SBI Home Loan Application Status
A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house etc. But as they get older, they realize that to make this dream of theirs come true they need money which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that banks and NBFCs offer home loans.
If you know about this and already applied for a Home Loan from SBI, kudos to you!
But what about the status of your application? Well, this article shows to the various methods and respective steps on how to do so!
Checking SBI Home Loan Application Status
There are various methods of checking your application status, both online and offline.
Given below are all the methods explained in detail for better understanding.
How to Check Application Status Offline?
There is more than one option to check the status of your Home Loan Application Offline, they are:
- Visiting the Bank’s Branch
You can your home loan status by directly dropping a visit to the State Bank of India’s branch to meet the officer in charge and know the status of your home loan application.
Using the ‘Branch Locator’ option on the website of SBI, you can easily locate the nearest branch in your vicinity.
Just keep the Application ID or Reference Number that you received while applying for the Home Loan handy.
- Calling the Customer Care Department
You can check your home loan status by giving a call to the customer care representative of SBI. To get the number, you can refer below to know the phone number to contact SBI. As always, keep your application ID/reference number handy to ascertain the status of your home loan application.
You can call on any of the numbers given below to connect with SBI.
- 1800 112 211 (toll free)
- 1800 4253 800 (toll free)
- (080) 2659 9990
- Fincity!
One of the easiest ways to check the status of your Home Loan application is by just giving a call to a Fincity Home Loan representative. They will update you about your HL status as soon as possible.
How to Check Home Loan Application Status Online?
Users can check the status of their Home Loan application through the State Bank of India’s online portal or the also the mobile app.
Website:
Customers can also check the status of their loan application on official website of SBI. Just follow the simple steps mentioned below to check the approval status of your Home Loan:
- Visit the ‘home loans’ portal of SBI.
- Select Application Tracker option
- Click on Loan Application or Disbursement
- Fill the Application Details (name, age, application ID, etc)
As a next step, you will be redirected to a new form where you can select the nature of the loan (Select the ‘Retail Loan’ option for home loans)
You can also request a ‘call back for home loans’ where member of the customer care department will share the details of the loan application status. Fill out the reference number that you received during application and also enter your email address registered for the HL Process.
After you have entered the necessary details, click on ‘Track’ and the loan details will be displayed.
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
| Loan Particulars | EMI for 15 Years (Rs.) | EMI for 20 Years (Rs.) | EMI for 30 Years (Rs.) |
|---|---|---|---|
| EMI | 53,762 | 46,338 | 39,717 |
| Total Interest Payable | 36,77,181 | 51,21,127 | 82,98,077 |
| TotalAmount Payable | 96,77,181 | 1,11,21,127 | 1,42,98,077 |
Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
| Particulars | 15 Years EMI (Rs.) | 20 Years EMI (Rs.) | 30 Years EMI (Rs.) |
|---|---|---|---|
| EMI | 53,762 | 46,338 | 39,717 |
| Total Interest Payable | 36,77,181 | 51,21,127 | 82,98,077 |
| TotalAmount Payable | 96,77,181 | 1,11,21,127 | 1,42,98,077 |
Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
| Loan Particulars | EMI for Rs. 40 lakhs (Rs.) | EMI for Rs. 60 lakhs (Rs.) | EMI for Rs. 1 crore (Rs.) |
|---|---|---|---|
| EMI | 30,892 | 46,338 | 77,230 |
| Total Interest Payable | 34,14,085 | 51,21,127 | 85,35,212 |
| TotalAmount Payable | 74,14,085 | 1,11,21,127 | 1,85,35,212 |
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you intend on changing the tenure of your loan.