SBI Cuts Home Loan Rates in Affordable Housing

In line with the government’s affordable housing scheme, the State bank of India has slashed the interest rate on home loans from 8.60% to 8.35%, the lowest in the market. The new interest rate is effective from May 9, 2017. Loans up to Rs. 30 lacs are only eligible under this scheme. In addition to this, applicants who will be qualified for the SBI lowest interest home loans will also get an interest subsidy of up to Rs.2.67 lacs under the Pradhan Mantri Awaas Yojana (PMAY). It is a government’s initiative that aims to provide subsidized housing loans to the low and middle-income groups. The key features of the lowest interest rate home loans from SBI include:-
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Flexible payment options
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No hidden charges
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Low processing fee As part of the lowest interest rate home loan schemes by SBI Bank under the Pradhan Mantri Awaas Yojana benefits, the male applicants can avail an interest rate of 8.40% - a total cutback of approximately 20 basis points while the female applicants can avail an interest subvention of 25 basis points and therefore sign up for SBI home loans at the lowest 8.35% interest rate. The rate of interest will, however, be same for both salaried and non-salaried male applicants. Any individual who wants to avail the benefits of the low-interest rate scheme from SBI will have to fill the Pradhan Mantri Awaas Yojana form to initiate the process. The bank will further process your home loan application, determine your eligibility for this loan type and inform you. In case you will be eligible for this scheme, the bank will credit the interest subsidy to your account. As per the individual’s economic condition, an applicant can apply for 3%, 4% or 6.5% interest subsidy. Customers can also transfer their home loan from other banks to SBI at zero processing fee till June 30, 2017, only if they took the loan from any foreign bank, commercial & private banks and housing finance companies that are listed with the National Housing Bank (NHB. The state bank of India also has its own mobile app named as SBI Loans that allow customers to get every minor detail about the SBI loans. Available on both iOS and Android platforms, this mobile app will, therefore, enable individuals to check their loan eligibility and apply for home/car/education/personal loans, etc online with mere few simple clicks while being in the comfort of their home. Apart from the lowest interest home loan scheme, the State Bank of India offers a wide range of other home loan products. Some prominent ones include:
1. SBI MaxGain Home Loan:
Under this loan type, SBI sanctions this home loan as an overdraft against savings or current account. It acts as an overdraft account for customers and thus allows them to deposit and withdraw amount as per their cash availability. SBI provides internet banking and check book facility under this loan type.
2. SBI PAL Home Loan:
This is a pre-approved home loan scheme by SBI. It enables the sanctioning of home loan for the customer before the property is finalized. With a loan already at hand, it helps the customers select the right property as per the sanctioned amount. It also allows the customers to negotiate with the seller/builder more confidently.
3. SBI Realty Home Loan:
This loan from SBI is apt for those looking to purchase a plot or land. However, you must note that the construction should start within 2 years from the sanction date of the loan. The maximum loan amount you can avail from this loan type is 15 crore for up to 15 years. You can choose the best home loan scheme from SBI according to your requirements and budget. SBI home loans cater to every segment of people.