How many of you have ever had the vision to be in your own space and call it your home? The answer is everyone! There is no such person who has never thought of buying a house or constructing one. But, for many of us, this dream feels next to impossible. The biggest factor you need to own a house is funds. Property rates are on a swing these days. Every piece of property starts within lakhs and goes into crores. Besides that, there are so many other hidden charges that further make the dream look unachievable.
Home loans are always a good option in these situations. Banks or NBFCs offer home loans at a certain interest rate and have made the process very friendly. Let’s take a look at home loans offered by the State Bank of India. SBI is the largest home loan provider in India. They have helped around 30 lakh families to fulfil their dream of owning a home.
SBI Home Loan Interest Rate
The State Bank of India recently revised its primary lending rate to 12.2% and base rate to 7.45%. SBI is as we stated earlier is the biggest mortgage lender. SBI bank home loan rate is quite low compared to other banks. They are currently offering home loans at an enticing 6.70%-7.35% interest rate per annum. The bank is also presently running festive offers on home loans. The processing fee on these home loans is as low as 0.35% of the loan amount. The loan can be taken for a tenure of up to 30 years. Among the most preferred loan products in the country, they do not have hidden charges or prepayment istanbul escort penalties.
Home loan interest rate SBI is now similar for both salaried and non-salaried individuals. Earlier, a salaried person used to get premium interest rates. SBI has come up with various home loan schemes. Regular home loan, Balance transfer home loan, NRI home loan, Flexipay home loan, etc. The State Bank of India did a good job in providing people with home loans according to their needs and won the “Best Home Loan Provider “at the CNBC Awaaz Real Estate Awards 2016.
SBI Home Loan Interest Rate Online Calculator
Before going forward with applying for the loan it is good to analyse your periodic instalments. SBI has devised its own Home Loan EMI Calculator. This EMI calculator helps you to track your home loan. It calculates your monthly instalments, interest, and monthly reducing balance by taking into account the principal loan amount, loan tenure and interest rate. All you have to do is enter the loan amount, the tenure, and the home loan interest rate SBI has offered.
SBI Home Loans Features and Benefits:
SBI values its customers and believes in building a trustful bond with them. They offer their customers a wide range of services and products. Attractively low-interest rates and low processing fees. SBI provides its, customers, with floating rate packages on their home loans. You can apply for a home loan once you are between 18-70 years of age. They have also minimised the interest rate gap between a salaried and a non-salaried individual.
To go further into detail, we need to explore their home loan features:
- SBI offers loans to both salaried and no salaried individuals.
- Women are offered 0.05% lower interest rates.
- They ask for a very low processing fee. (0.35% of the loan amount).
- The tenure can range from 5 to 30 years.
- No prepayment penalties are levied.
- The interest rate is charged on a daily reducing balance.
- Various home loan schemes are available to fit the customer’s requirements
- You can avail of an overdraft facility. Take full advantage of your surplus funds.
- The property to be purchased will be considered as the mortgage of property.
SBI home loans are only given to residents of India. Even though the interest rate is 6.70% p.a the final rate will be decided based on the candidate’s eligibility and the home loan scheme they opt for. Below are the few basic Home Loan Schemes by SBI:
Regular Home Loan
Standard Home loan. Tenure can extend up to 30years. The interest rate starts at 6.70% p.a. Interest is calculated on a daily reducing balance.
SBI NRI Home Loan
This scheme is especially for NRI’s to buy a house in India. The interest rate ranges from 7.70%-7.90%.
SBI Flexipay Home Loan
This scheme helps salaried individuals. This scheme can enable them to get a 20% higher loan amount. The interest rate depends on their credit score.
SBI Privilege Home Loan
Government employees with pensionable services are eligible for the SBI Privilege Home Loan. Applicants’ income, ability to repay, age, assets, liabilities, and house/flat cost are taken into account when determining the amount of the loan.
SBI Shaurya Home Loan
Available to military personnel and personnel assigned to the armed forces. The processing fee is completely waived along with lower interest rates and longer tenures.
To conclude this article, we recommend SBI for taking a home loan. They have a good track record and have helped lots of families. Before getting yourself into any agreement make sure you have gone through all the terms and conditions and are clear about every detail. Once you succeed to pay off your home loan your credit score will increasingly flourish.