SBI bank is one of the more popular financial institutions to obtain financial assistance from. This can be attributed to the fact that the SBI home loans take on a range of different avatars to meet the needs of its varied customer base. Further, the SBI bank even boasts of the fact “No Hidden Charges”. The lending giant has set a comparatively lower age limit for the applicants i.e. 18 years. Other than that, there is a plethora of other advantages that you can reap by opting for an SBI home loan, and they are here as follows:
- The SBI bank has won a number of accolades in the banking and finance sector, and rightfully so, after all, the financial institution offers customized products and solutions for customers, in accordance to their needs.
- The SBI bank offers lower interest rates in comparison to other financial institutions and also provides lower interest rates for women applicants and co-borrowers. Further, the financial institution doesn’t even charge any pre-closure fees or hidden charges. Therefore, borrowers can easily repay their loan amount in the flexible form of EMIs (equated monthly installments).
- The financial institutions have one of the largest networks of branches in India. This has allowed people from all over the country to reach the bank without sweating themselves.
- The interest rates for an SBI home loan is calculated and reduced on a daily basis, which means that you will be charged with lower interest rates.
- SBI home loans have a longer tenure which can go up to 30 years; thus, you can easily plan out and repay your borrowed sum without any hassles.
The different types of SBI housing loans are here as follows:
- SBI regular home loan: This housing loan can be used by the borrowers in order to purchase a new property or any other resale property. Further, you can even make use of this SBI home loan for the home extension, renovation and construction purposes.
- SBI home loan transfer: This balance transfer of home loan amount allows the customers to transfer any of their existing housing loans from other banks to SBI. However, ensure that you weren’t a defaulter on any of your previous repayments and fulfill the required eligibility criteria given out by the SBI.
- SBI home loan for NRIs: This home loan is exclusively designed to help the NRIs (non-resident Indians) to purchase a property in India.
- Flexipay home loan by SBI: This type of SBI housing loan allows the salaried borrowers to avail higher amount and repay only the interest rates during the moratorium period, after which, they can pay off their EMIs (equated monthly installments).
- Privilege home loan by SBI: All the state and central government employees are eligible to apply for this loan. The eligibility criteria will be determined on the basis of the income amount, age, property evaluation, etc.
- SBI Shaurya home loan: This loan is specially customized to salute the services of the army and defense personnel of our country. The added benefits of this loan are lower interest rates and longer repayment tenure when compared with the other loan products.
- Pre-approved home loan by SBI: The loan amount will be set before you finalize on your property. This, in turn, will allow you to confidently negotiate with the builders or resellers. However, you will be accessed on the basis of the general eligibility criteria and a non-refundable fee has to be paid by you at the time of the loan amount sanctioning.
- Realty home loan from SBI: You can purchase a new plot for construction of a property. However, ensure that you construct the property within 5 years after the loan amount is sanctioned.
- Top up loan from SBI bank: You can borrow a certain amount of money over your normal home loan; therefore, if you are an existing borrower of the bank, you can easily obtain the extra financial assistance. The interest rates for these loans are usually lower than your normal personal loans.
The other lesser known home loan products from SBI include SBI bridge housing loan, a smart home top-up loan from SBI, insta home top-up loan, corporate home loan, etc.
The SBI home loan rates start from 8.35% to 8.65% for general borrowers, and 8.30% to 8.60% for female borrowers and applicants. After the recent repo rate cut, RBI is one of the only banks in India that has effectively implemented it by reducing their interest rates by 5 base points. Therefore, now the SBI home loan rates will be available to you at 0.05% lower interest rates as compared to other banks in India.
The different types of SBI home loan eligibility criteria that you will have to meet are here as follows:
- You need to be in the age group of 18 years to 70 years in order to avail the benefits and repay the loan amount from an SBI home loan in India.
- Further, all the salaried, as well as self-employed individuals, must have a good source of income and job stability. For salaried borrowers, the minimum income is set at 1.2 lakh p.a. and for self-employed applicants; it is set at 2 lakh p.a.
The various SBI home loan documents that you will have to submit to the bank are:
- Fully filled application form with all the correct information.
- 3 passport-sized photographs.
- Your identity proof- passport, pan card, etc.
- Your proof of residential property- aadhaar card, driving license.
- Income tax returns, bank statements of the past 6 months along with your latest 3 month’s salary slips.