SBI Privilege Home Loan: Interest Rate, Eligibility, Processing & Customer Care

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SBI PRIVILEGE HOME LOAN

SBI Privilege Home Loan Details 

SBI is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai. State Bank of India with a 200 year history is the largest commercial bank in India. In terms of assets, deposits, profits, branches, customers and employees SBI is the largest bank. The government of India is the single largest shareholder of this fortune 500 entity with 6158 percent ownership. SBI was ranked 60th in the list of top 1000 banks in the world by “the banker” in July 2012.

Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the land or as a security till the repayment of the loan. 

SBI launched SBI Privilege scheme exclusively for government employees. Individuals who are employees of central and state government which includes PSBs, PSUs of central government and other individuals with pensionable services are eligible to apply for this home loan. It is availed to purchase a new house, improvement or extend, buying a plot or for construction.

Benefits of SBI Privilege Home Loan 

1. interest concession on wmoen borrowers

2. High loan amount upto Rs.50 crore

3. No processing fee

4. Ni hidden charges

5. Low interest rate starts at 6.95% per annum

6. Overdraft facility availbale

7. hassle free documentation process

8. No prepayment penalties

9. Repayment tenure upto 30 years 

10 This scheme is for government employeest employees

Fee and Charges of SBI Privilege Home Loan 

To apply for a home loan you have to pay fees and charges applied by the SBI Privilege. It covers all charges and fees made by a bank to their customers. The following charges are taken from SBI Privilege Home Loan i.e processing fee, Prepayment charges and CERSAI Registration charges etc.

TYPE 

CHARGES

Processing fee 

NIL

Prepayment charges 

NIL

CERSAI Registration charges

Rs.50  plus GST for loan upto Rs.5 lakh

Rs.100 plus GST for loan above Rs.5 lakh

Eligibility Criteria for SBI Privilege Home Loan 

Before applying for a home loan from SBI Privilege you should fulfil all basic eligibility criteria as prescribed by the bank. For the SBI Privilege Home Loan application is for the government employees eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

ELIGIBLE 

Government employees

AGE 

18 years to 75 years 

NATIONALITY

Indian Resident

Documents Required for SBI Privilege Home Loan 

Any applicant who is going to avail a home loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

1. Fully filled signed application form 

2. Passport size photograph

3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id

4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id 

5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited

6. For Self employed individuals / professionals = 2  years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.

SBI Privilege Home Loan Purposes 

1. Construction of house / flat

2. Purchase of built house / flat

3. Purchase of under construction house / flat

4. Making additional to existing house / flat

5. Repairs, renovations, extensions of house/ flat

6. Purchase of land / plot for house building

Compare other bank home loan interest rates 

BANKS 

INTEREST RATE

AXIS Bank Asha Home Loan

Starts at 10.05% onwards 

AXIS Bank Shubh Aarambh Home Loans

Starts at 7.75% onwards

AXIS Bank Fast Forward Home Loans

Starts at 7.75% onwards

AXIS Bank Home Loan

7.75% to 9.40%

AXIS Bank Empower Home Loan

Start at 9.55% onwards 

AXIS Bank Super Saver Home Loan

8.15% to 8.30%

AXIS Bank TopUp Loan

8.90% to 9.15%

SBI NRI Home Loan

6.95% onwards

SBI Flexipay Home Loan

7.40% onwards 

SBI Privilege Home Loan

6.95% onwards 

SBI Regular Home Loan

6.95% onwards 

SBI Shaurya Home Loan

6.95% onwards 

SBI Pre-approved loan

6.95% onwards 

SBI Realty Home Loan

7.65% onwards

SBI Home Top Up Loan

7.90% onwards

SBI Bridge Home Loan

9.50% to 10.50%

SBI Tribal plus Home Loan

6.75% onwards

SBI Earnest Money Deposit

10.45% onwards

SBI Reverse Mortgage Loan

8.05% onwards

SBI CRE Home Loans

7.45% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

HSBC Bank Smart Home Loan

11.005 to 11.505

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

Other products of SBI Bank :

1. SBI New Car Loan Scheme

2. SBI Loan Against Properties

3. SBI Personal Loan 

How to apply for SBI Privilege Home Loans 

There are two ways to apply for home loans from SBI Privilege :

1. Offline method : By visiting nearest bank branch

2. Online Method :

  • First of all first visit to official website of SBI Bank

  • In retail section go to the “loans”

  • Now click in home loan

  • After that go to “SBI Privilege Home loan”

  • Now click on apply now and fill application form 

SBI Privilege Home Loan Customer Care 

Contact number : 1800112211 / 18004253800

Email id :  customercare@sbi.co.in

How to calculate EMI of SBI Privilege Home Loan 

The following formula is used to calculate EMI of SBI Privilege Home Loan :

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

P stands for Loan Amount

R stands for Interest Rate

N stands for tenure in number of months 

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

SBI Flexipay Home Loan Frequently Asked Questions :

1. What is SBI Privilege Home Loan?

SBI launched SBI Privilege scheme exclusively for government employees. Individuals who are employees of central and state government which includes PSBs, PSUs of central government and other individuals with pensionable services are eligible to apply for this home loan.

2. What is the maximum loan amount provided by SBI Privilege Home Loan?

The maximum loan amount is provided by SBI Privilege Home Loan is Rs.50 crore.

3. How much tenure is provided by the SBI Privilege Home Loan?

The repayment tenure is upto 30 years provided by the SBI Privilege Home Loan.

4. Is there any processing fee charged by SBI Privilege Home Loan?

No processing fee is charged by SBI Privilege Home Loan.

5. How much interest rate is provided by the SBI Privilege Home Loan?

The Interest rate provided by SBI Privilege Home Loan starts at 6.95 percent per annum.

6. How to apply for SBI Privilege Home Loan?

You can apply online or offline by visiting the nearest bank branch for SBI Privilege Home Loan.

7. Who is eligible to take a SBI Privilege Home Loan?

Government employees are eligible to take a SBI Privilege Home Loan.

Last Updated on : 22/Aug/2020

Know More About

Sbi Privilege Home Loan

You're eligible for a Sbi Privilege Home Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Sbi Privilege Home Loan Interest Rates

Updated on 25 Nov 2017

Sbi Privilege Home Loan Details
Interest Rate (Monthly reducing balance) 6.95% - 0%
Processing Fees Nil
Loan Tenure 1 year to 30 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959