SBI Home Loan for Non-Salaried Individuals – Your Path to Homeownership Starts Here
SBI appreciates that income stability is defined very differently for business owners, freelancers, and professionals. This section explains how the various classes of persons (and primarily their category of self-employed candidates) eligible for a loan with SBI can qualify for a home loan with SBI. From flexible income assessments to reduced paperwork and personalized loan terms, we will walk you through everything you need to know to set your application on the path to approval with utmost confidence.
SBI Home Loan for Non-Salaried Individuals – Your Path to Homeownership Starts Here
Homeownership is a cherished dream for millions of Indians. However, for non-salaried individuals—business owners, self-employed professionals, freelancers, or entrepreneurs—securing a home loan can feel like a daunting task. Unlike salaried applicants, their income isn’t always fixed or predictable, leading many lenders to view them as high-risk.
But the State Bank of India (SBI), the country’s most trusted public sector bank, has a tailored solution—SBI Home Loan for Non-Salaried Individuals. This offering is designed to break the barriers faced by self-employed borrowers, offering flexibility, competitive interest rates, and an easy documentation process.
Whether you’re building your dream home, buying a resale property, or renovating your ancestral house, SBI’s offering can help you get there without compromising on your business goals or lifestyle.
Key Features
| Feature | Details |
| Applicant Type | Non-salaried individuals (Self-employed, Business Owners, etc.) |
| Age Criteria | Minimum 18 years |
| Maximum Loan Tenure | Up to 30 years |
| Loan Amount Range | ₹50,000 to ₹50 crores |
| Interest Type | Daily Reducing Balance |
| Interest Rates | As per prevailing SBI card rates (subject to credit profile) |
| Processing Fee | 0.35% of the loan amount + GST (Min ₹2,000 – Max ₹10,000 + GST) |
| Documentation | Tailored for self-employed profiles |
| Loan Purpose | Home purchase, construction, takeover, renovation |
| Collateral | Property being financed (standard practice) |
Why Choose SBI’s Non-Salaried Home Loan?
SBI understands the financial structure of non-salaried individuals better than most lenders. Here’s why this loan stands out:
1. Customised for the Self-Employed
Whether you’re a shop owner, doctor, architect, or someone running a startup, SBI structures its offering around your business income, not just fixed salaries which means that eligibility and repayment structure can be made quite flexible.
2. Higher Loan Amounts:
The maximum amount of the loan can be up to ₹50 crores; this amount gives you the freedom to buy premium homes or even fund large-scale home construction projects. Minimum loan amount? Just ₹50,000, making it suitable even for being used towards renovations or extensions.
3. Flexible Repayment Tenure
A long loan term of up to 30 years makes sure your EMIs can survive affordability. The long tenure particularly helps when an individual’s income varies from season to season as is common with business owners and freelancers.
4. Daily Reducing Balance Methods
Interest is computed on a daily reducing balance; in other words, it implies that only that portion of the principal is computed daily, which is what incurs interest. It significantly cuts down the total interest burden over the lifetime of the loan.
5. Low Processing Fees
Processing Fee is 0.35% of the loan amount and is one of the lowest in the industry. Even better, it is capped at ₹10,000 + GST, making it cheaper for high-value loans:
Eligibility Criteria
While opening doors for non-salaried borrowers, SBI has made this product very easy to access for most people but still requires some basic checks to ensure financial soundness.
- Type of Resident: Indian Resident only
- Age: Should be 18 years or above on the date of application for loans
- Loan Tenure: Maximum period of 30 years
- Business Criteria:
- The firm/business must be in operation for at least 3 years.
- Must show net profits in the last 2 financial years.
- Any existing loans must be standard and regular.
- If the property is bought in the name of the applicant and their proprietary firm, the firm must be debt-free or an existing SBI borrower.
If the property is bought in the name of the applicant and their proprietary firm, the firm should be debt-free or an existing SBI borrower.
Loan Usage
Housing Needs The SBI Home Loan for Non-Salaried Individuals can be used for either of the following purposes:
- Purchase of new or resale residential property
- Construct a house on land owned
- Home loan balance transfer from another bank/NBFC
- Renovation, repair, or extension of an existing property
Documents Required
Documentation is designed to reflect the financial situation of non-salaried professionals. Here’s a comprehensive checklist:
Personal Documents
- Completed application form with 3 passport-size photographs
- Identity Proof: PAN Card/ Passport/ Driving License/ Voter ID
- Address Proof: Recent utility bill/ Passport/ Driving License/ Aadhar
Property Documents
- Construction approval (if applicable)
- Allotment letter / Sale agreement
- Occupancy Certificate (for ready-to-move property)
- Payment receipts / Bank statements reflecting builder payments
- Approved plan copy & Registered Development Agreement
- Conveyance deed
Financial Documents
The last 6 months’ bank statements
- Loan statement (if transferring from another lender)
Income Proof (For Non-Salaried)
- IT returns for the last 3 years
- Balance Sheet & Profit & Loss Account for last 3 years
- Business license / GST certificate/registration certificate
- TDS certificates (Form 16A, if applicable)
- Qualification certificate (for professionals like CAs, doctors)
Interest Rates & Processing Fees
Interest rates vary based on your credit score, property value, and repayment capacity. Here’s an overview:
Processing Fees (Card Rate)
| Loan Type | Processing Fee (Excl. GST) |
| SBI Home Loans (Non-Salaried, etc.) | 0.35% of the loan amount (Min ₹2,000 – Max ₹10,000) |
| Top-Up Loans | Same as above |
| Personal Loan against Property (P-LAP) | 1% of the loan amount (Max ₹50,000 + taxes) |
| Reverse Mortgage Loans | 0.50% (Min ₹2,000 – Max ₹10,000) |
| Apon Ghar (up to ₹15 lakh) | NIL |
| Privilege & Shaurya Home Loans | NIL |
How to Apply?
Applying for the SBI Non-Salaried Home Loan via NoBroker is a breeze. Here’s how:
- Visit NoBroker’s Loan Section and select SBI as your preferred lender.
- Fill in basic details – property cost, desired loan amount, and personal information.
- Upload necessary documents.
- Get expert support from NoBroker’s relationship managers who coordinate with SBI to fast-track your application.
- Loan disbursal happens directly from SBI once all checks are done.
Benefits of Applying via NoBroker
- Fast-track approval
- 100% paperless processing
- Dedicated loan manager
- Zero brokerage
- Personalized loan consultation
Conclusion
A home should not be a privilege bestowed upon salaried people alone. SBI Home Loan for Non-Salaried Individuals is a credible and cost-effective financial scheme available for self-employed professionals through the most trusted public sector bank in India. Is an ideal scheme if you are a businessman, freelancer, or professional wishing to secure a home loan, with all the flexibility attached to it. Apply with NoBroker today and take your first step toward owning your dream home on your terms.
