Country's biggest lender State Bank of India has decided to waive off the processing fees for home loans till March 31, 2018. Customers who want to apply for SBI home loans can apply by logging into their website, homeloans.sbi or by visiting a nearby branch.
Besides, the bank is also making interesting offers on home loans, such as 30 years to repay the home loans, concession rates for women borrowers, among others.
The minimum interest rate on home loans is 8.35 per cent, which is valid for loans up to Rs 30 lakh for salaried women borrowers. For other salaried borrowers, SBI charges 8.4 per cent as interest rates for loans up to Rs. 30 lakh. For non-salaried women borrowers, the interest rate is 8.45 per cent for loans in the same category. Other non-salaried borrowers will pay an interest rate of 8.5 per cent for loans up to Rs 30 lakh.
To avail the home loan service, the borrower should be a resident of India and should be between 18 and 70 years. Under regular norms, the applicants get a loan tenure up to 30 years.
The bank requires an employer identity card, loan application, proof of identity, proof of residence, property papers, bank account statements of last 6 months, salary slip of last 3 months (for salaried borrower). For non-salaried borrower, income proof with government identity cards is must to take loan from the bank.
SBI Home Loans is the largest mortgage lender in India, which has helped over 30 lakh families to build a home of their own, the bank said on its website.