Suppose you think Reliance is a better home loan lender as compared to SBI. Would you not
Reliance Home Loan Interest Rate
The rates range from 8.75% to 10% per annum. The customer having better profile are eligible for a lower rate.
Home loan rates at SBI
At SBI, the interest rates on housing loans are available at the starting rate 8.45% per annum for women applicants and 8.50% per annum for other applicants.
How much home loan EMI are you paying right now?
The calculation of EMI on a loan is done online through a home loan EMI calculator. It is the easiest tool that helps you in calculating home loan EMIs in a few minutes. This tool takes into account the basic details of your home loan which are:
- Loan amount
- Tenure
- Interest rate
Suppose, your current home loan is of ₹40 lakhs with the tenure of 25 years. The rate of interest at the present lender is 9.50% p.a. The EMIs you are currently paying is as follows:
EMI: ₹34,948
Total interest outgo: ₹64,84,360
Total amount: ₹1,04,84,360
However, if you would have taken your home loan from to SBI which might give you the rate of 8.50 % per annum if you match the eligibility criteria, you can save a lot of money.
Here is an example for your reference:
EMI: ₹32,209
Total interest outgo: ₹56,62,725
Total amount: ₹96,62,725
SBI Home Loan Documents
The list of documents required at the loan application are as follows:
For Salaried:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Original salary certificate from employer
- TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department
For Self-employed:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Acknowledged copies of three years IT return/Assessment orders
- Photocopies of challans evidencing payment of Advance Income Tax
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