A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • SBI Tribal Plus Home Loan

    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
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan STATE BANK OF INDIA for more than one year. As per expectation I received a loan amount as per my expectation for the tenure of twenty years. The rate of interest and processing fee is nominal when compare to other banks.
      Was this review helpful? 0
      , noida
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I got the loan amount for the duration of 20 years. The rate of interest is nominal. Fee charges was applicable. The customer service is good and responsiveness on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      My home loan is running with SBI, the interest rate is very low but they gave me longer duration. I took the amount Rs.17 lakhs for duration of 20 years, the process fee was nominal around Rs.10,000 including insurance fee. The documentation are very simple, bank staff gave me nice response as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Home Loan directly with State Bank Of India .The rate of interest and the processing fee was nominal.The agent gave a clear picture about the loan process.I have received the loan amount on time without any delay .The loan amount was sufficient and not faced any issues so far .I have applied for 30lakhs for the tenure of 20year this loan is still active .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Home Loan
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      The process was quick and easy to get the home loan with the STATE BANK OF INDIA where the process of getting the loan was good and quick process. The loan amount was good with this loan, the duration for repaying the loan is for 15 years. The rate of interest was lesser also there is no processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 14, 2019
    • SBI Home Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I took a home loan with State Bank of India because of lesser interest rate and they have increased the rate almost 0.60, it was 8.55 and becomes 9.15%. The customer service is okay and its not very outstanding. There was a processing fee which was according to the RBI rules. The loan process was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 12, 2019
    • SBI Home Loan
      "Good card"
      0.5 4.0/5 "Great!"
      I hold housing loan with State bank of India from past four to five years approximately, the loan amount they have given me was good, it was as per my requirement, the rate of interest that time they charged me was nominal, but one thing I have experienced bad is that whenever they increase the interest rate they use to update but in case of reducing the rate of interest they do not update it, like for that i should go to branch, fill up the application and then they will reduce the rate of interest. I need to maintain up to 10-15 years more.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 10, 2019
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with State bank of India previously, their rate of interest is not fixed it use to get fluctuated according to the time now the rate of interest is nominal, there processing fee they have charged me was nominal. and they customer service is good they have explain me about everything relating to loan was clear.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 09, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the STATE BANK OF INDIA and at the beginning the loan got canceled and latter the loan got approved. They have provided the rate of interest was nominal of 9%. The duration is for repaying the loan is for 10 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 08, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the home loan with the STATE BANK OF INDIA and i have taken the loan on 2016 and also the rate of interest they have offers with this loan was 8.30% which was nominal with this loan. The documentation process was simple and good added on that the process was good.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 08, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the STATE BANK OF INDIA where the documentation process was simple and easy to get the loan. The customer support is good and using it since from 2013. The rate of interest was 8.45% which was nominal than others.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 08, 2019
    • SBI Home Loan
      "Good bank to apply for a home loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for about 4 years ago. The loan amount which i received of 16Lakhs for the duration of 10 years. I am doing all the payments on regular basis.The customer service is good and supportive. On time I received a loan amount.There is no any late fee.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 07, 2019
    • SBI Home Loan
      "Takes more time to process"
      0.5 3.0/5 "Satisfactory"
      SBI is very good bank to take a Home loan with lesser interest rate . But it is not easy to predict the processing time . Normally they take huge amount of time for sanctioning the loan . This is something where customers need to wait beyond the normal banking process .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The process in getting my Home loan from HDFC Bank has been pretty good where there hasn't been any delay in the disbursement. The interest rate and charges which they had made has been nominal when compared with the market rate. The loan is still running and their staffs had been helpful at times.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Home loan from STATE BANK OF INDIA on December 2017 and the process in getting the loan was quite simple and easy where it was disbursed within 10-15 days. But the interest rate was enhanced after six months of the payment which was around 8.9%. There has not been any other issues.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      STATE BANK OF INDIA has also offered me a home loan. The process was quick and I got the loan on time. The rate of interest is and there were processing charges as well both are very nominal compare to others in the market . The tenure period is fine and it is sufficient .
      Was this review helpful? 0
      , pune
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a home loan with STATE BANK OF INDIA and it happened to take few days. . Interest rates are reasonable here. Over all I am happy with their service.My request was taken care and there was a no delay for doing the verification part .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 04, 2019
    • SBI Home Loan
      "Good Experience with SBI"
      0.5 5.0/5 "Blown Away!"
      I have SBI home loan, my experience with them is great. Since its a nationalized bank the process flow is easy everything happening in same local branch. The interest rate is good compared to other bank and there was no processing fee for the home loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 04, 2019
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My housing loan was taken with STATE BANK OF INDIA , they offered sufficient of tenure period . The Interest rate is little high comparing to other financial service. The processing fee is also nominal . The process of getting loan was too quick and i did not face any issue at the time of documentation .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 03, 2019
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