Types of Home Loans Offered by SBI
Having a house of your own that you can come back to at the end of the day is satisfying, to say the least. However, before you get to the best part, you have to look at the process that goes into purchasing a home of your own first. Choosing an ideal house that you like and that is within your budget is not the only thing you need to take into consideration. Opting for the right Home Loan is also just as imperative. There are various Types of Home Loan in India, and SBI specifically offers you a wide variety of options to choose from.
Here are some popular SBI Home Loan Types:
|Up to Rs. 30 lakhs (Salaried)||Above Rs. 75 Lakhs (Salaried)||Up to Rs. 30 lakhs (self – Employed)||Above Rs. 75 Lakhs (Self – Employed)|
|SBI Regular Loan||8.60%||9%||8.75%||9.15%|
|SBI Flexipay Home Loan||8.75%||9%||8.80%||9.05%|
|SBI Tribal Plus||10 bps above Floating Card Interest Rates|
|SBI NRI Home Loan||8.75%||9%||8.90%||9.15%|
|SBI Privilege Home Loan||8.70%||9%|
|SBI Bridge Loan||First year: 10.60% p.a.; Second year: 11.60% p.a.|
|SBI Shaurya Home Loan||8.70%||9%|
|SBI Top Up Loan||9.20%||9.30%||9.35%||9.45%|
|SBI Realty Loan||9.20%||9.25%||9.40%||9.45%|
|SBI Reverse Mortgage Home Loan||9.15%||10.15%|
1. Regular Home Loan:
You can use this loan to construct a house, conduct a house extension, purchase an under-construction property, a ready built property, a pre-owned home or for any other kind of repair and renovation.
- Zero Pre-payment charges.
- Interest rate charged on daily reducing balance.
This Home Loan caters to Non-Resident Indians who are seeking to invest in property. It makes better sense from a financial perspective that you purchase a property through a Home Loan instead of going through personal financing.
- Low processing fee.
- Zero hidden charges.
3. Realty Home Loan:
It helps you purchase a plot for construction for your home. Construction should start within 5 years from the date the loan is sanctioned.
- Loan to build your dream home from scratch
- Avail maximum 15 Crores loan amount
4. Pre-Approved Home Loan:
Your Home Loan limits are sanctioned before the property is decided upon. This helps you negotiate with the buyer or seller in private.
- Repayment up to 30 years.
- Interest Concession for Women Borrowers.
5. Balance Transfer of Home Loan:
This kind of loan offers borrowers a chance to transfer Home Loans from housing finance companies that are registered with the National Housing Bank, scheduled commercial banks and private as well as foreign banks.
- Home Loan Available as Overdraft.
- Low Interest Rates.
6. Privilege Home Loan:
This loan is particularly designed for government employees. This takes into account PSUs, PSBs of Central Government, employees of State Government and other individuals who come with the benefit of pensionable service.
- Concession on interest if Check Off is provided.
- Home Loan made exclusively for government employees.
7. Shaurya Home Loan:
This loan caters to all army and defence personnel. It comes with added benefits and lower interest rates.
- Home Loan only for Defence and Army personnel at competitive rate.
- Extended loan tenure of up to 30 years.
8. Flexipay Home Loan:
This housing loan gratifies salaried individuals. It provides borrowers with a higher loan amount and gives you the benefit of paying only interest during the pre-EMI period. Following this, you have to pay moderated EMIs (Equated Monthly Instalments).
- 20% higher eligibility for loan amount.
- Pay only interest during pre-EMI/ moratorium period.
9. Home Top Up Loan:
This loan offers customers the benefit of borrowing a specific amount on top of their Home Loan amount. This loan is beneficial for borrowers who are in need of extra funds.
- Multipurpose loan.
- Interest rates much lower than that of Personal Loans.
10. Smart Home Top Up Loan:
This general-purpose loan helps to fund any urgent necessities for any type of personal requirements. This includes expenditures that arise from marriage, repair/renovation of house, education, and healthcare.
- Quick loan processing.
- No pre-payment penalty.
11. Tribal Plus:
This loan is specially designed for individuals who live in tribal or hilly areas and require funds for the purchase or construction of a new flat/house.
- Loans offered against Third Party Guarantee.
- No need to mortgage the land.
12. CRE (Commercial Real Estate) Home Loan:
These loans work well for individuals who own two or more houses and require finances for their next home buy. You need to make a note however that the maximum number of houses/plots/flats is kept to three.
- Best Home Loan for investment purpose.
- Flexibility to avail up to 5 Home Loans.
13. Insta Home Top Up Loan:
This loan is accessible to individuals who are already existing Home Loan customers. It is a facility offered to pre-selected borrowers through the platform of internet banking.
- Hassle free and instant top up loan for existing Home Loan borrowers.
- Fully automated loan with no manual intervention.
14. Bridge Home Loan:
This loan works in tandem with individuals who wish to upgrade to bigger and better homes by selling off their present ones.
- Best short-term loan for home upgradation.
- Loan amount of up to 2 Crores.
15. Corporate Home Loan:
This loan caters to construction or acquisition of residential units that are under the name of a company. These loans are offered to promoters, directors, and employees who are part of public or private corporate entities.
- Low interest rate.
- No hidden cost.
16. Home Loan to Non-Salaried-Differential Offerings:
These Home Loans are offered to non-salaried individuals for the construction, renovation or acquisition of a house.
- Home Loan offer that suits every customer’s need.
- Repayment tenure of up to 30 years.
This initiative was taken up by the Government of India and offers affordable housing to the urban poor. The government offers interest linked subsidy to the eligible on Home Loans for the construction/acquisition of houses.
- Subsidy on Home Loan interest of up to 2.67 Lakhs.
- Affordable housing finance for urban poor and mid-income group.
18. Home Loan Overdraft Facility:
SBI MaxGain is a Home Loan sanctioned as an overdraft. It comes with a limit that is the same as the approved loan amount. In this case, your home is the underlying security for the overdraft amount.
- Best Home Loan if you can save some extra money each month after paying the standard EMI.
- Surplus amount left in the Home Loan overdraft account can be withdrawn any time for use.
There are also other schemes available at SBI that help to make the entire process of obtaining a housing loan easy and stress-free. These loans come with standard features such as low-interest rates, flexible payment alternatives, low processing fees and no hidden charges. These exclusive packages that cater specifically to individual needs make it easy to choose a loan that is tailor-made just for you. Make sure you examine your credit score, begin saving for a down payment and get all of your financial documents in order before finding a good home loan. It helps to make the entire loan application process simpler. Based on your need and preferences, you can then pick the most appropriate SBI Home Loan for you.
SBI Home Loan Interest Rate
|Latest SBI Home Loan Interest Rates – 2019|
|Interest Rate||8.15% onwards|
|Processing Fee||0.35% of Loan Amount|
|Other Charges||18% GST on Processing Fee|
|Prepayment or Foreclosure Charges||Free|
Documents Required For SBI Home Loan
Identity Proof – Passport, PAN Card, Aadhar Card, Driving Licence (Any One).
Address Proof – Passport, Aadhaar Card, Driving Licence, Ration Card, Registered Rent Agreement, Latest Gas Bill, Latest Electricity Bill, Most Recent Credit Card statement (Any One).
Income Proof (Salaried Employee) – Salary slips for the last three months, Form 16, Statement of Bank account.
Income Proof (Self Employed) – IT returns for the last two years, Statement of Bank account for the past one year, Proof of continuity of Business, Invoices drawn on the clients.
Also Read: What Does a Home Loan Process Include?
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