SBI Home Loan Review| North Loop Official Blog
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03 Sep 2020

SBI Home Loan Review

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SBI Background and Overview –

SBI is one of India’s largest commercial banks and provides a wide range of financial products and services to its millions of customers. It is also the oldest commercial bank in the subcontinent and provides services to everybody from individual customers to commercial enterprises and large corporates.

The SBI home loan is also a popular home financing option for people living in India and abroad. SBI home loan interest rates are comparatively lower than average interest rates and its balance transfer and top-up loan rates are fairly competitive. Moreover, the SBI home loan application process is quick and transparent making it a favoured choice for most individuals.

SBI Home Loan Eligibility criteria –

SBI home loans are offered to both Indian residents as well as Non-Resident Indians. So, even if you are an NRI, you can easily avail the SBI home loan facility. The age limit allowed to apply for SBI home loans is from 18 to 70 years and it is available for both salaried as well as self-employed individuals. While SBI home loan does not have any maximum loan amount specified, the bank usually offers principal loan amounts based on your income level, existing debt obligations and CIBIL credit score. Moreover, the maximum tenure allowed for SBI home loans is 30 years.

As an NRI to be eligible for SBI home loans, you must also have a valid visa, a stable source of income which is not less than $500 pm and also be working abroad for a minimum of two years. To calculate the repayment tenures of the home loan, you can use the SBI NRI home loan calculator.

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SBI Home Loan -

SBI boasts of nearly a third of the home loan market share and provides competitive home loan balance transfer and home top-up loan rates. By providing interest rates that are lower than the market average, it has become one of India’s largest personal lender. That is the reason many people who require a home loan to purchase a new residential property or for other home financing needs look towards SBI to fulfil their needs. However, you can get better rates with more benefits and professional assistance with other providers like North Loop.

SBI home loan interest rate for Indian residents –
  • Up to Rs.35 lakh – 8.75 to 8.75 % pa (for non-salaried: 8.90-9.00%)
  • Between Rs.30 lakh to 75 lakh – 8.90 to 9.00 % pa (for non-salaried: 9.05-9.15%)
  • Above Rs.75 lakh – 9.00 to 9.10 % pa (for non-salaried: 9.15-9.25%)

SBI Home Loan Interest Rates for NRIs –

SBI home loan interest rates for NRIs begins from 7.95% and can go up to 9.30% based on the loan amount and the profession of the applicant. The home loan amount offered by this bank can be up to Rs.3 crore and the tenure is also around 30 years which is higher than some of the other popular banks in India. The SBI home loan interest rates for NRIs based on your profession and the desired loan amount is as follows –
  • Up to Rs.30 lakh – 8.80 to 9.00 % pa (for non-salaried: 8.95-9.05%)
  • Between Rs.30 lakh to 75 lakh – 8.95 to 9.05 % pa (for non-salaried: 9.10-9.20%)
  • Above Rs.75 lakh – 9.05 to 9.15 % pa (for non-salaried: 9.20-9.30%

Documents –

The SBI home loan documents vary depending on your profession, income and loan amount and include a huge list of statements and proofs. If you want to avoid such cumbersome documentations, you can apply for home loans with a platform like North Loop. You can sign up and avail home loans here at low, competitive rates and minimal documentations.

The list of SBI home loan documents required to apply for its home loan is as follows –
  • Employer Identity card
  • Passport-sized photographs
  • Proof of Identity
  • Proof of Residence
  • Bank account statements
  • Proof of Income such as salary slip


If you reside in India and are a businessman or a professional, the documents required for the SBI home loan application to you include all of the above along with few other documents such as –
  • Proof of Business address
  • Income tax returns of the last 3 years
  • Profit and Loss statement of last 3 years
  • Business Licence Details
  • TDS Certificate
  • Certificate of Qualification
  • Balance sheet of company of the last 3 years
  • Bank account statement of the past year


If you are a Non-Resident Indian, the documents required by you to apply for SBI Bank home loan are –
  • Attested copy of passport and visa
  • Passport-sized photographs
  • Proof of Identity
  • Proof of current overseas residence
  • Bank account statements for NRE/NRO account of the past 6 months
  • Copy of employment letter or your employment identity card
  • Valid work permit
  • Salary slips of the past 3 months
  • Business address proof, P&L and Balance Sheet Statement of last 6 months and individual tax return (for non-salaried NRIs)

SBI home loan application process –

The application process involves arranging all the SBI home loan documents, proofs of own identity, residence and income which can become extremely long and tiring. Moreover, the requisite documents of the property you plan to purchase must also be provided with the application form such as the sale agreement, occupancy certificate or property tax receipt and this can often be tough to provide when applying for the loan. You can also browse through SBI’s range of home loan products and apply online on its website after checking your eligibility, however, there might be some problems you might face as reported by several users.

To avail a home loan online, you can also sign up with North Loop. Home loans with North Loop can go up to Rs.5 crore along with the lowest interest rates. By signing up with us, you can also secure financing and get up to 80% of your property value with affordable EMIs. You can also save money by transferring your balance and getting a reduced interest rate and lower home loan EMIs on Balance Transfer Loans. Most importantly, this platform provides you with a seamless integration and user-friendly interface which makes the entire home loan application process extremely easy.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.