Different home products of SBI cater to different needs and customers.
Given below is the comparison of five home loan products of SBI
SBI NRI Home Loan
SBI NRI Home Loan allows many non resident Indians (NRIs) to get home loans when investing in properties. Financially, it makes sense to purchase a property through a home loan rather than via personal financing, especially when you can invest your personal funds somewhere else for better returns.
SBI Flexipay Home Loan
SBI Flexipay Home loan provides eligibility for a higher loan amount exclusively for salaried borrowers. It offers customers the option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs (equated monthly installments). The EMIs will be stepped-up during subsequent years. This variant of SBI home loan is very useful for young earners. SBI Flexipay home loan has the potential to lure a large section of home loan buyers towards SBI.
(Also Read: HDFC Home Loan - Get Ready To Pay Higher EMIs As HDFC Raises Lending Rates)
SBI Shaurya Home Loan scheme is dedicated to the army and defence personnel of the nation. This special home loan scheme is only provided to defence employees. SBI Shaurya Home loans have lower interest rates and other added benefits that are only provided to defence employee applicants. Apart from reduced interest rates on home loans, defence employees are also be offered ease of repayment options and may get longer repayment period of the loaned amount.
SBI Privilege Home Loan
SBI launched SBI Privilege Home Loan exclusively for government employees. Individuals who are employees of central or state government which includes public sector banks, public sector undertakings of central government and other individuals with pensionable services are eligible to apply for this home loan. The loan amount will be determined by taking into consideration factors such as applicant income and repaying capacity, age, assets and liabilities, cost of proposed house/flat etc.
(Also Read: From Home Loans To Market Trends, 10 Factors To Consider When Buying A Second Property)
SBI Pre-Approved Home Loan
SBI Pre-approved loan (PAL) provides sanction of home loan limits to customers before finalisation of the property which enables them to negotiate with the builder/seller confidently. The loan eligibility will be assessed based on income details of the applicant. Non-refundable processing fee as applicable to the home loan will be collected at the time of sanction, said SBI.