State Bank of India, country’s largest bank by asset size offers a plethora of home loan options for different classes of aspirants, tailor made on need basis. The home loan extended by the bank nurtures the financial needs of a wide range of housing projects such as purchasing a house, plot or an apartment, renovation of existing homes etc.
These schemes are packed with appealing features and benefits serviced by a strong network of 15,000 branches nationwide. Following are the products offered by SBI in its home loan kitty.
Features and Benefits of the SBI Yuva Home Loan:
- Targeted at people from the young income group, this loan scheme will provide 20% higher loan amount than the standard home loan schemes.
- Under this scheme, only the interest charges are payable during the first 36 months of the loan tenure. Payment of principal amount along with residual interest charges begins after this period.
- This scheme comes with low processing charges and no hidden costs or administrative charges. Breakup of applicable fees and charges are communicated upfront.
- No prepayment penalty is levied under the SBI Yuva Home Loan scheme that helps in allocating surplus funds towards prepayment of loan when available.
- The premium for home loan insurance cover (optional) can be added to the loan amount upon request.
- The loan repayment tenure can stretch up to 30 years or up to the age of 70 years, whichever is earlier.
Eligibility Criteria for SBI Yuva Home Loan:
- The applicant should be between the age group of 21 to 45 years.
- Minimum monthly net income from all sources (except rental income from the proposed property) should be at least Rs.30,000.
- The applicant should be a salaried employee working in MNCs, Private sector companies, PSUs, Government undertakings etc.
SBI Yuva Home Loan Interest Rate:
The SBI Yuva Home Loan scheme offers customers extremely attractive rates on interest on their housing loans, making this particular scheme among the bank’s most popular loan products. This scheme is advantageous for women applicants as it offers a lower rate of interest on their home loans in comparison to applicants from other categories.
The SBI Yuva home loan interest rates are as follows:
| Category of Borrower | Rate of Interest |
|---|---|
| Women | 9.40% per annum |
| Any other applicant | 9.45% per annum |
SBI New MCLR Rates for Home Loans:
The State Bank of India recently revised its Marginal Cost of Funds Based Lending Rates (MCLR) in accordance with the guidelines laid out by the RBI. These rates came into effect on April 1st 2016 and are applicable to different loan tenors as follows:
| Loan Tenor | MCLR Rate |
|---|---|
| Overnight | 8.90% |
| 1 Month | 9.00% |
| 3 Months | 9.05% |
| 6 Months | 9.10% |
| 1 Year | 9.15% |
| 2 Years | 9.25% |
| 3 Years | 9.30% |
