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.