Product Details
Bank Name
State Bank Of India Limited
Maximum Loan Tenure
30 years
Maximum Loan Amount
Depends on your income and CIBIL score, no upper limit.
Interest Rate
Interest Rate: 8:5 to 9.65%.
Type
Floating
Down Payment
For loan amount upto Rs.30 Lacs, maximum permissible LTV ratio is 90% of the assessed value of
the property. For loan amount greater than Rs.30 Lacs and upto Rs.75 Lacs, maximum permissible
LTV ratio is 80%. A maximum permissible LTV ratio of 75% is applicable on a loan amount above
Rs.75 Lacs.
Fees and Charges
Processing Fee: 0%
Legal Fee: At actuals.
Stamp Duty & Registration Fee: At actuals
Penal Interest: 2% per month above the applicable interest rate.
Minimum CIBIL Score
Not specified.
Down Payment and Fees
SBI Shaurya Home Loan
Special Features
Nil processing fee.
Eligibility Criteria
The SBI Shaurya Home Loan is specifically designed for personnel serving in the Indian Armed Forces. Here's a breakdown of the eligibility criteria:
Personnel Eligibility:
Being in active service: Army, Navy, Air Force, Coast Guard, or Assam Rifles personnel currently serving are eligible.
Retired personnel: Ex-servicemen within 5 years of retirement are also eligible.
Widows of war heroes: Widows of personnel who died in action are eligible.
Indian Coast Guard personnel
General Eligibility:
Minimum Age: 21 years at the time of applying.
Maximum Age: 55 years at the time of maturity of the loan.
Minimum Income: Varies depending on your rank and location. Generally, starts from around ₹40,000 per month.
CIBIL Score: Minimum score of 650 is preferred.
Debt-to-Income (DTI) Ratio: Not exceeding 50%.
Additional Criteria:
Loan Amount: Maximum loan amount depends on your net income, rank, and location.
Loan Tenure: Up to 30 years.
Pre-payment: No charges for pre-payment.
Documents Required:
Duly filled loan application form.
Employer Identity Card.
Proof of Identity (PAN Card, Passport, Driver's License, Voter ID card).
Proof of Residence (Recent utility bill, Aadhar card).
Salary Slips/IT Returns for the last 3 years.
No Objection Certificate (NOC) from employer.
Property documents.
Note: These are general guidelines, and the specific eligibility criteria may vary depending on individual circumstances. It's always best to contact SBI directly or visit their website for the most up-to-date information.
Special Concession
Interest Concession for women borrowers.
Home Saver Option
No.
Features, Eligibility and Concession
Pros
Nil processing fee.
It offers low interest rates.
It offers interest concession for women borrowers.
It charges interest on a daily reducing balance.
Cons
It does not offer a home saver option.
It does not offer fixed interest rate option.
Pros & Cons
Application Procedure
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