SBI Home Loan
State Bank of India (SBI) is leader in home loans in India. State Bank of India home loans are available for purchase of a new or resale residential property. The State Bank of India also provides home loans for the purpose of construction as well as repairs / renovation or extension of existing property. The SBI housing loans are even available for transferring the outstanding home loan balance from other lenders too.
Normally the upper age generally is taken at 60 years for salaried individual but this can be extended till 70 years if the borrower is able to convince the bank about availability of income even after retirement for servicing of home loan repayment
SBI finances up to 90% of the cost of the property if the loan amount is Rs 20 lakhs or 80% for loan amount higher than Rs. 20 lakhs of the agreement value of a house. Currently, SBI does not offer any fixed interest loan and offers home loan only on floating rate of interest. The rate of interest on these housing loans is subject to change whenever there is a revision in the base rate of the bank.
To enhance the home loan loan eligibility, SBI allows the borrower to add earning spouse, children or parents as co-borrowers to the loan. In rare cases where the bank is not convinced about the credit profile of the borrower, it may demand for a guarantor to home loan but generally the SBI housing loans are now available without any guarantor.
Some of the product variants of SBI housing loans are:-
SBI Surakshit Home Loan - This product is for the borrowers who want to cover their life along with the home loan. The life insurance premium is added to the EMI or can be paid lump sum at one go depending on the choice of the borrower.
SBI YUVA Home Loan - The SBI loan product from SBI is available for the borrowers in the age group of 21-45 years with minimum income of Rs. 30,000/- pm. SBI YUVA Home Loan is ideal for borrowers who are looking for higher loan eligibility and lower EMI in the beginning of the term.
SBI Home Loan PAL (Pre-Approved Limit) - ideal for borrowers who are not sure about how much loan will be sanctioned. Please take into account the following points before you decide to go for pre-approved home loan.
- Normally the best interest rate is available for those who have finalized the property.
- If the lender is unable to finance the property selected by the borrower or fails to finalise the property within 6 months of sanction letter, the borrower may lose the processing fees that he has paid for the loan sanction.
State Bank of India is the only bank in India supporting the cause of Green Buildings i.e. those projects, which reduces Carbon Emissions, and promote Renewable Energy by offering 0.25% concession in interest rate and waiver of processing fees to the customers who go in for such Green Projects.
Features: The bank offers home loans for purchase and/or construction of house property as well as plot loans. It offers loans for buying resale property and extension/ repair/ renovation/ alteration of an existing house. The bank offers loans schemes known as 'Prashasan Plus', 'Teacher Plus' and 'Oil Plus' to Government Employees, Teachers and employees of public sector oil companies etc at consessional rates.
Co-applicants allowed: Father,Mother,Brother,Sister,Son,Daughter,Spouse
Processing Fees: 0.25% of loan amount, minimum Rs. 1,000/- 50% off during festive period
Prepayment Charges: Nil
Min-Max Age: 18-60
Max Tenure: 15
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