What is SBI Flexipay Home Loan?

I have been dreaming of owning her own home for years. I had saved up enough money for a down payment but was still short on funds. Then, I decided to apply for a SBI flexipay home loan. The helpful staff at SBI patiently answered all my queries and guided me through the entire application process.

SBI Flexipay Home loan is a loan where salaried borrowers can apply  for a higher loan amount exclusively. It offers borrowers the option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.

• Low Interest Rates 

• Low Processing Fee

• No Hidden Charges

• No Prepayment Penalty

• 20% higher home loan eligibility

• Interest charges on Daily Reducing Balance

• Repayment up to 30 years

• Interest Concession for Women Borrowers

• Employer Identity Card

• Loan Application: Completed loan application form duly filled with 3 Passport size photographs

• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card

• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

• 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 (For New Property)

• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

• 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

• 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.

This is all from my end on SBI flexipay home loan.

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State Bank of India (SBI) provides Flexipay home loans to salaried people with interest rates starting at 9.15% p.a. and payback terms up to 30 years. Young earners can take advantage of the SBI Flexipay Home Loan. 

What is SBI flexipay home loan scheme?

During the pre-construction period, sometimes referred to as the pre-EMI period, the borrowers are required to pay the interest component. Once the building is finished the borrower pays the normal EMIs, which include both principal and interest components. This makes larger loan amounts available to the applicants. In addition, SBI gives discounts to women who apply for SBI Flexipay Home Loans.

Resident Type: Resident Indian

Minimum Age: 21 years

Maximum Age: 45 years, to apply for a loan, and upto age of 70 years for repayment

Loan Tenure: up to 30-year

• List of papers/ documents applicable to all applicants:

1. Employer Identity Card

2. Proof of Identity (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card

3. Loan Application: Completed loan application form duly filled with 3 Passport size photographs

4. Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

5. Proof of Residence/ Address (anyone): Recent copy of Telephone Bill/ Electricity 

• Property Papers:

1. Permission for construction (where applicable)

2. Occupancy Certificate (in case of ready-to-move property)

3. Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale

4. Payment Receipts or bank A/C statements showing all the payments made to Builder/Seller

5. Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt

6. Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)

• Account Statement:

1. Last 6 month’s Bank Account Statements for all Bank Accounts held by the applicant/s

2. If any previous loan from other Banks/Lenders, then Loan A/C statement for the last 1 year

• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

1. Salary Slip or Salary Certificate of last 3 months

2. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

I hope this suffices your query about the SBI Flexipay Home Loan. I hope this helps:)

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