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Thursday, 17 September 2020

Home Loan Relief: Other banks, including SBI, are offering special offers to home loan customers, with discounts on interest.

Home Loan Relief: Other banks, including SBI, are offering special offers to home loan customers, with discounts on interest.

Home Loan Relief: Other banks, including SBI, are offering special offers to home loan customers, with discounts on interest.


  • When you apply for a home loan from YONO, you get an additional 5 basis points
  • State Bank of India is offering home loans at an interest rate of 6.95 per cent from July 1, 2020


Everyone dreams of buying their own home. But nowadays people take home loan to fulfill their dream of home. If you are also going to buy a house and are thinking of taking a home loan then State Bank of India (SBI) has come up with a good offer for you. State Bank of India is introducing a home loan offer for those who want to buy a home.


Eligibility Criteria, Documentation required for SBI home equity credit 

Salaried Self employed

Age 18 years to 70years 21 years to 70years

Income Rs.1,20,000 (p.a.) Rs.2,00,000 (p.a.)

Loan Amount Offered 5,00,000 - 1,00,00000 5,00,000 - 2,00,00000

Tenure 5years-30years 5years-30years

Current Experience 2years 3years


Documentation 

1) form with photograph 

2) Identity & residence proof 

3) Last 3 months salary slip 

4) Form 16 

5) Last 6 months bank salaried credit statements 

6) Processing fee cheque 

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1) form with photograph 

2) Identity & residence proof 

3) Educations qualifications All Certificate & proof of business existence 

4) Business profile, 

5) Last 3 years profit/loss & record 

6) Bank Statemets of Last 6 months

7) Processing fee cheque


Margin/ LTV Ratio:

Loan Amount Margin (Min.) Maximum LTV Ratio (Max.)

Upto Rs. 30 Lacs 10% 90%

Above Rs. 30 Lacs. to 75 lac 20% 80%

Above Rs. 75 Lac 25% 75%

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Repayment period: 


Maximum 30 years or Up to the age of 70 year. Of the borrower, whichever is early.


Moratorium period (Repayment holiday): The moratorium period is included within the utmost repayment period.

SBI home equity credit EMI Calculator


Calculate your loan emi on the idea of loan amount, loan term & interest rates within seconds. Click to Calculate


Compare SBI home equity credit with Other Banks in India


Banks Interest Rates


SBI home equity credit 7.35% - 7.85%

HDFC Ltd home equity credit 7.80% - 8.25%

ICICI Bank home equity credit 8.10% - 8.55%

LIC Housing home equity credit 7.40% - 8.50%

DHFL home equity credit 9.75%

Axis Bank home equity credit 8.10% - 8.65%

Bank of Baroda home equity credit 7.25% - 8.25%

Canara Bank home equity credit 7.35% - 7.95%

Aadhar home equity credit N.A

SBI home equity credit Schemes or Products

SBI Balance Transfer home equity credit 

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SBI NRI home equity credit 

SBI NRI home equity credit allows many NRIs (Non Resident Indians) to urge home loans when investing in properties.

Repayment up to 30 years

Home Loan Available as Overdraft

Interest Concession for ladies Borrowers

(NRIs) Non Resident Indians or (PIOs) Persons of Indian Origin

Attested copy of valid Passport and visa.

Employer card 

Address proof mentioning the present overseas address

PIO Card issued by Government of India. (in case of PIOs)

More details on SBI NRI Home Loans here

SBI Flexipay home equity credit 


IMPORTANT LINK::


SBI LOAN OFFICIAL SITE

 

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These three offers are available on home loans

SBI is making three offers on home loans. Under this offer, customers who apply for a home loan do not have to pay a processing fee. If your Sibyl score is good, you can get a 10 basis point discount on a loan of Rs 30 lakh to Rs 1 crore. Not only that. Home loan interest will be discounted if you apply through SBI YONO. Applying for a home loan through YONO will give you an additional 5 basis points.


SBI offers home loans at an interest rate of 6.95 per cent

State Bank of India is offering home loans at an interest rate of 6.95 per cent from July 1, 2020. The interest rate on home loans has come down to a decade low as the repo rate has been slashed to 4 per cent by the Reserve Bank of India due to Corona. All new home loans in SBI are tied to the external benchmark, which is currently 6.65 per cent. SBI's EBR is linked to repo rate. At present, interest rates on home loans at SBI range from 6.95 per cent to 7.45 per cent for salaried customers and 7.10 to 7.60 per cent for self-employed customers.


Can be applied from home, this is the rule

SBI has launched another facility for its home loan customers due to social distance in the Corona period. Where customers can complete all the process of home loan from home without going to the bank on their app. These services include cash transactions, cash collection, check issuance, delivery of drafts, delivery of Term Deposit Advice, Life Certificate and issuance of KYC documents. Under this facility, customers will now get interest certificates from the comfort of their home.

Getting a loan from Punjab National Bank has become cheaper

Punjab National Bank (PNB), the second largest bank in the country, has come up with a Festival Bonanza Offer for its customers. Under this, upfront, processing charge, and document charge will not be levied on the loan. According to a statement issued by PNB, under the festive bonanza offer, the bank will not charge you all kinds of upfront, processing charges and document charges on many large retail products such as home loans, car loans, etc. Customers can avail this offer through PNB's 10,897 branches across the country or through digital channels till 31 December 2020.


UBI and UCO also made loans cheaper

Union Bank of India (UBI) and UCO Bank have reduced the MCLR for the selection period by 5 basis points. This will make it cheaper to get a new loan as well as reduce the EMI of existing customers' home loans and auto loans.


How much interest will have to be paid?

Union Bank of India has slashed its MCLR by 0.50 per cent. The new rates have been in effect since Friday. The MCLR on one-year loans has been reduced by 7.25 per cent to 7.20 per cent, the bank said on Thursday. Similarly, the interest rate on one-day and one-month loans was reduced to 6.75 per cent.


UCO Bank has also slashed the MCLR by 0.50 basis points. The rate on one-year loans has come down from 7.40 per cent to 7.35 per cent, the bank said in a statement. This reduction will apply equally to all other term loans.

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BoM and IOB have also declined

Earlier this week, two state-owned banks, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB), announced a 0.10 per cent cut in their preferred MCLR.


Other Products from SBI (State bank of India)


1. SBI consumer loan 

2. SBI automobile loan 

3. SBI Card

4. SBI commercial loan 

5. SBI Property Loan

6. SBI Two Wheeler Loan

7. SBI Education Loan

8. SBI Fixed Deposit Rates

9. SBI Gold Loan

READ ALSO: Dattopant Thengadi loan Yojana, Artisan Interest Assistance Scheme

You can call for more Information on deposits & Loan Schemes and services also available.

(Tollfree from BSNL/MTNL)

  • 1800 112 211 (Toll-Free)
  • 1800 425 3800 (Toll Free)



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