To check the status of your home loan application, you can contact the customer care department of State Bank of India or use their mobile app. A representative will discuss the status of your loan application. You can also access your loan details online by entering the reference number you received when you applied for the loan or an email address registered for the HL Process. After entering the details, click on the Track button. The loan details will be displayed.
Application Status
It is possible to check your SBI Home Loan application status online. To do this, you need your application reference number, your registered phone number, and a secure password. You can also visit the branch nearest to you to inquire about the status of your loan. Then, you can check if your loan has been approved or rejected. You can even change some of your details if your application was rejected. Alternatively, you can call the branch to inquire about the status of your loan application.
If you do not have your application ID handy, you can always call the SBI customer service center. You can also call SBI customer care agents to check your home loan application status. When you call the SBI customer care service, you should have your application ID handy. You can also use the SBI mobile app to check your loan application status from any location. You can also get the status of your home loan by faxing your application ID.
Interest Rate
The SBI home loan interest rate depends on several factors. The CIBIL score of the applicant is one such factor. For loans up to Rs 30 lakh, the interest rate starts at 6.80%. For loans above Rs 30 lakh, the interest rate starts at 6.95%. In eight metro cities, there are concessions of up to 30 bps in interest rates. Depending on the loan amount, an applicant can choose from one of these two interest rates.
For home loans up to Rs 30 lakh, the SBI charges 6.9% annual interest. For home loans of more than Rs 30 lakh, the bank charges 7.1%. For borrowers with a CIBIL score of 720, a five basis point concession is applicable. Borrowers applying through the YONO app can avail of additional reductions of 5 bps in interest rates. However, women borrowers need to keep in mind that these concessions are only available for a short period of time.
Processing Charges
If you’re looking to get a home loan, the first thing you need to know is what the processing charges for SBI home loans are. SBI usually charges between 0.40 percent and 0.50 percent for processing loans, but the state-owned bank has recently announced a waiver on its home Loan Agecny in India processing fees for the next five years. This is a huge saving for many borrowers. In addition to this, you’ll find that the interest rate on a home loan from SBI starts at 6.70 percent and ends at 8.20 percent.
The processing fee for home loans from SBI has been waived since August 2018. The bank will also offer a 15% concession in the interest rate on home loans, which is available to anyone regardless of credit history or income. This will also apply to home loan transfers, too, so you don’t have to worry about the transfer fees, since these charges are based on the borrower’s credit score. And the new policy doesn’t specify which cities will benefit. In addition to addressing the massive housing demand in metros, the new rule is timed perfectly for the festive season.
Standing Instruction (SI)
When you want to check the status of your home loan, you can visit your bank’s website to check your Standing Instruction (SI). This type of request allows you to set up automatic payments to be made on certain days. You can set this up by filling out a short form. This form must include your full name, account number, and the date of the last instalment. You can also add a mobile number to receive notifications when the payments are due.
You can also set up a Standing Instruction (SI) to send monthly remittances to multiple overseas accounts. You can do this by logging into your net banking account and completing the Standing Instruction Registration Form. You must ensure that your beneficiary account has an open account in the state bank of India. The payment amount can be as low as 5000 INR. Standing Instruction is an excellent way to keep tabs on the status of your SBI home loan.
EMI Calculation
SBI offers various housing loans. SBI home loan EMI calculator helps you know how much you will need to repay each month. EMI includes the principal repayment and interest component. Various tenures of the loan also affect the EMI. The lowest rate of 7.55% is equivalent to 15 years’ EMI. The maximum tenure is 30 years. For further details, refer to the SBI home loan illustration.
The EMI calculator will let you know how much you need to borrow each month to cover the interest and principle payments on your home loan. Entering these values in the SBI home loan calculator will give you the EMI amount for each month. The EMI value should fit into your budget. A EMI calculator will provide you with the exact amount of your EMI for different home loan tenures. You can adjust the values to make it more or less affordable.
