Types of Home Loans Offered by SBI

Planning to buy a house? You can get a home loan from SBI. The State Bank of India is the largest private sector bank in the country and offers a host of home loan schemes to cater to the needs of customers from all walks of life. SBI is one of the best home loan providers in India, due to the following factors:- 1. Low-interest rate,rn2. Transparent and easy home loan approval processrn3. Flexible payment options Adding to the list of benefits, SBI has recently reduced the interest rates on home loans to 8.35% for loans of up to Rs 30 lacs in a limited period offer to promote government’s affordable housing scheme. The eligible applicants of the SBI low-cost home loan scheme can also avail an interest subsidy of 2.60 lacs under the “Pradhan Mantri Awas Yojna”. Furthermore, SBI is also offering various other home loan schemes which can be categorized as under:- 1.Home loans: It is a general category of loans that customers can apply for. These loans can be used to buy a new home or pre-owned home and for the construction of a home. 2.Loan for earnest money deposits: This category of loan is ideal for the buyers who want earnest money to book a residential plot or to buy a property that is being sold by government housing agencies - an urban development authority and housing boards. 3.The Takeover home loan: It is basically a loan transfer facility wherein the customer can shift his/her home loan from other commercial/private/foreign banks to SBI. Anyone who has borrowed the money from any housing finance company can also make use of this facility from SBI, but make sure the company is registered with the National Housing Bank (NHB). 4.Tribal Plus home loan: It is a special home loan scheme that allows customers to easily finance their home in tribal or hill areas of northeast India and areas around Chandigarh, Patna, Bhubaneswar, and Bhopal to name a few. 5.Flexi pay home loan: Targeted at young working professionals, the flexi pay home loan from SBI eases the financial burden on the applicants by offering attractive repayment options through this scheme. 6.SBI Her Ghar Home loan: Provided just to the women applicants, Her Ghar home loan scheme from SBI is offered at reduced interest rates, thus helping every woman of the society own a house of her dream. In addition to these attractive home loan schemes, SBI also caters to the NRI audience with a range of home loans. All these loans can be applied both online and offline only if the candidate meets the following criteria:- a.)For Salaried individuals: The age must be between 18 to 70 years and he/she should have a minimum annual income of Rs.1.2 lakh per annum. b.)For Self-Employed: The age of the applicant must be between 21 to 70 years and the annual income should be minimum Rs.2 lakh per annum. The documents that every loan seeker should submit are:- 1. Properly filled loan application formrn2. Passport sized photographs - 3rn3. One identity proof (Voter ID/driving license/Pan Card/Passport)rn4. One address proof (Current)rn5. Bank statement of last 6 monthsrn6. Income tax proof and proof of property Your decision to buy a home needs a lot of planning and preparations. Not only it requires you to arrange adequate funds but you also need to ensure that you find the best property that should define all your purposes. Home loan is one of the organized ways to buy your dream home without worrying about finances. And when it is SBI, the process is all the more simple and trouble-free.