State Bank of India is one of the most trusted banks in India that was established on 1 July, 1995. It is an Indian multinational public sector bank that offers banking and financial services to its customers and it is headquartered in Mumbai, Maharashtra. The government of India secures the largest share of this entity. In July 2012, State Bank of India was ranked 60th on the list of top 100 banks in the world by The Banker.
SBI Shaurya Home Loan is a type of home loan designed by State bank of India that is offered to the army and defence personnel of the nation. This scheme is only provided to the defence employees and it comes at competitive and attractive interest rates for the customers.
Why SBI Shaurya home loan? We listed the benefits of Shaurya home loan from SBI which you may want to consider before taking your call.
Here are features and benefits of SBI Shaurya housing loan:
SBI Shaurya home loan comes with interest concession for women.
The interest rates for this home loan are competitively lower, starting at 6.95%.
There are no prepayment penalties in this loan.
You do not need to pay any hidden charges.
SBI does not charge any processing fee.
You get to repay the loan for the tenure of up to 30 years.
This loan is offered to the Army and defence personnel.
Banks apply certain fees and charges to loans that are to be paid by the borrower. Know that SBI Shaurya home loan comes at some fees and charges that are designed by the bank. Here, we have mentioned all the charges such as processing fee, prepayment charges etc. applied by SBI for Shaurya housing loan:
|
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 |
You should be aware of the eligibility criteria designed by the banks which must be fulfilled by the loan applicant. When it comes to the Shaurya home loan, here is the eligibility criteria that you must pass:
|
ELIGIBLE |
Defence personnel |
|
AGE |
18 years to 75 years |
|
NATIONALITY |
Indian Resident |
|
CIBIL SCORE |
550 and above |
Any applicant who wants to avail shaurya home loan from SBI has to have certain documents that are required by the lender. These documents are required to be presented in order to get the loan from the bank.
Here is the list of all the documents required by SBI for Shaurya home loan:
Application form
Passport-size photograph
ID Proof: Aadhaar Card, PAN Card, passport, driving License, voter ID and Employment ID.
Address Proof: Aadhar Card, rental agreement, driving license, voter ID, passport, and employment ID.
Proof of income
Salaried employees: 3 months’ salary slip, last 2 years ITR Return or form 16, bank statement for last 2 months.
For Non-salaried/Co-applicant: Profit & loss account and Balance sheet computation signed by CA, 2 years ITR return, Bank statement for the last 6 months.
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
2. SBI Loan Against Properties
If you are wondering how to apply for a Shaurya home loan then you can look at the following methods which you can use to apply for the loan:
Offline method: If you wish to apply for a Shaurya home loan offline, then you can simply visit the nearest SBI branch.
Online method: In this method, you do not need to visit the branch. Here is what you can do to apply for a Shaurya home loan by SBI online:
First of all, take yourself to the official website of SBI bank.
Now, hit the retail section and go to the loans option.
Now hit the home loan.
Then go to the SBI Shaurya Home loan option.
Hit the apply now button and fill application form.
The following formula is used to calculate EMI of SBI Shaurya Home Loan:
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Here,
Contact number : 1800112211 / 18004253800
Email id : [email protected]
SBI Shaurya Home Loan is a type of loan by SBI that is designed for the army and defence personnel of the nation. This loan by SBI is only provided to the defence employees. It comes at quite an attractive set of interest rates for the customers.
The maximum amount of loan that is provided by SBI for Shaurya Home Loan counts to Rs. 50 crore.
The repayment tenure for SBI shaurya home loan is for up to 30 years.
No processing fee is charged by SBI Shaurya Home Loan.
The interest rate provided by SBI Shaurya Home Loan starts at 6.95 percent per annum.
You can apply for an SBI home loan online or offline by visiting the nearest bank branch for SBI Shaurya Home Loan.
Army and Defence employees are eligible to take a SBI Shaurya Home Loan.
Last Updated on : 11/Feb/2021Know More About
You're eligible for a Sbi Shaurya 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
Updated on 25 Nov 2017
| Sbi Shaurya 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