Most salaried employees need to follow an easy home loan procedure for approval of their application. However, for non-salaried people such as self-employed or proprietors, the process gets lengthy, and there are some chances of loan rejection. To solve this problem, SBI offers a home loan scheme that is specifically designed for non-salaried individuals. People can take this loan to construct or buy a flat, renovate an old flat, or pay their home loan debt at another bank. In addition, to figure out the right amount and repayment tenure, people can use the home loan calculator SBI.
In this blog, we will cover all the crucial information about the scheme- “SBI home loan for non-salaried-differential offerings”.
Features of SBI Home Loan for Non-Salaried People
The exclusive loan scheme for non-salaried people is helpful for getting approval for buying and renovating the house at an economical interest rate. Following are the important features of this loan scheme:
- It is suitable for every individual who has an SBI account.
- Low rate of interest for loan repayment.
- No hidden charges for better transparency.
- Low processing fee.
- The bank charges interest on the balance that reduces daily.
- Tenure period up to 30 years.
- The loan amount ranges between ₹ 50,000 to ₹ 50 crores.
Along with these features, you can easily calculate home loan EMI by using the home loan calculator SBI according to your need and financial capacity to repay the loan on time.
Eligibility Criteria for SBI Home Loan for Non-Salaried People
All non-salaried Indian citizens must be aware of the eligibility criteria of this home loan scheme before using the home loan calculator SBI to determine the amount of home loan EMI. These include the following:
- To get this loan benefits, the applicant must be non-salaried. Salaried employees can apply for other home loan schemes of SBI.
- The minimum age of the applicant must be 18 years.
- In case the applicant is a proprietor, director, or partner in a business, they must provide evidence for the following:
- Proper functioning of the firm for the last 3 years.
- The company’s profit statement shows revenue generation for the past 2 years.
- Regular or standard credit report if the applicant has a credit history. Moreover, the SBI seeks an opinion report regarding this from other bankers.
- The borrower must be a debt-free regular borrower with SBI if the proprietor or the firm acquires house property in joint names.
Rate of Interest for SBI Home Loan for Non-Salaried People
The rate of interest is the crucial factor in calculating the home loan EMI using the home loan calculator SBI. The following table demonstrates the interest rate under this scheme according to the principal amount:
| Category | ₹ 10 lakh to ₹ 30 lakh | Above ₹ 30 lakh to ₹ 75 lakh | Above ₹ 75 lakh |
| Women | 8.80% to 8.90% p.a | 8.95% to 9.05% p.a | 9.05% to 9.015% p.a |
| Others | 8.85% to 8.95% p.a | 9.00% to 9.10% p.a | 9.10% to 9.20% p.a |
Overdraft home loan
| Category | ₹ 20 lakh to ₹ 30 lakh | Above ₹ 30 lakh to ₹ 75 lakh | Above ₹ 75 lakh to ₹ 3 crores |
| Women | 8.90% to 9.00% p.a | 9.10% to 9.20% p.a | 9.25% to 9.35% p.a |
| Others | 8.95% to 9.05% p.a | 9.15% to 9.25% p.a | 9.30% to 9.40% p.a |
Important Documents for SBI Home Loan for Non-Salaried People
Once you use the home loan calculator SBI to determine the home loan EMI for a chosen principal amount, you must provide the following documents to the bank officials to process the loan application.
- Anyone ID proof like PAN, Voter ID, DL, or Passport.
- Latest electricity bill, telephone bill, Aadhar, Passport, or DL for residential proof.
- Bank account statement for the past 6 months.
- Last year’s loan statement if drawn from another banker.
Conclusion
Getting a loan as a non-salaried individual is not an easy task. However, with this scheme of SBI, self-employed individuals have a better chance to avail the benefits of a home loan by providing all the crucial documents and meeting the eligibility criteria. Still, to make an intelligent decision, a borrower must use the home loan calculator SBI to know which principal amount and tenure provide a home loan EMI that is most feasible for repayment
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