What are the various interest rates offered on home loans?
Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.35% p.a while other customers are charged a interest rate of 9.40% p.a. These rates are irrespective of the actual loan amount.
What is the processing fee charged by SBI for home loans?
SBI charges a low processing fee for its home loans. Upto 0.35% of the loan amount is charged. The amount can be maximum of Rs.11,500
Can I pay off my SBI home loan earlier than the initial tenure?
Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.
Is there any security required for the SBI home loan?
Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.
Is a guarantor required to sign my loan application?
Yes. A guarantor with all the valid and required documents needs to sign your loan application.
What kind of job makes me eligible for SBI home loan?
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
Can joint-applications be made for SBI Home Loans?
Yes. Joint applicants are welcome at SBI.
Are there any tax benefits associated with SBI home loan?
Yes. Tax rebate under section 80C of the Income Tax Act is applicable.
Are long-term home loans beneficial or short-term loans?
Long-term loans are beneficial in giving you the option and comfort of lower EMIs, however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.
How long does it take for my loan to get sanctioned?
If all the required documents are in place then your SBI home loan can be sanctioned in a few days.
Where can I apply for SBI home loan?
With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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