Get Home Loan at Low Interests with SBI Online
Did you know that SBI provides home loan products for customers of other banks as well? Did you know that customers of other banks can also apply online for SBI home loans?
If yes, then congratulations! You are at the right place. In this blog, we’ll talk about SBI home loans and how they can help you get a loan with low interest rates. We’ll also tell you how eligibility criteria and approval process work.
Overview of SBI Home Loan
SBI home loans are designed to help customers purchase their dream house with flexible repayment options and low interest rates. The loan amount ranges from ₹ 25 lakh to ₹ 2 crore, depending on the borrower’s income and tenure of loan. The borrower must be an Indian National, NRI, or a PIO for loans up to ₹ 2 crore.
The eligibility criteria for SBI home loans include being between the ages of 18-70 years, being an Indian Citizen/NRI/PIO, having a bank account, and owning property in India or abroad as security. Borrowers must also have a stable income with no major credit issues and have a bank account in India.
Home loan EMIs are available to view on a yearly or monthly basis. Home top-up loans are also available as overdrafts with a repayment period of up to 30 years and low processing fees.
SBI home loans are easy-to-understand financial products that provide excellent value for customers looking for affordable housing loans.
Benefits of SBI Home Loan
– SBI Home loan is the best financial assistance option for home loan seekers looking for home finance. It offers a variety of home loan options, with attractive interest rate and tenure to suit each borrower’s requirement.
– The loan amount of up to ₹20 lakh can be availed by non-salaried individuals.
– The lenders provide home loan options in a range of tenure as well as interest rates, making it easier for borrowers to choose the best loan option.
– The borrower can get home top-up loans over and above his or her bank balance, if required. A bank overdraft of up to ₹30 lakh can be availed under this home loan scheme.
– Eligibility for non-salaried people with the firm/company in existence for at least the last 3 years, earning net profit in the last two years and existing credit facilities should be regular and standard.
SBI Home Loan Interest Rates
SBI offers home loans with floating interest rates with a Mean Rate of Interest of 8.94%. The Marginal Cost of Funds based lending rate considered by SB is mentioned below- MCLR: 7.25% p.a.
– Processing fee for loan is 0.35% of loan amount and Prepayment/Foreclosure charges may apply. Sbi interest rates are pegged to the floating interest card rate which stands currently at its lowest at 6.80% p.a.. The interest rates depend on various factors like employment type, tenure, housing qualification, and so on.
Sbi offers home loans for small, medium and large housing loans in the range of Rs 35 lakh to Rs 2 crore with an interest rate of 8.99%-10.74%.
The bank also offers home loans for self-employed customers with 10-year tenure and an interest rate of 10.59%-11.71%.
Additionally, it offers home loan products such as regular term home loan, home loan for women borrowers, etc., as per customer diversification requirements and eligibility criteria
Eligibility criteria – Customers seeking a bank loan should have a valid Aadhar number, income proof documents and proof of residence (i) If you are a salaried individual with income of up to Rs 10 Lakhs per annum the bank provides home loans up to Rs 35 Lakhs (ii) For self-employed customers the bank provides home loans up to Rs 2 crore
Processing fee- The processing fee for loan is 0.35% of loan amount
Eligibility Criteria for SBI Home Loan
The eligibility criteria of SIA home loan include individuals of any nationality between the ages of 18-70 years who do not earn income from salaried or professional jobs. Non-salaried people must have an existing credit history and their firm must have been in existence for at least three years and achieved a net profit in the last two years. Salaried, professionals, self-employed and business people are all eligible for SBI home loans. The minimum age for eligibility is 18 years and the maximum is 70 years. Also, individuals must meet eligibility criteria for loan as per their income group of bank and fulfill other eligibility criteria as well. A borrower’s eligibility for a loan depends on various factors, including his income and asset status and tenure of employment with the bank.
What are the different types of home loans that are available through SBI online?
There are a number of home loans that are available through SBI online. Some of the most common types of home loans include:
1. Home Purchase Loans: This type of loan is taken for buying a new residential property or an old house. You need to meet certain eligibility criteria, like having a good credit score and having sufficient income.
2. Home Improvement Loans: These loans are offered for executing repairs and renovations at home. For example, you can get a home improvement loan to fix your roof, replace your siding, or install new flooring.
3. Home Construction Loans: These loans are sanctioned to construct a house on a piece of land already purchased. You will need to provide proof of ownership of the land, state of origin of the construction material, bank guarantees, and more.
4. Home Extension Loans: These loans are offered for expanding an existing house, like adding an extra room or floor. You will need to provide proof of acquisition of the necessary land, state of origin of the construction material, bank guarantees, and more.
5. Land Purchase Loans: These loans are granted for buying a plot of land for residential or investment purposes. You will need to provide proof of income and assets worth more than the loan
How does SBI online compare to other home loan providers?
So, what sets SBI apart from other home loan providers?
Some of the reasons customers may choose to apply for a loan with SBI include the fact that they can do so online via Wishfin, via WhatsApp, and in local branches. Additionally, SBI offers a free MouthShut app to help customers save money on their home loan interest rates. In addition, customers can compare home loan schemes from top lenders.
What are the advantages of using SBI online to get a home loan?
If you’re looking for a home loan, SBI online is the best platform to go through. Here are some of its advantages:
1. Access to SBI home loan customer care anytime through toll-free number.
2. Low processing fees.
3. Repayment up to 30 years.
4. Free MouthShut app to save money on grocery and other bills.
5. Easily calculate your EMI through SBI Home Loan EMI Calculator.
With the changing trends of home loan rates, you can get home loans at lower interest rates than before. As a home loan customer, you are entitled to understand the benefits of a home loan. You should also be aware of eligibility requirements, but that is not the case with home loans. With this blog, you have understood some of the benefits of home loans and eligibility criteria that can help you get one. If you want to learn more about home loan options, visit our blog page here.