State Bank of India Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. SBI home loan is most sought after, as the bank provides one of the lowest interest rates on housing loan in India. The State Bank of India introduces a wide range of home loan products to its customers. One can choose among the different options based on their requirement and suitability.
These loans come up with exclusive packages that can cater all your financial needs while you plan to buy a house. At Loanbaba.com, you will come across information about all types of SBI Home Loans in India. Some of the SBI home loan options available are as follows.
|State Bank Home Loan Details Updated on 18th January 2020|
Up to Rs. 10 crore
1 year to 30 years
8.30% to 8.65% floating rate of interest
Home loan by SBI are for varied customer and some of the important features of housing loan scheme by the bank is discussed below.
This loan is offered to people who look forward to taking credit at low-interest rates at no additional cost. The SBI MaxGain loan scheme also behaves an overdraft account giving the customer a benefit to withdraw and deposit the money value depending on their cash availability.
This is a special home loan offered to people who are young and plan to take their first house. The age eligibility for this scheme is 21 – 45 years. The credit is offered at 20% added to the regular loan amount.
As the name itself says, this home loan is offered to Non-Resident Indians (NRIs) and the People of Indian Origin (PIOs). It is provided to people who earn a regular income having their minimum employment period in India or abroad at least for 2 years.
At Loanbaba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
The State Bank home loan interest rate starts at 8.30% to 8.65%, but varies as per individual profile. Keep a check on this page to note the updated SBI home loan interest rates for the current year.
Home loan eligibility may differ from one candidate to another. You can also use free-of-cost SBI Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for SBI housing loan are discussed below:
SBI has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. The State Bank of India has various options that can help uplift the tribal and people from rural areas of the country as well as fund for houses in urban and semi-urban areas. These schemes coordinate with the organisation’s commitment to building our nation. Some of these housing schemes are:
This loan scheme is for people wanting to buy a land or a plot to build their house. The construction should, however, start within 2 years from the loan sanctioning date.
This is a pre-approved home loan by SBI. The loan under this scheme does not depend on the property you’ve bought. Instead, it gives the freedom first to get the loan and then decide what property to buy.
This scheme is specially designed for women applicants. A woman should be a sole applicant of the loan or the primary applicant of the loan. The property also should be in the name of the woman applicant or should be the primary owner in case of a joint ownership.
Below provided are important questions about home loan State Bank of India.
The details about SBI Tribal Plus are as follows:
This loan is meant for people from hilly or tribal regions where property mortgage isn’t available. The loan is offered for purchase or construction of a new house. The loan value may also be used for renovation purposes. One can avail the loan amount up to Rs 10 lakhs for a period, not more than 15 years.
This scheme aims at providing housing finance to people from rural regions of the country. It covers people from rural and semi-urban areas of the nation, i.e., areas with a population less than 50,000 as per 2001 census. In this scheme, the home loans can be availed for the purpose of purchasing, construction or renovation of a house. One can avail the loan amount up to Rs 5 lakhs for a period, not more than 15 years.
This scheme aims at providing housing finance to self-help groups who hold a positive credit history. The money is lent to members of the group to buy, construct or renovate their land or house. One can avail the loan amount up to Rs 50,000 thousand per person of the group.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of State Bank of India.