State Bank of Sikkim Home Loan

State Bank of Sikkim offers Home Loans at the most affordable rate of interest. Your dream of your own house is now possible with our Home Loan.

Hassle free documentation, easy processing, flexible repayment schedule and low interest rate makes our Home Loan scheme the most sought after loan in Sikkim.

Whether it is for construction of house, renovation/extension/repair of your house, State Bank of Sikkim Home Loan is ideal for all your needs.

A. Individuals, aged 21 years or above having regular Salaried income and not defaulter borrower of any Bank / Financial Institutions.
B. Preferably loan is given in joint names of two or more individuals, i.e. Co-owner (s) o f property (must) / spouse / parents / son or daughter / brother or sister.
C. Salaried Person should be in regular and permanent service of Government of Sikkim only.


1. Construction of House on own land.

2. Renovation/extension/repair of owner-occupied or tenant – occupied house or flat.

Note: Property should be for own residential use or residential cum commercial use. When for purely commercial purpose, loan will be considered under commercial loan.

Amount of Loan

The minimum and maximum amount of loan under the scheme is restricted Rs. 5,00,000/= and Rs. 40,00,000/= respectively

Rate of Interest

10.50% per annum. Interest will be charged on monthly compounding system. (Rate of Interest is subject to change from time to time)

Note: Concession is available for loans for the following:-

1. 0.25% per annum for assignment of life insurance policy of equivalent value of loan. Policy is to be in the name of main income earner and should be at least 3 years old.

2. 0.25% per annum for 50% of the loan additionally secured by Bank's own Term Deposit.

Penal Interest: 1% on the amount of PEMI/EMI in arrear of the period of default.

Loan Eligibility Calculator

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EMI Calculator

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Repayment and Period of Loan

Repayment / Realisation of EMI will be made directly out of deduction from teh salary and remittance to teh Bank by cheque/DD in favour of State Bank of Sikkim

1. Maximum repayment period is 15 years or 180 months and tenure to be fixed on teh basis of age of 1st applicant (whose income contributes major part in recovery).

2. The loan shall be repaid within superannuation period of the main borrower.


Application will have to be made in the prescribed form available at Head Office, Gangtok (Loans Section) with all the required documents as per annexures.

The Bank reserves the right to reject any application without assigning any reasons thereof.

Upon approval, the loanee will have to complete all the documentations as per State Bank of Sikkim norms.

Property Documents to be submitted with Application Form

a. Registered Sale Deed of own land / property.

b. Approved BP plan for construction / extension from competent authority.

c. Mutation Certificate / Parcha, Latest Tax receipts.

d. Cost estimate from Architect (Empanelled) for the proposed construction / extension / repair.

e. Search Report / Non Encumbrance Certificate from concerned/competent authority.

f. No Objection Certificate from family members.

Disbursement of Loan

Disbursement will be made in installments in the following manner:

Activity% of disbursement
Completion of plinthMax: 30% of loan amount
Completion of RCCMax: 30% of loan amount
Completion of masonry and plasterMax: 25% of loan amount
Completion of finishing worksResidual part of loan amount

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