Not yet registered? Create a OverBlog!

Create my blog

An introduction to SBI home loans

A roof over your head is definitely one of the vital necessities since human beings have started their journey on earth. Although modified with time, this need has not changed at all. The main attribute to be taken into consideration is that now we want a “home” rather than a house and the SBI makes our dream come true. This article gives you an introduction to SBI home loans.

Eligibility criteria and necessary documentation

SBI (State Bank of India)
Even though the State Bank of India has tried all in consideration with its past experience to make the procedure easy and least complicated for the applicants, there are certain steps involving procedures that are indispensable. The eligibility criteria is slightly different for the salaried people and the self-employed respectively. As the applicant age ranges from 21 to 60 years in the previous scheme, it extends till 70 years for the self-employed. Similarly, the income criteria is slightly different as per the nature of occupation. Price range
The salaried applicant must have an income of at least Rs 120,000 per annum and the self-employed entrepreneur must be earning a minimum of Rs 200,000 per annum to qualify being a SBI bank home loan applicant. The loan amount offered for the salaried person ranges from Rs 500,000-1, 00, 00,000 and the same range extends to Rs 2, 00, 00,000 for the self-employed. The minimum experience also is two years and three years respectively (as found in the site Deal4loan.com as of 11.07.11). The tenure of the loan is though the same for both of the above i.e. 5-20 years as per the State Bank of India. One can visit the SBI website and thus visit SBI online to confirm the above mentioned details or contact the SBI customer care number.

Interest rate and criteria for NRIs

Low interest rates along with multi-varied loan schemes for housing are some of the features of the SBI. The floating interest rate (last updated 11.07.11) is 10.50% which is quite reasonable as compared with all other banks. Also to be taken into consideration is processing fee and prepayment charges (which is N.A. in case of State Bank of India). Now for the NRIs, this Indian bank offers multiple features and choices. First of all, the applicant has to confirm his status as an NRI (Non Resident Indian) or an RNOR (Resident but not ordinarily resident) to get an SBI NRI ACCOUNT. There are different types of accounts to choose from along with the specified interest rate.

Same category articles Banking

The facts about Wing Hang Bank

The facts about Wing Hang Bank

Wing Hang Bank Limited, which is pronounced in Chinese pinyin as Yǒnghēng Yínháng, is Hong Kong's sixth biggest bank, and one of Hong Kong's largest lenders. The bank, operating in Hong Kong, Macau and mainland China, offers retail banking and specialises in mortgage lending, as well as provides consumer finance services, leasing, wealth management, insurance, securities brokerage, corporate banking, and treasury services. It is known in Macau as Banco Weng Hang S.A. The following article provides you with an overview on Wing Hang Bank.
Ways to make extra cash online

Ways to make extra cash online

If you know how to use a computer and you are connected to the internet, there are many things that you can do in order to make extra cash online. The competition out there is stiff because everyone is doing it. So, you have to distinguish yourself from everyone. You can make extra money in so many ways as discussed below.
All about: Bath building society

All about: Bath building society

Bath Building Society is a UK-based financial institution. Operating since 1904, Bath Building Society is a small building society which operates in the south and south-western regions of England. For more information about Bath Building Society, read this article.
How to get a loan in the U.K.

How to get a loan in the U.K.

Since the credit crisis, cheap loans have become slightly harder to find. Rising default rates have meant that lenders have little alternative but to tighten up their eligibility criteria. The best loan deals are offered to applicants who most closely match the desired credit profile specified by the bank.