SBI Home Loan Jodhpur: Interest Rate 2024, Eligibility, Process

sbi home loan jodhpur

Jodhpur is called the “Sun City” for the sunny, bright weather it enjoys all year. It is also called the “Blue City” because of the vivid blue-painted houses around the Fort of Mehrangarh. The old city circles the fort, bounded by a wall with various gates. However, the town has expanded considerably outside the wall over several decades. Jodhpur lies near Rajasthan’s geographic center, making it a suitable base for travel in the region.

An enormous chunk of its revenue comes from tourism and its ancillary industries. The demand for commercial and residential housing has skyrocketed in Jodhpur. So, finance your house in Jodhpur with the SBI home loan in no time. Apply online or visit any of the nearest SBI Jodhpur branches for an in-person application.

If you want to purchase a dream home or invest, SBI home loan is India’s largest mortgage lender. It has assisted many households in achieving their dream of buying their dream home.

Many questions may arise when you have finalized the property and are looking for a home loan. How much cash do I need? What are the processing charges? What documents should I submit? What is the loan’s tenure? We have answered these queries through this blog tailored to your requirements.

Highlights of SBI Home Loan in Jodhpur

SBI home loans help individuals fulfill their dream of buying a home. The interest rates charged on the borrowed amount depend on certain factors such as loan amount, tenure, and the applicant’s CIBIL Score. 

ParticularsDetails
Interest Rates8.40%
Processing FeeCheck official portal
RepaymentUp to 30 years
Loan AmountUpto 90% of property
Foreclosure ChargesNil
Monthly Income₹25000
Lowest EMI per 1 Lakh₹787

SBI Home Loan Interest Rates 2024

The table below details  the different home loan schemes the State Bank of India offers, along with the latest interest rates:

Types of SBI Home LoanSBI Housing Loan Interest Rates
SBI Regular Home Loan9.15% – 9.65%
SBI Tribal Plus9.25% – 9.75%
SBI Realty Home Loan9.45% – 9.85%
Commercial Real Estate (CRE) Home Loan9.35% – 9.85%
Top-up Loan9.55% – 10.15%
Loan Against Property10.90% – 11.30%

Features of Home Loan in Jodhpur

The features of SBI home loan for the applicants interested in a housing loan in Jodhpur are as follows:

  • Affordable Interest Rates: Starting from 8.40%, SBI home loans offer borrowers the option of home loans at an affordable interest rate.
  • Speedy Turn-around Time: Apply for an SBI home loan and start enjoying the loan amount in 15-30 days from approval time.
  • High Loan Amount: SBI provides a loan amount linked to an external benchmark, and applicants can enjoy lowered interest rates during favorable market conditions.
  • Digital Monitoring: SBI allows you to monitor all your loan movements, details, and schedules hassle-free online.
  • Long Tenor Stretch: Take your time repaying your SBI home loan, which spans 30 years. This allows the borrowers a buffer period to plan out their EMI payments.
  • No-Touch Loans: Experience a genuinely remote home loan application from anywhere in India by applying for SBI online home loans and getting an easy sanction.
  • Ease of Prepayments: You can prepay your home loan or foreclose on your debt as you wish, with no additional costs or penalties.

Some other features include:

  • Home loan products to suit each customer’s need
  • No hidden charges
  • Interest charges on daily reducing balance
  • Home loan available as Overdraft
  • Interest concessions for women borrowers

Apply for a home loan in Jodhpur from SBI and finance your dream home in the city. By meeting the eligibility criteria and submitting a few essential documents, you can get a high loan value at an affordable interest rate. You can simplify the borrowing experience online or by visiting the nearest SBI branch.

Also Read: How To Check Land Records In Rajasthan?

Benefits of Taking SBI Home Loan in Jodhpur

Many people dream of having their own house, and with SBI home loans, it has become too easy and quick to fulfill this dream. If you want a housing loan in Jodhpur, then SBI offers a home loan from the comfort of your place.

Taking a home loan has numerous benefits, such as:

  • Tax-benefits
  • Competitive interest rates
  • Sense of accomplishment
  • Capital appreciation

Types of SBI Home Loan Schemes

1. SBI Regular Home Loan

This scheme is available for applicants aged 18 to 70 years. The interest rate on SBI Regular Home Loan is 9.15% per annum. The processing fee on this loan is 0.35% of the loan amount. The minimum processing amount ranges between Rs. 2,000 to Rs. 10,000. SBI regular home loan offers a 0.5% lower interest for women, with zero foreclosure charges. 

2. SBI Tribal Plus

This scheme is launched for the people who live in tribal or hilly areas. The interest rate of this loan starts from 9.25% and has a processing fee of 0.35% of the loan amount. The repayment tenure for this particular loan is 15 years. 

3. SBI Flexipay Home Loan

SBI Flexipay Home loan offers higher loan eligibility exclusively for salaried borrowers. It allows them to pay only interest during the moratorium (pre-EMI) period and then opt for moderated EMIs. Today’s SBI home loan interest rate for Flexipay is based on the applicant’s CIBIL score. Hence, applicants with a positive CIBIL Score of above 700 can get a lower interest rate on their loan amount.

4. SBI Home Loan for Non-Salaried Differential Offerings

This exclusive scheme for non-salaried individuals offers applicants the best home loan values. It provides home loans to buy new homes, build new homes, and repair/renovate existing houses. Under this scheme, one can get a loan amount ranging from Rs. 50,000 to Rs. 50 crores.

5. SBI Pre-approved Home Loan

This is a type of home loan that is sanctioned even before the property has been finalized. It allows more negotiating power with the seller or the builder. The perks of this loan are similar to the SBI regular home loan.

6. SBI Earnest Money Deposit

The SBI Earnest Money Deposit (EMD) home loan scheme is designed for individuals seeking to buy built-up houses or residential plots sold by Urban Development Authorities like HUDA, PUDA, Housing Boards, and various other Government Housing agencies. This initiative by SBI caters to those who require a short-term loan to facilitate their property purchases.

7. SBI Realty Home Loan

SBI Realty home loan offers loan amounts to customers to purchase a plot of land to build their homes. It has a loan limit of up to Rs.15 crore with repayment terms of up to 10 years. It also provides an option to obtain a separate SBI home loan for construction.

8. SBI CRE Home Loan

The curated scheme is for people with a home loan who want to purchase another house. The maximum number of home loans under this scheme is three (for an individual), including existing home loans. The advantages of this scheme are lower interest rates for women and no foreclosure/prepayment charges.

9. SBI Suraksha

SBI Suraksha is a group life insurance scheme offered by the State Bank of India to new and existing home loan customers who have chosen the SBI Life Cover. The scheme provides customers with various insurance coverages at nominal premium rates. The coverage generally includes Personal Accident Insurance, Accidental Death Insurance, Total and Permanent Disability Insurance, and Accidental Partial Disability Insurance.

Also Read: How To Do Property Registration In Rajasthan

SBI Home Loan Interest Rates Based on CIBIL Score

The interest rates on SBI home loans vary depending on the borrower’s CIBIL score. One must have a good record of CIBIL score to get a low-interest rate on their loan amount. 

Tabulated below are the home loan interest rates from SBI based on the CIBIL scores:

CIBIL ScoreInterest Rates
>=8009.15%
750-7999.25%
700-7499.35%
650-6999.45%
550-6499.65%
NTC/No CIBIL Score/-19.35%

Criteria for Home Loans in Jodhpur

Getting a home loan in Jodhpur is possible only if you fulfill the eligibility criteria set by SBI. These criteria are relatively easy to follow, and all they ask is for a specific age limit, income, credit score, and nationality. 

The table given below is for your reference to understand the primary home loan eligibility criteria in Jodhpur:

Eligibility ParametersSalaried IndividualsSelf-Employed Individuals
CitizenshipIndian ResidentsIndian Residents
Professional Experience2 years2 years
AgeMin: 15 yearsMax: 70 years Min: 15 yearsMax: 70 years 
Monthly IncomeMinimum ₹25,000 per monthMinimum ₹25,000 per month
CIBIL Score750 or above (preferred)750 or above (preferred)

Steps to Apply for SBI Home Loan Jodhpur

One can apply for a home loan under the State Bank of India offline or online. Below are the detailed steps:

SBI Home Loan Offline Application Process: For the offline process, the applicant must visit any nearest SBI branch in Jodhpur and consult the bank representative about the different SBI home loan schemes. They can check their criteria for the SBI home loan in Jodhpur and fill out the application form for the preferred home loan. Submit all the mandatory documents for background and income verification. 

SBI Home Loan Online Application Process: For online applications, visit the official website of SBI home loans: https://homeloans.sbi/. Check the eligibility for all the home loans offered by the SBI and fill out the application form. After submitting the application form and necessary documents, one of the representatives contact you to further proceed with the application process.

Documents Required for Home Loan in Jodhpur

Submit all the essential documents required to avoid the disappointment of rejecting a home loan. There are some variations for the types of documents needed to be submitted by salaried and self-employed borrowers, and you can learn about the same by reading further:

Documents Applicable to All Applicants

  • Employer ID card
  • Loan Application: Filled loan application form and affixed with 3 passport size photographs
  • Proof of Identity (Anyone): PAN/ Passport/ Voter ID card/ Driver’s License
  • Proof of Address (Anyone): Recent copy of Electricity bill/ Water bill/ Telephone bill/ Piped gas bill or copy of passport/ Aadhar Card/ Driving License

Property Papers

  • Permission for construction (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/ Allotment Letter/ Stamped Agreement for Sale
  • Occupancy Certificate (OC) (in case of ready-to-move property)
  • Share Certificate (only for Maharashtra), Electricity Bill, property tax Receipt, Maintenance Bill, 
  • Approved plan copy & Registered Development Agreement of the builder, Conveyance Deed (For new property)
  • Payment receipts or bank account statements reflecting all the payments made to Seller/ Builder

Account Statement

  • Previous 6 months’ bank account statements for all bank accounts held by the applicants
  • If any past loans from other lenders/ banks, then the loan account statement for the past 1 year

Income Proof for Salaried Applicant/ Guarantor/ Co-applicant

  • Salary slip or salary certificate of the previous 3 months
  • Copy of Form 16 for the past 2 years or copy of IT Returns for the previous 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Guarantor/ Co-applicant

  • Business address proof
  • IT returns for the last 3 years
  • Balance sheet, Profit & Loss account for previous 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for CA/ Doctor and other professionals)

Also read: DLC Rates In Jodhpur: How To Check & Important Things To Know

Factors Affecting SBI Home Loan Interest Rates

Several factors influence the interest rates SBI offers on its home loans. Some of the key factors include:

  • Repo Rate: SBI, like other banks in India, often links its floating interest rates to the RBI’s repo rate. Changes in the repo rate by the RBI can impact the interest rates offered by SBI.
  • Credit Score: A satisfactory credit score reflects the borrower’s creditworthiness. This can help negotiate a lower interest rate. SBI considers an applicant’s credit score while determining the interest rate.
  • Loan Amount and Tenure: The loan amount and tenure sought by the borrower can also influence the interest rate. Higher loan amounts or longer tenures attract slightly higher interest rates.
  • Loan-to-Value (LTV) Ratio: The LTV ratio represents the loan amount concerning the property’s value. A lower LTV ratio may lead to a more favorable interest rate.
  • Income Stability: The applicant’s employment and income source stability are important considerations when determining the interest rate.

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