SBI Home Loan Lowest Interest Rates December 2020, EMI Calculator
SBI Home Loan Interest Rate 2020 Eligibility, Facts, Benefits & Penalty: State Bank Of India (SBI) as commonly referred to is a multinational and popular bank in Indian country. Ranking among the best and largest banks. Reports show SBI bank as the 216th out of the 500 corporation. Located at Mumbai in Maharashtra and serves to solves all financial services. The bank was founded in the year 1806 from the well-known bank of Calcutta which was also founded from the imperial bank of India.
State bank of India is classified among the best home loaners. Offering the affordable rates and proper duration of payment. The bank has different products which suit all cluster of people without discriminating gender or race. SBI is widely spread and covers both locally and internationally.
- No hidden rates or charges.
- Has low interest rates,
- It gives flexible repayment period.
- Popular bank which has been to existence for long.
- Accessible as branches can be found in all states of the country.
- Easy terms and conditions for loan applicants.
- They have low processing fee
- Have different packages to cater for all individuals.
- Has no administration fee.
The bank also caters to the needs of women who need home loans. Note owning a home is never easy and takes time for one to build one. This where SBI comes in giving reasonable amount and long duration where one can benefit from the opportunity. Taking the rates by the given year 2019 interest rates rank at 8.30% to 8.6% for women and for the general clients as 8.35% to 8.65%.
The process fee is easy to manage where one gives 0.35% which is RS,2000 to RS 10,000. This fee can either be taxable or not. The bank gives a period of 30 years which is long enough to achieve a home and also pay the loan. There are no pre-closure charges and this happens to all clients. The details show flexibility in terms of tenure and rates which makes SBI bank one of the best home loaners.
Who is eligible to apply for SBI home loan 2019?
The bank has different offers which require one to have certain qualities. It caters for salaried and self-employed people. this making anyone eligible for the home loan.
Qualification for salaried applicant
- SBI home loan applicant picks from age 18 to 70 years.
- One should have a yearly income of RS.2 lakhs per month.
Qualification for self-employed applicant
- The applicant should be between 21 years to 70 years.
- One should be earning from RS 2 lakh per annum.
Amazingly the bank has no much details in terms of eligibility criterial. Age and the much one earns will determine how much one can get. This making the bank the best since some banks have complicated terms and conditions.
Documents Required for SBI Application 2020.
- A full filled application form.
- Clear and recent 3 size passport photos.
- You require an identity proof: passport, driving license, ratio card, Aadhaar card etc.
- Have proof for address.
- A recent bank statement of maybe 6 months and beyond.
- A declaration and also personal asset declaration.
- Have proof of the property you hold.
- Income tax paper though this an optional case.
- Have a signature identification.
With this documents you can access the loans which is half way to fully getting the loan approval. Ensure the details are ready when visiting the bank. Applicants are also required to bring their guarantor who should have the following:
Documents from the guarantor.
- Have a statement proof document showing assets and liabilities?
- Have clear and recent 2 passport photos.
- Documents proving guarantor’s identity: voter’s ID, PAN card etc.
- Recent address proof: telephone bill, electricity bill etc.
- The guarantor also requires signature identification.
SBI Home loan Interest Rates 2020
The bank is praised for the low interest rates, and attractive products given. It among the best home loaners where age and tenure payment is easier for all applicants. The bank gives rates of 8.30 to 8.60 % for the women and for the general public a percentage of 8.35 to 8.65%. the rates don’t differ from loans offered. The bank has the following home loans:
Pradhan Mantri Awas Yojana by SBI bank
India as a developing and already ranking among the developed countries. The government has the aim to ensure all citizens get affordable homes loans and also own houses by the coming years or even by the end of 2022. The home will cater for all citizens from poor and average families. This will eradicate poverty since not all can afford rent thus leaving in the streets. The government has endured low interest rates are given on all housing loans where SBI bank takes this to action. This plan takes individuals who earn less than RS 3.0 lakhs. Male applicants will get the loan at rates of 8.40% where the female receive at the less the amount.
SBI Home Loans 2019
The following are the products offered by the SBI bank covering all classes of citizens in the country.
SBI Maxgain Home Loan 2019
The loan has no high interest rate and works as an overdraft account. the applicant can fund and withdraw the account at their own pressure. The account has internet banking services and cheque book service. Here the account has the following features:
- The account should have a minimum amount of 5 lacs.
- The maximum amount is not limited as one can deposit as much money as they can.
- Has an interest rate of0.25%? above that of the home loan.
- No pre-closure charges
- Interest rates of the floating amount is 10.15%
SBI Yuva Home loan 2020
This goes for the young citizens who are taking such loans for the first time. They should be aged 21-45 years. they will get 20% interest rate above the normal rate. individuals in this criteria should be earning minimum of RS 30,000 per month. The bank offers no pre-closure charges and a floating interest of 10.15%.
SBI NRI Home Loan 2020
The loan applies for non-residents Indians, and the PIO’s. the people getting normal earnings are considered and they should have lived /employment tenure is 2 years and beyond.
SBI Reality Home Loan 2020
This applies for applicant whom interest is to buy land or plot. They should start building the home in a duration of 2 years from where the loan is approved and disbursed. Though different from other loans one gets a period of 15 years and interest of 10.15%.
A different loan from the above categories, the applicant doesn’t have to give information of the property to buy. They can take the loan and later decide on the type of property to buy either house or land. This amount will be given according to the money one gets as salary. The approval is granted after 4 months of application.
SBI Her Ghar home loan
A loan offered to women, they have to be the applicants in order to receive the loan. Helps women develop and own property in the country. Giving a period of 30 years at interest rate of 9.40%.