What is SBI Home Loan? | SBI Home Loan Documents | SBI Home Loan Benefits

SBI home Loan
SBI home Loan

All have three basic needs in life i.e. food, cloth, and home. We somehow arrange food and cloth, but building a home needs a lot of money which is not an easy thing for every person. Building own home is a dream for many of us. But some of us are not able to do it just because of low income. Don’t worry. There are home loan options for you, that will make your wish true. State Bank of India (SBI) is well known to all of us. If we will talk about the home loan, then SBI home loan is the best home loan, because it has the lowest rate of interest.

In this blog, we will discuss how to take home loan from SBI, which documents will be required, which terms and conditions should be followed, if you are eligible for loan then how much maximum loan amount you will get, what will be the repayment period, what will be the rate of interest, and how many extra charges do you have to pay.

Purpose of Home Loan

If you want to buy a new home or construct one, you can choose a home loan. Not only for new home, if you want to renovate your old home, then you can also apply for home loan. You can extend your home also by taking home loan.

Before going to any of these details, we will discuss some popular types of SBI home loans, you should know.

Types of SBI Home Loan Schemes

SBI Regular Home Loan

SBI regular home loan is applicable to all individuals (Indian resident / Non-Indian resident), salaried persons, non-salaried persons, self-employed persons and etc. For self-employed persons, it is the best option. The minimum age required to avail this loan is 18 years.

SBI Flexipay Home Loan

If you are doing a job and getting your salary as your income source, then it’s a good news for you. SBI Flexipay home loan provides a higher loan amount also. Any salaried person can avail of this benefit. Not only higher loan amount, Flexipay home loan also provides options to the customer to pay only interest during the pre-EMI period. This period is also called as moratorium period. Moderated EMIs facility is also available in this type of loan. In this option, your EMIs will stepped-up during the subsequent years. If you are young and have just started earning through salary, then SBI flexipay home loan is best suited for you.

SBI Privilege Home Loan

This loan is only for govt employees. Any govt employee (either state govt employee or central govt employee) can be benefitted from SBI privilege home loan. If you are working in PSUs, PSBs, or are doing a pensionable service, then you are also eligible for this type of loan. The important benefits of this loan are zero processing fee, no hidden charge, no prepayment penalty. Women borrowers get extra concessions.

SBI Shaurya Home Loan

SBI Shaurya home loan is a special scheme and is only available for Army and defense personnel. In this type of home loan interest rate is very low. Defense employees get a longer period for repayment. It has also zero processing fee.

SBI Home Top Up Loan 

Top up means over and above of certain thing. Suppose you already have taken a home loan and your home is not completed. You will require some more amount. Then in this case SBI top-up loan can help you. The benefit of this loan is it has a lower interest rate than the usual personal loan interest rate.

Eligibility for SBI home loan

We have discussed the types of SBI loans above. Now we will know what is the eligibility to get these loans. The eligibility criteria are listed below.

  • To get home loan from SBI, you should be Indian resident.
  • Minimum age to take loan is 18 years and maximum age should be 45 years to apply. Minimum age also varies for different types of loans. For example, minimum age is 21 years for SBI flexipay home loan.
  • The repayment tenure is up to 30 years and upto age of 70 years.
  • Both salaried and self employed are eligible for SBI home loan. Only they have to choose which type of loan suits best for them.

Documents required for SBI home loan

Documents are the most important for taking any loan. If you are eligible for home loan but you fail to submit any of the required documents then your loan amount will not be processed. Generally, you will need documents to prove your Identity, Age, Address, and Income proof. All the necessary documents are stated below.

For Identity Proof

Two passport size photographs, Adhar card / Passport/ Driving Licence / Photo ID issued by the ministry of home affairs of central or state government / Bank account passbook or statement containing a photograph and signed by an individual with attestation by the concerned bank official.

For Age Proof

Adhar card / Pan card / Pass port / Driving Licence / SSL or matriculation certificate / self declaration attested by notary lawer/ Birth certificate.

For Adress Proof

Electricity bill / Telephone bill / Water bill / Gas connection ID / Voter ID card / Property tax / Municipal corporation receipt.

Documents for self employed

Proof of business existence / Last three years CA certified audited balance sheet & profit loss accounts.

How to apply SBI home loan

You can apply for SBI home loan by both online and offline.

Online Process

For applying online visit the official site https://onlineapply.sbi.co.in/. You can also apply with SBI YONO app.

Offline Process

In the bank go to the counter associated with loan querries. They will give every information about the home loans. Then fill the loan application and submit it. Then documents will be verified. Upon successful verification, the loan amount will be disbursed.


  1. What is the rate of interest of SBI home loan?

    The range of the rate of interest of State Bank of India home loan is 6.70% – 9.70%.

  2. What is floating and fixed interest rate?

    Interest rates of loans are linked with External benchmarks i.e. Repo Rate. In floating interest rate your ROI (rate of interest) will be varied with changing Repo Rate. In fixed ROI you will pay a fixed ROI.



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