Why should You Choose SBI Home Loans?

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Why should You Choose SBI Home Loans?
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• Buying a home is a very big investment and
  the decision should be made wisely. In India most
  of them buy home with the help of home loan.
  Though there are many banks that are ready to
  offer home loan. It is up to the home buyer to
  decide what is affordable and which bank to
  choose. Among the whole list of public sector and
  private banks in India that offer home loan, many
  prefer taking home loan from SBI bank and of
  course there are genuine reasons for the same.
  Lets discuss more about why SBI bank for home
  loan over other banks and how to get a SBI bank
  home loan?
• Many have set their minds that SBI is best
  for home loans as it offers loans at low rate of
  interest. However the truth is SBI bank is best
  for home loans as there are lot more other
  benefits apart from low rate of interest.

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Reasons Why SBI Bank is Most Preferred by Home
Loan Borrowers

• Flexible repayment option
• One of the main benefits of taking SBI home
  loan is that it offers lot of options to repay
  loan. Working professionals can enjoy additional
  benefits through home loan from this bank plus
  they get the benefit of choosing best home loan
  from various schemes available. If the home loan
  amount is higher than 20 lakhs, then the borrower
  will enjoy additional benefits of low pre-closure
  charges, low processing fees and so on. If you
  are a salaried person with minimum 2 years
  experience and if you are aged between 21-45
  years then make use of the SBI Flexipay Home loan
  option. This bank also offers an option to home
  buyers to just pay the interest on loan amount
  until possession of the property. This makes
  buying a home in India more affordable than ever
  before.

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• Overdraft home loan facility SBI is here to
  offer realistic home loan scheme to everyone who
  is dreaming about owning a house. Whether you
  need home loan to pick up a fully constructed
  house or if it is to buy a plot and follow it
  with construction, SBI bank has option to offer
  overdraft home loan. By this way you can make use
  of the loan amount just as your savings bank
  account along with cheque books and pass book. In
  order to be eligible for this SBI home loan
  scheme you need to take home loan for a minimum
  amount of Rs. 20 lakhs.

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Some of the Home Loan Schemes Offered by SBI Bank

• SBI Maxgain Home loan
• SBI Flexipay Home loan
• NRI Home loan
• SBI Realty Home loan
• SBI privileged Home loan
• SBI Pal Home loan
• Special home loans for tribal and hilly areas
• SBI Bridge Home loan
• SBI Shaurya Home loan

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Home loan Rate of Interest at SBI bank 
I. 2 YEAR FIXED INTEREST HOME LOANS (Term Loan)
HAMARA GHAR
A. 2 year Fixed Interest Rate loans (Term Loans) For Salaried Borrowers ()  
  Upto Rs. 30 lakhs
Women 35 bps above 1 year MCLR, ER 8.35
Others 40 bps above 1 year MCLR, ER 8.40
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B. 2 year Fixed Interest Rate loans (Term Loans) Non-Salaried Borrowers ()  
  Upto Rs. 30 lakhs
Women 50 bps above 1 year MCLR, ER 8.50
Others 55 bps above 1 year MCLR, ER 8.55
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II. FLOATING INTEREST RATE HOME LOANS (Term
Loan) INCLUDING CRE HL
A. Floating Interest Rate Structure (Term Loans) For Salaried Borrowers ()  
  Upto Rs. 30 lacs
Women 35 bps above 1 year MCLR, ER 8.35
Others 40 bps above 1 year MCLR, ER 8.40
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B. Floating Interest Rate Structure (Term Loans) Non-Salaried Borrowers ()  
  Upto Rs. 30 lacs
Women 50 bps above 1 year MCLR, ER 8.50
Others 55 bps above 1 year MCLR, ER 8.55
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SBI Home Loan other Charges
Interest Rate  8.50 onwards
Processing Charges  0.5 to 1 of loan sanctioned
Loan Tenure Upto 30 years
Loan Amount  Rs. 10 crores
Cheque Bounce Charges  Rs. 500 per instance
Cheque / Instrument Swap Charges  Rs. 500 per instance 
Prepayment or Foreclosure Charges NIL if floating, upto 2 for fixed rate 
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Checklist of Documents Required for SBI Home Loan

• Identity Proof Passport/ Driving License/ Voter
  ID/ PAN
• Address Proof License/ Registered Rent
  Agreement/ Electricity Bill (up to 3 months old),
  Passport
• Employment Appointment Letter in case current
  employment are less than 1-year- old
• 3 month salary slip
• 6 month bank statement
• 2 year Form 16

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Some Of The Common Documents Apart From What Is
Listed Above Are

• 1. Complete loan application form with one
  passport size photograph.
• 2. Photo Identity Proof Passport/ Driving
  License/ Voter ID/ PAN
• 3. Residence Address Proof License/ Registered
  Rent Agreement/ Utility Bill
• 4. Residence Ownership Proof Sale deed or
  rental agreement
• 5. Income Proof salary slip, bank statement and
  Form 16
• 6. Job Continuity Proof Appointment letter at
  employment and validation letter from HR
• 7. Bank Statement Past 6 months document
• 8. Property Documents  Sale deed, Katha,
  transfer of ownership
• 9. Advance Processing Cheque A cancelled cheque
  for validation of bank account
• 10. Investment Proof LIC, mutual funds, property
  document etc.
• 11. Financial Documents

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• Getting a home loan from SBI bank is thus the
  best thing that can happen to you with regard to
  home loan. Stop thinking, collect your documents
  and apply for it right away without a second
  thought. SBI bank is also one of the most trusted
  banks in India. The services offered by this bank
  are appreciated by many customers across India
  and outside. Home loans will start at the rate of
  interest of as low as 8.5 at SBI bank and if you
  are a woman applicant, the chances of getting
  loan approved at low rate of interest is higher.
   The home loan applicant should be at least 18
  years aged to have the loan sanctioned from SBI
  bank. This bank also comes up with lot of
  promotional offers to each of its home loan
  customers.