SBI Home Loan New Scheme 2014

State Bank of India is one of the most trusted banks in India. Owing to its nationalized status, it has a loyal customer base. Along with this, it has been voted in AWAAZ Consumer Awards as “The most preferred home loan provider” and “Most preferred bank award” in a survey conducted by TV 18.

SBI home loans are considered a solid foundation of transparency and trust, which are some of the main aims of this bank.

Advantages of SBI home loan

Customers always prefer SBI compared to other banks for home loans, owing to its advantages. Some of them are:

• There are many benefits for a customer as SBI home loans are a package of different facilities.
• SBI home loan interest rates are very low, which initiates savings at the borrower’s end.
• The interest rate for SBI home loans is charged on daily reducing balance.
• There are no hidden costs or administrative charges for any SBI home loan.
• In case the customer wants to prepay the home loan before term expiry, there is no prepayment penalty charged.
• The customer can avail the loan from any of the 15,350 branches of SBI across India.

Different SBI schemes for home loan

In order to fulfill the diverse needs of a customer, many SBI schemes have been formulated for home loans. Some of the main SBI home loans available are:

SBI Yuva Home Loan

This home loan is tailor made especially for youths.

Eligibility	Repayment	Interest rate
Age: 21 years to 45 years Income: Minimum net income should be Rs. 30,000	The interest applied on the SBI home loan is payable during the first 36 months. The actual monthly EMI starts after 36 months.	Upto Rs. 75 Lakhs - 15 bps above the Base Rate (Spread over the Base Rate that is 10%) and 10.15 % p.a (Effective rate) Above Rs. 75 Lakhs - 30 bps above the Base Rate (Spread over the Base Rate that is 10%) and  10.30% p.a (Effective rate)

Her Ghar

This SBI home loan is especially meant for the women.

Eligibility	Loan amount	Interest rate
The woman should be the sole applicant or first co-applicant of Home Loan. The property proposed to be financed should be either in the sole name of the woman borrower or she should be the first owner in case of joint ownership.	Maximum 30 years or to the age of 70, whichever is early.	Upto Rs. 75 Lakhs - 10 bps above the Base Rate (Spread over the Base Rate that is 10%) and 10.10 % p.a. (Effective rate) Above Rs. 75 Lakhs - 25 bps above the Base Rate (Spread over the Base Rate that is 10%) and  10.25% p.a. (Effective rate)

SBI Realty

This SBI home loan is meant for the construction of a house or purchase of a plot.

Loan amount	Repayment	Interest rate
Rs. 10 Crores	Up to 15 years	Upto Rs. 75 Lakhs - 15 bps above the Base Rate (Spread over the Base Rate that is 10%) and 10.15% p.a (Effective rate) Above Rs. 75 Lakhs - 30 bps above the Base Rate (Spread over the Base Rate that is 10%) and  10.30% p.a (Effective rate)

The above mentioned SBI home loans are the primary ones; however, apart from these, you will also find SBI home loans for NRIs, tribal areas and many others.