Numerous banks in India are offering home loans to the customers at an affordable rate of interest on the principle amounts. Among them, the SBI, the most trusted bank by the billions of the customers and as well as the biggest public sector bank in India also offering home loans to the customers. The SBI by knowing the essential requirements of the customers to own the dreamed house properties and has prepared better schemes.
The way of availing SBI home loans is not a task matter and also stands with transparency in the entire procedure of disbursing home loans to the customers. The SBI has not put any ceiling on the volume of the loan amount to own any type of house/home property by the customers. The SBI further helps the customers by adding the incomes of both the parents and as well as other members of the family to have the eligibility and to avail SBI home loans. The customer who takes home loan can make repayments up to the age of seventy years, i.e., almost 12 years from the date of retirement. The SBI home loans are also covered by the free personal accident insurance. There will be no administration as well as application form fee to get a loan application form and to submit the same to get SBI home loans. The EMI can have re-fixation depending on the rate of interest method on the customers who avail home loan a minimum of rupees five lakhs and above, where the bank reduces one per cent or even more on the downward revision of interest rate.
Features of SBI Housing/home Loans : The SBI is having package of super benefits structures like complimentary global ATM-Debit card, SBI Classic and worldwide credit card along with disclaimer of joining and initial year's fees. The SBI also offers an option for E-Banking towards the loan customers. A separate package is provided by SBI to the car, home loans debtors. The SBI is granting loans to purchase house property, to revamp the presented house/home property, to purchase a house plot for construction of a house/home and so on. The SBI is also financing to alter the house/home structure with that of modern designs and even to provide the house/home the latest furniture, which helps the people to live with more comfort. SBI Home Loans Eligibility To get housing loan from SBI , one should attain 21 years of age as on the day of applying for the housing/home loans. With a nominal processing charge of about point five per cent on the loans amount, which includes service tax, the bank will grant the house/home loans.
Rate of Interest: The fee of interest on the SBI home loans is of two types, which include unchanging rate of interest and as well as perched interest rate, which is linked with State Bank Advance Rate (SBAR). In the fixed rate of interest process, the SBI charges 9.5 per cent on the credit amount for the earliest five years and future years up to tenth year the charges will be applicable at a rate of 9.75 per cent. In the floating rate of interest, 10.75 per cent on the loan amount will be charged by SBI. SBI Home Loans Application Form The application form should be filled properly and should be submitted to the bank along with the required documents such as identity proof, address proof, income proof and latest passport size photographs and other necessary documents to the bank for further verification. Home Loans Schemes offered by SBI. The SBI has offered four types of Home loans schemes and are as follows:
- SBI -Freedom Home Loans
- SBI- Flexi Home Loans
- SBI- Maxgain Home Loans and
- SBI -Realty Home Loans
As SBI is one of the Indian nationalized banks and recognized as the biggest public sector bank in the country. The customers also consider the SBI as the most trusted bank. As a result of this, the customers can transact with all branches SBI that are well located in all the cities and ruler areas of the country.