The State Bank of India is one of India’s most preferred housing loan providers. According to data, the bank has assisted more than 30 lakh families in building their ideal homes. To meet consumer needs, it provides many home loan packages. Before granting a loan, SBI considers the applicant’s creditworthiness by looking at their credit score. An applicant’s loan application gets approved faster if they have an excellent credit history. While planning for house loans, qualified candidates can use a home loan calculator to calculate their EMIs. This step is crucial since poor planning might lead to problems during repayment.
The bank’s own SBI home loan calculator is very helpful in determining the loan interest rates, EMIs and other details. The SBI house loan calculator also determines the best EMI strategy after users receive the interest rate, principal amount, and loan tenure and aids them in financial planning.
What Are The Uses Of The SBI Home Loan Calculator?
The home loan calculator can significantly help the candidates in the following ways:
- It assists the applicant in calculating the precise loan amount they can afford to repay.
- The applicant can access the home loan calculator from any location on a computer, tablet, or phone.
- Manual loan calculation is susceptible to error. Additionally, it may be time-consuming. After entering the principal amount, interest rate, and duration, the home loan calculator produces accurate and timely answers.
- It helps in selecting the ideal loan repayment period without hassle.
- The home loan calculator shows the perfect interest rate the applicant must pay during repayment.
What Makes SBI Home Loan – The Best Home Loan?
Availing of an SBI home loan has many benefits that make it the best home loan provider in India. Therefore, you must make a strategic loan plan with the SBI home loan calculator and avail loan from the State Bank of India to enjoy the following advantages:
- Applicants can get low-interest rates starting at 6.70% onwards.
- No processing fees are charged from the applicant.
- You can repay the loan in 30 years.
- The loan is available as an overdraft.
- The balance transfer option is available.
- Women borrowers get upto 0.70% internet concession.
- No prepayment penalty is charged.
- There are no hidden charges.
What Are The Documents Required For Availing The SBI Loan?
Once you have planned your home loan with a home loan calculator and want to take a loan from SBI, you need to check if you have the required documents for the application. The lender examines the following documents before the loan application is approved.
- Two passport-size photographs of the applicant
- Photocopies of passport/PAN/driver’s license/voter card
- Photocopy of electricity bill/telephone bill/property tax receipt/passport
- Bank account statement for the last 12 months
- Personal asset liability statement
The following are the additional document requirements of SBI based on different professions.
- For Salaried Employees
- Employer’s ID card
- Latest salary slip
- Letter of authority
- For businessmen/self-employed/professionals
- TDS certificate
- Certificate of practice
- Business address
- Business proof
- Photocopy of IT returns
- The balance sheet for the last three years
- For agriculturalists
- Interview form
- Documents showing cropping pattern
- Documents showing land holding
- For NRI and PIO
- Two passport-size photographs
- A copy of the voter’s ID card/passport/PAN card
- Signature of bankers of borrowers
What Is The Eligibility Required For SBI Loan Approval?
The SBI bank does not approve loans to applicants outside the 18-75 age range. Besides, the applicant must be an Indian resident to get a home loan. The NRI candidates can get an NRI home loan after checking their EMIs from the home loan calculator.
Conclusion
SBI house loans are the most popular among the several home loans on the market due to their alluring interest rate offers. As a result, if candidates apply at the State Bank of India, they can better manage their finances than borrowers of other house loans. Before taking out any loan, you must calculate the EMIs using a SBI Home loan calculator. Applicants should evaluate their EMI and acquire a sense of the principal amount they can request from the bank to repay the loan easily.
