The SBI offers some attractive schemes and policies while speaking about home loans. The State Bank of India has been voted as the most efficient home loan providing organization available in the entire India. The reason behind the popularity of the SBI as the best loan provider is due to a number of reasons like no admission rates, small and marginal possessing fee, minimal rate of interest and no inclusion of penalty for delayed payment policies.
There are four products available under the SBI Home Loan Scheme: Easy, Advantage, & Premium.
| Products |
Loan Amount Achievable (INR) |
Base Rate (%) |
Interest Rate (%) |
Processing Fee (INR) |
| Easy |
Thirty lacs or less |
8.25 |
9.75 |
7,000 (for amount exceeding 20 lacs)
5,000 (for amount exceeding 10 lacs)
2,000 (for amount exceeding 5 lacs)
1,000 (for amount up to 5 lacs) |
| Advantage |
Up to Seventy-Five lacs but greater than Thirty lacs |
8.25 |
10.00 |
8,000 (for amount exceeding 50 lacs)
7,000 (for amount up to 50 lacs) |
| Premium |
Above Seventy-Five lacs |
8.25 |
10.00 (up to Five Crore)
10.25 (above Five Crore) |
20,000 (for amount exceeding 5 Crore)
10,000 (for amount exceeding 1 Crore)
8,000 (for amount exceeding 75 lacs) |
ICICI Home Loans:-
The ICICI Bank Home Loan scheme is also quite attractive although the base rate is slightly on the higher side if compares to the SBI. The base rate is 8.75 %. The eligibility criteria for the residential Indians are as follows:
- Should have completed an age limit of 21 years
- Should be a salaried or a self-employed professional
- The loan needs to be repaid before you reach an age limit of 65 years
For NRIs, the candidate needs to be a salaried professional.
The maximum amount that can be sanctioned for home loan will depend on several factors. The first is the income stature of the applied candidate. Then, the repayment capability will also be taken into consideration. The interest rate applicable is 14.50 % (FRR) & 16.50 % (PLR).
Central Bank of India Home Loan (Cent plus):-
The Cent Plus home loaning scheme from the Central bank of India offers a maximum loan amount of five lacs of rupees to its customers. The processing fee applicable is five hundred INR while the rate of interest is one percent higher than the normal house loan rates. The repayment procedure is a maximum of sixty months installment policy.
HDFC Home Loan:-
Being one of the most reputed private banking sectors in India, the HDFC Bank offers great home loan schemes for its customers and applicants.
The application for home loan can be done in both the ways: single or jointly.
A maximum total of eighty percent of the overall cost price of the property can be given from the bank as home loan.
Moreover, other adjoining conditions like repayment policies and annual income of the customer also is considered for the sanctioning of the loan amount. The maximum term of repayment is twenty years.
If the loan amount is within thirty lacs INR, then variable interest rate of 9.75 % will be levied upon the amount during the repayment policy. If the loan amount is greater than thirty lacs but less than or equal to 75 lacs INR, then the variable interest rate will be 10.00 %. Anything above 75 lacs INR will result in levying a variable rate of 10.25 %. |
