With rising property prices, having a Home Loan is the most convenient way to realize your dream of owning a home. A Home Loan will easily fund your property purchase, and you will be able to repay the loan in manageable EMIs over a reasonable period. SBI Home Loan offers a variety of flexible choices and features that are beneficial to borrowers. SBI Home Loan now provides home loans with attractive interest rates starting at 8%. Housing loan schemes can be used for many purposes, including developing a house or flat, the purchase of a residential Home or flat, the expansion of a previously owned residential building, and the repair, rehabilitation, and upgrade of an existing residence.
Features
A repayment period of up to 30 years is available.
A large loan amount is open.
Unique add-on benefits.
Processing fees are minimal.
Both salaried and self-employed people can take advantage of this scheme.
Documents Required
A loan application that is completely filled.
Passport-size photos taken recently.
Voter ID, driver's license, PAN card, or passport are the acceptable forms of identification.
Proof of residency – recent utility bill payments, such as an energy bill or a phone bill.
Bank account statements, certificate of employment, form 16, IT return statements, and a salary certificate is required for salaried applicants.
Statements of personal assets and liabilities.
Depending on the applicant's form of income and job, additional documentation can be requested. Before beginning the application process, check with SBI Home Loan for a complete list of necessary documents.
Fees-
Processing Fee -
For up to Rs. 50 Lakh: 0.50 percent of loan amount (Minimum Rs. 8,500 & Maximum Rs. 15,000).
More than Rs. 50 Lakh: 0.25% of loan amount (Minimum Rs. Rs. 8,500 & Maximum Rs. 25,000).
Deviation charges - Rs. 1,500 per deviation (Maximum Rs. 5,000).
Modification fees -
Up to Rs. 1 Crore: Rs. 5,000.
More than Rs. 1 Crore & up to Rs. 10 Crore: Rs. 15,000.
Above Rs. 10 Crore: Rs. 25,000.
Numerous factors affect the interest rate on a SBI Home Loan , including the loan amount, your net income, your repayment history, and internal SBI Home Loan assessment criteria.
SBI Home Loan - One year MCLR+0.25%=8.90%.
V-Elite Home Loan - One year MCLR+0.25%=8.90%.
SBI Home Loan Plus - One year MCLR+3.05=11.70%.
SBI Home Loan- One year MCLR+0.25%=8.90%.
SBI Home Loan Top-Up.
Secured - One year MCLR+3.05%=11.70%.
Unsecured - One year MCLR+4.05%=12.70%.
Eligibility
You must be working or self-employed and have a steady income.
Individuals may apply alone or in groups of family members.
Individuals above age 21 up to 65 are eligible to apply.
The applicant's age does not exceed 75 years by the time the loan is completely repaid.
Conclusion
A mortgage on a flat or house purchased or built with SBI Home Loan finance is needed as insurance. A SBI Home Loan representative will collect the necessary documents from you after you submit your application with your complete contact information and job history. SBI Home Loan will make a loan offer if your documents are successfully checked and you are found to be eligible. You can verify the status of your SBI Home Loan by calling your local branch and quoting the application number. You may also contact SBI Home Loan customer service for assistance with your application monitoring.
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