When you get the cheapest home loan, for sure you will feel crazy. State Bank of India always offers the best products. With best we mean, quality and unbeatable features. A home loan concerns people the most but when SBI home loan is available at low-interest rates, it becomes so pleasing to our pockets.

Currently, almost all lenders have increased their MCLR and thus interest rates linked to a floating rate of interest have also become costlier. Still, SBI home loan is available at the lowest rate out of all the top lenders in India. The bank has waived off processing fees on home loans which makes it even more demanding. To know more about the product and apply for it, read more.

SBI Home Loan Eligibility

The eligibility criteria based on which SBI accepts home loan application is mentioned below:

For Salaried

  • Your age must be between 18-70 years
  • Your net annual income should be at least ₹1,20,000
  • You can get loan amount up to ₹5 lakhs to ₹1 crore
  • The minimum work experience required is 2 years

For Self-employed

  • Your age must be between 21-70 years
  • Your net annual income should be at least ₹2,00,000
  • You can get loan amount up to ₹5 lakhs to ₹2 crores
  • The minimum work experience required is 3 years

Documents Required

The list of documents required for the loan application are as follows:

For Salaried

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Original salary certificate from employer
  • TDS certificate on Form 16 of IT return for last two financial years

For Self-employed

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Acknowledged copies of three years IT return/Assessment orders
  • Photocopies of challans evidencing payment of Advance Income Tax

Home Loan Interest Rates SBI

Recently, SBI has increased its 2-year MCLR and thus loans linked to MCLR have become costlier. Right now, SBI home loans are available at low-interest rates starting from 8.65% per annum and go up to 9.20% per annum. On the basis of income and property value, the maximum loan amount and the interest rate is decided by the lender. Those who have the good credit score of at least 700 have more chances of negotiating with the lender to approve lowest possible rate.

On the basis of interest rate, income criteria and types of home loans, you can choose whether home loans make your crazier or not. Jokes apart, you should go through every minute detail and then choose whether or not you find it suitable for you or not.