If you have been looking for home loans, SBBJ Home Loan may be exactly what you need. SBBJ (State Bank of Bikaner and Jaipur) Home Loan provides home loans that have flexible tenures, hassle-free loan application process and attractive interest rates. SBBJ Housing Loan can be used for anything from purchasing the property to spending for home renovation.
SBBJ Home Loan Features and Benefits:
- High Eligibility for Businessmen
- Doorstep Service
- Low Interest Rates
- Simple Documentation
- Quick Turnaround time
- Margin: Loan up to Rs.1 crore; 20%. Above Rs. 1.00 crore; 25%
- Possibility of getting high loan amount
- Property types: Purchase of plot/house/flat, construction, extension, renovation and refurbishing
- Loan tenure: You may avail loan tenures up to 30 years.
- Other features include: SBBJ Realty SBBJ Maxgain, NRI Housing loan scheme and SBBJ
- Flexi Housing Loan
- Individuals are eligible to apply for this loan
- Security: Mortgage/ Eq. mortgage of the property proposed to be purchased/constructed/improved or any other tangible security Guarantee of spouse/son/daughter if income is clubbed.
- PDCs for EMI.
- Repayment: Repayment must be done in the span of maximum 30 years including moratorium period. SBBJ does not charge customers for Pre-closure /pre-payment penalty.
- Repayment must be completed by the time the borrower reaches 70 years.
SBBJ Home Loan Fees & Charges:
Processing fee:
You will not be charged for processing fee for loan amounts up to Rs.25,000. If the loan amount is above Rs. 25,000, you will be charged 0.25% of the loan amount, for both regular and online home loans (minimum Rs. 500 and maximum of Rs. 10,000).
You will not be charged processing fee for home loans that are booked until the date 31/3/2016.
State Bank of Bikaner and Jaipur Home Loan Interest Rate:
State Bank of Bikaner offers home loans at a floating interest rate of 9.55% from loans starting from Rs.10,00,000 to 3 crore for a maximum tenure of over 30 years. The main aim of the bank is to offer low interest rates to its customers.
State Bank of Bikaner and Jaipur MCLR Rate for Home Loans:
The State Bank of Bikaner and Jaipur has set its Marginal Cost of Funds Based Lending Rate (MCLR) for its home loans at 9.70%. The new rate came into effect as on April 1st 2016 and is applicable to all home loan products offered by the bank including the following:
- SBBJ Realty
- SBBJ Flexi Loan
- NRI Housing Loans
The MCLR Rates set by SBBJ Home Loan are as follows:
| Loan Amount | MCLR Rate |
|---|---|
| Upto Rs 75 Lakhs | 9.70% |
| More Than Rs 75 Lakhs | 9.70% |
SBBJ Home Loan Eligibility:
These are the criteria that you must fulfill in order to be eligible for a SBBJ Home Loan:
| Minimum age | 21 years |
| Maximum age on maturity of loans | 70 years |
| Maximum Loan Amount | If your income is up to Rs. 2.00 lacs, you can borrow an amount which does not exceed 40%. If your income is between Rs. 2.00 lacs and Rs. 5.00 lacs, you can borrow an amount which does not exceed 50%. If your income is above Rs. 5.00 lacs, you can borrow an amount which does not exceed 55%. The incomes of spouse /son/ daughter (any two) can be clubbed for the amount as well. If you are in business, the loan amount will be considered on the basis of sales if the loan amount is more than Rupees 2.00 lakhs. |
| Maximum Tenure period | If you are a salaried applicant, you can take up to 30 years to repay |
Documentation for SBBJ Home Loans:
The documents required for a SBBJ Home loan will vary depending on the applicants’ nature of employment and income source. You will need to provide proof of income, your photographs, duly filled out application as well as proof of residence. You will have to contact the bank for more details about which documents in particular you will have to provide.