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For those who wish to have, construct or purchase a house or flat, State Bank of India offers some of the most attractive finance options in the country. SBI Home Loans are some of the most sought after home loans which offer multiple feature and benefits, like no other. Some of the unique advantages of SBI Home Loans are low processing charges, no prepayment penalties, multiple types of home loans to choose from, low interest rates, no hidden costs and a wide spread network of over 15,000 branches, any of which you may walk into and apply for the most suitable home loan.
The SBI Pal is a pre-approved home loan which basically sanctions the loan limit to customers, before finalization of the property in order to enable the customer to successfully negotiate with the builder / seller. For availing the SBI Pal Home Loan, the applicant’s loan eligibility will be assessed on the basis of his/her income details. A non-refundable processing fee will be applicable on this home loan and will be collected at the time of loan sanctioning.
This loan must be repaid within a maximum tenure of 30 years or till the borrower reaches the age of 70 years, whichever occurs first. The moratorium period / repayment holiday period is included within the repayment period.Validity Period:
The Pre-approved Loan Arrangement Letter (PLAL) issued by the bank will be valid for 4 months. Applicants must submit the property documents within the validity of the PLA Letter. Please note, no processing fee will be levied at this stage.Loan Amount:
The minimum amount of loan applicable with the SBI PAL is Rs 10 lakh. The PLA Letter will mention the loan amount which the borrower is eligible for, which will be calculated on the basis of the prevailing interest rate.Fees:
The processing fee structure (including GST) is as under:
|Home Loan Amount||Processing Fee|
|Up to Rs 25 lakh||0.25% of loan amount, minimum of Rs 1,000/-|
|Above Rs 25 lakh and up to Rs 75 lakh||Rs 6,500/-|
|Above Rs 75 lakh||Rs 10,000/-|
Applicant must not be below 18 years of age and not above 70 years of age at the time of loan maturity.Loan Amount
|Borrowers Category||Interest Rate|
|Women||At Base Rate i.e. 9.85%|
|Others||5 BPS above Base Rate i.e. 9.90%|
The bank’s MCLR as on April 1, 2016, is 9.2%. SBI will reset the interest rate every year as the benchmark for the home loans is the 1-year MCLR.
The spread above MCLR for SBI PAL home loans are as follows:
|For women||20 basis points more than the MCLR i.e. 9.4% p.a.|
|For others||25 basis points more than the MCLR i.e. 9.45% p.a.|
An equitable mortgage of the property will be accepted as valid security for the home loan.
Yes, the borrower must pay the nominal pre loan sanction and post loan sanction charges like advocate’s fee, valuer’s fee, stamp duty, property insurance fee, etc.
No, there is no prepayment / pre-closure penalty charged with this loan.
The minimum amount which can be taken is Rs 10 lakhs.
The PLAL is valid for a period of 4 months.