Last Updated on 2 years by Alex James
Many people still fantasise of owning a home in their ideal city. Today, with growing real-estate prices, it remains a fantasy for many of us, while others aspire to attain their ambition. With banks offering home loans at low interest rates and flexible EMI options, it is now feasible to acquire a property with the assistance of a home loan. While there are numerous house loan alternatives accessible in the market due to the number of banks and NBFCs that offer home loans at low interest rates, SBI Home Loan stands out as the most popular choice due to its trust factor. SBI offers house loans at low interest rates, making it a good alternative for the candidate to apply for a home loan at SBI. However, before applying for a house loan with any bank, make sure to check CIBIL score online in India and are sure in your selection to avoid rejection.
Features & Benefits
There are numerous benefits that come along with the SBI home loan. Some of those benefits are as follows:
Interest Rates that are Attractive in Nature
Among all home loan choices available today, the SBI Home Loan Interest Rate is the most appealing rate of interest. For women borrowers, the SBI Home Loan Interest Rate starts at 8.15 percent per year. These interest rates are given at a 0.5 percent discount in order to recognise the role of women in the country.
EMIs are Low
SBI provides its customers with the lowest Equated Monthly Instalment feasible in order to provide them with the finest alternative in the EMI category. SBI Home Loan EMI starts at just INR 799 per lac for a home loan for INR 30 Lac. at an interest rate of 8.20% p.a. For a tenure of 30 years.
Transparency
As a public sector bank, SBI makes the house loan application procedure transparent to the applicant. As a result, if you apply for a house loan with SBI. You can be certain of a straightforward home loan procedure as well as after-loan services. The following items are included in the transparent loan process. Documentation for Loan Amount Eligibility and the fees and charges are the most crucial. Every element would be sent to you by the bank in a straightforward and exact manner, making it easier for the user to comprehend the procedure and apply for a house loan.
Personalised Home Loans
SBI provides tailored home loans to its customers based on their specific needs. SBI provides its customers with a range of loan alternatives, including the FlexiPay Home Loan, which is specifically created for young salaried persons. Home Loans with SBI Privileges for Government Employees SBI Shaurya Home Loan for Military Personnel. Similarly, SBI offers Home Loans for Businessmen, NRI Home Loans, and so on.
Instant Loan Top ups
SBI provides fast loan top-ups to current home loan customers. Existing house loan clients can get home loan top-ups using the SBI YONO mobile app. They can then be utilised for things like weddings and holidays. SBI immediately credits the top-up money to the SBI customer’s savings account. As a result, SBI home loan is a viable choice for an applicant in desperate need of finances.
Swift Process
Since SBI has now been designated as a Central Nodal Agency (CNA) for Pradhan Mantri Awas Yojana. Subsidy claims for house loans are likely to be released as soon as possible.
These are some of the benefits that come along with a SBI home loan. Also, it is advisable to make a CIBIL score login before applying for the SBI home loan to keep a regular check on your cibil score and avoid rejection on your loan application.
