Flexipay Home Loan

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Flexipay Home Loan-Higher eligiblity with step up moratorium

Only salaried borrowers are eligible for a greater loan amount under the SBI Flexipay Home Loan. It allows customers to pay only interest during the moratorium (pre-EMI) period, and then pay regulated EMIs. The EMIs will increase in later years. This type of SBI house loan is quite beneficial for young earners. The SBI Flexipay house loan has the potential to attract a big number of home loan buyers to SBI.

Features Eligibility Documents Required
  • Low Interest Rates
  • Low Processing Fee
  • No Hidden Charges
  • No Pre Payment Penalty
  • 20% higher home loan eligibility
  • Interest charges on Daily Reducing Balance
  • Repayment up to 30 years
  • Interest Concession for Women Borrowers
  • Resident Type: Resident Indian
  • Minimum Age: 21 years
  • Maximum Age: 45 years, to apply for loan, and upto age of 70 years for repayment
  • Loan Tenure: up to 30 years.

List of papers/ documents applicable to all applicants:

  • 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

Property Papers:

  • 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

Account Statement:

  • 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

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

  • 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.
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