Lower EMIs

Reduced burden of servicing EMIs under the new schemes as lower EMIs would need to be serviced during the post-retirement term.

This is because the EMIs to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income.

Extended Repayment

There is a extended repayment facility upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years.

No processing fee

There is no processing fee applicable. However, expenditure such as Advocate's Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.

Lower interest rate

Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.

Switchover facility

There is also option for customers of other Banks / FIs to switchover their Home Loan outstanding balance to State Bank of India.

Central Government Employees

As per reports, there are about 47 lakh Central government employees, including 14 lakh defence personnel, who will benefit from the salary hike and can make best use of SBI's super loan offer.

Increased savings

Customers can save a huge amount as there is no processing fee, reduced EMI, increased extended payment option by availing this loan. The saved amount can be used to make other investments or towards retirement fund.