SBI Flexi Home Loan: Your current income stopping you from taking home loan? Here is solution

SBI Flexipay Home Loan: If you are planning to take a home loan but can't afford high EMI payments towards servicing the loan or want to have the flexibility of increasing the home loan during the tenor of the loan, SBI has a solution for you at https://homeloans.sbi/

Don't worry, if your current income is not proportionate to the loan that you want to take to buy your dream home as SBI's Flexi home loan could just be the answer to your problems.  

SBI 'Flexipay Home Loan' provides salaried borrowers the eligibility for a higher loan. It also offers customers the option to pay only interest during the moratorium (pre-EMI) period. This is helpful as the customers who cannot afford high EMIs may have the facility for a lower EMI with the SBI Flexi Home Loan. The loan repayment has two components - repayment of the principal amount and the interest amount. With Flexi Home Loan, the customers can escape the payment of the 'Principal' component in the EMI for a pre-agreed period, bringing down the installment amount significantly.

However, the EMI amount increases after the moratorium ends. This is especially helpful for young earners.  
 
Eligibility
Resident Type: Resident Indian
Minimum Age: 21 years
Maximum Age: 45 years, to apply for loan, and up to the age of 70 years for repayment
Loan Tenure: up to 30 years

Interest Rates & Fee
The interest rate will vary as per the risk score of the customer. It will be based on the Lifetime Customer Value or LTV of the customer.

The consolidated Processing Fee structure for the loan will be 0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST. However, for builder tie up projects where individual TIR and Valuation Is not required: 0.40% of the loan amount subject to a maximum recovery of Rs 10000/- plus applicable tax. And if TIR and Valuation is required, then normal charge as mentioned above will be applicable.

List of documents required

--Employer Identity Card
--Loan Application: Completed loan application form duly filled with 3 Passport size photographs
--Proof of Identity (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card
--Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or ---Copy of Passport/ Driving License/ Aadhar Card

Property Papers:
--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, a property tax receipt
--Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
--Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

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Account Statement:
--Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
--If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
--Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
--Salary Slip or Salary Certificate of last 3 months
--Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.