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State Bank of India, country’s largest bank by asset size offers a plethora of home loan options for different classes of aspirants, tailor made on need basis. The home loan extended by the bank nurtures the financial needs of a wide range of housing projects such as purchasing a house, plot or an apartment, renovation of existing homes etc.
These schemes are packed with appealing features and benefits serviced by a strong network of 15,000 branches nationwide. Following are the products offered by SBI in its home loan kitty.
Let us throw some light on SBI Yuva Home Loan, an exclusive loan scheme aimed at providing financial support to aspirants from the young age group between 21 to 45 years.
The SBI Yuva Home Loan scheme offers customers extremely attractive rates on interest on their housing loans, making this particular scheme among the bank’s most popular loan products. This scheme is advantageous for women applicants as it offers a lower rate of interest on their home loans in comparison to applicants from other categories.
The SBI Yuva home loan interest rates are as follows:
|Category of Borrower||Rate of Interest|
|Women||9.40% per annum|
|Any other applicant||9.45% per annum|
The State Bank of India recently revised its Marginal Cost of Funds Based Lending Rates (MCLR) in accordance with the guidelines laid out by the RBI. These rates came into effect on April 1st 2016 and are applicable to different loan tenors as follows:
|Loan Tenor||MCLR Rate|
Yes, you can include your wife as a co applicant which adds weightage to your application since both your salaries are taken into consideration which enhances the loan amount.
You can enjoy an array of tax benefits on both the interest charges and principal amount under various sections of the Income Tax act, 1961. Interest repayment of up to Rs.1,50,000 pa and principal amount up to Rs.1 lakh can qualify for benefits under various sections.
The property on which the loan is taken should be mortgaged to the bank. In some cases, additional security in the form of various tangible assets should be provided to secure a loan.