Category: Personal Loan2

Own your dream house through Home loan SBI

The house is a dream of every person and after a time period, we all need one for ourselves. In the wake of hustle bustle, we tend to find peace only in our home. The comfort to be yourself and live the way you want is only possible when its your own possession. The main reason to own a house is to secure a place for yourself where there are no boundaries and you can live in your own conditions. The moment you own anything there is a sense of attachment and security. The main aim of the home loan is to turn this dream into reality. The home loan SBI is one such product which can help you to get your dream home.

sbi home loan

The home loan is the solution which helps you to organise your finances. The main aim of the home loan is to provide the finances to the borrower for purchase, construction, renovation, and elongation. State bank of India is one of the largest public sector bank in India. It is also the largest bank which has the maximum customer base in India. The home loan product offered by the banks is one of the best due to its competitive interest rate. The bank is one of the most trusted bank and it offers the products that are customer friendly. The main aim of the banks is to provide the best financial solution to the people and make them economically strong.

The home loan products offered by SBI-

SBI Flexi Pay home loan

  • This is the home loan that is given to the salaried professionals/ executives. Under this scheme, you can avail 1.2 times more loan amount than normal home loan products. However the loan amount for this scheme should be  20 lakh or more.  
  • The minimum age of the applicant should be 21 years and the maximum age limit should be 45 years at the time of applying for the SBI flexi pay home loan.
  • The applicant should have at least 2 years of experience.
  • The borrower has the option to pay only the interest rate during the moratorium period (pre- EMI) so as to neutralise the extra burden of EMI. You also have the option of choosing your moratorium period of upto 12- 36 months.
  • The tenure of repayment is also long which can extend from 25 to 30 years. You can also make the prepayments of your home loan without any prepayment charges.

SBI Maxgain-

  • It is one of the customer friendly and innovative product that is designed to benefit the customer to yield the optimum on their savings by reducing the burden of interest rate with no extra cost.
  • The borrower can operate the home loan account just like the saving or current account. The loan is sanctioned as an overdraft. The bank provides the chequebook and net banking facilities for this scheme.
  • You can put your surplus savings or funds in this account and take out the money as per your requirements.
  • The minimum loan amount in this scheme is 20 lakh and there is no cap on the maximum loan amount.
  • The other term and condition are applicable as per the normal home loan products.

NRI Home loans-

  • This scheme is especially designed for the Non- Resident Indians (NRI) and the person of Indian origin (PIO).
  • The applicant under this scheme should have the regular and stable source of income.
  • The applicant should have the minimum of two years job experience in India or Abroad.
  • The minimum loan amount available under the scheme is ₹ 3 lakh and there is no maximum limit.
  • The other term and condition are applicable as per the normal home loan products.

SBI Realty-

  • The loan products which gives you the opportunity to buy the plot for the construction of the house.
  • The commencement of the house should be within the two years after availing the SBI realty home loan product.
  • The borrower under this can also take the loan for the construction of the house on the plot. The benefits of both the loans can be availed simultaneously.
  • The maximum loan amount under the scheme is ₹10 crore and the repayment period of loan is up to 15 years.
  • The other term and condition are applicable as per the normal home loan products.

SBI Pal-

  • It is the pre- approved loan amount which is sanctioned before the property which helps the borrower to negotiate with the property dealer.
  • The income details of the applicant are necessary for the sanctioning of the loan product and the amount is also finalised on the same basis.
  • Non- refundable processing fee is collected at the time of sanctioning the home loan.
  • The pre approved loan agreement papers are signed which is valid for 4 months only. The property papers are required to produce by the borrower to the bank within the validity period of the agreement. The agreement carries the loan amount and the prevailing interest rate on the sanctioned amount.
  • The minimum loan amount is ₹ 10 lakh.
  • The other term and condition are applicable as per the normal home loan products.

SBI Tribal Plus-

  • It is especially designed for the hilly/ tribal areas.
  • The applicant can purchase, construct, renovate, repair or elongate the new or old house/ flat under this scheme.
  • The maximum loan amount under the scheme is ₹ 10 lakh and the maximum repayment tenure is 15 years.

Gram Niwas-

  • The scheme is designed for the rural areas with population up to 50,000.
  • The applicant can purchase, construct, renovate or repair the house or purchase the land for the construction of the house/ shed etc.
  • The maximum loan amount under the scheme is ₹ 5 lakh and the maximum repayment tenure is 15 years.
  • No processing fee is applicable under this scheme.

Sahyog Niwas-

  • It is the scheme under which the home loan is provided to the self- help group in the rural areas which has the good payment record of  2 years.
  • The applicant group can purchase, construct, the house or place for carrying out the activities by them or purchase the land for the construction of the house/ shed etc. or renovate or repair the existing house.
  • The maximum amount sanctioned under this scheme is 10 times the of the savings of the group subject to a maximum amount of ₹ 50,000 per member.

SBI Priviledge home loan-

  • The applicant eligible under this scheme should be the employee of Central/ state government including the PSBs and PSUs of central government and other individuals with pensionable service.
  • The repayment tenure is extended up to 75 years in this scheme.
  • No processing fee is applicable for this home loan product.
  • You can switch over the outstanding balance of the home loan from other banks to State bank of India.

SBI Shaurya Home Loan-

  • The scheme is designed for the defence personnel belonging to Army, Navy or Air Force.
  • The repayment tenure is extended up to 75 years in this scheme.
  • No processing fee is applicable for this home loan product.
  • You can switch over the outstanding balance of the home loan from other banks to State bank of India.

So, you can avail from the above scheme to fulfill your dream to own a house for yourself. These schemes will help you financially to own your own abode. Hence decide carefully to extract the maximum benefits.