The State Bank of India provides home loans at easy rates for the customers. SBI home loans are available for all purposes related to home development, from the purchase of land, construction of house/building, buying flat/house, extension, renovation etc. the borrower needs to be a minimum of 18 years of age and earn a minimum amount fixed by the bank. The documents required for the loan are to be submitted within the time provided by the bank for the sanction of loan.
Following are the main features of SBI home loan
- The borrower should submit the documents with personal details like identity, age, residence, employment, earnings.
- The borrower should state if he/she is self-employed or a service person.
- In the case of self-employed proper details of his/her business should be given.
- If he/she is a service person his/her payslips/bank statements should be submitted.
- A debtor should properly state the loan amount and the purpose of the loan.
- The borrower should bear 20% margin of the cost of the amount of SBI home loan.
- SBI home loans are repayable till the age of 70 years.
- This bank also covers free personal accidental insurances.
- The EMI rates are - Up to Rs. 2lacs > 40% b. Rs.2 lacs to Rs 5lacs > 50% c. Above Rs. 5lacs > 55%
- This bank does not ask for any administrative charge or application charge for the respective loan.
- The bank authority provides loan at the construction place or at the employment place.
- SBI also gives internet options like e-mails for application of loans.