SBI Online customer? Now, buy your dream home with loans starting at 8.40 percent

State Bank of India (SBI) offers one of the cheapest home loan interest rate compared to other lenders. But guess what! SBI has just made home loan rates even more attractive. SBI now offers home loan at just 8.40% interest rates. However, the catch is if these loans are applied using SBI Online. SBI tweeted, “Ab aapka apna ghar aur bhi lower interest rate mein #HoSaktaHai, with SBI Home Loans. Interest rates now start at 8.40%*. "

Ab aapka apna ghar aur bhi lower interest rate mein #HoSaktaHai, with SBI Home Loans. Interest rates now start at 8.40%*. To apply, visit https://t.co/iATkG5ymTO#SBI #StateBankOfIndia #SBIHomeLoans #HomeLoan #Loan #InterestRates pic.twitter.com/kdRrejvWpg

— State Bank of India (@TheOfficialSBI) July 13, 2019

You will have to provide information like name, city, preferred language, mobile number and email address. Once done, you will get a callback from SBI for further details. 

Home loans can be taken for purposes like: 

• Purchase of a ready built house/flat.
• Purchase of under construction house/flat.
• Construction of house on a plot owned by you.
• Repair/Renovation of a house/flat. 
• Extension of a house. 
• Purchasing a plot for construction of a house. 
• For transferring your existing home loan availed from another bank.
• Top-up loans for existing home loan borrowers. 

According to SBI, there are no material difference in applying for a loan online or at a branch, except for the convenience/speed offering by the online loan enquiry/application process. Here’s are the benefits of applying for a home loan online:

Firstly, you can apply for a home loan product anytime and anywhere. This helps eliminate the wait for your turn for interacting with a bank executive or representative with regards to loan requirement. 

Also, a customer is provided guidance for choosing the most suitable product variant with the best pricing. Customizing loan amount and the tenor feature is also available. 

Further, it is possible to complete and submit your loan application at a later date if the required information or documents are not readily available. 

One can also download a pre-filled loan application for submitting a signed copy to the bank’s sales executive - which reduces the effort in completing the loan application. Also, you can upload your KYC, income and other documents online to expedite the process. 

Documents like salary slips, income tax return, PAN card, Aadhaar card, etc. are among the required information for home loans.

At SBI branches, home loan interest rates are set in two categories - salaried and non-salaried separately for men and women. In case of loan up to Rs 30 lakhs, SBI charges interest rate between 8.55% to 8.65% from salaried women, while the non-salaried ones can get a home loan at 8.70% to 8.80% interest.

For loans above Rs 30 lakhs but up to Rs 75 lakhs - a salaried women gets 8.80% to 8.90%, while the non-salaried applicants get at 8.95% to 9.05%. Similarly, a salaried woman gets rates ranging from 8.90% to 9% and that for non-salaried one the rates are 9.05% to 9.15% on above Rs 75 lakh loans. 

In case of men for similar loans mentioned above, interest rates are just 5 basis points higher in the same manner. So that means, a salaried man will get 8.60% to 8.70% on home loan below Rs 30 lakhs. The same applies on other home loan limits as well.