Types of home loans offered by SBI

November 25, 2020 Finance Talk Valli Sarvani No comments

State Bank of India (SBI), India’s largest public sector bank offers different types of home loans to their customers. The home loan is a product and different products or types of home loans are designed to meet the needs of various customers.

Here is a list of types of home loans offered SBI:

SBI Regular home loan is suitable for the needs of all customers. SBI provides interest concession to women borrowers. Interest is charged on daily reducing balance and home loan is available as an overdraft.

SBI Flexipay home loan is suitable to salaried individuals, especially, young earners. They can get higher loan eligibility up to 20 per cent with this loan. Customers can pay only interest during the pre-EMI period. After that, they can pay moderated EMIs.

SBI Shaurya home loan scheme is designed for Army and Defence Personnel of the nation. This loan has a zero processing fee and low-interest rate. It also provides eased repayment options to the borrowers.

SBI Privilege home loan is designed for central and state government employees including PSBs and PSUs. Individuals with pensionable service can also apply for this home loan. It offers low-interest rates with zero processing fee. The bank determines the loan amount considering the age, income, and repayment capacity of the borrower and cost of the proposed house.

SBI NRI home loan is designed for NRIs (Non-Resident Indians) to buy home. The bank provides low-interest rates and a low processing fee.

SBI Realty home loan helps customers buy a plot. They can construct home within five years from the date of loan sanction. Repayment can be done in 10 years. One can get a maximum loan of ₹15 crores as per their eligibility. Customers can avail another loan to build a house on the plot.

SBI Bridge home loan helps upgrade your home. This loan bridges the gap of shortfall of funds where customers want to buy a better property by selling the existing property.

SBI Top-up loan helps customers borrow an additional loan amount over their existing loan amount. It can be availed for any personal purpose. Instead of opting for a personal loan, one can choose this loan as the interest rate on this loan is lower than that of a personal loan.

You can know about the remaining loans in the next article.

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