People love to dream and many of them always dream about one sweet home of their own. However, it is not possible all the time to get a dream abode easily as most of the common people of India have to think about their savings and they do not want to spend the money to erect a house or to purchase a good quality flat with enough space.
Many people earn throughout their life and at the end of their service, they begin to make their house of their own. However, the scenario has changed drastically in India as there are numerous financial companies and banks that have come with some exclusive plans for those who want their own house. Today, you can get home loans at considerable rates from almost all the banks.
Why SBI Home Loans?
State Bank of India, one of the largest nationalized banks of the nation has come up with some home loan packages as they feel the urge of common Indian men who require house or flat of their own. The requirement for the money is not only for buying the house or flat but you can also use the money to decorate and paint the house.
The State Bank of India has been elected as the Most Preferred Home Loan Provider by Awaaz Consumer Awards and has also got the maximum number of votes to get the title of The Most Preferred Bank as per the poll conducted by TV 18 in association with AC-Nielson-ORG Marg in 21 cities across India.
Currently, SBI Home Loans offers interest rates concessions on Green Homes in harmony with the bank’s commitment to protect the environment. SBI Home Loan schemes are well appreciated by most of the consumers as these are built on the solid foundation of transparency and faith that is the common tradition of State Bank of India.
UNIQUE ADVANTAGES OF SBI HOME LOANS
- Low interest rates. The bank charges interest on a regular dipping balance.
- You get the package of exclusive benefits.
- Low processing charges.
- No administrative charges or hidden costs.
- No prepayment penalties. You can reduce the interest burden and optimally make use of your excess funds by prepaying the loan.
- You can get your Home Loan account from any of the nearest branch that is near your location. There are more than 13,700 branches from where you can get Home Loans.
PRODUCTS
SBI Easy Home Loan
| Facility Type | Term loan or OD as in SBI MaxGain |
| Loan Amount | Up to INR 30 Lac |
| Interest Rate | Card rate is applicable for the tenor of the loan that is 1.5% above the base rate. The current rate is 9.75% per annum |
| 1st year | You get 1% discount over card rate, present effective rate is 8.75% per annum |
| 2nd & 3rd year | You get 0.25% discount over card rate and the current effective rate is 9.5% per annum |
| 4th year onwards | Card rate |
SBI Advantage Home Loan
| Facility Type | Term loan or OD as in SBI MaxGain |
| Loan Amount | From above INR 30 Lac to INR 75 Lac |
| Interest Rate | Card rate is applicable for the tenor of the loan that is 1.75% above the base rate. The current rate is 10% per annum |
| 1st year | You get 1.25% discount over card rate, present effective rate is 8.75% per annum |
| 2nd & 3rd year | You get 0.50% discount over card rate and the current effective rate is 9.5% per annum |
| 4th year onwards | Card rate |
SBI Premium Home Loan – Up to INR 1 crore
| Facility Type | Term loan or OD as in SBI MaxGain up to INR 1 crore |
| Loan Amount | From above INR 75 Lac to INR 1 crore |
| Interest Rate | Card rate is applicable for the tenor of the loan that is 1.75% above the base rate. The current rate is 10% per annum. Concessions that include discretionary concessions will be available over the tenor of the loan. |
SBI Premium Home Loan – Above INR 5 Crores
| Facility Type | Term loan |
| Loan Amount | For above INR 5 crores |
| Interest Rate | Card rate is applicable for the tenor of the loan that is 2% above the base rate. The current rate is 10.25% per annum. Concessions that include discretionary concessions will be available over the tenor of the loan. |
There are many other products like Home Loan Product Variants, Home Loan Top-Up Products, Related Home Loan Products and few new products.
Features
Eligibility
The minimum age should be 18 years as on the date of sanction of the loan and the maximum age should be 70 when you have to pay back the loan completely.
Loan Amount
The actual amount of the loan will be determined after considering certain factors like the income and repaying ability of the applicant, age, assets and liabilities, cost of the proposed house or flat, etc.
Fees
| Loan Amount | Processing Fee |
| Up to INR 5 Lac | INR 1,000 |
| Above INR 5 Lac & up to INR 10 Lac | INR 2,000 |
| Above INR 10 Lac & up to INR 20 Lac | INR 5,000 |
| Above INR 20 Lac & up to INR 50 Lac | INR 7,000 |
| Above INR 50 Lac & up to INR 1 Crore | INR 8,000 |
| Above INR 1 Crore & up to INR 5 Crore | INR 10,000 |
| Above INR 5 Crore | INR 20,000 |
Repayment
The repayment period is maximum 25 years or up to the age of 70 of the borrowers, whichever comes early.
Documents
List of documents/papers applicable to all applicants
- Complete application
- 3 passport size photographs
- Identity proof (photocopies of Voters ID Card/Passport/Driving License/PAN Card)
- Proof of residence (photocopies of Ration Card/Telephone Bill/Electricity Bill/Property Tax Receipt)
- Proof of business address for non-salaried persons
- Statement of Bank Account and Pass Book for last 6 months
- Signature Identification from the current bankers
- Personal liabilities and assets statement
Documents required for guarantors
- Proof of residence
- 2 passport size photographs
- Statement of personal assets and liabilities
- Identification proof
- Proof of business
- Signature identification from current bankers
Additional documents needed for salaried persons
- TDS certificate on Form 16 or a copy of Income Tax Returns for the last 2 fiscal years, duly acknowledged by the IT Department
- Original salary slips or certificates from the employer
You can get all the information about the plans and other Home Loan features from the official website of State Bank of India. It is the bank whom you can trust and go for getting a home of your own.