sbi home loan

Impact of home loan interest rate SBI on Your Pocket

Finance

The impact of a loan is directly felt on the monthly expenses. People generally spend without giving a single thought but when you take a home loan, things change. State Bank of India (SBI) is the most preferred bank for home loans and the reason behind it is that the lender offers lowest interest rates. Still, the borrower has to pay so check the interest rate on SBI home loan is an intelligent choice.

SBI home loan Interest Rate

The home loan offered by SBI is the best home loans in India. SBI home loan rates are the lowest with the starting rate of 8.45% per annum and eligibility criteria is also very simple.

SBI Home Loan EMI Calculator

A borrower can check what payments he will have to make in the future and accordingly decide if the loan is affordable or not. By doing so, there are better chances of making the right decision and hence the payment will be tension-free.

  • Loan amount
  • Tenure
  • Interest rate

Once you have mentioned these details in the calculator, you get the data like the EMI, the total interest outgo, and the total amount (principal+interest). For better understanding, let us take an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.45% p.a.

EMI: 19,636

Total interest outgo: 15,34,519

Total amount: 35,34,519

SBI Home Loan Eligibility-

Just like for any other loan, there is an eligibility criterion for SBI home loans as well. So have a look at the eligibility here:

For Salaried:

  • Your age must be between 18-70 years
  • Your net annual income should be at least ₹1,80,000
  • 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 at 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 (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • 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, duly acknowledged by IT department

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 (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • 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

 

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