Best Home Loan Options by SBI

Best Home Loan Options by SBI

SBI is one of the nationalized banks in India which offers different financial products to its customer. These products are personal loan, Business loan, Education loan and so on. However, among all these products Home Loan is the most liked one. Home loan requirements vary from people to people on the basis of tenure, amount, offers and their plans. SBI understands this and offers different types of home loans considering the difference among the requirement of its customers. There are more than 10 home loan schemes offered by SBI which we are going to discuss in this article one by one.

Best Home Loan Options by SBI
Regular Home Loans

This is the home loan products to suit every customer need. As the name suggests this is the normal home loan plan offered by SBI. This loan is offered to purchase already built property, purchase of under construction property, purchase of a pre-owned house, construction of a house, extension and repair/renovation of a house in which you are already living in.

Features of Regular Home Loans

Low-Interest Rates
Lower Processing Fee
Transparency in process
No Hidden and Additional Charges
No Prepayment Charges
Interest is charged on Daily Reducing Balance
Tenure up to 30 years
Concession on the interest rate for Women Borrowers
Interest Rate

8.45% – 8.55% per annum for women

8.50%-8.60% per annum for men

Note- The interest rate is dependent on many criteria such as borrower’s profile, LTV, and risk secured.

Processing charges with SBI Home Loans

Generally 0.35% of the loan amount.

Minimum of INR 2,000.

Maximum of INR 10,000.

Eligibility

It is compulsory for the borrower to be an Indian resident.
The age of the borrower should be between 18 years to 70 years.
Maximum tenure is of 30 years.
SBI NRI Home Loans
This is the home loan plan for the non-residential Indians who want to purchase a property in India. It is offered even in the case where purchasing a property in India is just an investment.

Features of NRI Home Loans

Available at Low Interest Rates
Lower Processing Fee
No Hidden Charges
Interest is charged on Daily Reducing Balance
Tenure up to 30 years
Comparatively lower interest rates for Women Borrowers
Home Loan Available as Overdraft
No Prepayment Charges
Eligibility

The borrower should be Non-Resident Indians (NRIs) or he/she should be Persons of Indian Origin (PIOs).
The age of the borrower in terms to avail the loan should be between 18 to 60 years.
The Loan Tenure is up to 30 years.
Flexi pay Home Loan with SBI

SBI has launched this home loan scheme under the tagline of “Let your current income not stop you from owning your dream home”.

SBI Flexipay Home loan plan enhances the eligibility of a person with less income for a higher loan amount but this is exclusively for the salaried borrowers.

This plan provides borrowers the option to pay only interest during the pre-EMI period. Hence paying moderated EMIs. The EMIs for the home loan under this plan is stepped-up gradually after some years. This Home Loan plan of SBI is very helpful for young professionals who are in the initial stage of the carrier and want to buy a home. SBI Flexipay home Loan is best for those who are sure about their increase in income in near future.

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