State Bank of India– SBI is the most preferred choice of entire India when it comes to borrowing any type of loan product. The bank is a government owned bank and bears its headquarters in Mumbai, Maharashtra. The bank operates through 17000 branches that are widely spread across the country. The bank also has international presence with 191 branches that are spread across 36 countries across the world. This article is intended to acquaint you with features of home loans for government employees.
SBI offers homes loans to SBI Privilege home loans specially designed for Government Employees. The home loans for government employees are offered at lowest rate of interest and longer repayment period making home loans smooth and affordable.
Features of SBI Privilege Home Loans:
• Loan amount that is granted is based on your age, income, liabilities, repayment capacities, and cost of the proposed house/flat.
• You can borrow more loan amount if you can
a) Club your income with your spouse who has a salary account with SBI
b) Expected rent that you can expect from your house if you will be renting out your home.
c) Regular income that you may receive inclusive of all the sources.
• You can repay the loan upto 75 years of your age
• Government employees can obtain a full waiver on the charges towards processing fee.
• The interest rate offered for government employees through SBI Privilege home loan scheme is 0.05% lower compared to normal SBI home loan scheme.
• The lowest interest rate offered by SBI is 9.25% per annum
• The loan tenure for which you can borrow SBI Privilege Home Loans is upto 30 years.
• Balance transfer facility is available for existing home loan borrowers.
Who can apply for SBI Privilege Home Loans?
• Employees of Central or State Governments including PSBs
• PSUs of Central Government
• Individual(s) with pensionable service.
Documents required for applying for SBI Home Loans:
• A filled and loan applications
• 3 No.s of Passport size photographs of the applicant and the co-applicant
• Identity Proof: A copy of your of identity card that bears your photograph such as voter ID, Passport, Adhaar Card, etc.
• Address Proof: Any government document that mentions your name and address proof such as recent Telephone Bill, Electricity Bill, etc.
• Salary proof
• Latest 6 months bank account statement
• Signature verification from the current bankers
• A statement of Personal Asset and Liability
If you are a government employee and you are planning to buy your new home, SBI privilege home loan is the best choice you can make. If you wish to apply for home loan at SBI all you need to do is to visit Letzbank and apply online – Online applicants can enjoy the benefit of waiver on service fee for submitting home loan applications online.
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