State Bank of India (SBI), the largest nationalized bank in India, is one of the market leaders in the home loan segment. Apart from its myriad products and services, SBI offers home loans for a variety of purposes, including purchase/construction of new house/flat, purchase of an existing house/flat, purchase of a plot of land for construction of house and extension/repair/renovation/alteration of an existing house/flat. SBI home loans come with some unique features that make them stand out in the competition. Besides the standard package of home loans, SBI has some customized home loan products in its kitty, which address the needs of niche customer segments. Explore the article to know all about State Bank of India housing loans.

SBI Housing Loans

Features

* SBI Home Loan provides no cap on maximum loan amount for the purchase/construction of house/flat.
* There is an option to club the income of the applicant's spouse and children to compute the eligible loan amount.
* The bank provides free personal accident insurance cover.
* A complimentary international ATM cum Debit card is also provided by SBI.
* On the spot "in principle" approval is a special provision for the applicant.
* If all the required documents are submitted by the applicant, SBI Home Loan is sanctioned within 6 days of the date of submission.
* The applicant can also consider SBI's Home Loan as a Term Loan or as an Overdraft facility, in case he/she wants to save on interest and maximize gains.
* SBI Home Loan also provides free personal accident insurance cover up to Rs 40 Lakhs.
* Repayment is permitted up to 70 years of age, which is an added advantage of SBI Home Loan.

Products

* 'SBI-Flexi' Home Loans are designed to enable borrowers to hedge their Home Loan against unfavorable movement in interest rates and gives the customers a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates.
* 'SBI-Freedom' Home Loans are customized for high net worth individuals and offer benefits such as 100 per cent finance of the project and no mortgage of the property, provided the individual could show liquid securities such as LIC policies or NSCs.

Eligibility

* The minimum age of the applicant is 18 years, on the date of the sanction of the loan.
* The maximum age limit for a Home Loan applicant is 70 years. It is the maximum age limit, within which the loan should be fully repaid.
* The applicant should consist of sufficient, regular and continuous source of income for repaying the loan.

Documents

* Completed Application Form with one Passport Size Photograph
* Identity Proof - the applicant can make use of his/her PAN Card/Voter ID/ Passport/Driving License, for the purpose.
* Residence Proof - the applicant can make use of his/her Recent Telephone Bill/ Electricity Bill/Property tax receipt/Passport/Voters ID
* Proof of business address in respect of businesspersons/ industrialists
* Sale Deed, Agreement of Sale, Letter of Allotment, Non Encumbrance Certificate, Land/Building Tax paid receipt etc.
* Copy of Approved Plan and approval from the Local Body
* Statement of Bank Account/ Pass Book for last 6 months