{"id":6742,"date":"2015-12-27T18:00:36","date_gmt":"2015-12-27T18:00:36","guid":{"rendered":"https:\/\/manikarthik.com\/blog\/?p=6742"},"modified":"2024-12-03T05:21:09","modified_gmt":"2024-12-03T05:21:09","slug":"sbi-home-loan-review","status":"publish","type":"post","link":"https:\/\/manikarthik.com\/blog\/sbi-home-loan-review\/","title":{"rendered":"SBI Home Loan Offers Review"},"content":{"rendered":"

Buying or constructing a home involves a huge expense which can prove to be a burden for a common man. You can get home loans that offer unique schemes to repay the money in easy installments. Now SBI is a popular and the most reliable bank in India. You can apply for these loans for purchase or construction or even repair\/maintenance of your homes. It can be availed by salaried or business or self-employed professionals by submitting the required documents. They offer the most reasonable interest rates and their processing charges are also pretty low.<\/span><\/p>\n

Who can apply for SBI Home\u00a0loan?<\/h2>\n

– Home loan for women where she is the sole applicant or the co-applicant.
\n<\/span>– For salaried professionals, Professionals\/self- employed\/ other IT assesses.
\n<\/span>– For the youth between the age group of 21-45 the SBI<\/a> Yuva Home loan.
\n<\/span>– Home loan to non-resident Indian or person of Indian origin.<\/span><\/p>\n

SBI Home Loan Eligibility Criteria<\/h2>\n

For availing home loan the following prerequisites have to be followed.<\/span><\/p>\n

– Minimum age for availing loan is 18 years and the maximum is 70 years by which the loan has to be repaid.
\n<\/span>– Income proof of spouse\/son\/daughter who is living with you.
\n<\/span>– Expected rent accruals.
\n<\/span>– Security or mortgage of the property.<\/span><\/p>\n

Documents required<\/h3>\n

Filled up loan application form
\n<\/span>Passport photo
\n<\/span>Identity proof
\n<\/span>Pan card
\n<\/span>Proof of residence
\n<\/span>Statement of Bank account
\n<\/span>Signature identification
\n<\/span>Personal assets and liabilities statement<\/span><\/p>\n

Documents for Additional Salaried professionals<\/h3>\n

Original salary certificate
\n<\/span>Copy of the IT returns for the past two years.<\/span><\/p>\n

Documents required by professionals\/self- employed<\/h3>\n

Three years IT returns
\n<\/span>Photocopy of advance income tax<\/span><\/p>\n

Types of SBI Home Loans<\/h3>\n

\"SBI<\/p>\n\n\n\n\n\n\n\n\n\n\n
Type of Loan<\/b><\/td>\nMinimum Amount<\/b><\/td>\nMaximum Amount<\/b><\/td>\nNature of loan<\/b><\/td>\nIntrest<\/b><\/td>\n<\/tr>\n
SBI Maxgain<\/span><\/td>\nRs 20 Lakhs<\/span><\/td>\nNo cap<\/span><\/td>\nLoan in the form of overdraft like savings\u00a0or current account.<\/span><\/td>\n0.25% above the prevailing interest rate.<\/span><\/td>\n<\/tr>\n
SBI Yuva Home loan<\/span><\/td>\nRs 5 Lakhs<\/span><\/td>\n10 Crore<\/span><\/td>\nLoan given to salaried, Private Sector, Companies\/MNCs\/Government Undertakings\/PSUs & the Government employees.<\/span><\/td>\nGeneral rate<\/span><\/td>\n<\/tr>\n
Home loan for NRI<\/a><\/span><\/td>\nRs 3 Lakhs<\/span><\/td>\nNo cap<\/span><\/td>\nMinimum tenure abroad 2 years.<\/span><\/td>\nCheck here<\/a>.<\/td>\n<\/tr>\n
SBI Realty<\/span><\/td>\nNil<\/td>\n10 Crores<\/span><\/td>\nFor construction of a dwelling unit.<\/span><\/td>\nGeneral rate<\/span><\/td>\n<\/tr>\n
SBI Tribal Plus<\/span><\/td>\nNil<\/span><\/td>\n10 Lakhs<\/span><\/td>\nHome loan for hilly or tribal areas.<\/span><\/td>\nGeneral rate<\/span><\/td>\n<\/tr>\n
Gram Nivas<\/span><\/td>\nNil<\/span><\/td>\n5 Lakhs<\/span><\/td>\nHome loan for rural areas.<\/span><\/td>\nGeneral rate<\/span><\/td>\n<\/tr>\n
Sahyog Nivas<\/span><\/td>\nNil<\/td>\nRs 5K per member<\/span><\/td>\nLoan for self-help groups in rural areas.<\/span><\/td>\nGeneral rate<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

SBI Home loan interest rates & fees involved<\/h3>\n\n\n\n\n\n
Home loan details<\/b><\/td>\n<\/td>\n<\/tr>\n
Interest rate<\/span><\/td>\n9.5% for women and 9.55% for general<\/span><\/td>\n<\/tr>\n
Loan Tenure<\/span><\/td>\n30 years<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

SBI Home loan fees<\/h3>\n\n\n\n\n\n\n
Loan Amount<\/b><\/td>\nProcessing Fee<\/b><\/td>\n<\/tr>\n
Up to Rs. 25 Lacs<\/span><\/td>\n0.25% of loan amount, minimum Rs. 1000\/-<\/span><\/td>\n<\/tr>\n
Above Rs. 25 Lacs and up to Rs. 75 Lacs<\/span><\/td>\nRs 6500<\/span><\/td>\n<\/tr>\n
Above Rs. 75 Lacs<\/span><\/td>\nRs 10000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

SBI Home Loan Review<\/h3>\n

SBI Home loans has some of the best schemes as compared to other home loans in India. Their interest rate is very attractive (being low). They have made special provisions for easy payment of the loans in simple and easy installments. It can be availed by young working professionals making it easily accessible for all. Even self-employed as well business professionals can also get home\u00a0loans easily (something many other banks cringe about). They would be required to furnish details and corresponding documents showing the income source. The property would be required to be deposited as collateral security. Once all the installments including the principal as well as interest has been paid off the property is handed over to the owner.<\/span><\/p>\n

Being a government recognized bank people greatly trust and bank with\u00a0SBI\u00a0for their efficient services. The interest rates do fluctuate with changes in the government policy but charges are reasonable too. The loan amount will be sanctioned based on the income of the person. Tax benefits can also be gained on the principal as well as interest under the Income Tax Act of 1961. Again customers who wish to pay and finish off the loan can also make lump sum payment. But this would be subject to prepayment charges.<\/span><\/p>\n

I would recommend SBI home loans if you are looking for a home loan for less interest rate and fees, provided you don’t mind going to the bank for getting things done. Some other banks will come to your doorsteps to get things done but I’ve noticed that they usually come with hidden charges. SBI doesn’t have hidden charges or unusual charges on trivial things. However banking is not pain-free or effortless compared to the new-generation banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying or constructing a home involves a huge expense which can prove to be a burden for a common man. You can get home loans…<\/p>\n","protected":false},"author":1,"featured_media":6743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[33],"tags":[],"class_list":["post-6742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nri-finance"],"modified_by":"Mani Karthik","menu_order":0,"_links":{"self":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/6742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/comments?post=6742"}],"version-history":[{"count":3,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/6742\/revisions"}],"predecessor-version":[{"id":35512,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/posts\/6742\/revisions\/35512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/media\/6743"}],"wp:attachment":[{"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/media?parent=6742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/categories?post=6742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/manikarthik.com\/blog\/wp-json\/wp\/v2\/tags?post=6742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}