State Bank Of India (SBI), is among the preferred public sector banks for individuals to avail a home loan as its branch network is the best and in the country and its interest rates also the lowest.

An SBI Home Loan Amount will be determined taking into consideration such factors as applicant's income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.

SBI is offering interest rate at 25 bps above the base rate i.e. 9.55 per cent per annum. For women borrowers, it is 20 bps above the base rate i.e. 9.50 per cent per annum.

Here are some 7 different SBI Home Loan products suitable for different individuals and purposes.

1) SBI MAXGAIN

An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.

The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.

The product enables customers to park their surplus funds/savings in  SBI Maxgain (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.

• Minimum Loan Amount : Rs.20 lacs
• Maximum Loan Amount : No Cap
• A premium of 0.25% over and above the applicable Home Loan interest rate for Home Loan >Rs.1 crore is payable.

2) SBI- NRI HOME LOANS

This is a type of home loan to non resident Indians (NRIs) & Persons of Indian origin(PIOs).

Eligibility

• Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)
• The applicants should have a regular source of income.
• Minimum employment tenure in India/Abroad should not be less than 2 years
• Minimum Loan Amount: Rs. 3 lacs
• Maximum Loan Amount: No upper cap.

3) SBI REALTY

SBI Realty is a type of home loan for purchase of plot for construction of a dwelling unit.
SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.

The construction of house should commence within 2 years from the date of availment of SBI Realty Loan.

• Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty with the benefit of running both the loans concurrently.
• Loan Amount : Maximum Loan Amount: Rs.10 crores
• Repayment Period : Upto 15 years

4) SBI PAL

This is a pre-approved home loan.
The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.

• The loan eligibility will be assessed on the basis of income details of the applicant.
• Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

• Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months
• Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.

5) SBI TRIBAL PLUS

This is a special home loan loan scheme for people reining in a hilly or tribal areas.
' SBI Tribal Plus' is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals.

• Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage of land).
• Purchase of an existing (old) house / flat which is not more than 10 years old.
• Repair /Renovation/extension of an existing house or flat.

6) SBI GRAM NIWAS

This is a type of loan applicable in rural areas.
Scheme covers all Rural and Semi-urban centers having population upto 50,000 as per 2001 census.

• Home Loans under Gram Niwas Scheme are sanctioned for purchase/ construction/repair and renovation of house and purchase of plot for construction of a house/shed etc.
• Minimum Loan Amount: Nil
• Maximum Loan Amount: Rs. 5 lacs

7) SBI SAHYOG NIWAS

This is a type of home loans to self help groups in rural areas.

The Sahyog Niwas Scheme provides Home Loan to Self help groups, having good payment record of 2 years, for on lending to their members for:

• Purchase or construction of a house exclusively or including the housing needs of activities carried by them (Dairy shed, tailoring shed/shop, grocery stores etc.)
• Renovation or repair of an existing house / shed
• Purchase of a plot for the construction of house
• Extension of existing house / work space to existing house / shed.

Loan Amount

Home Loan amount under Sahyog Niwas Scheme is restricted to 10 times of the saving corpus of SHG subject to a maximum amount of Rs. 50,000/ per member.

8) SBI FLEXIPAY

State Bank of India (SBI) has launched a new home loan scheme called SBI Flexipay Home Loan.

This loan will help young working professionals to get higher amount than they are eligible for. There will be a sanction of additional loan amount which will help working professionals to get better and spacious living spaces.

Flexipay Home Loan will have 1.2 times higher loan eligibility compared to loan eligibility under normal Home Loan schemes available to working professionals/executives. However, loan amount must be Rs 20 Lacs or higher.

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