Dating back to 1806, State Bank of India has a rich history in the field of banking and and financial services. This government-owned corporation is headquartered in Mumbai and has over 16,300 branches, in both India and abroad. In fact, the company has spread its wings into 36 countries with 191 foreign offices.
Home loans are only one of the company’s many financial products which include corporate banking, investment banking, finance and insurance, among much, much more. The newly launched SBI Flexi Pay Home Loan has become an instant hit in the market because of the flexible features, making the dream of owning a home a reality even for young earners.
If you have been turned down from availing a home loan before because you were not eligible, it may be time to look at SBI Flexi Pay Home Loan to meet your need. This home loan has up to 1.2 times higher loan eligibility than loan eligibility you would get with normal Home Loan schemes. Applicants must take out a Loan amount of at least Rs.20 Lacs with this particular type of 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.
There is a simple-to-use SBI EMI Calculator provided by BankBazaar. The tab can be found on the right hand side. On the EMI calculator page you will have to enter the amount, duration and interest rate. Once you press calculate, the EMI will be shown.
Additional documents required for salaried persons :
Additional documents required for self- employed/ Professionals/ other IT assesses:
Yes, however, the borrower must be eligible and fulfilling all the criteria of the Bank for availing Home Loan. Thus far, the borrower must have been up to date and regular with payments of interest and/or instalment according to the original terms of sanction. The borrower must possess all the valid documents which give evidence of the title to the house/flat.
No, there is no charge for prepayment.
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