SBI MaxGain Home Loan Terms and Conditions

SBI MaxGain Home Loan offers a unique and flexible approach to home financing. This product is designed for individuals who seek the convenience of a home loan with the added benefit of an overdraft facility. Below are the key terms and conditions associated with this loan product:

1. Eligibility Criteria:

   • Age: Applicants must be between 18 to 70 years old.
   • Income: Salaried individuals must have a stable income with a minimum of ₹25,000 per month, while self-employed individuals need to demonstrate a steady income source.
   • Credit Score: A good credit score is essential. Typically, a score of 750 or above is preferred.

2. Loan Amount and Tenure:

   • Loan Amount: The maximum loan amount available under the SBI MaxGain scheme is up to 90% of the property's value, subject to eligibility.
   • Tenure: The loan can be repaid over a period ranging from 5 years to 30 years, depending on the borrower's age and income.

3. Interest Rates:

   • Type: The loan features both fixed and floating interest rate options.
   • Floating Rates: These are linked to the SBI’s MCLR (Marginal Cost of Funds based Lending Rate) and can change based on market conditions.
   • Fixed Rates: Applicable for a specific period, generally offering stability in monthly EMIs.

4. Overdraft Facility:

   • Description: The MaxGain loan includes an overdraft facility that allows borrowers to park their surplus funds in the loan account, reducing the interest burden.
   • Utilization: Funds can be withdrawn from the overdraft account as needed.

5. Repayment Terms:

   • EMI Payments: Equated Monthly Installments (EMIs) are required to be paid on a monthly basis.
   • Prepayment: Partial or full prepayment of the loan is allowed without any prepayment penalty.

6. Processing Fees and Charges:

   • Processing Fee: A non-refundable processing fee is applicable at the time of loan application.
   • Other Charges: Includes legal, valuation, and documentation charges.

7. Documentation Required:

   • Identity Proof: Passport, Aadhar Card, or Driver’s License.
   • Address Proof: Utility bills, rental agreements, or bank statements.
   • Income Proof: Salary slips, IT returns, or business financials.
   • Property Documents: Sale deed, property tax receipts, and other relevant documents.

8. Loan Sanction and Disbursement:

   • Sanction: The loan is sanctioned based on the evaluation of the borrower’s creditworthiness and property documents.
   • Disbursement: The disbursement is made in stages, usually aligned with the construction progress or purchase completion.

9. Default and Penalties:

   • Late Payment: Penalties apply for late EMI payments.
   • Default: Persistent defaults can lead to legal actions and recovery of the loan amount through the sale of the property.

10. Insurance Requirement:

    • Property Insurance: Borrowers are encouraged to insure the property to safeguard against unforeseen events.

11. Other Terms:

    • Change in Terms: SBI reserves the right to amend the terms and conditions of the loan with prior notice.
    • Customer Service: Dedicated customer service is available for queries and support throughout the loan tenure.

Conclusion: The SBI MaxGain Home Loan provides a flexible and advantageous option for home buyers and owners, combining the benefits of a traditional home loan with the added advantage of an overdraft facility. Prospective borrowers should carefully review the terms and conditions to ensure it meets their financial needs and goals.