Frequently Asked Questions
Find Answers to Common Questions
We've compiled a list of frequently asked questions to provide you with quick and helpful answers. If you have a question that is not addressed below
EBLR stands for External Benchmark Lending Rate. SBI has adopted Repo Rate as the external benchmark to link its floating rate home loans with effect from 01.10.2019.
Yes, floating rate home loan borrowers with regular account conduct as on the date of switch over, can be migrated to the new interest rate structure.
One time switch over fee of Rs. 1000/-* + taxes is applicable. *Conditions apply.
The Interest Rate reset under EBLR may be done by the Bank from time to time as per Banks extant guidelines in force
No. It is a new interest rate structure. All floating rate home loans will have interest rates linked to External Benchmark.
To apply for a Home Loan, you need to submit documents such as proof of identity, proof of address, loan application form that has been duly filled and your income documents as per salaried, Self employed or business profile.
The EMI is calculated based on specific factors like the amount of the loan, its tenure and the Home Loan interest rate, type of Loan products, etc.
A fixed rate of interest on a Home Loan means that the rate of interest does not change throughout the tenure of the loan. So, the EMI will also remain fixed. But, the fixed rate of interest comes with fixed tenure also. That means Pre Payment and Part Payments are chargeable. Most Govt Banks don't promote fixed rate Home loans due to its Non- User friendly features.
Min. Rs. 50,000, Max Rs. 8,00,000
You can get instant in-principle approval by: Applying through this website.Click here to apply now.
Your Home Loan Eligibility is communicated in the In-Principle Sanction conveyed during your application on our website.
The language of the registration document must be the one that is commonly / prominently used in your district. According to Section 19 of the Indian Registration Act, the Registering Officer or the Registrar has the discretionary authority to decline the registration of your document if it is presented in a language which is not commonly used in the district, unless and until it is accompanied with the authentic translation of the language in use.
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
We determine your eligibility after considering various factors, including your monthly income, your monthly liabilities/ obligations, your current age and your retirement age, among other things. You can check your Home Loan eligibility through our Home Loan eligibility calculator.
A floating rate of interest is linked to a benchmark rate. As per guidelines of RBI, floating rate Home Loans from banks are linked to external benchmark rates. Govt Bank’s floating rate of interest is linked to Repo Rate declared by RBI from time to time. So, rate of interest of your Housing Loan changes in line with the Repo Rate. As a result, the EMI or the tenure of your loan will increase or decrease, depending on the change in the rate of interest time to time.
Yes, you can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income tax return. The limits on the amount deductible are governed by the applicable income tax laws. It depends upon your applicable tax slabs also.
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