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Housing Loan Bank

Home Insurance Providers


SBI

"THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India. SBI HOME LOANS now offers Interest Rates concessions on GREEN HOMES in accordance with SBI's commitment to Environment protection. SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India. Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India

The bank offers home loans for purchase and/or construction of house property as well as plot loans. It offers loans for buying resale property and extension/ repair/ renovation/ alteration of an existing house. The bank offers loans schemes known as 'Prashasan Plus', 'Teacher Plus' and 'Oil Plus' to Government Employees, Teachers and employees of public sector oil companies etc. at concessional rates.

Features

  • Provision for on the spot " In principle" approval.
  • Loan sanctioned within 6 days of submission of required documents.
  • Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains.
  • Option to club income of your spouse and children to compute eligible loan amount
  • Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount
  • Provision to finance cost of furnishing and consumer durables as part of project cost
  • Repayment permitted upto 70 years of age
  • Free personal accident insurance cover upto Rs.40 Lac.
  • Optional Group Insurance from SBI Life at concessional premium (as part of project cost)
  • Interest calculated on daily reducing balance basis, and starts from the date of disbursement.
  • Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc.
  • Option to avail loan at the place of employment or at the place of construction

Benefits :-

  • Complimentary international ATM-Debit card
  • Complimentary SBI Classic/ International Credit Card.
  • Option for internet-banking
  • Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily
  • 50% concession in charges in respect of all personal remittances/ collection of outstation cheques
  • Personal loan at attractive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers.

Purpose

  • Purchase/ Construction of House/ Flat
  • Purchase of a plot of land for construction of House
  • Extension/ repair/ renovation/ alteration of an existing House/ Flat
  • Purchase of Furnishings and Consumer Durables as a part of the project cost.
  • Takeover of an existing loan from other Banks/ Housing Finance Companies.

Eligibility

  • Minimum age 18 years as on the date of sanction
  • Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Margin

  • Purchase/ Construction of a new House/ Flat/ Plot of land:
  • 20% for loans up to Rs.30 Lacs,
  • 20% for loans above Rs.30 lacs and upto Rs.75 lacs.
  • 25% for loans above Rs.75 lacs.

Rate of Interest

    - Float Interest Rate : 10.25
    - Tenure 20
    - Processing Fee : 0.50% of loan amount or max Rs 10000
    - Prepayment Charges : 2% on the amount prepaid only incase of takeover
    - Statment Charge : NA

Maximum Repayment Period

- For applicants upto 45 years of age: 25 years
- For applicants over 45 years of age: 15 years

Moratorium

Upto 18 months from the date of disbursement of first installment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)

Documents

  • Completed application form
  • Passport size photograph
  • Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
  • Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
  • Proof of business address in respect of businessmen/ industrialists
  • Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
  • Copy of approved plan and approval from the Local Body
  • Statement of Bank Account/ Pass Book for last 6 months

SBI-Flexi’ Home Loans

  • A customized product designed to enable borrowers to hedge their Home Loan against unfavourable movement in interest rates. The product gives you a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.
  • Minimum Loan Amount: Rs.5 lacs
  • (Other terms and conditions – as applicable to regular Home Loans)

' SBI-Maxgain ' Home Loans

  • An innovative and customer-friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.
  • The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your SB or Current Account.
  • The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposit/ investment avenues.
  • Minimum Loan Amount: Rs.5 lacs
  • (Other terms and conditions - as applicable to regular Home Loans)

‘SBI-Realty’ Home Loans

  • A unique product if you are on the look out for a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.1 crore* and with a comfortable repayment period of upto 25 years.
  • You are also eligible to avail another Housing Loan for construction of house on the plot financed above with the benefit of running both the loans concurrently.
  • (House construction should commence within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan)
  • (Other terms and conditions – as applicable to regular Home Loans).
    (* relaxation considered on case to case basis)

‘SBI-Freedom’ Home Loans

  • A revolutionary product designed for customers who are on the look out for a source of finance for a property they want to invest in without mortgaging the same. All you have to do is pledge any financial security that you have and you will get a Home Loan for your dream home.
  • A must-take for those who do not want to pay stamp duty for mortgage of their property or go through the hassles of creation of mortgage.
  • You also have an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.
  • Repayment is highly customized, giving you the option to repay through regular EMIs or through maturity proceeds of the securities pledged.
  • (Other terms and conditions – as applicable to regular Home Loans)

Other Salient Features

  • Inbuilt provision for availment of the loans on the expiry of each bloc of 5 years, the first bloc commencing on the expiry of 5 years from the date of sanction of original Home Loan.
  • Original Home Loan and all ‘SBI-Optima’ Home Loans/’SBI-HomeLine’ Personal Loans can run concurrently
  • Comfortable repayment obligations – Tenure of the loans equal to the residual maturity of the original Home Loans -