SBI Home Loans- Everything for Everyone

1. SBI Home Loans- Everything for Everyone

2. The SBI is one of the major banks which provide the housing loan to customer in order to fulfil their dream of purchasing and living in their own house. The SBI bank has come up with variety of options to offer the home loans for different categories of the customers, and hence it is rightly said that it provides everything for everyone. The SBI has designed various schemes in such a manner that is beneficial for the all segments of the customers be it in interest rates term or repayment schedule terms. Also, the bank has started giving loan to employees or unemployed women at reasonable interest rates.

3. SBI Flexi Pay Home Loan:- The banks provide the option of repayment in a flexible manner under this plan. However, to avail the advantage of the same, the customer should be meeting certain criteria. It requires 1.2 times increased amount of loan eligibility compared to normal housing loan schemes. Also, the application of the loan amount must be 20,00,000 rupees or higher than the same.  The applicants, ranging between 21 to 45 years are usually eligible for the SBI Flexi Pay Home Loan scheme. However, the applicant, if salaried, should have minimum 2 years of experience. The customer can chose to pay interest in the pre-EMI period, and hence after the same tenure, the rest of the EMIs will consist of moderated payment. The tenure of selection of Pre EMI is up to 36 to 60 months and only interest is to be repaid under this period. The customers can also go ahead for the prepayment without any penalty.

4. SBI Maxgain:- This loan is very customer friendly and it helps the customer to reduce the burden of the home loan interest. This helps to increase the savings of the customers and it does not include any extra cost. This loan gives flexibility to the customer as it is being sanctioned as an overdraft so, the customer can operate the home loan account just like the current or savings account. Even, the passbook is also being issued to the customers. The minimum loan amount provided is 20 lacs rupees andt here is no cap for the maximum amount.

5. NRI Home Loans:- This housing loan facility provided by SBI Is specially designed for the NRIs (Non Resident Indians) and for the PIOs (Persons of Indian Origins). The loan gets sanctioned for the people, if he or she has minimum employment tenure whether in India or abroad, it should not be less than two years. Also, the applicant should have the regular source of income. The minimum loan amount is 3 lacs rupees and there is no upper cap for maximum amount. • SBI Realty:- This housing loan is especially designed to provide the opportunity to the customer if he or she wants to buy a plot for the house. However, it is mandatory that the construction for the house for, which the loan has been availed, should start within 5 years from the date once the loan is being issued.  The repayment period of the loan is up to 15 years and the maximum loan amount is 10 crore rupees.

6. SBI Pal:- This is the pre-approved loan facility which is being provided to the clients. The eligibility of the loan is assessed according to the income details of the client. Under this scheme, the customer can negotiate the property deal with the buyer. Also, the processing fees of this loan are non-refundable, but the same will be collected only at the time of loan sanction. The pre-approved loan is valid for the period of 4 months. The borrower has to submit the property papers and other documentation within a specific time frame. The minimum loan amount is rupees 10 lacs.

7. SBI Tribal Plus:- This is a special housing loan which is designed for the tribal areas to provide the financial assistance. Under this, the bank provides the loan to bur or construct a new house without mortgaging the land. The maximum repayment period allocated for the same is of 15 years. Under the same, the customer can also opt for buying a new house or can go for the reconstruction or repair of the old house. The maximum loan amount , the person can avail is of 10 lacs rupees. • SBI Privilege Home Loan:- The employees of central government, state government, PSBs or other pensionable service individuals can avail the benefits of the loan. The maximum repayment of the loan tenure is of 30 years. Also, the same provides the lower interest rates. Also, it provides the lower EMI burden.

8. SBI Shaurya Home Loan:- The bank provides this facility especially to the army, air force and navy employees. It offers the reduced EMIs under this scheme especially post retirement. Also, it provides full waiver as far as the processing fees are concerned. Also, it provides the repayment tenure till 75 years of age. • SBI Bridge Home Loan:- This is a short term loan which is provided to meet the short fall to purchase the new house. However, here the scheme does not provide the facility of the overdraft. The maximum duration for the loan is of 2 years. The loan can be repaid by the borrower any time during these 2 years. The customer can pay one or more number of instalments to repay however no monthly instalment should be stipulated.

9. Home Loan for Non-Salaried Person:- Under this scheme, the loan is provided to the non-salaried people In order to extend the helping hand as far as buying of a new home, or residential property or residential plot are concerned. The businessman or the person who is self-employed considered under this category. Such class is provided the relaxation in terms of monthly instalments. The person should have minimum 18 years of age to avail the loan. The minimum loan amount which is provided Is 50,000 rupees and maximum loan amount which is provided is 50 crores rupees.