State Bank of India or SBI, the country's largest lender, offers several home loan products under its personal finance portfolio. Home loan is a product, where customers take loan to buy or renovate house against the same property as collateral. The lender provides these loans at interest rates starting from 8.75 per cent per annum for loans up to Rs 30 lakh, according to its website- homeloans.sbi. Under regular SBI home loans, interest rates for women are slightly lower than that for others.
Given below are few types of home loans offered by SBI:
SBI Flexipay Home Loan
SBI Flexipay home loan provides eligibility for a higher loan amount exclusively for salaried borrowers, according to SBI's website. It offers customers the option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs (equated monthly instalments). The EMIs are stepped-up during subsequent years.
SBI Privilege Home Loan
SBI Privilege home loan is available exclusively for government employees, according to SBI's website. 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 is determined by taking into consideration factors such as applicant income and repaying capacity, age, assets and liabilities, cost of proposed house/flat etc.
SBI Shaurya Home Loan
SBI Shaurya home loan scheme is available for the army and defence personnel of the nation. It offers lower interest rates, ease of repayment options and longer repayment period of the loaned amount.
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. The loan eligibility is assessed based on income details of the applicant. Non-refundable processing fee as applicable to the home loan are collected at the time of sanction, according to SBI's website.
SBI Realty Home Loan
SBI realty home loan allows customer to purchase a plot for construction of a dwelling unit. The construction of the house should take place within 5 years from date the loan has been sanctioned, according to SBI's website. The customer can also avail another home loan for construction of house on plot financed under SBI Realty. The maximum amount of loan that can be offered to a customer can range up to Rs 15 crores with a comfortable repayment of 10 years.
SBI Bridge Home Loan
SBI offers bridge home loan for home owners who aspire to upgrade their homes - to bigger homes or better locations, by selling off their existing homes, according to the lender's website.