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SBI Realty Home Loans are specifically meant for customers looking to purchase a plot for constructing a dwelling unit. However, the construction should be done within 5 years from the date of loan sanction.You can get a loan from SBI where interest rates start from 7.50% p.a.with this facility.
If you want to avail an SBI Realty Home Loan , you need to meet the following criteria:
Before applying for an SBI Realty Home Loan, make sure the following documents are in order:
Salaried individuals need to provide these documents too:
Non-salaried individuals and entrepreneurs need the following documents in addition to the above:
If you are using a guarantor, the guarantor needs to submit the following documents:
The key features of the SBI Realty Home Loan are as given below:
The fees and charges applicable on an SBI home loan are:
|Scheme Name||Processing Fees|
|Loan against Mortgage of Immovable Property||1.01% of the Loan amount|
|Rent Plus||2.02% of the Loan amount|
No. SBI Realty Home Loan is specifically designed for the purpose of buying plots on which you can construct your own house.
Yes, you can. You can run concurrent home loans if the first loan taken was the SBI Realty Home Loan. This way, you can supplement the original amount and build your dream house.
Yes, absolutely. You can also avail the lower interest rate available for women if you are the sole applicant or the co-applicant. Your husband, however, will have to pay the normal interest rate.
No. The plot of land you buy with the bank’s financing will be considered as mortgaged to SBI.
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