SBI Home Loans
- 10 Comment
Introduction
In this article I am writing about the important details about the SBI home loans. Last week I discussed with one of the SBI guy for getting the more details about the SBI home loans interest rates and other information. It is obvious that SBI provides less interest rates compare to other banks. It would be good idea to switch your home loans to SBI if your current home loan provider taking the highest interest rates. Post your ideas in the comments section. Please subscribe to our future articles here.
SBI Home Loans Interest Rates
SBI offers home loans in the different category. It is as follows:
- 8% Interest Rates for the first year.
- 8.5% for the 2nd & 3rd Year.
- After 3rd Year – It depends on the advanced rate available with SBI as follows :
- Floating Interest Rates : 2.75% below sbi advanced rate
- Fixed Interest Rates : 1.25 below sbi advanced rate
- Interest rates will be reset every five years.
Processing Fees
Processing fees for SBI home loans is Rs.2000 for the loans up to Rs.500000 – Rs.1000000. It may vary depends on the loan amount.
Foreclosure Charges
If you are foreclosing the loan before three years, there is 2% penalty on the entire loan amount. If you are doing after three years there won’t be any penalty.
Summary
I hope this article will be useful for those who want to take the SBI home loans and compare with other banks. If you have any doubts please post it in the comments section. To receive the future updates on home loans, please subscribe for free email updates here.
Subscribe to our future articles here.
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10 Comments on this post
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Avinash said:
Correction please.
“If you are doing after three months there won’t be any penalty.”
Is it three years ??November 15th, 2009 at 5:46 pm -
krishnas said:
Hello Avinash,
Thank you for pointing the mistake. Yes..it is three years. I have updated the article.
Thanks,
KrishnaNovember 15th, 2009 at 5:58 pm -
Satish said:
Hello Krishna
Does the penalty apply for part closure as well ?Any idea of penalty for loans exceeding 10 lakhs?
Thanks
November 18th, 2009 at 12:01 pm -
krishnas said:
Hello Satish,
The rule applicable to all the SBI home loans.
Thanks,
KrishnaNovember 18th, 2009 at 4:42 pm -
Ashish said:
There is this criteria in SBI for taking Home loan that The max loan amount they provide is 75 % of your property sale deed. The other privatized banks provides 90% or some times 100 %.
November 19th, 2009 at 1:43 am -
krishnas said:
Hello Ashish,
Thank you for the information. many banks provide 80% of the property value. I don’t think there is any bank providing the 100% home loans.
Thanks,
KrishnaNovember 19th, 2009 at 10:26 pm -
Vinod Kumar said:
There is a provision in SBI home loan that if you keep some amount in the SBI saving / fixed deposit a/c and if you have linked that a/c to your home loan account, they will not charge interest on the amount equal to your saving a/c for the home loan.
Can you please throw some light on this clause ..
Thanks
VinodNovember 21st, 2009 at 3:18 am -
krishnas said:
Hello Vinod,
I am not sure about this facility in the SBI bank. It would be nice if any of the SBI customer can answer this question.
Thanks,
KrishnaNovember 21st, 2009 at 8:17 am -
Nikhel said:
Hi, I should really thank you for this post, because what I have noticed is that it’s simple to read and easy to understand and this is what generally I look for. Thank you very much.
November 23rd, 2009 at 12:45 am -
krishnas said:
Hello Nikhel,
Thank you for the comments.
Get free email updates:
http://www.thinkplaninvest.com/subscribe/Thanks,
KrishnaNovember 23rd, 2009 at 1:45 am
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