SBI home loans at 6.70%: Step-by-step guide and other details

“Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers," the bank clarified.

The main objective of this campaign of SBI is to help more and more people to get their own home at low interest rates and without paying processing fee, making the home loan business simpler and more attractive, it added.

SBI offers customised home loans as per the requirement of individuals with home loans such as Regular Home Loan, SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for army and defense personnel, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for loan of higher amount and SBI HerGhar Home Loan for women.

Features of the credit score linked SBI home loans:

• Low interest rates


• Zero processing charges


• No hidden or administrative charges


• Interest concession for women borrowers


• First-of-its kind credit score linked home loans


• No prepayment penalties


• Interest calculation on a daily reducing balance


• Home loan also available as an overdraft

To apply for SBI home loan, customers can now click on the link and fill the required details like account number and mobile number to check eligibility and loan quotation.

Customers can also apply for a home loan using YONO SBI at the comfort of their home.

Here is how to apply:

• Login to your YONO account


• On the home page, click on the menu (three lines) on the top extreme left


• Click on loans


• Click on Home Loan


• Do a quick eligibility check by providing your date of birth


• Enter your income source


• Enter your net monthly income


• Details of any other loans


• Check your eligible loan amount and proceed


• Fill in the other required details and click on submit


• You will get a reference number and an SBI executive will call you shortly

• Employer Identity Card


• Loan Application: Completed loan application form duly filled in affixed with three Passport size photographs


• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card


• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

• Permission for construction (where applicable)


• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale


• Occupancy Certificate (in case of ready to move property)


• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt


• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)


• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

• Last six months' Bank Account Statements for all Bank Accounts held by the applicant/s


• If any previous loan from other Banks/Lenders, then Loan A/C statement for last one year

• Salary Slip or Salary Certificate of last three months


• Copy of Form 16 for last two years or copy of IT Returns for last two financial years, acknowledged by IT Dept.

• Business address proof


• IT returns for last three years


• Balance Sheet & Profit & Loss A/c for last three years


• Business License Details(or equivalent)


• TDS Certificate (Form 16A, if applicable)


• Certificate of qualification (for C.A./ Doctor and other professionals)