People love to dream and many of them always dream about one sweet home of their own. However, it is not possible all the time to get a dream abode easily as most of the common people of India have to think about their savings and they do not want to spend the money to erect a house or to purchase a good quality flat with enough space.

Many people earn throughout their life and at the end of their service, they begin to make their house of their own. However, the scenario has changed drastically in India as there are numerous financial companies and banks that have come with some exclusive plans for those who want their own house. Today, you can get home loans at considerable rates from almost all the banks.

WHY SBI HOME LOANS?

State Bank of India, one of the largest nationalized banks of the nation has come up with some home loan packages as they feel the urge of common Indian men who require house or flat of their own. The requirement for the money is not only for buying the house or flat but you can also use the money to decorate and paint the house.

The State Bank of India has been elected as the Most Preferred Home Loan Provider by Awaaz Consumer Awards and has also got the maximum number of votes to get the title of The Most Preferred Bank as per the poll conducted by TV 18 in association with AC-Nielson-ORG Marg in 21 cities across India.

Currently, SBI Home Loans offers interest rates concessions on Green Homes in harmony with the bank’s commitment to protect the environment. SBI Home Loan schemes are well appreciated by most of the consumers as these are built on the solid foundation of transparency and faith that is the common tradition of State Bank of India.

UNIQUE ADVANTAGES OF SBI HOME LOANS

Low interest rates. The bank charges interest on a regular dipping balance.
You get the package of exclusive benefits.
Low processing charges.
No administrative charges or hidden costs.
No prepayment penalties. You can reduce the interest burden and optimally make use of your excess funds by prepaying the loan.
You can get your Home Loan account from any of the nearest branch that is near your location. There are more than 13,700 branches from where you can get Home Loans.

PRODUCTS
SBI Easy Home Loan

Facility Type	Term loan or OD as in SBI MaxGain
Loan Amount	Up to INR 30 Lac
Interest Rate	Card rate is applicable for the tenor of the loan that is 1.5% above the base rate. The current rate is 9.75% per annum
1st year	You get 1% discount over card rate, present effective rate is 8.75% per annum
2nd & 3rd year	You get 0.25% discount over card rate and the current effective rate is 9.5% per annum
4th year onwards	Card rate

SBI Advantage Home Loan

Facility Type	Term loan or OD as in SBI MaxGain
Loan Amount	From above INR 30 Lac to INR 75 Lac
Interest Rate	Card rate is applicable for the tenor of the loan that is 1.75% above the base rate. The current rate is 10% per annum
1st year	You get 1.25% discount over card rate, present effective rate is 8.75% per annum
2nd & 3rd year	You get 0.50% discount over card rate and the current effective rate is 9.5% per annum
4th year onwards	Card rate

SBI Premium Home Loan – Up to INR 1 crore

Facility Type	Term loan or OD as in SBI MaxGain up to INR 1 crore
Loan Amount	From above INR 75 Lac to INR 1 crore
Interest Rate	Card rate is applicable for the tenor of the loan that is 1.75% above the base rate. The current rate is 10% per annum. Concessions that include discretionary concessions will be available over the tenor of the loan.

SBI Premium Home Loan – Above INR 5 Crores

Facility Type	Term loan
Loan Amount	For above INR 5 crores
Interest Rate	Card rate is applicable for the tenor of the loan that is 2% above the base rate. The current rate is 10.25% per annum. Concessions that include discretionary concessions will be available over the tenor of the loan.

There are many other products like Home Loan Product Variants, Home Loan Top-Up Products, Related Home Loan Products and few new products.

Features

Eligibility

The minimum age should be 18 years as on the date of sanction of the loan and the maximum age should be 70 when you have to pay back the loan completely.

Loan Amount

The actual amount of the loan will be determined after considering certain factors like the income and repaying ability of the applicant, age, assets and liabilities, cost of the proposed house or flat, etc.

Fees

Loan Amount	Processing Fee
Up to INR 5 Lac	INR 1,000
Above INR 5 Lac & up to INR 10 Lac	INR 2,000
Above INR 10 Lac & up to INR 20 Lac	INR 5,000
Above INR 20 Lac & up to INR 50 Lac	INR 7,000
Above INR 50 Lac & up to INR 1 Crore	INR 8,000
Above INR 1 Crore & up to INR 5 Crore	INR 10,000
Above INR 5 Crore	INR 20,000

Repayment

The repayment period is maximum 25 years or up to the age of 70 of the borrowers, whichever comes early.
Documents
List of documents/papers applicable to all applicants

Complete application
3 passport size photographs
Identity proof (photocopies of Voters ID Card/Passport/Driving License/PAN Card)
Proof of residence (photocopies of Ration Card/Telephone Bill/Electricity Bill/Property Tax Receipt)
Proof of business address for non-salaried persons
Statement of Bank Account and Pass Book for last 6 months
Signature Identification from the current bankers
Personal liabilities and assets statement

Documents required for guarantors

Proof of residence
2 passport size photographs
Statement of personal assets and liabilities
Identification proof
Proof of business
Signature identification from current bankers

Additional documents needed for salaried persons

TDS certificate on Form 16 or a copy of Income Tax Returns for the last 2 fiscal years, duly acknowledged by the IT Department
Original salary slips or certificates from the employer

You can get all the information about the plans and other Home Loan features from the official website of State Bank of India. It is the bank whom you can trust and go for getting a home of your own.

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