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Without a doubt, State Bank of India (SBI) is the most popular and preferred public sector banks in India. The bank has thousands of satisfied & happy customers and offers numerous credit schemes for all lifestyle needs. SBI has over 16,000 branches across India and the bank has spread its wings into more than 30 nations.

Home Loans are one of the leading financial products of the bank which comprise of investment banking, finance & insurance, corporate banking and much more. Since its inception SBI FlexiPay Home Loan, with its flexible features, has gained instant recognition amongst the loan borrowers. Let us get to know more about FlexiPay Home Loan.

About SBI FlexiPay Home Loan

 SBI FlexiPay Home Loan is really beneficial for all those young earners out there. As per this home loan, you get to enjoy eligibility for higher loan amount, especially if you are a salaried individual. You have the provision of paying only the interest during the moratorium period (pre-EMI) period and afterwards pay moderated EMIs. 

Salient Features

    As per State Bank of India, your home loan eligibility will be up to 1.3 times higher than other home loan schemes.

      The loan offers longer repayment term of 25-30 years.

      As a loan borrower, the moratorium period is up to 36-60 months. During the moratorium period, you don’t have to make the principal repayment and only have to pay the interest. During this period, you only have to pay Pre-EMI.

      Both Loan-to-Value (LTV) and interest rates are same as the home loan schemes.

      You have the provision of opting for lower EMI in the initial 3-5 years.

      You can get 20% more loan than the maximum amount in a normal course.

Eligibility

      If you are a working professional, you can avail SBI FlexiPay Home Loan.

      You should age between 21-45 years.

      If you are a salaried individual with at least 2 years of experience.

Documents Required

If you want to avail SBI FlexiPay Home Loan, you will have to submit following documents –

      Duly filled application form along with 3 passport size photographs.

      Proof of Identity (Any One) – Driving License/Voter ID Card, PAN.

      Proof of Residence (Any One) – Recent copy of Telephone, Electricity, Water Bill/Driving License/Aadhaar Card/Passport.

Property Papers

      Permission for construction (where applicable).

      Occupancy Certificate (if it is a ready to move property).

Plan Copy and registered development agreement of the builder, conveyance deed (in case of new property).

  Payment Receipts or bank account statement showing all the payments made to the seller/builder.

Account Statement

      Bank account statement (individual) of last 6 months.

      If you have taken any previous loan from a bank/lender, then loan account statement for last one year.

Income Proof for salaried/co-applicant/guarantor

      Income tax returns for last 3 years.

      TDS Certificate (Form 16A, if applicable).

      Balance Sheet & Profit & Loss account for last 3 years.

      Certificate of qualification (in case of doctor, chartered account and other professional).

      Business License Details (or equivalent).

Interest Rates & Fees

Interest rates for SBI FlexiPay Home Loan are as follows –

Category
Above Rs. 20 Lakhs & Up to Rs. 75 Lakhs
Above Rs. 75 Lakhs
Women
8.60% p.a.
8.65% p.a.
Others
8.65% p.a.
8.70% p.a.

Fees

Processing Fees

      0.35% of the loan amount.

      Minimum amount will be Rs. 2,000

      Maximum amount will be Rs. 10,000

Pre-Sanction

      Valuer’s fee for valuation report.

      Advocate’s fee for conducting property search and title investigation report.  

Post-Sanction

      You need to pay stamp duty for the loan agreement and mortgage.

      Property insurance premium.

      CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) registration fee of Rs. 50 + Service Tax for up to Rs. 5 Lakh limit and there is Rs. 100 Service Tax for limits over Rs. 5 Lakh.

Is SBI FlexiPay Home Loan For You

There is no doubt that FlexiPay Home Loan is one of the innovative loan products in the arsenal of State Bank of India. It definitely caters to the requirements of a certain section of borrowers. 

This home loan will be suitable for you –

      If you are looking to own a bigger house, but the EMI of the home loan is more than your monthly savings.

      If you are looking to have a greater home loan, but the current savings are not apt for the margin money.

      If you have a stable job such as government job.


      If you are in a need of a house but you can’t afford the EMI. 



Author Bio - Ankita Dixit
She has written about home loans, personal loan, credit cards, credit repair and other financial topics.

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