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| Welcome to State Bank Of India Home Loans |
SBI HOME LOANS now offers Interest Rates concessions on GREEN HOMES in accordance with SBI's commitment to Environment protection.
Unique features:
- Provision for on the spot "In principle" approval.
- Loan sanctioned within 6 days of submission of required documents.
- Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)
- Option to club income of your spouse and children to compute eligible loan amount
- Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount
- Provision to finance cost of furnishing and consumer durables as part of project cost
- Repayment permitted upto 70 years of age
- Free personal accident insurance cover upto Rs.40 Lac.
- Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)
- Interest calculated on daily reducing balance basis, and starts from the date of disbursement.
- ‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.
- Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat
- Option to avail loan at the place of employment or at the place of construction
Package of exclusive benefits:
• Complimentary international ATM-Debit card
• Complimentary SBI Classic/ International Credit Card.
• Option for internet-banking
• Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily
• 50% concession in charges in respect of all personal remittances/ collection of outstation cheques
• Personal loan at attractive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers.
Purpose
• Purchase/ Construction of House/ Flat
• Purchase of a plot of land for construction of House
• Extension/ repair/ renovation/ alteration of an existing House/ Flat
• Purchase of Furnishings and Consumer Durables as a part of the project cost.
• Takeover of an existing loan from other Banks/ Housing Finance Companies.
Eligibility
Minimum age 18 years as on the date of sanction
Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.
Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount
• 40 to 60 times of NMI, depending on repayment capacity as % of NMI as under -
| Net Annual Income |
EMI/NMI Ratio |
| Upto Rs.2 lacs |
40% |
| Above Rs.2 lac to Rs. 5 lacs |
50% |
| Above Rs. 5 lacs |
55% |
To enhance loan eligibility you have option to add:
1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources.
Margin
Purchase/ Construction of a new House/ Flat/ Plot of land: 20% for loans up to Rs. 1 cr., 25% for loans above Rs. 1 cr. |
| Repairs/ Renovation of an existing House/ Flat: 20% |
Interest Rates w.e.f 27.6.2008
Floating interest rates
(linked to State Bank Advance Rate - SBAR)
| (SBAR: 12.75% p.a.) |
| Loan Tenor -> |
Upto 5 years |
Above 5 years and upto 15 years
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Above 15 years and
upto 25 years
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| Upto Rs.30 Lacs |
2.25% below SBAR, 10.50% p.a. |
2.00% below SBAR, 10.75% p.a. |
1.75% below SBAR, 11.00% p.a. |
| Above Rs.30 Lacs |
2.00% below SBAR, 10.75% p.a. |
1.75% below SBAR, 11.00% p.a. |
1.50% below SBAR, 11.25% p.a. |
Fixed interest rates
| Tenure |
Rate of Interest (p.a.)* |
| Upto 10 years |
12.75% |
Fixed rate loans will be subject to :
‘force maejure’ clause and interest reset at the end of every two years on the basis of fixed interest rates prevailing then.
Processing Fee
0.50% of Loan amount with a cap of Rs.10,000/-(including Service Tax)
Pre-closure Penalty
No penalty if the loan is preclosed from own savings/windfall gains for which documentary evidence is produced by the customer.
In case, such proof is not produced by the borrower, penalty @2% on the amount prepaid in excess of normal EMI dues shall be levied if the loan is preclosed within 3 years from the date of commencement of repayment.
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