This home loan product from SBI is targeted at individuals who already own at least two houses and are looking to purchase another one. You can own up to 3 flats/houses/residential plots under the SBI CRE Home Loan.
The interest rate charged on the CRE Home Loan is 50 bps above the interest rate charged on the SBI Home Loan - Term Loan/Maxgain.
The interest rate on a Home Term Loan starts from 8.35% p.a. and rates on Maxgain start from 8.40% p.a. Therefore, the interest rate on the CRE Home Loan starts from 8.85% p.a. (8.35% + 50 bps).
Note: All floating-rate loans are pegged to the bank’s 1-year MCLR which currently stands at 8.25%.
Here are the criteria that you need to meet if you wish to apply for this home loan from SBI:
SBI offers tailored home loans to meet specific financial requirements when acquiring a home. Here are the features and benefits of this home loan:
Here are the documents that are required to be submitted when applying for the CRE Home Loan:For all applicants:
You can have a maximum of 5 home loans under your name, including your existing loans and the proposed CRE Home Loan. However, this number does not include closed loans.
Yes. The maximum number of properties (houses, flats, plots) that you can own is limited to 3.
No. This scheme is only applicable to Indian Residents.
You can get an LTV ratio of up to 90%. However, remember that the interest rate is higher for higher LTV ratios.
No. Salaried employees will get a lower interest rate when compared to self-employed individuals. However, women applicants are offered the lowest rates as they enjoy concessional rates on this home loan.
The minimum processing fee charged is Rs.5,000. However, note that other expenses such as charges for the valuation report and TIR will have to be separately by you.
Some of the additional expenses that you will incur include the advocate’s fee, valuer’s fee, stamp duty, insurance premium for the property, and CERSAI Registration fee.
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