There is no other place as comforting and relaxing as your own house. It’s all because your home is sweet home. Building a home of your dreams is a lifetime investment which will bear fruits for a long time. It is the top most priority for any individual. Many times people have to let go of their dream of buying a house because they don’t have enough fiance in store. You require a good sum of money to buy a house and saving for the same is going to take a considerable amount of time. If you too want to buy an ideal home and live in it, then I have a good news for you. There are many home loan products available in the market but there is one product that offers you the best value and attractive interest rate. That product is SBI Home loan. State Bank of India is one of the leading public sector banks in India that has made a special name for itself because of its good services.
The bank is always willing to help people who are in search of finance , so that they can fulfil their home dreams. Both salaried individuals and self-employed individuals can apply for a home loan from the bank. How you use is the loan will depend upon you. It can be used for any purpose, whether it is for buying a house or construction, repair, extension or renovation of an existing property. The maximum tenure for the same is 30 years which is very convenient for the people who avail it. This article has been solely created with the purpose of providing you with every bit of information about the product. Keep on reading.
Home loan products offered under SBI Home Loan category:
State Bank of India provides a wide range of products under the home loan category which can meet the requirements of the people. Check them out right now-
- Flexipay Home Loan
- SBI Realty
- SBI Pal
- Gram Niwas
- NRI Home Loan
- Shaurya Home Loan
- Privilege Home Loan
- Tribal Plus
- Shaurya Home Loan
The basic step which has to fulfilled while availing a loan is to meet the norms of eligibility criteria by SBI. you can check them right here-
- The applicant should be between the age group of 18 to 70 years. It means the entire loan needs to be fully repaid by the age of 70 years.
- If the applicant desires to secure funds from the bank, then he/she is required to earn a regular income. It is mandatory for all the applicants.
The applicants also have the provision to enhance their loan eligibility. All they have to do is add-
- The income of spouse/daughter/son if any one of them are living with the applicant, and have a steady and stable income. Having a salary account which is managed and operated with the state bank is important
- The rent which is expected from the new property, just in case it is going to be rented out
- Regular source of income from all the available sources
Documents needed for a home loan:
The applicant has to ensure that he submits the documents on time if he wishes to successfully complete the process of loan disbursal. Don’t miss to check out the list of documents-
- Completely filled application form
- Proof of Identity- PAN card/Aadhar card/Driving license/Passport/Voter ID card
- Bank statement of the previous six months
- Proof of Residence- Electricity bill/Voter ID card/Telephone bill/Passport/Property tax receipt
- Proof of Income- For salaried individual: IT returns of the past two years/Form 16 along with original salary certificate For Self-employed individual: IT returns of the previous three financial years and Assessment orders
- Three photographs of passport size
- Non- salaried class are required to show a business address proof
Interest rate and processing fees-
The rate of interest charged by the bank for a home loan lies in the range of 8.50% to 9.10%. It is very important to check the interest rates thoroughly ass they determine the EMI amount you pay for your loan amount. The processing fee charged by the bank for the same is 035% of the loan amount sanctioned along with applicable service taxes.
The maximum and minimum amount will turn out to be Rs. 10,000 and Rs. 2,000 respectively.
SBI Home Loan EMI Calculator-
This is the one of the most important aspects of the article. It is very important for you to know about the SBI Home Loan EMI Calculator. The calculator will allow you to calculate your monthly installment within few seconds. Don’t believe it, you should try on your own. You won’t have to do any tough thing but just enter your loan amount, rate of interest along with the tenure. Then you will simply have to wait for the magic to begin. You will get results showing the EMI amount and the total interest payable on your side. This tool is very useful for you as it will allow you to compare the EMI amount on various interest available. You can choose the best one accordingly. Check this example out to make things crystal clear.
Suppose Divya Singh, a software engineer wishes to secure a home loan of Rs. 10,00,000. She approaches the bank regarding the same and secures the loan amount at a rate of interest rof 9%. The tenure for the same is 10 years. Now, with the help of this tool, you can easily calculate the EMI amount. Let the tool display its magic. Within seconds, you can calculate that the amount to be paid each month will turn out to be Rs. 12,668. The total interest payable is going to be Rs. 5,20,109. All this quick and hassle free calculation has been possible because of this magical tool.
So now you have known all the important stuff about the product. I will suggest you to approach the nearest SBI branch today and complete all the required formalities and avail a home loan. Go nurture all your dreams.