State Bank of India home loans plans

sbi home loan plans
sbi home loan plans

We all know about SBI that it a government owned banking and financial organisation. Bank has 17000 branches across the nation and also bank has a big international presence with branches in over 34 countries of the world.

SBI home loan

According to the individual need and preference SBI provides a wide range of home loan products. SBI home loan is popular because of its low interest rates, flexible payment option and zero hidden charges.

Let’s know about various home loan scheme of SBI-

A wide range of home loan products are offered by SBI. Customers can select home loan according to their budget and requirement. Here are the schemes-

  1. SBI Max Gain Home Loan

Depending upon customer’s cash availability, this loan provides a privilege to withdraw and deposit amounts. Bank provides facility of internet banking and cheque book facility under this loan. When you deposit money in to the account, it will be reduced from your principal and, interest amount will also decrease.

Checking in, in to the features of SBI max gain home loan-

  • The loan is sanctioned as an overdraft. An overdraft is a credit line which is provided to customers against security.
  • Interest is charged only on the amount withdrawn. Interest Rate is 0.25% over and above the existing home loan interest and 10.15% is floating interest rate.
  • No extra charges to avail this loan.
  • The processing fee is the same as a regular home loan.
  • Cheque book, debit card and net banking facility are provided.
  • The minimum loan amount is Rs. 20 lakh. There is no maximum limit

Eligibility Criteria for Max Gain home loan SBI-

  • Minimum age should be 18 years on the date of sanction.
  • Maximum age should be 70 years by which the loan should be repaid, also subject to ability to repay.
  • Income and repaying capacity, assets and liabilities, cost of proposed house or project will be accounted for.
  • Sanctioned for the purpose of purchase, construction, extension, repairs, renovation of new or second-hand residential house, flat, plot of land and furnishings.

2. SBI Yuva Home Loan

This loan is suitable for young individuals, who generally opting loan for their first home, under the age between 21 to 45 years. Only after 36 months from the date of availing loan, full repayments of home loan starts. Interest need to be repaid only for the first 36 months.

Checking in, in to the features of SBI Yuva home loan-

  • Targeted at people from the young income group, this loan scheme will provide 20% higher loan amount than the standard home loan schemes.
  • Under this scheme, only the interest charges are payable during the first 36 months of the loan tenure. Payment of principal amount along with residual interest charges begins after this period.
  • Interest rate for women applicant is 9.40% and for other applicant it is 9.45%
  • This scheme comes with low processing charges and no hidden costs or administrative charges. Breakup of applicable fees and charges are communicated upfront.
  • No prepayment penalty is levied under the SBI Yuva home loanthat helps in allocating surplus funds towards prepayment of loan when available.
  • The premium for home loan insurance cover (optional) can be added to the loan amount upon request.
  • The loan repayment tenure can stretch up to 30 years or up to the age of 70 years, whichever is earlier.

Eligibility Criteria for SBI Yuva home loan-

  • The applicant should be between the age group of 21 to 45 years.
  • Minimum monthly net income from all sources (except rental income from the proposed property) should be at least Rs.30, 000.
  • The applicant should be a salaried employee working in MNCs, Private sector companies, PSUs, Government undertakings etc.

3. SBI Har Ghar Home Loan

This home loan is especially designed for women applicants. This can be availed if a woman is a sole applicant or the primary applicant in a joint home loan.

Checking in, in to the features of SBI har Ghar home loan-

  • State Bank of India home loan for women, “Har Ghar”, comes at a concessional interest rate of 9.85% per annum. This amounts to an EMI of only Rs.867 per lakh when calculated for a period of 30 years.
  • The current interest rate for women is 9.35%, lower than the 9.40% offered for other customers.
  • The maximum repayment tenure for SBI home loans is 30 years or up to the age of 70 years of borrower, whichever is early.
  • SBI offers a high quantum of financing for home loans after taking into consideration, factors such as applicant’s income, assets and liabilities, property’s value, repaying capacity etc.
  • With minimal documentation requirements, online portal for application management and less processing charges, borrowers can be ensured of a hassle-free home loan application process.

Eligibility criteria for Har Ghar home loan-

  • A woman must be the sole applicant or the first co-applicant.
  • The property which is to be financed should be either in the sole name of woman applicant or she should be the first owner in case of joint ownership.

       Apart from the above mentioned conditions, the applicant must also satisfy the following conditions to be eligible for SBI home loan-

  • The applicant must be an Indian resident.
  • The applicant should be aged at least 18 years as on the date of sanction and not more than 70 years.
  • Should have a regular income and a good credit rating.

4. SBI Flexi Pay Home Loan

This home loan is like SBI Yuva scheme. You can choose this scheme under the age between 21 to 45 years. Applicants must take out a loan amount of at least Rs.20 lakh with this particular type of loan.

Checking in, in to the features of SBI flexi pay home loan-

  • The highlight of the SBI Flexi Pay Home Loan is that customer will not buckle under very high EMIs because they have the option of paying only interest during the moratorium (pre-EMI) period. After this period they can pay moderated EMIs. During the subsequent years, the EMIs will be stepped-up.
  • Customers can select moratorium of up to 36 – 60 months during which time only the interest has to be repaid.
  • There is also an option of longer repayment (25 to 30 years). In case customers want to make prepayments they will not be charged any prepayment penalty.

Eligibility criteria for SBI flexi pay home loan-

  • The SBI Flexi Pay Home Loan can be availed by executives/ working professionals.
  • Applicants must be salaried employees with a minimum of two years of experience.
  • Applicants must be aged between 21 years and 45 years.

Documents required for all above loans-

  • Duly filled loan application.
  • 3 passport-size photographs.
  • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
  • Proof of Residence (Current Address Proof)
  • Bank Statement for last 6 months.
  • Personal assets and liabilities declaration.
  • Proof of property.
  • Income Tax Proofs (If required).
  • Signature Identification from present banker.

Documents required for Guarantor-

  • Assets and liabilities Statement.
  • 2 passport-size photographs.
  • Identity Proof.
  • Address Proof.
  • Signature Identification from present banker.

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Sheetal Pawar

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