SBI Housing Loan
SBI home loans come with some unique features that make them stand out in the competition: no cap on maximum loan amount for purchase/ construction of house/ flat, option to club income of one’s spouse and children to compute eligible loan amount, free personal accident insurance cover and complimentary international ATM-Debit card.
Besides the standard package of home loans, SBI has some customized home loan products in its kitty that address the needs of niche customer segments. ‘SBI-Flexi’ Home Loans are designed to enable borrowers to hedge their Home Loan against unfavorable movement in interest rates and gives the customers a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates.
State Bank of India has four types of Home Loan schemes under which they provide finance:
- ‘SBI-Flexi’ Home Loans
- ‘SBI-Maxgain’ Home Loans
- ‘SBI-Realty’ Home Loans
- ‘SBI-Freedom’ Home Loans
State Bank of India (SBI), the largest bank in India, is one of the market leaders in the home loan segment. But SBI’s reputation has surely taken a hit following the collapse of the erstwhile SBI Home Finance Limited in which SBI was the largest shareholder along with other institutional promoters like HDFC and LIC. Due to continued losses and complete erosion of its net worth, the company’s certificate of registration had been cancelled by the National Housing Bank.
You are Eligible for taking Home Loan if you have a minimum age of 21 years as on the date on which your loan is sanctioned. They charge a processing fee that comes to 0.50 % of loan amount including service tax.
Their Interest Rate amount is of two types- Floating Interest Rate and Fixed Interest Rate. Floating Interest Rate is linked to State Bank Advance Rate- SBAR. The interest rate under Floating Interest Rate is 10.75% and on Fixed Interest Rate it is 9.50% upto first five years then 9.75% above five years and upto ten years.
The most important aspect is that you need to submit duly filled documents as mentioned in their schemes. You need to complete application form, passport size photograph, a proof of identity, proof of Residence, proof of business address and all documents relating to sale deed or agreement deed, tax paid receipt, statement of bank account etc.
