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Recognizing the unwavering dedication and sacrifices of our Army and Defence Personnel, the State Bank of India (SBI) has introduced the SBI Shaurya Home Loan. This specialized home loan scheme is exclusively designed for Defence employees.
This article explores the distinctive features of the SBI Shaurya Home Loan. It highlights how the scheme stands as an example of support for our brave defenders in their journey to homeownership.
Secure Your Dream Home with Exclusive Rates for Defence Personnel.
What Makes the SBI Shaurya Home Loan Special?
The SBI Shaurya Home Loan is a specialized home loan scheme offered exclusively by the State Bank of India (SBI) to Army and Defence Personnel. Designed to honor the dedication and sacrifices of those serving the nation, this loan provides tailored financial support to help Defence employees achieve their dream of homeownership.
| Aspects | Highlights |
|---|---|
| Interest rate | 8.50% p.a. onwards |
| Loan amount | Based on customer profile |
| Loan tenure | Up to 30 years |
| Processing fee | NIL |
Key Features of SBI Shaurya Home Loan
- Lower Interest Rates: Competitive interest rates specifically reduced for Defence personnel, making repayments more affordable.
- Flexible Repayment Options: Customized repayment plans that accommodate the unique income patterns and career transfers typical in Defence careers.
- Extended Loan Tenure: Longer repayment periods, allowing borrowers to manage their finances more comfortably over time.
- High Loan-to-Value (LTV) Ratio: Up to 90% of the property’s market value is financed, minimizing the need for a substantial down payment.
- Minimal Documentation: Simplified application process with fewer documentation requirements, ensuring a hassle-free experience.
- Exclusive Benefits: Additional concessions and benefits for female Defence personnel and first-time homebuyers within the Defence community.
SBI Shaurya Home Loan Interest Rates
| SBI Home Loan Scheme | Interest Rate (p.a.) |
|---|---|
| SBI Shaurya Home Loan | 8.50% p.a onwards |
| SBI Home Loan Max Gain (OD) | 8.50%-9.65% |
Fees and Charges
| Category | Fees and Charges |
|---|---|
| Processing Fee | NA (Waived OFF) |
| Pre-Sanction Fees | Advocate’s Fee: Covers property search and title investigation report. Valuer’s Fee: For obtaining the official property valuation report. |
| Post-Sanction Fees | Stamp Duty: Applicable for the loan agreement. Property Insurance Premium: Required to insure the property. |
| CERSAI Registration Fee | Up to ₹5 Lakh: ₹50 + GST Above ₹5 Lakh: ₹100 + GST |
Eligibility Criteria
Ensuring you meet the eligibility requirements is the first step towards securing the SBI Shaurya Home Loan.
Designed exclusively for Army and Defence Personnel, these criteria assess your financial stability and service credentials to facilitate a smooth and successful loan approval process.
| Criteria | Requirement |
|---|---|
| Nationality | Indian Resident |
| Age | 18 years – 75 years |
| Borrower profile | Only available to active and retired Army, Navy, Air Force personnel, and other eligible Defence employees. |
Documents Required
| Documents | Details |
|---|---|
| Employment Proof | Employer ID Card |
| Loan Application Form | Completed and duly filledAffixed with 3 passport-sized photographs |
| Proof of Identity (Choose One) | PAN/ Passport/ Driver’s License/ Voter ID card |
| Proof of Residence/Address (Choose One) | Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card |
| Property Documents | |
| Permission for Construction | For under construction properties |
| Agreement for Sale | Registered Agreement for Sale (Maharashtra only)Allotment LetterStamped Agreement for Sale |
| Occupancy Certificate | For ready to move in properties |
| Additional Property Papers | Share Certificate (Maharashtra only)Maintenance BillElectricity BillProperty Tax Receipt |
| Development Documents | Approved Plan Copy (Xerox Blueprint)Registered Development Agreement of the BuilderConveyance Deed (for new properties) |
| Payment Proof | Payment ReceiptsBank Account Statements showing all payments made to Builder/Seller |
| Financial Documents | |
| Bank Account Statements | Last 6 months for all accounts held by the applicant(s) |
| Loan Account Statements | Last 1 year (if any previous loans from other banks/lenders) |
| Income Proof (Salaried) | |
| Salary Documentation | Salary Slips for the last 3 monthsSalary Certificate |
| Tax Documents | Form 16 for the last 2 yearsIncome Tax Returns for the last 2 financial years (acknowledged by IT Department) |
How to Calculate SBI Shaurya Home Loan Eligibility and EMI?
- Visit the official SBI Shaurya Home Loan Calculator page.
- Enter your monthly income, current age, desired tenure, and an estimated rate of interest.
- Based on the inputs the calculator will calculate the loan amount and tenure you are eligible for.
- The calculator will display an EMI Graph, showing the interest rate, principal amount, and EMI payable over the tenure of your loan.
- For a more detailed explanation, the SBI provides a month wise amortisation schedule.
Fast-Track Your SBI Home Loan Approval with Our Easy Application Process.
Conclusion
SBI Shaurya Home Loan is here to make that journey seamless for our esteemed Defence personnel. With clear eligibility criteria, a comprehensive list of required documents, and a user-friendly application process, securing your dream home has never been more attainable.
Taking the next step towards your dream home? Book a FREE Consultation with Credit Dharma for expert guidance and support, ensuring you make informed decisions every step of the way.
Frequently Asked Questions
The interest rate for the SBI Shaurya Home Loan typically starts from 8.50% per annum.
The Shaurya scheme is a specialized home loan program offered by the State Bank of India exclusively for defense personnel. It provides attractive interest rates, extended repayment terms, and simplified documentation processes. Designed to support those serving in the Army, Navy, Air Force, and Paramilitary Forces, the Shaurya scheme aims to make homeownership more accessible and financially manageable for our esteemed defenders.
Yes, Army officers are eligible to apply for the SBI Shaurya Home Loan. This scheme is tailored specifically for defense personnel, including Army officers, offering them lower interest rates, longer repayment periods, and special concessions. The Shaurya Home Loan is one of the best options available for Army officers seeking financial support to purchase or construct their own homes.
SBI offers top-up home loans to existing home loan borrowers, allowing them to borrow additional funds. Typically, borrowers can avail of a top-up ranging around Rs. 5 lakhs, subject to SBI’s eligibility criteria and approval process.
For a ₹20 lakh home loan with an interest rate of 8.5% per annum, the approximate monthly interest would be around ₹14,167.
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