SBI Home Loan
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The SBI Home Loan is available under various schemes and offers attractive interest rates.
The State Bank of India offers housing finance for:
ü the purchase or construction of a new flat.
ü purchase of an existing house or flat.
ü purchase of a plot of land for construction of a house.[br]
The SBI also offers loans for:
ü renovating
ü repairing
ü altering
ü extending an existing flat or house
Features of SBI Home Loans
The SBI home loans carry certain attractive features:
ü Interest rates are quite low and charged on a daily reducing balance basis.
ü Allows for takeover of an existing home loan.
ü No penalty on pre payment of loan.
ü No hidden costs involved.
ü Offers option to club the income of spouse and children to calculate the loan amount.
ü Has a provision for club depreciation and expected rent accruals from the proposed property to compute the eligible loan amount.
ü Provision to include cost of furnishings and consumer durables in the cost of the project.
ü These loans are available for a period of five to twenty years.
ü Available for both salaried and self employed people.
Individuals above the age of 21 years are eligible for applying for an SBI Home Loan. In addition to the loan application and a photograph, the applicants need to submit certain documents with the bank:
ü Identity & Residence Proof
ü Proof of income or profit & loss statements for the last three years
ü Proof of educational qualifications and the existence of business
ü Bank statements for the past six months
ü Proof of tax payments
ü Copy of a valid passport (for NRIs)
ü Copies of work permit or job contract
Types of Home Loans from SBI[br]
The SBI Maxgain Home Loan enables the borrower to avail the loan as an overdraft. However, the SBI Flexi Home Loans offer the option of a one time irrevocable option comprising a combination of fixed and floating interest rates. The SBI Realty Home Loans are aimed at meeting the fund requirements of borrowers for purchasing a plot of land. The SBI Freedom Home Loans are meant for Non Resident Indians and offer the borrowers with the option to pledge securities such as bank deposits for taking the loan.
