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  • SBI Tribal Plus Home Loan

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  • The Tribal Plus Scheme was launched by the State Bank of India specifically for those people who reside in Tribal and Hill areas. It is a home finance scheme that is specially designed to assist people living in these areas from a financial perspective, since the mortgage of land or property is not possible in these locations. This loan can be applied for at an SBI branch closest to these areas. In case an individual does not currently live in any of the tribal or hilly locations, he or she can still avail of this scheme through his or her respective native village.

    What Can The SBI Tribal Plus Scheme Be Used For?

    The SBI Tribal Plus Scheme can be availed by any individual living in tribal and hill areas for the following purpose:

    • To construct, buy or acquire a brand new home or apartment
    • To buy or acquire an old house or apartment that has been in existence for not more than 10 years
    • To conduct repairs, renovations or expansions on any house or apartment that already exists

    Who Can Avail Of The SBI Tribal Plus Scheme?

    The SBI Tribal Plus Scheme is available to individuals residing in the following areas:

    • All individuals currently living in and around the tribal or hilly locations of Northeast India
    • Areas or locations surrounding:
      • Patna
      • Chandigarh
      • Lucknow
      • Bhubaneswar
      • Bhopal

    Advantages of the SBI Tribal Plus Scheme:

    The SBI Tribal Plus Scheme offers applicants living in hilly or tribal areas a number of advantages as outlined below:

    • Applicants can avail of this loan at extremely low rates of interest.
    • Interest is charged on the reducing balance on a day to day basis
    • There are absolutely no administrative fees or hidden charges
    • The documentation is simple and is kept to a bare minimum
    • Applicants do not need to provide any form of security to avail of this loan
    • There is zero penalty should an applicant decide to prepay his or her loan.
    • Zero prepayment charges help borrowers lower their interest over the long run and help them better manage their finances

    Eligibility Criteria for the SBI Tribal Plus Scheme

    Individuals looking to avail of the SBI Tribal Plus Scheme are required to fulfil the following eligibility criteria:

    • The minimum age of the applicant must be at least 21 years
    • The maximum age of the applicant should not be above 60 years
    • Applicants must be employed as per the following:
      • Employed permanently by any Central or State Government Undertaking
      • Employed permanently by a PSU or Public Sector Undertaking
      • Employed permanently by any reputable unit within the private sector
    • The applicant should be a Class I or Gazetted Officer for at least five years or for at least ten years for any other grade.
    • There should be a check-off facility available
    • Only individuals or tribal residing in hill areas surrounding the following locations are eligible for the scheme:
      • Northeast India
      • Patna
      • Chandigarh
      • Lucknow
      • Bhubaneswar
      • Bhopal
    • Individuals not currently living or residing in these locations are still eligible to avail of this loan in their native village

    Features of the SBI Tribal Plus Scheme:

    The main features of the SBI Tribal Plus Scheme are as follows:

    • There is no minimum loan amount that an applicant can apply for
    • The maximum loan amount that an applicant can apply for is 24 times his or her total monthly income, up to a maximum of Rs 5 lakhs. In this case, any income earned by the applicant’s spouse may also be taken into consideration, under the condition that the spouse in question is ready to act as a guarantor to the loan, and is currently permanently employed by any Private Sector Unit, Public Sector Undertaking or Government Unit.
    • The scheme offers repayment tenures of up to a maximum of 15 years
    • A minimum margin of 25% is expected

    Documentation Required for the SBI Tribal Plus Scheme:

    Individuals looking to avail of the SBI Tribal Plus Scheme are required to provide the following documents along with generally accepted documents such as identity and address proof:

    • An affidavit provided by the applicant in question stating that he or she holds sole ownership of the land he or she is residing on
    • Until the loan is actually liquidated, monthly installments towards the loan may also be accepted in the form of post-dated cheques
    • Under special circumstances, the applicant may have to also provide an agreement which states that he or she is willing to mortgage his or her plot of land

    Repayment Schedule for the SBI Tribal Plus Scheme:

    Applicants who have availed of the SBI Tribal Plus Scheme can make repayments towards their loan in the following manner, under the following conditions:

    • The loan should be paid back via EMIs over a duration of ten years
    • The applicant can avail of a repayment holiday, should he or she choose to do so, covering a certain period, depending on which of the following happens earlier:
      • The period of construction of the house
      • 1 year following the disbursal of the initial loan installment

    FAQs for SBI Tribal Plus Scheme:

    1. What are the processing fees involved when availing for a housing loan from the SBI Tribal Plus Scheme?

      A processing fee of 0.25% of the loan amount is applicable when applying for a loan through this scheme

    2. How is the loan disbursed under the SBI Tribal Plus Scheme?

      Disbursals of the loan will be carried out in the following manner:

      • In the case of construction of a house, the loan will be disbursed in phases mirroring the stages of construction
      • In the case of purchase of an already constructed house, the entire loan will be disbursed at one go.
    3. Is an applicant required to provide any form of security when availing of a loan through the SBI Tribal Plus Scheme?

      Usually no security is required under this scheme. However, the applicant may be required to provide some form of security should the bank explicitly required him or her to do so, in certain cases.

      

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    SBI Tribal Plus Home Loan Reviews

    • SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
      Was this review helpful? 0
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI
      SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
      SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
      Was this review helpful? 1
      , agra
      Reviewed on Oct 11, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
      Was this review helpful? 3
      , vizianagaram
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
      Was this review helpful? 1
      , itanagar
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a home loan with SBI bank about 5 years ago. It was processed through bank directly. The charges are nominal in this bank. Since I was holding a savings account process was smooth and done the process on time. The amount given for 23 lakhs not sufficient as per my requirement for the tenure of 15 years.
      Was this review helpful? 3
      , madurai
      Reviewed on Sep 15, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My Father has taken a home loan with State Bank of India. There was no hassle on the loan process, the manager was clearly explained about the charges. They have processed the loan faster and the rate of interest was reasonable when compared with other banks. We have purchased a residential property.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 14, 2019
    • SBI Home Loan
      "Very easy to get loan"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from State bank of India. In the year of 2016, they have sanctioned the loan within 15 days to 20 days. Loan amount is near about Rs. 34 lakhs and the interest rate is 8.2%. My salary account is lying with SBI therefore i got the loan from SBI. I have been paying the EMI amount of Rs. 35000 every month and i have selected the tenure period of 18 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 12, 2019
    • SBI Home Loan
      "Interest rate is good"
      0.5 4.0/5 "Great!"
      Chosen my home loan from SBI its a Nationalized bank. They took almost 2 months to sanctioning the loan. The given interest rate is 8%. I have chosen the tenure period of 15 years. They do have a partial payment and pre-closure without any charges.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 26, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Aug 23, 2019
    • SBI Home Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      SBI interest rates are competitive. I have to pay some amount for conversion like whenever they are changing the interest rate. I need to switched to MCRL loan for that i need to pay Rs. 3500 for that i get the current interest rates by bank and 40 paise by MCRL.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 17, 2019
    • SBI Home Loan
      "Good home loan service"
      0.5 4.0/5 "Great!"
      Chosen my home loan from State bank of India because its a Government firm and SBI has approved my home loan even though i am working under partnership firm. I took the loan amount of Rs. 42 lakhs and the provided interest rate of 8.95%. Me and brother combine taken this loan and i'm paying the EMI of Rs. 36000 every month.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 09, 2019
    • SBI Home Loan
      "Best Experience"
      0.5 4.0/5 "Great!"
      My home loan experience is good with SBI they gave me lower interest when compared to other bank, I would say home loan cum overdraft loan called SBI max. They have sanctioned 100% of loan with 8.4% of interest and I added co applicant with out any hassles. I got the amount within 15 days.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Aug 03, 2019
    • SBI Home Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was higher with the loan. I am using the loan since from last 12 years, the documentation process was done and i got the loan. The loan amount given was 12L, the rate of interest was 13-14approx, and now it is 9%. The duration for repaying the loan was 20 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 29, 2019
    • SBI Home Loan
      "Need to decrease interest charges"
      0.5 4.0/5 "Great!"
      I have taken a home loan in STATE BANK OF INDIA on 6 years before. The loan was applied directly to bank which was sanctioned on time and process was easy. I received with sufficient amount for the tenure of 15 years. The rate of interest and processing fee are 9% bit high.
      Was this review helpful? 5
      , jaipur
      Reviewed on Jul 26, 2019
    • SBI Home Loan
      "Very good loan"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from State bank of India. They are sending the mail regarding the offers. The interest rate is less and i get a quick response hence i have chosen them. Took the loan amount of Rs. 7 lakhs for that they have offered me a interest rate of 9.72%. I am paying the EMI amount of Rs. 6000 for the tenure period of 18 years.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jul 23, 2019
    • SBI Home Loan
      "Above Average"
      0.5 5.0/5 "Blown Away!"
      I took a home loan with State Bank of India mainly for the interest rate which is 8.77%. Its almost going to be a year and the loan tenure is 30years. I have purchased a residential property. There is no hassle in processing the loan and it went smoothly.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 20, 2019
    • SBI Home Loan
      "It can be better"
      0.5 4.0/5 "Great!"
      I took a home loan with SBI and its been 3 years. I have purchased a residential property. There was a delay in the loan process because the bank person is on leave so it took more than 30 days for the approval. The interest rate and processing fee is nominal. I opted the loan for 30 years.
      Was this review helpful? 7
      , gurgaon
      Reviewed on Jul 19, 2019
    • SBI Home Loan
      "Need to be process at earlier"
      0.5 3.0/5 "Satisfactory"
      I was taken a home loan in STATE BANK OF INDIA before 10 years ago. At the time they have asked so many documents to submit for a verification purpose and the process was too long faced difficulties to complete the process took 2-3 months to get sanctioned. The loan was low for the tenure of 10 years. The rate of interest and fee are nominal.
      Was this review helpful? 6
      , amravati
      Reviewed on Jul 16, 2019
    • SBI Home Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      My home loan is with State Bank of India. The services are excellent. I got a proper response and the process was smooth and easy. The customer support is good. It was timely and the documentation is also easy. The rate of interest and charges is normal.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Jul 05, 2019
    • SBI Home Loan
      "Need to improve customer service"
      0.5 2.0/5 "Expected more"
      I have taken a home loan in SBI bank before 2 years ago. The loan amount was sufficient for the tenure of 5 years. The rate of interest and the processing fee are high. The process was delay from bank. If I try to contact customer service take much time to connect the call and no proper response from their end.
      Was this review helpful? 9
      , pune
      Reviewed on Jul 03, 2019
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