SBI (State Bank of India) has several home loan offers for customers. Applicants can get up to Rs. 2.67 lakh as interest subsidy under the PMAY (Pradhan Mantri Awas Yojana). Here’s looking at the various home loan products offered by State Bank of India-
- NRI Home Loan- This loan product enables NRIs or non-resident Indians to apply for home loans. Many people living and working abroad prefer to buy properties by taking home loans since these help in getting tax benefits.
- Flexipay Home Loan- The Flexipay Home Loan from SBI helps in getting eligibility for loan amounts that are higher in case of salaried applicants. Customers can initially repay interest only throughout the pre-EMI or moratorium period and thereafter pay lower EMIs which will be increased in the future. This comes in handy for younger professionals.
- Shaurya Home Loan- This is a home loan offering for defence and armed forces in India. This home loan comes with lower rates of interest and several other benefits including easier options for repayment and longer tenors.
- Privilege Home Loan- This is a home loan scheme for Government employees across the Centre and States. The loan amount is worked out based on factors like repayment ability, income, assets, age and liabilities along with the cost of the home proposed to be purchased.
- Pre-Approved Home Loan- This home loan enables sanctions for borrowers prior to finalizing their preferred properties. This enables easier decision making and negotiations with real estate developers. Eligibility is worked ou on the basis of the borrower’s income and liabilities. There is a processing fee that is non-refundable and this is charged at the time of sanctioning the home loan.