• SBI Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan

    If you are planning to buy a house that was a long cherished dream for you then you must plan accordingly. Owning a house is a matter of great honour, joy and pride and choosing the correct home loan can definitely be a daunting task. A good home loan can pave a smooth road between you and your dream house.


    You’re probably eligible for an SBI Home Loan if you are

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    SBI Home Loan Minimum Age

    Atleast 25 years

     SBI Home Loan Maximum Age

    Less than 65 Years

    SBI Home Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    SBI Home Loan Minimum Income

    $50,000 per annum for foreigners


    Your SBI Home Loan amount eligibility is based on these factors

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    SBI Home Loan Minimum Salary

    Minimum income required S$30,000

    SBI Home Loan Maximum Loan to property value

    Minimum Loan Amount - S$250,000 for nationals and S$500,000 for foreigners

    SBI Home Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible SBI Home Loan amount by these steps

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    SBI Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    SBI Home Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    SBI Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an SBI Home Loan

    • 1. Copy of tenancy agreements (If applicable)
    • 2. Last 6 months loan statement from existing financier (For Refinance)
    • 3. CPF Statement of Account (If CPF usage is involved)
    • 4. Singaporeans / Permanent Residents - Photocopy of NRIC, both sides
    • 5. Non – Singaporeans
      • Photocopy of Passport or
      • Photocopy of Employment Pass / Work Permit / Dependant Pass and
      • Document proof of address (i.e. utility bill, driving license etc.)
    • 6. Self-Employed
      • ACRA Search +Business Profile /License of business
      • Latest two years Notice of Assessment from IRAS
    • 7. Employed
      • Last 3 Months pay slips
      • Latest Notice of Assessment from IRAS and
      • Past 12 months CPF contribution history
    • 6. Commission earners
      • Latest 12 months commission statement and
      • Latest two years Notice of Assessment from IRAS and
      • Past 12 months CPF contribution history

    SBI Home Loan DetailsUpdated on 23 Jul 2017

    SBI Home Loan Details
    Min Loan Amount S$250,000
    Max Loan Amount 80% of property value
    Max Loan Tenure 5 years
    Interest Rates Revised from time to time
    Monthly EMI Capped at 30% of the gross monthly income

    About SBI Bank Singapore

    State Bank of India is one of the leading banks which provides innovative and customisable solutions with its financial products. The home loan from SBI is created to cater to the changing needs of the customers. If you are planning to buy a property or a house SBI ensures that you find the best mortgage plan. After the assessment of all your financial requirements, SBI will direct you towards the loan scheme which is most appropriate for you.

    Features and Benefits of SBI Home Loan

    • You can choose fixed rates which provides you with great stability against the fluctuation of rates in the financial market. You can also opt for floating rates which are directly linked with SIBOR (Singapore Interbank Offered Rate)
    • The interest rates offered by State Bank of India with their home loans are extremely lucrative and competitive
    • The loan amount can be used for both HDB and private properties
    • The lock-in period of the loan amount is based on the scheme or promotion
    • Home loans for refinancing and new property purchases may have promotional packages and offers associated with them
    • Subsidies are available for legal fees, fire insurance and valuation of the property

    Fees and Charges of SBI Housing Loan

    No processing fee is required when you apply for a home loan from State Bank of India. However, cancellation fees, fees for redemption and prepayment charges might be applicable depending upon the particular package.

    SBI Home Loan Eligibility

    • The applicants must be between the age group of 21-65 years
    • All permanent residents of Singapore, citizens of Singapore and foreigners may apply for the home loan from State Bank of India
    • The minimum income for a citizen of Singapore or a permanent resident of Singapore must be S$ 30,000 per annum. The annual income of the foreigners applying for home loan should be S$ 50,000
    • The minimum loan amount which an applicant must go for is S$ 250,000
    • The minimum value of the property, in case of foreigners should be S$ 500,000

    SBI Home Loan Documentation

    • Photocopy of NRIC (National Registration Identity Card) that includes the current address of the applicant
    • Photocopy of valid passport is required during the documentation process
    • Photocopy of employment pass, dependant pass and work permit
    • Proof of address is required such as driving license, utility bills, etc.
    • Business profile and business license along with ACRA Search
    • Notice of assessment for last two years from IRAS
    • Payslips of last three months along with letter from the respective employer certifying various factors including commencement of job, designation and monthly income
    • Notice of assessment from IRAS
    • CPF contribution history for the last twelve months
    • Commission statement for the last twelve months
    • History of CPF contribution for the past twelve months
    • Notice of assessment for last two years from IRAS
    • Withdrawal statement of CPF for an existing property along with the Statement of Account
    • In case of refinance, the existing financer needs to provide a loan statement for the last six months
    • Photocopy of tenancy agreements is required during the documentation process
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