When you apply for an SBI home loan the following steps given below need to be followed:

1. To begin you need to visit your nearest Branch and fill up the physical Home Loan form.
2. Necessary documents like KYC, Financial, and Property need to be submitted
3. Processing of the loan along with legal and technical verification initiated by the bank
4. The loan eligibility of the applicant is determined by the bank. After which SBI Bank will provide a sanction letter. It will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
5. After all the required documents is submitted and home loan disbursement request is raised, SBI Bank will initiate the process of issuing your home loan disbursement cheque

There are a few documents that you need to submit while applying for a SBI Home Loan. They are as follows:

The SBI Bank provides you with the lowest interest rates available. Also, they also offer a smooth ‘Digital’ experience that helps you apply 100% hassle free online.

On completion and submission of a loan application along with the required paperwork, SBI can take anywhere between 3 to 10 working days to sanction it.

Typically you will need to have a minimum CIBIL score of 650 to be eligible for a SBI Home Loan.

Usually, the maximum limit of a SBI loan amount can go up to 50 crores. The minimum home loan amount that SBI provides is about Rs 50,000.

Although, it is not mandatory to have a co-applicant. It is advisable that you do have one while applying for a SBI Home Loan since it enhances your home loan eligibility significantly. Thereby showing the lender your ‘Creditworthiness’ and chances to improve terms and conditions.

On securing a SBI Home Loan your rate of interest will change depending on the type of loan you choose. So, if you select a floating rate of interest then it will change regularly. However, if you opt for a fixed rate of interest then there will be no frequent changes.

If you have returns for three financial years to show for then it means you can secure a SBI Home Loan with ease. However, you can get a SBI Home Loan despite not having income tax returns for three years. Provided you are looking to take a small loan and you have a good CIBIL score to indicate that you are creditworthy.

Typically, once you receive a sanction letter from SBI for a home loan, it should take a maximum of 3 to 10 days to get disbursed.

Additional information about the SBI Home Loan that you need to know are given below. They are as follows:

1. SBI Home Loan Features:

   • Low loan processing fees 
   • Low interest rates 
   • No hidden costs 
   • Overdraft facility available 

2. What are some of the different types of SBI Home Loans?

   There are a few various types of home loans that SBI Bank provides. They are as follows: 

   1. Regular Home Loan:

      This home loan has an interest rate that is amongst the lowest in India. 

   2. Top-up Home Loan:

      This scheme helps an individual who already has a home loan get more money if needed. Typically, it can be used for activities such as home renovation/construction/extension.  

   3. Insta Top-up Home Loan:

      In this home loan program, SBI provides you with the opportunity to apply for a loan online through the official website. This includes processing and the disbursement of home loans. 

   4. Flexipay Home Loan:

       SBI Bank provides this scheme for both working professionals/salaried employees. It has a minimum repayment period of 25-30 years for a loan amount of Rs 20 lakh or above. An individual on a salary must have a minimum of two years experience and belong to the 21-45 age category. 

   5. Maxgain Home Loan:

      Through this scheme, an individual can get a home loan above Rs 20 lakh. There is no maximum limit available for obtaining this type of home loan. 

   6. NRI Home Loan:

      SBI makes this type of home loan for Non-Resident Indians (NRI) and Persons of Indian Origin (POIs) who have a regular source of income. 

   7. Realty Home Loan:

      This is a type of home loan provided by SBI that enables you to start the construction of the home. The maximum loan offered under this scheme is Rs 10 crore for a tenure of 15 years. 

   8. Privilege Home Loan:

      SBI offers employees belonging to State/Central governments this type of loan. The maximum loan tenure is 30 years and the repayment age is 75.