State Bank of India (SBI) is the largest banking institution in India. The bank operates over 14,000 branches in the country. SBI provides a wide range of banking and financial products that cater to the needs of customers from all walks of life. SBI home loans provide fuel to the Indian dream of owning a house and help millions of people in the country to live in the house of their dreams. The different types of home loan schemes offered by the State Bank of India are: SBI Maxgain, SBI Yuva Home Loan, NRI Home Loans, SBI Realty, SBI PAL, SBI Tribal Plus, SBI Sahyog Niwa and SBI Gram Niwas.
SBI Gram Niwas home loan scheme empowers people in rural and semi urban areas of the country to become home owners. It comes with many borrower-centric features like flexible tenure, minimum documentation and low interest rates that make it very popular.
The features and benefits of State Bank of India Gram Niwas Home Loan Scheme are as follows:
All semi-urban and rural areas that have a population of maximum 50,000 people (according to 2001 census) are covered by this scheme.
Under the Gram Niwas scheme, loans are sanctioned for the purpose of helping borrowers in renovating, repairing, constructing and purchasing houses in rural or semi-urban areas.
The scheme also covers the purchase of plots in order to construct a shed or a house and not just the purchase of already constructed houses.
The maximum loan amount offered under the SBI Gram Niwas Home Loan Scheme is Rs 5 lakhs.
The loans under this scheme come with a repayment period of maximum 15 years.
There are no processing fees for home loans availed under this scheme meant for people in rural and semi-urban areas. Also, there is no minimum loan amount and eligible people can borrow amounts based on their needs.
The interest rate for SBI Gram Niwas Home Loans is the same as for other general housing finance schemes.Processing fees is waived under this scheme.The current interest rates for home loans range from 6.80% p.a. to 7.15% p.a. The processing fees is waived under this scheme.
State Bank of India (SBI) has rolled out a limited period festive season offer. During this period, the bank will be offering credit score linked home loans starting at an interest rate of 6.70% p.a. During the festive offer, the bank will also offer incentives for non-salaried borrowers. The benefit of processing fee waiver will also be offered to the borrowers on their loans during this offer period. This offer will be valid for all borrowers irrespective of the loan amount that they borrow.
The processing fee is waived for home loans offered under this scheme.
You will have 5 years to repay the loan as it should be repaid by the time you are 70 years of age.
Yes, women get a concession of 5 bps on the interest rate (the base rate).
You can download the form from the website of the bank.
Yes, a photocopy of your PAN card can be provided as an identity proof.
In conclusion, SBI Gram Niwas scheme offers people in rural and semi-urban areas with the ideal opportunity to become home owners.
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