State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Some of the best features that lend to the popularity of SBI home loans:
With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.
For women - 8.30% to 8.6%
For General Customers - 8.35% to 8.65%
|Processing Fees||0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax)|
|Loan Tenure||30 years|
The State Bank of India (SBI) has hiked Marginal Cost of funds based Lending Rate (MCLR) by 5 basis points (bps) or 0.05% across tenures ahead of the Reserve Bank of India’s (RBI) fouth bi-monthly monetary policy review later during the week. The new rate will be effective from 01 October 2018. New home loan borrowers will have to pay a higher rate on their housing loans while existing customers can continue paying the same rate until the reset clause is specified. The RBI is expected to hike the benchmark key repo rate for the third consecutive time in its monetary policy review in order to counter the inflation crisis amid the losing rupee and rising crude prices. The key repo rate has been hiked by a total of 50 basis points in the previous two policy meetings. SBI’s one-year MCLR on which the bank’s housing loans are benchmarked has gone up to 8.50%.
In order to bail out liquidity-starved non-banking finance companies (NBFCs) that are affected by various debt repayment defaults by crisis-burden IL&FS and its subsidiaries, State Bank of India (SBI) has offered to buy well-performing assets worth Rs.45,000 crore from NBFCs. According to sources, SBI believes that the purchase would make a good investment to expand its loan portfolio at good rates. This will not only benefit the SBI sector with banks getting a good loan portfolio but also the NBFC sector with the required liquidity on its assets.
Home Loan By Top Banks
SBI Home Loan not only offers attractive benefits and terms for its home loan options but the bank also offers low competitive rates on its home loan.
As of 24 Jan 2019, the applicable interest rate for SBI home loan 8.30% to 8.60% for women and 8.35% to 8.65% for general customers. The above mentioned rates are irrespective of the loan amount.
The Government of India aims at making Housing affordable for all by 2022. The initiative has already been taken to provide homes to the lower and middle class people in India. The bank claims to offer the lowest rates of interest with their home loans.
The Government of India has stated that all loan amounts that are less than Rs.30 lakh are eligible under this scheme.
The male borrowers can avail a rate of 8.40%. They can avail a reduction of approximately 20 basis points. As per the new rates, the female borrowers can avail a reduction of around 25 basis points. Interest rate will remain the same for both salaried and non-salaried male borrowers.
After an individual takes a home loan from the State Bank of India, he/she must fill up the Pradhan Mantri Awas Yojana form. The processing will be taken care of by the bank. In case the individual is eligible under the scheme, interest subsidy will be credited to his/her bank account. As per the individual’s economic condition, he/she can apply for 3%, 4% or 6.5% interest subsidy.
SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.
The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.
The SBI Yuva home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.
As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.
The SBI Realty home loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.
SBI PAL home loan is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.
SBI Her Ghar home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.
Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.
Here are a few such housing schemes offered by SBI-
Tribal Plus housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.
The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.
Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.
|Top SBI Related Pages|
|SBI Home Loan EMI Calculator||SBI MCLR Base Rate||Check SBI Home Loan Eligibility||SBI Home Loan Processing Fees And Other Charges|
|SBI Home Loan Application Status||SBI Home Loan Procedure||SBI Home Loan Interest Rate||SBI Home Loan Application Form|
|SBI Home Loan Balance Transfer||SBI NRI Home Loan||SBI Home Loan Customer Care||SBI Plot Loan|
|SBI Home Loan Documents Required||SBI Home Loan Statement|
BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.
Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.35% p.a while other customers are charged a interest rate of 9.40% p.a. These rates are irrespective of the actual loan amount.
SBI charges a low processing fee for its home loans. Upto 0.35% of the loan amount is charged. The amount can be maximum of Rs.11,500
Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.
Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.
Yes. A guarantor with all the valid and required documents need to sign your loan application.
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
Yes. Joint applicants are welcome at SBI.
Yes. Tax rebate under section 80C of the Income Tax Act is applicable.
Long-term loans are beneficial in giving you the option and comfort of lower EMIs , however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.
If all the required documents are in place then your SBI home loan can be sanctioned in a few days.
With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.
|Before you apply for the loan, Check your CIBIL Score for SBI Home Loan|
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