SBI understands that buying a home is a big milestone in life, especially in a bustling city like Mumbai. To make this dream a reality, SBI offers a range of home loan options designed to meet the unique needs of every homebuyer. Here’s how SBI can help you find the perfect home loan solution.
Home loans are available in Mumbai, Navi Mumbai, Thane, Kalyan, and all other prime locations under authorities like BMC (Brihanmumbai Municipal Corporation), TMC (Thane Municipal Corporation), CIDCO (City and Industrial Development Corporation of Maharashtra Limited), KDMC (Kalyan-Dombivli Municipal Corporation), MHADA ( Maharashtra Housing and Area Development Authority), SRA ( Slum Rehabilitation Authority (Loan can be done after 10 Years))
For – Apartments, Bungalows, Row Houses
SBI (State Bank of India) often has Approved Project Financing (APF) arrangements with various builders across cities like Mumbai, Navi Mumbai, and Thane Under APF, SBI pre-approves a builder’s project for home loans, simplifying the process for buyers. Here are the builders name you should know:
Lodha Group, Sheth Montana, Dhariwal Construction, Group Satellite, Runwal Group, Hiranandani, The Wadhwa Group, Drushti Realtors, Ace Realty (Mumbai), Adani Realty, Mahindra Lifespaces, Godrej Properties, Dosti Group, Kalpataru, Ajmera Realty (Mumbai), Tricity Realty, Heritage Group, Meraki Habitats, L&T Realty (Larsen & Toubro), Arihant Builders & Developers, Mumbai, Oberoi Realty, Hirani Group, Birla Estates (Century Estates – Aditya Birla Group, K Raheja Corp, Sheth Realty, S And T Developers)
Benefits of APF (Approved project finance) for Homebuyers:
1. Faster Loan Processing: in 5-7 working days
Since the project is pre-approved, the legal and technical verifications are already done, speeding up loan approvals for buyers.
2. Reduced Risk:
Buyers can be assured that the project meets SBI’s standards for compliance and quality.
3. Attractive Interest Rates:
SBI often offers competitive interest rates for loans under APF projects.
4. Convenience:
Buyers don’t have to submit additional project-related documentation, as it’s already available with SBI.
Fees in Mumbai:
1. Under construction/ Ready to move property builder purchase (Tie-up project) –
A. Loan amount below 1cr – SBI will perform one legal and one valuation for below 1cr Loan amount,
- Legal charges – Nil,
- Valuation charges – Nil (if valuation of property is not supporting then for new valuation- ₹2950)
B. Loan amount above 1cr – SBI will perform two legal and two valuations for the loan amount above 1cr,
- Legal charges – Nil,
- Valuation charges – Nil (if valuation of property is not supporting then for new valuation- ₹5900) and interim search report – ₹2500
2. Under construction/ Ready to move property for (Non tie-up project) –
A. Loan amount below 1cr – SBI will perform one legal and one valuation for Loan below 1cr,
- Legal charges – ₹4000,
- Valuation charges – ₹2950,
B. Loan amount above 1cr – SBI will perform two legal and two valuations for Loan above 1cr,
- Legal charges – ₹8000,
- Valuation charges – ₹5900 (and interim search report -₹2500)
3. Stamp duty and property registration charges in Mumbai-
- Mumbai –
Stamp duty for men – Stamp duty-6% Registration fee-1%
Stamp duty for women- Stamp duty-5% Registration fee-1%
- Thane/ Navi Mumbai
Stamp duty for men- Stamp duty-7% Registration fee-1%
Stamp duty for women- Stamp duty-6% Registration fee-1%
4. Franking charges –0.3% of Loan Amount
5. Notice of Intimation (NOI) charges – 0.5% of Loan Amount or ₹15000+ Vendor charges
6. Structure Audit Report – ₹1750 if the property is older than 15 years
7. CERSAI charges –₹118
List Of RACPC (Retail Assets Central Processing Centre) for Home Loan Processing in Mumbai, Thane, Navi Mumbai
1. RACPC SION
2. RACPC FORT
3. RACPC BELAPUR
4. RACPC PANVEL
5. RACPC PEN
6. RACPC SANTACRUZ
7. RACPC ANDHERI
8. RACPC BORIVALI
9. RACPC THANE
10. RACPC KALYAN
11. RACPC BHYANDER
12. RACPC TARAPUR
13. RACPC GHATKOPAR
14. RACPC THANE
Our Values
- Trust
- Transparency
- Integrity
- Excellence
Value to Customers
- Wide Product Range
- Interest Calculation on Daily Reducing Balance
- Overdraft Facility available
- Low Interest Rates
- Low Processing Fees
- No Hidden Costs
- No Prepayment penalty
SBI Home Loan Features
- Attractive Interest Rates – SBI provides competitive interest rate starting from 8.25% onwards
- Flexible Repayment Tenure – Borrowers can opt for repayment periods of up to a maximum of 30 years or until the age of 70 years, allowing for manageable EMIs.
- Benchmark – SBI links its EBLR to the RBI’s Repo Rate. (EBLR=Repo Rate+Spread (Bank’s Margin))
- Spread (Margin) – Spread is fixed in SBI (working on credit risk in premium)
- Low Processing Fees – Fresh purchase – ₹2900-₹5900 and Home Loan transfer – Nil
- Part-payment – Allowed above ₹1 from 1st day of loan disbursement (SBI requires a minimum part-payment amount, which is typically above ₹1 )
- Repayment Method: Fully online mode available through YONO, Net Banking (including other bank accounts), and UPI apps such as Google Pay, PhonePe, and Paytm. Customers can use these platforms to make part payments by adding their loan account number.
- Part-payment – Allowed from 1st day of loan disbursement
- Foreclosure Charges – Foreclosure charges are Nil in SBI
- Part-payment Charges – Part payment charges are Nil in SBI
- Daily reducing Rate – SBI Home Loans in Mumbai refers to the method of interest calculation where the loan interest is computed on the outstanding principal balance at the end of each day. This method ensures that any payments made towards the loan (such as EMIs or part-payments) are immediately considered for reducing the interest burden.
1. Immediate Impact of Payments:
Any payment made towards the loan, whether it’s part-payment or EMI, reduces the outstanding principal immediately, lowering the interest payable.
2. Lower Interest Costs:
Compared to monthly or annual reducing rates, the daily reducing rate minimizes the overall interest burden over the loan tenure.
3. Fair and Transparent Calculation:
Borrowers are charged interest only on the amount they owe daily.
This feature is particularly beneficial for borrowers who make frequent prepayments or maintain a strong repayment schedule, as it maximizes savings on interest.
Funding –
1. Resale Property:
Financing is available for up to 90% of the agreement value. If the Occupancy Certificate (OC) is received, an additional top-up of up to 15% may be provided, subject to the market value.
2. Under Construction Property:
Financing is available for up to 95% of the agreement value, including GST, builder amenities, one-year maintenance charges, builder development charges, and car parking.
3. Tenure:
Up to a maximum of 30 years or until the age of 70 years
4. Hidden Charges:
There are no hidden charges in SBI. However, while availing of loan disbursement, please ensure to obtain the List of Documents (LOD) for clarity and record-keeping.
5. Repayment Method:
Fully online mode is available through YONO, Net Banking (including other bank accounts), and UPI apps such as Google Pay, PhonePe, and Paytm. Customers can use these platforms to make part payments by simply adding their loan account number.
6. Parallel Funding:
SBI offers a 90:10 funding option, where the customer can pay 10% of the booking amount, and the remaining 90% can be financed by SBI from the booking stage up to the final demand.
7. No Prepayment Penalty:
Customers have the flexibility to pre-pay their loans without incurring any penalties.
8. Overdraft Facility:
SBI MaxGain is a special home loan offered by the State Bank of India (SBI) that combines the features of a home loan and an overdraft account. This product helps borrowers save on interest by allowing the principal amount to decrease dynamically.
9. Moratorium:
Up to 36 months (initially for 18 months, later can increase up to 36 months )
10. Flexipay home loan:
The SBI Flexipay Home Loan is designed specifically for salaried individuals, offering higher loan eligibility up to 20%
11. Eligibility:
For Salaried and Self Employed FOIR up to 30% – 75% and SBI also considers incentives or bonuses (Last 2 years bank statement required), current rental, and future rental income (70% of total considered rental income credited into a bank account) into eligibility calculation
12. Insurance:
Property insurance is mandatory (can be purchased from a third party or SBI), and life insurance is optional.
13. Whatsapp banking:
Get Balance, Mini statement, Account statement, Other Statement services ( home loan interest certificate), Information on Loan products, Pre-approved loan queries, Digital Banking information
Send a “Hi” from your WhatsApp Number to +919022690226 and follow the instructions
Benefits–
- Packages of exclusive benefits
- Low Interest rates. Interest calculation on a daily reducing balance.
- Home loan is also available as an overdraft. Optimally utilize your surplus funds.
- Low Processing charges. No hidden costs.
- No Prepayment penalties. Reduce your interest burden by prepaying the loan.
PURPOSE FOR WHICH HOME LOAN CAN BE AVAILED
The loan will be sanctioned for the Purchase/ Extension/ Repairs/ Renovation of a new/ used Residential House/ Flat and furnishings and interiors (hereinafter referred to as the ‘project’).
The loan will be sanctioned for Purchase/ Repairs/ Renovation of a new/ used Residential House/ Flat/ furnishings and interiors (hereinafter referred to as the ‘project’).
Loan to Value Ratio (LTV): Of Market Value
| Up to 30 lakh |
90% |
| Up to 30 lakh to 75 lakh |
80% |
| Above 75 lakh |
75% |
Loan to Value Ratio (LTV): Of Agreement Value
Up to 90% of Agreement amount
RATE OF INTEREST
The loan interest is based on a fixed spread over the EBLR (linked to the RBI Repo Rate) and calculated using the daily reducing balance method with monthly rests/reset. It covers project costs excluding land value, stamp duty, and registration charges.
INTIMATION OF CHANGE IN EBLR INTEREST RATE
Borrowers are deemed notified of interest rate changes through updates on branch notice boards, newspapers, the Bank/RBI website, account statements, or passbooks. Notifications are also sent via email and SMS to registered contact details.
RATE BENCHMARK
Interest on the loan will be charged at a fixed spread with EBLR-linked RBI REPO rate on a daily reducing balance basis at monthly rests. The interest rate will be reset with the change in benchmark rate (REPO) from time to time, on the date as decided by the Bank. The Bank has the option to reduce or increase the EMI or extend the repayment period or both consequent upon revision in interest rate.
REPAYMENT
The loan is repaid in EMIs starting from the date specified in the sanction letter. The liability ends once the loan balance is fully repaid, including any residual amount. Dynamic SI/NACH allows a maximum debit of 120% of the EMI to account for interest rate hikes, but actual monthly debits match the EMI amount.
LOAN TENURE
This shall be a facility available over the age of 30 years, or to the maximum of 70 years of age (this being the age at which the loan should be repaid in full) for the borrower’s age, whichever comes first.
PRE-CLOSURE CHARGES
No prepayment or pre-closure penalties will be charged on floating-interest Home Loans, regardless of the loan duration or the source of funds.
INSURANCE
The property purchased or constructed with the Bank’s financing must be insured against risks such as fire, riots, earthquakes, lightning, and floods. The insurance should list both the borrower and the Bank as joint names. The insurance should cover the actual project cost, excluding the cost of land (including the undivided share of land in the case of flats), stamp duty, and registration charges. The borrower is responsible for the cost of the insurance.
FEES AND CHARGES
Charged at the time of documentation. The fee is 0.35% of the loan amount plus applicable GST, with a minimum of Rs. 2,000 plus applicable GST, and a maximum of Rs. 10,000 plus GST.
OUR PRODUCTS
GENERAL HOME LOAN FOR PURCHASE FLATS AND HOUSE/ TAKE OVER
SBI Home Loans are founded on a tradition of trust and transparency, offering a range of options tailored to your needs. Whether you’re buying a ready-to-move-in property, constructing a new home, purchasing a plot, or renovating an existing one, SBI has a solution for you.
Features
- A variety of home loan products are designed for each customer’s unique needs.
- Competitive interest rates.
- Low processing fees.
- Transparent pricing with no hidden fees.
- No penalty for prepayment.
- Interest is calculated on a daily reducing balance.
- Flexible repayment terms up to 30 years.
- Option to link your home loan to an overdraft facility.
- Special interest rate concessions for women borrowers.
Eligibility
- Applicable to: Resident Indians.
- Age range: 18 to 70 years.
- Maximum loan tenure: 30 years.
- Salaried applicant – minimum required experience for salaried is 2 years
- Business tenure should be a minimum of 3 years
SBI MAX GAIN
SBI MaxGain is a special home loan offered by the State Bank of India (SBI) that combines the features of a home loan and an overdraft account. This product helps borrowers save on interest by allowing the principal amount to decrease dynamically. Here’s how it works:
Features of SBI Max Gain
- Overdraft Facility: The loan works like a savings or current account with overdraft options, allowing you to park extra funds temporarily.
- Interest Savings: Interest is calculated daily based on the reduced balance, so the more you park funds in your account, the lower the interest charged.
- Liquidity: You can withdraw the parked surplus funds anytime, giving you flexibility for emergencies or other needs.
- SBI Home Loan Linkage: This product is connected to your home loan, making it available for home loan customers.
- Online Access: You can manage your Max Gain account online, just like any regular bank account.
How SBI MaxGain Works
Loan Sanction and Account Setup: Upon sanctioning a home loan, SBI sets up an overdraft (OD) account with the loan amount serving as the limit for overdraft.
Deposit Surplus Funds: Borrowers have the option to deposit any additional funds, such as savings, bonuses, or unexpected financial gains, into this account. These funds effectively reduce the principal amount on which interest is computed.
Example
- Loan Amount: ₹50,00,000
- Current Balance in MaxGain: ₹10,00,000
- Effective Outstanding Principal: ₹50,00,000 – ₹10,00,000 = ₹40,00,000
- Interest Charged On: ₹40,00,000
Flexibility of Withdrawal: Borrowers can access their surplus funds at any time, which offers flexibility and liquidity. Withdrawing funds will increase the outstanding principal upon which interest is calculated.
Interest Savings: Depositing surplus funds helps borrowers save on interest costs. This feature is particularly beneficial for those with variable income streams, such as business owners or salaried employees receiving periodic bonuses.
Example:
1. Loan Amount: ₹100 lakh
2. If you park ₹20 lakh in MaxGain OD, the interest is calculated on ₹80 lakh instead of ₹100 lakh.
Advantages of SBI MaxGain
- Maximized Savings: Each rupee deposited in the MaxGain account lowers the interest due, potentially leading to substantial savings throughout the loan.
- Liquidity and Emergency Fund: Funds in the MaxGain account remain accessible, providing the twin advantages of reducing interest costs while maintaining liquidity, unlike traditional prepayments.
- Tax Benefits: The interest paid on the home loan qualifies for tax deductions under Sections 24(b) and 80C of the Income Tax Act, enhancing the financial benefits of this product.
SBI MaxGain integrates the benefits of a traditional home loan with the versatility of an overdraft facility, enabling borrowers to manage their finances more efficiently and reduce interest expenses dynamically.
- Protection Against Future Rate Increase: Reducing the outstanding balance early through surplus deposits lowers the EMI burden if interest rates rise later.
Considerations
- Higher Interest Rate: MaxGain loans may have slightly higher interest rates 0.20% – 40% compared to regular home loans.
- Discipline Needed: To get the most out of this loan, borrowers need to regularly park extra funds in the account.
- Limited Availability: This option may not be ideal for everyone, especially those who don’t have extra funds to deposit frequently.
SBI MaxGain vs. Regular Home Loan
| Feature |
SBI MaxGain |
Regular Home Loan |
| Type |
Overdraft-linked Home Loan |
Standard Home Loan |
| Interest Calculation |
Daily reducing balance |
Standard EMI-based |
| Surplus Fund Parking |
Allowed, reduces interest burden |
Not allowed |
| Liquidity |
High – money can be withdrawn anytime |
Low – once paid, no withdrawal |
| Interest Rate |
Slightly higher (0.25%-0.50%) |
Lower |
| Best For |
People with fluctuating cash flow & extra funds |
People who want fixed EMI & don’t need liquidity |
How to Use SBI MaxGain Effectively?
1. Deposit Surplus Cash: Any extra money (bonuses, incentives, rental income) should be deposited in MaxGain.
2. Use It Like a Savings Account: Keep emergency funds in the OD account to maximize interest savings.
3. Track Transactions Online: Monitor balance and transactions through SBI internet banking.
4. Plan Partial Withdrawals: If needed, withdraw only when necessary to keep the principal low.
SBI MaxGain OD Account: Important Terminologies
|
Term |
Meaning |
| Drawing Power (DP) |
Original sanctioned loan amount minus principal repaid |
| Available Balance |
Surplus amount parked in the OD account |
| Book Balance |
A negative value indicating the outstanding loan amount |
| Limit |
Total sanctioned loan amount |
Should You Choose SBI MaxGain?
Ideal For:
- Salaried & self-employed individuals with surplus cash.
- People who want liquidity along with home loan repayment.
- Those looking to minimize interest cost over time.
Not Suitable For:
- Borrowers who prefer a fixed EMI structure.
- Individuals who cannot maintain surplus funds in the OD account.
Is SBI MaxGain suitable for you?
It’s a great option for borrowers with fluctuating cash flows or those who want to keep funds accessible while reducing loan interest. If you can park surplus money regularly, it can help save money in the long run.
SBI FLEXIPAY HOME LOAN
Higher Loan Eligibility with Step-Up EMI Option.
“Don’t let your current income hold you back from owning your dream home.”
SBI Flexipay Home Loan offers higher loan eligibility for salaried borrowers. It allows customers to pay only the interest during the initial moratorium (pre-EMI) period, followed by moderate EMIs. In the later years, the EMI amounts gradually increased. This loan option is particularly beneficial for young professionals and helps them buy their dream home with more flexible payment options.
Features
- Affordable interest rates
- Low processing fees
- No hidden charges
- No penalty for early repayment
- 20% higher loan eligibility
- Interest calculated on a daily reducing balance
- Flexible repayment period (up to 30 years)
- Special interest concessions for women borrowers
Eligibility Criteria
- Resident Type: Resident Indian
- Age Limits: The minimum age to apply is 21 years; applicants can apply up to 45 years with repayment extending up to 70 years.
- Loan Tenure: Available for up to 30 years.
Interest Rate & Fees
- Interest Rate: Home loan interest rates begin at 8.50% onwards.
- Processing Fee: Receive a 50% discount on the standard rate, with potential waivers in certain situations.
Terms and conditions apply.
SBI PRE-APPROVED HOME LOAN (PAL)
Secure your home loan before finalizing your property
Plan with the SBI Pre-Approved Loan (PAL) and secure your home loan before finalizing your property. This loan provides a pre-sanctioned limit, allowing you to confidently negotiate with builders or sellers. Loan eligibility is determined by your income, and a non-refundable processing fee is applied at the time of sanction.
Features
- Low Interest Rates
- Low Processing Fee
- No Hidden Charges
- No Prepayment Penalty
- Interest Charged on Daily Reducing Balance
- Repayment Tenure up to 30 Years
- Home Loan Available as Overdraft
- Special Interest Concession for Women Borrowers
Eligibility
- Residency: Resident Indian
- Age Limit: 18 to 75 years
- Maximum Loan Duration: 30 years.
Interest Rates & Fees
- Interest Rate: Home Loan interest rate starts at 8.50% onwards.
- Processing Fee: 50% concession in card rate. 100% waiver in selected cases.
T&C Apply.
The list of documents required for a Home Loan is as follows:
*SBI SAVING BANK ACCOUNT [ MANDATORY ]
*SALARIED APPLICANT
• TWO PHOTOGRAPH
• PAN CARD
• AADHAR CARD
• CURRENT ADDRESS PROOF [ RENT AGREEMENT REGISTERED / GAS BILL / POSTPAID BILL]
• MARRIAGE CERTIFICATE (IF APPLICABLE)
• OFFER LETTER CURRENT JOB / COMPANY ID CARD
• SERVICE / EXPERIENCE CERTIFICATE IF THE JOB IS LESS THAN 2 YEARS
• SALARY SLIP LAST 3 MONTHS
• BANK STATEMENT LAST 6 MONTHS [ SALARY ACCOUNT]
• LOAN ACCOUNT STATEMENT LAST ONE YEAR [ IF ANY LOAN OUTSTANDING]
• FORM 16 LAST 2 YEARS [ ALL QUARTERS INCLUDE PART A & PART B ] AND ITR LAST 2 YEARS OR 26AS LAST 2 YEARS (2023-24, 2024-25)
SELF-EMPLOYED / BUSINESS APPLICANT
- TWO PHOTOGRAPHS
- PAN CARD
- AADHAR CARD
- RELATIONSHIP PROOF IN CASE OF CO-APPLICANT
- CURRENT ADDRESS PROOF [ RENT AGREEMENT / GAS BILL / POSTPAID BILL]
- BUSINESS ADDRESS PROOF [ LIGHT BILL / RENT AGREEMENT ]
- BUSINESS PROFILE
- GST NUMBER AND RETURN 1 YEARS
- INCOME TAX RETURNS LAST 3 YEARS [ ATTESTED BY CA ]
- BALANCE SHEET / PROFIT & LOSS ACCOUNT LAST 3 YEARS
- CURRENT ACCOUNT STATEMENT LAST ONE YEAR
- LOAN ACCOUNT STATEMENT LAST ONE YEAR [ IF ANY LOAN OUTSTANDING]
- BUSINESS PROOF
- TDS CERTIFICATE 26AS LAST 3 YEARS
*PROPERTY DOCUMENTS (UNDER CONSTRUCTION BUILDER PURCHASE)
- NOC FROM BUILDER
- REGISTERED AGREEMENT TO SALE
- PAYMENT RECEIPT
- ROC (RELEASE OF CHARGE) IF APPLICABLE
- LATEST CC
- DEMAND LETTER
- BUILDER ARCHITECT LETTER
- BUILDER APPROVED PLAN COPY
*PROPERTY DOCUMENTS (READY TO MOVE BUILDER PURCHASE)
- NOC FROM BUILDER
- REGISTERED AGREEMENT TO SALE
- PAYMENT RECEIPT
- ROC (RELEASE OF CHARGE) IF APPLICABLE
- LATEST CC AND OC
- DEMAND LETTER
- BUILDER ARCHITECT LETTER
- BUILDER APPROVED PLAN COPY
- POSSESSION LETTER
*PROPERTY DOCUMENTS (READY TO MOVE RESALE PURCHASE)
- SOCIETY NOC / BUILDER NOC
- CHAIN OF AGREEMENT
- POSSESSION LETTER
- SHARE CERTIFICATE
- OC COPY
- LATEST MAINTENANCE PAID RECEIPT
- PROPERTY TAX PAID RECEIPT
- LATEST ELECTRICITY BILL
- APPROVED PLAN COPY
*TAKE OVER / HOME LOAN TRANSFER
- FORECLOSURE LETTER EXISTING BANK
- LIST OF DOCUMENTS [ LOD ] EXISTING BANK
- HOME LOAN STATEMENT LAST ONE YEAR EXISTING BANK
- SANCTION LETTER EXISTING BANK
- NOC FROM SOCIETY / BUILDER [ SBI FORMAT ]
- SHARE CERTIFICATE
- PROPERTY TAX RECEIPTS
- CHAIN AGREEMENT
- OC COPY / POSSESSION LETTER
- LATEST ELECTRICITY BILL
- APPROVED PLAN COPY
