SBI Home loan Eligibility, application process, EMI & interest rate loan application status process.
SBI-Home loan process
SBI is providing so many types of home loans for their customers who are in need of money to build their own home. There are many readymade loan schemes such as SBI Realty, Maxgain, NRI Home loans and SBI Home plus. SBI home loan process is very simple and convenient. The main advantage of SBI home loans is that the rate of interest will be less compared to other banks in the country. Other than this the processing fees is very less and no hidden cost will be there. Also there are no prepayment penalties and administrative charges. This makes SBI home loan favorite for everybody.
Any Indian citizen can apply for this loan after checking their eligibility. Customer can easily make emi calculation using the chart by giving required loan amount and repayment duration in it. The only thing is that customer must have an account in the bank and have to produce all necessary documents while applying for a home loan.
There are wide ranges of home loans available with SBI and customer can select any one from it according to their eligibility and requirements. These loans are available with many types of packages and advantages to suit the needs of different customers. Below are some of the home loan schemes available for customers from State Bank of India:
- SBI MaxGain:
This type of loan helps the customers to reduce the burden of interest without any additional charges. Also it gives the customer an additional option of making withdrawal and deposit of amounts according to the cash balance. The customer will get cheque book and internet banking along with this loan. The main features of this loan are:
- Minimum loan amount is 5 lakhs and there is no upper limit.
- Rate of interest is 0.25% more than the existing loan interest.
- Customer can save on interest paid totally.
- There are no pre-closure charges for this loan.
- SBI Yuva:
SBI Yuva specially tailoresfor those who are taking loan for the first time for building house. For this the age limit of customer must be within 21 to 45 years. Also the amount of this loan is 20% more than that of a regular loan. It is very much convenient for government employees and other professionals. The other advantage is you have 36 months to start repayment of this loan. Till this time you have to pay only the interest. Some of the features of this loan are:
- Age limit is 21 to 45 years
- Your income must be rupees 30,000 or more per month
- The interest rate is floating 10.15 percent
Loan repayment installment calculation is now very easy with SBI EMI Loan calculator. With the use of this tool, you can easily calculate the monthly installment for any principal loan amount within seconds by just entering the total loan amount and duration of repayment in the SBI home loan process. There are few things you have to enter in the EMI calculation tool for EMI Calculation, such as:
- Loan amount
- Interest rate
- Processing fees
- Pre payments
- Home loans to non-resident Indians (nris) &persons of Indian origin (pios).
Loan packaged for non-Indian residents.
- Home loans for purchase of plot for construction of a dwelling unit.
This loan scheme enables an applicant to access a loan that would enable him to purchase a parcel of land for construction of a building. The construction is expecte to commence within two years of the loan being disburse.
- Pre-approved home loan.
This scheme provides a sanction to customer’s Home Loan limits. This comes before finalization as regards the property. This would enable the customer to negotiate with confidence with the seller of the property, or also with the builder as the case may be.
- Special home loan scheme for hilly/tribal areas
This scheme package for interior tribal or hilly areas where it is difficult to access mortgage services.
- Home loans in rural areas
Just like the name, it is a loan package for those in the rural areas where the population is less then 50,000.
- Home loans to self-help groups in rural areas
Loan granted to self-help groups.
- Home loan as an overdraft
Provides optimum yield on the customer’s savings by minimizing the interest their home loan attracts an no extra cost.
- Tailor made home loan scheme for the youth
This scheme presents a peculiar package of loan assessment which grants an extra 20% addition to the total amount of loan he could possibly access.
Stae bank of India Home Loan
These types of loans actually take by the people for home-related needs such as home construction, home extension, home renovation, Purchase of land or property, and payment of the stamp duties. These loans comprise fixed or adjustable rates of interest and payment terms. Different types of bank home loans in India are given below:
- Land Purchase
- Home Purchase
- Home Extension
- Stamp Duty
- Home Renovation
- Loan Against Property
- NRI Loans
- Secured & Unsecured Loans
- In secured loan you will get the loan against asset that you have. For instance, you can take the loan against property, vehicle that you have own, jewelry etc. Suppose you’re not able to pay the loan money that you have taken, in this case financial institution may sell that asset or recover their amount. Interest rates might be lower for the secured loans compared to the unsecured loans. Financial organization from where you take secured loan generally estimates the market value of an asset that you keep as the security.
- Unsecured: Suppose you don’t have any asset that you can keep as your security, then you can get the unsecured loan. But, to qualify for such loan you will need to have good credit history and good income. Rates of interest for the unsecured loans are generally much higher when compared to the secured loans.
- Subsidy & Unsubsidy loans
- If you’re granted loan as a part of financial aid, then you are eligible for the subsidized or the unsubsidized loans, or you may avail both. The subsidy loans can be award to people who will qualify for such loan and borrowers aren’t charged any interest rate. In India, The best example of the subsidized loans are one given by the cooperative banks or rural banks to farmers, particularly for the purchase of the farm equipment such as pumps, tractors, etc, and to implement new technology that will increase their produce. There are a few countries who offer subsidized loans to the students to pursue further studies. So it is easy to find these and the process is not tough for getting one.
SBI Home loan eligibility & EMI calculation
These are some loans given out by the bank to people who want to purchase their own homes, to pay back on the installment basis over an agreed period. Home loan: Every person dreams to have to have their own property. But buying a home needs plenty of money and isn’t possible for the people of the lower strata to gather that much amount of money at once. Now, banks are also offering home loans that are helpful to you to buy your home.
SBI is one of the top public sector banks in India and gives, very good service and maximum number of Indians have got an account there. Hence one of the most popular banks, people are very happy with the service and hence the banks is growing lots with time and is becoming very popular, also, lots of people are opting for home loans as it makes things easier. So what are you waiting for, just go ahead and get your loan.
SBI Home loan Eligibility:
- Firstly the applicant has to fall within the age range of 21 years – 45 years.
- The applicant is expect to have a regular income.
- An employment history of 2 years minimum.
- Professionals like lawyers, medical doctors, etc.
EMI Calculation & SBI Home loans eligibility:
- A minimum income requirement of Rs.30, 000 per month.
- A statement of account from the bank with which the bank would calculate the range loan scheme the applicant is eligible for.
This is the amount you pay in advance and which is completed with the addition of the loan or mortgage to purchase a house.
The repayment for the SBI home loan could be stretch to as long as 30 years or alternatively by the time the applicant gets to 70 years.
SBI Home loan Interest Rate
- SBI offers an interest rate of 9.50% attached to the loan for women, and also 9.55% interest for the men.
Alternative banks that provide home loans in India:
- HDFC Bank
- LIC Housing Finance
- Axis Bank
- ICICI Bank.
Schedule banks can be further divide into two distinct categories. They are Commercial Banks and Cooperative Banks. While Commercial Banks exist the world over, the category of Scheduled Banks is seen only in India. Both, Commercial Banks and Cooperative Banks are established for a different purpose. Commercial banks are established to generate capital and aim at making a profit. Cooperative Banks, on the other hand, are cooperatively established and managed institutions that aim towards the benefits of its members for various personal, rural and urban purposes.
The members of Cooperative Banks have a significant say in determining how the bank functions by laying out the terms and conditions and electing the managing committee. Cooperative banks can be further divide into two categories of Urban Cooperative Banks and Rural Cooperative Banks. Rural Cooperative Banks have helped greatly in aiding Indian agriculturalists at the grassroots level by enhancing their sense of financial security.