up can be availed by the existing home loan borrowers of SBI. The top-up can be taken either for home renovation/extension or for any other personal reason.

5.  Bridge Home Loan: This is a loan facility that helps bridge the financial gap between buying a new property and selling the older one. Both salaried individuals and self-employed professionals can avail of a loan amount of up to Rs.20 crores from this loan scheme.

6.  Smart Home Loan Top Up (Term Loan): If you already have a home loan with SBI, you can apply for this top-up facility just by visiting the nearest SBI branch and without submitting additional documents. However, to apply for this scheme, your credit score should be 550 or above.

7.  Insta Home Top Up Loan: You can avail this SBI Home Loan scheme online by visiting the official website of SBI. You can get a maximum loan amount of up to Rs. 5 lakhs from this Top Up scheme. The only conditions to apply for this scheme is that your existing home loan should be at a minimum of Rs. 20 lakhs and a minimum tenure of 5 years should be left.

8.  Earnest Money Deposit (EMD): This scheme is curated considering the financial needs of applicants who are looking for earnest money to book built-up houses/residential plots sold by government housing agencies as HUDA, PUDA and other Housing Boards. 

9.  Tribal Plus Scheme: This home loan scheme offers a home loan amount of up to Rs.10 lakh and is designed for individuals living in tribal or hilly regions. Under this scheme, the applicant is not required to mortgage his land.

10.  Reverse Mortgage Loan: This loan helps to provide an additional source of income to senior citizens owning a self-acquired or self-occupied house in India. The loan scheme is designed for senior citizens who do not have enough income to support themselves. The bank pays the borrower against the mortgage of his residential property.

11.  Privilege Home Loan: This scheme is dedicated to Central / State government employees or individuals working in PSBs, PSUs or pensionable services. There is no processing fee charged if you apply for this home loan scheme and the tenure goes up to 30 years.

SBI Home Loan EMI Calculator

Before you take a loan, it’s important to know how much EMI you will be paying. The EMI can be calculated easily using the SBI Home Loan calculator. To calculate the EMI, you need to enter the amount you wish to borrow, the rate of interest, and the tenure of the loan.