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
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:
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
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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.
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.
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 .,
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.