SBI Home Loan is one of the most simple and customer friendly home loan across the India. The housing loan offers many facilities to the customer that help them materialize their dream home plans better. The SBI Housing Loan comes with attractive packages and exclusive benefits.
SBI is the largest home-loan lender in the category in India about more than 25.6% market share. According to the consolidated report to the SBI have total revenue of Rs. 257,289.51 crore on 31, Mar 2015. SBI has over 16,000 branches in India, also 190 in other countries. SBI already bind the GE for credit-card. SBI is the only bank in India, which is the most sought after bank in India in Forbes list ranked 500th SBI. With the base 16000+ branches of SBI in most places in India.
The SBI Housing Loan can be taken for various purposes. You can take the loan for purchase or construction of new house or flats or for purchasing an existing house or flat. The loan can be taken to purchase a plot from construction of house. For the extension, repair, renovation and alteration of an existing house you can also avail this loan. The SBI Housing Loan also include purchase of furnishings and consumer durable. You can also apply for this loan to takeover an existing loan from other banks and housing finance companies.
Any person with minimum 18 years of age an with a steady source of income can apply for the loan and the maximum repayment age is 70years. If you are aged between 21-45 years you can get loan up to 5 times your net annual income and if your age is above 45 years you are entitled for a loan amount of 4 times you net annual income.
The bank offers some unique State Bank of India (SBI) Home Loan facilities like free personal accidental insurance cover and optional group insurance form SBI Life. The SBI Home Loan offers you the facility to club your income with the income of your spouse and children to get th maximum loan amount. You can also club the expected accountable rent from the mortgaged property to get the correct loan amount. There are special facilities for the teachers, Govt. employees and for the employees of public sector oil companies. Attractive EMI facilities and application of interest in the daily diminishing balance basis make the SBI Housing Loan more desirable.
SBI Housing Loan also offers complementary international ATM and debit card, SBI classic or international credit cards. The loan offers you option of E banking. For the personal remittance and collection of out station checks the bank offers 50% concession in charges.
State Bank of India Home Loan EMI Calculator
Home Loan EMI (Equated-Monthly-Installments) is a amount of fixed money you pay each month for the repayment of your home loan at the date of the month, until your loan is paid in full. The EMI has repayment of principal & interest payment.
While the home loan EMI is kept constant, moves the EMI interest portion to shrink and to increase, except in the case of a change in the rate of borrowing the principal component of the EMI continued interest.
In the case of home loans in part (for housing loans in the corresponding blueprints), you have the option to pay only the interest on the amount of the loan. This home loan interest is called pre-EMI (PEMI) and paid monthly until the final payment is made, after which the regular start of EMI.
State Bank of India Home Loan Eligibility
- The minimum age must be 18 years, also regular income sources (Income clubs based co borrowers / guarantors & planned proposal for lease provisions under certain conditions)
- A valid passport
- Employed abroad for at least two years, or valid work contract for a minimum period of 2 years abroad, but six months employment or work abroad with agencies concluded on Tasks / Government foreign governments or international / regional organizations such as the UN, IMF, World Bank etc., or the central government, state government and public sector companies.
- Consideration of existing NRE / NGO holder with SBI
State Bank of India Home Loan Documents Required
- Complete Loan Application
- 3 passport-size photos
- Proof of identification (passport / photocopies of Voter-ID / driving-license card / IT PAN card)
- Proof of residence (copy of the latest phone-bills / power / passport/ real estate tax receipt / ID card of the voter)
- Proof of own-office for those who are not non-salaried-individuals
- account statement / Pass-book the last six months
- Identification of the signature of present-bankers
State Bank of India Home Loan for NRI
- Non Resident Indians (NRI) / Persons-of-Indian-origin (PIO)
- Applicants must have regular income source.
- The minimum employment in India or abroad must not less 2-years.
Amount of Loan:-
- Minimum volume of loans: Rs 3 Lakhs.
- Maximum volume of loans: without top cover.