All You Need to Know About SBI Home Loan Interest Rate 2018
In synchronizing with the governments drive of 'home for all' SBI has brought it's home loan interest rate down so that being the owner of a home will not become a mere dream. BLOG: https://amritaagarwal.livejournal.com/9362.html Apply for Loan: https://financebuddha.com/home-loan Facebook :https://www.facebook.com/financebuddha Twitter:https://twitter.com/financebuddha
In synchronizing with the governments drive of 'home for all' SBI has brought it's home loan interest rate down so that being the owner of a home will not become a mere dream.
BLOG: https://amritaagarwal.livejournal.com/9362.html
Apply for Loan: https://financebuddha.com/home-loan
Facebook :https://www.facebook.com/financebuddha
Twitter:https://twitter.com/financebuddha
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>All</strong> <strong>You</strong> <strong>Need</strong> <strong>to</strong> <strong>Know</strong> <strong>About</strong> <strong>SBI</strong><br />
<strong>Home</strong> <strong>Loan</strong> <strong>Interest</strong> <strong>Rate</strong> <strong>2018</strong><br />
The State Bank of India commonly known as <strong>SBI</strong> is the largest lender of<br />
present India. <strong>SBI</strong> has many products among which the <strong>SBI</strong> home loan<br />
has gained the maximum popularity because of numerous features.<br />
The MCLR ( marginal cost of funds based lending rates) of <strong>SBI</strong> home<br />
loan is 7.95 which is the lowest in the industry. Based on this MCLR<br />
rate, <strong>SBI</strong> offers the lowest interest rate on home loans which starts from<br />
8.30%.<br />
<strong>SBI</strong> is awarded as "THE MOST PREFERRED HOME LOAN<br />
PROVIDER" in AWAAZ Consumer Awards which was awarded on<br />
the basis of a survey conducted by TV 18 across 21 cities of India. <strong>SBI</strong><br />
has provided more than 30 lakh home loans across the country.<br />
The reliability and popularity of <strong>SBI</strong> home loan is an outcome of the<br />
outstanding service of this institution for a long span of time. <strong>SBI</strong><br />
promotes the women home loan borrowers with a tailor made <strong>SBI</strong><br />
home loan scheme 'Her Ghar'. Women borrowers can get a subsidized<br />
home loan interest rate while they apply <strong>SBI</strong> home loan through this<br />
scheme.
One can bring the <strong>to</strong>tal cost of borrowing down by refinancing a home<br />
loan. Refinancing is when a borrower transfers his existing costlier loan<br />
<strong>to</strong> <strong>SBI</strong> by prepaying the previous loan and starting a new credit account<br />
with <strong>SBI</strong> with a zero processing charge. Not only that, with a balance<br />
transfer from other lenders a borrower can even enjoy a <strong>to</strong>p-up loan on<br />
the home loan. A balance transfer makes a person reduce his interest<br />
rate and can save an ample amount of money. One can even enjoy the<br />
longest tenure which is as long as 30 years.<br />
<strong>SBI</strong> offers the provision of applying for home loan online. <strong>SBI</strong> home<br />
loan online is one of the most awaited features of <strong>SBI</strong>. <strong>SBI</strong> home loan<br />
online apply can be done using the official website of the bank.<strong>SBI</strong> has<br />
also introduced its <strong>SBI</strong> loans mobile app which will allow loan<br />
aspirants <strong>to</strong> check their <strong>SBI</strong> home loan eligibility and apply for loans<br />
online. The <strong>SBI</strong> loan application is available for both iPhone and<br />
Andriod platforms.<br />
There are many home loan schemes offered by <strong>SBI</strong>. The home loan<br />
schemes are designed by considering the individuality of the<br />
borrowers. The home loan schemes are prepared such a way <strong>to</strong> suit<br />
every person's need.<br />
Here are some of the different schemes on <strong>SBI</strong> home loan-<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Regular <strong>Home</strong> <strong>Loan</strong><br />
Balance Transfer <strong>Home</strong> <strong>Loan</strong><br />
NRI <strong>Home</strong> <strong>Loan</strong><br />
Flexipay <strong>Home</strong> <strong>Loan</strong><br />
Privilege <strong>Home</strong> <strong>Loan</strong><br />
Shaurya <strong>Home</strong> <strong>Loan</strong><br />
Pre-Approved <strong>Home</strong> <strong>Loan</strong><br />
Realty <strong>Home</strong> <strong>Loan</strong><br />
Top-Up <strong>Home</strong> <strong>Loan</strong><br />
Bridge <strong>Home</strong> <strong>Loan</strong><br />
Hamara Ghar<br />
Her Ghar
The above mentioned all schemes of <strong>SBI</strong> comes at an interest rate which<br />
is comparatively lower than the other lenders. The interest rate of <strong>SBI</strong><br />
home loan depends on the profession of the borrower, and the<br />
quantum of the loan, kind of loan etc. The interest rate chart of the<br />
Regular <strong>Home</strong> <strong>Loan</strong> scheme is given below.<br />
Regular <strong>Home</strong> <strong>Loan</strong> <strong>Interest</strong> <strong>Rate</strong><br />
Profession <strong>Loan</strong> Amount Women Others<br />
Salaried Borrowers Up <strong>to</strong> 30 Lac 8.30% 8.35%<br />
Above 30 lac <strong>to</strong> 75<br />
Lac<br />
8.30%-<br />
8.35%<br />
8.35%-<br />
8.40%<br />
Above 75 Lac 8.40%-<br />
8.45%<br />
8.45%-<br />
8.50%<br />
Non Salaried<br />
Up <strong>to</strong> 30 Lac 8.40% 8.45%<br />
Borrowers<br />
Above 30 lac <strong>to</strong> 75<br />
Lac<br />
8.45%-<br />
8.50%<br />
8.50%-<br />
8.55%<br />
Above 75 Lac 8.50%-<br />
8.55%<br />
8.55%-<br />
8.60%<br />
As seen in the above table the minimum interest rate is 8.30% and the<br />
maximum is 8.60%. The interest payable can even be brought lower by<br />
going for prepayment of the home loan. <strong>SBI</strong> allows <strong>to</strong> prepay the home<br />
loan without any penalty. The only criterion is the ‘lock in’ period.<br />
Once the lock in period is over, one can easily go for a pre payment or<br />
part payment and minimize the interest payment.<br />
Now the <strong>SBI</strong> home loan borrowers can enjoy the subsidy<br />
under PMAY( (Pradhan Mantri Awas Yojana) which is a credit linked<br />
subsidy scheme. Under this scheme, one can get a subsidy on home<br />
loan according <strong>to</strong> income group. The maximum subsidy that can be<br />
gained is 2.67 lakhs which will be added <strong>to</strong> the credit account of the<br />
borrower hence the EMI amount will become lower. In synchronising<br />
with the governments drive of 'home for all' <strong>SBI</strong> has brought it's home<br />
loan interest rate down so that being the owner of a home will not<br />
become a mere dream.
Change language