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HomeBusinessHow To Apply For SBI Home Loan?

How To Apply For SBI Home Loan?

SBI Housing Finance Limited (SBI) provides a range of home loan options with some of the lowest interest rates available. SBI Housing Finance Limited offers low-cost home loans with up to 30-year repayment durations, depending on the loan amount. Although there may be a processing fee of up to 0.50% of the loan amount plus GST. For a range of objectives, including home building, home buying, land purchase, and home improvement, SBI Home Loan are accessible to salaried, self-employed, and pensioners. NRIs and retirees, on the other hand, can take advantage of SBI low-interest housing loan schemes. 

Process to Apply for SBI Home Loan

The process to apply for a SBI home loan is simple and hassle free. However, there are a few steps involved from application to disbursement of a home loan from SBI, that are as follows:

Submission of Application Form along with Necessary Documents- The first step to apply for a SBI Home loan is to fill in the application form along with all the required documents. 

Verification of the documents- As soon as the lender receives all your documents, they verify those documents. 

Loan Discussion- After verification of all documents, all the terms and conditions of the home loan will be discussed with the applicant. 

Valuation and inspection of property- Once the loan offer letter has been issued, then the lender would evaluate and inspect the property. The property is inspected by the officials and its valuation is done to determine the loan amount.

Issue of loan offer letter- A loan letter is then issued by SBI if the loan gets approval. However, if the loan is rejected by the lender then the applicant will have to apply again. 

Document stamping- All the documents are then collected for stamping purposes. These documents would remain with the bank till the end of the loan tenure. 

Deposit of original title deeds- The original ownership documents act as a collateral or security and are kept with the lender till the time the borrower fully repays the loan. 

Disbursement of loan- After completing all the documentation formalities, the loan amount is finally dispersed into the account of the applicant. 

Benefits of applying SBI Home Loan

1. Interest Rates- When applying for a large loan such as a home loan, the interest rate is an important factor to consider. After all, even a small reduction in your SBI home loan interest rate can save you a lot of money in total interest payments. LIC, as a pubSBI sector bank, provides house loans at lower interest rates than other pubSBI sector banks.

2. Pre-Approved Loan Offers- SBI provides its customers with pre-approved house loans, which provide them with the convenience of receiving fast approvals on their home loans. The borrower has immediate access to the funds with pre-approved loans. A consumer benefits the most from a pre-approved home loan offer because the funds are made accessible to the borrower immediately.

3. Boost Your Credit Score- It has a good impact on your total credit profile when you apply for a house loan at SBI and receive approval from your lender. When you take out a long-term house loan with a lot of monthly installments and pay your EMI on time each month, it will reflect well on your credit profile and, over time, will raise your CIBIL score.

4. Concession for Women Applicants- SBI offers an additional discount on the interest rate charged by SBI on home loan applications.

5. Simple Loan Application Process- The application process for a SBI home loan is simple and straightforward. You can also apply for a SBI house loan online, which requires less documentation and is a faster process.

6. Additional Security- In addition to all of the aforementioned advantages that come with a SBI home loan, it also offers insurance-linked security.

7. Large Network- To provide better customer service, it has a lot of branches dispersed over the country. This simplifies the application process for a SBI house loan, as well as LIC’s ability to provide improved after-sales assistance.