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State Bank of India (SBI) offers the Shaurya Home Loan, exclusively for Army, Navy, and Defence personnel. This home loan comes with lower interest rates, starting at just 8.50% p.a., and an extended repayment tenure of up to 30 years.
SBI Shaurya Home Loan Highlights
Designed to honor the dedication and sacrifices of those serving the nation, State Bank of India aims to make homeownership a seamless and affordable process with SBI Shaurya Home Loan.
| Category | Highlights |
|---|---|
| Rate of Interest | 8.50% p.a. onwards |
| Home Loan Amount | Based on Eligibility |
| Loan Tenure | Up to 30 Years |
| Processing Fees | Zero (Not Applicable) |
SBI Shaurya Home Loan Interest Rates
The SBI Shaurya Home Loan offers lower interest rates. Additionally, SBI offers concession on interest rates if the loan repayments are automatically deducted from the borrower’s salary or bank account.
| SBI Home Loan Scheme | Interest Rate (p.a.) |
|---|---|
| SBI Shaurya Home Loan | 8.50% p.a onwards |
Read More: Calculate SBI Shaurya Home Loan EMI
SBI Shaurya Home Loan Eligibility Criteria
Ensuring you meet the eligibility requirements is the first step towards securing the SBI Shaurya Home Loan.
| Criteria | Requirement |
|---|---|
| Nationality | Indian Resident |
| Age | 18 years – 75 years |
| Borrower profile | Active or retired Army/ Navy/ Air Force/ Defence employees. |
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SBI Shaurya Home Loan Fees and Charges
All banks offering home loans charge certain fees. The SBI Shaurya Home Loan includes processing fees, administrative charges, and potential prepayment penalties.
| 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 |
Read More: What is CERSAI Fees?
SBI Shaurya Home Loan Documents Required
Gathering the right documents beforehand can streamline your application and speed up approval. Here’s a quick rundown of what you’ll need.
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Property Documents
| Document(s) |
|---|
| Permission for construction (where applicable) |
| Registered Agreement for Sale (only for Maharashtra) / Allotment Letter / Stamped Agreement for Sale |
| Occupancy Certificate (in case of ready-to-move property) |
| Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt |
| Approved Plan Copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (New Property) |
| Payment Receipts or Bank A/C Statement showing all payments made to Builder/Seller |
Income Proof Documents
| Salaried Applicants | Self-Employed Applicants |
|---|---|
| Salary Slip (Last 3 months) | IT Returns (Last 3 years) |
| Salary Certificate (Last 3 months) | Balance Sheet & Profit & Loss Account (Last 3 years) |
| Form 16 (Last 2 years) | Business License Details (or equivalent) |
| IT Returns (Last 2 financial years, acknowledged by IT Dept.) | TDS Certificate (Form 16A, if applicable) |
Read More: How to Get a Home Loan without All Property Documents?
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Frequently Asked Questions
The interest rate for the SBI Shaurya Home Loan typically starts from 8.50% per annum.
The maximum loan amount under the SBI Shaurya Home Loan varies based on the applicant’s profile, repayment capacity, and the value of the property.
The SBI Shaurya Home Loan offers tenures of up to 30 years. Longer tenures result in lower EMIs but higher total interest paid over the loan’s duration, while shorter tenures lead to higher EMIs and lower total interest.
Yes, the loan can be utilized for purchasing a ready-built house or flat, constructing a new house, purchasing a plot for construction, or extending/renovating an existing house.
Processing times can vary based on factors like application completeness and verification processes. While SBI aims to process the applications in 3 – 10 days, external factors must be considered.
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