SBI - Yuva Home Loan Interest Rates & Eligibility
*This plan has been discontinued*
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Overview
SBI YUVA home loan is a scheme for salaried applicants taking a home loan for the first time.
This scheme allows a borrowing capacity 20% higher than normal home loans to fulfill your dreams faster.
This means that for a house costing Rs 1cr :
With other loans you can only borrow 80 lacs (since 80% is the highest they will let you borrow)
Whereas with the Yuva scheme, you can borrow 88 lacs which makes a significant difference.
Eligibility
Those eligible for the loan include salaried persons working in:
- MNCs or in the private sector
- PSUs
- Government departments
- The borrower must be between the ages of 21-45 years.
- Minimum Net Monthly Income of applicants should be Rs.30,000/-
- Loan is not available for self employed applicants.
Processing
Fees
For loan amount:
Up to 25lacs- 0.25% of loan amount. Minimum Rs1000
Between 25lacs and 75Lacs - Rs 6500
Above Rs 75lacs - Rs 10,000
Document
Required
List of papers/ documents applicable to all applicants:
- Completed loan application available on the site
- Identity proof (photo copies of Voters ID card/ Passport/ DrivingLicense/ IT PAN card)
- Residence proof (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- 3 Passport size photographs
- Last 6 months-Bank Account statement or Pass Book
- Identification of signature from present bankers
- A Personal Assets and Liabilities statement
- Original Salary Certificate from employer.
- TDS certificate on Form 16 OR copy of Income Tax returns for last two financial years, duly acknowledged by IT Dept.
- Property documents.
Note: All documents listed above are only indicative of the general list of documents requested by the bank, these may vary depending on your location and financial history. Do check with your bank while applying for the loan.
State Bank of India (SBI)
Introduction:
State Bank of India is the largest banking and financial services company in India. It has around 16,000 branches including 190 foreign branches and assets worth INR 2.46 lac crore.
It is regulated by the RBI.
Spread across all states, it has subsidiaries like
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
It also has branches at Moscow, Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, and Male in the Maldives, Muscat, Dubai, New York, Osaka, Sydney, and Tokyo and offshore banking units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan and Cape Town.
they are a good option for the ?
Their most popular home loan products are:
- Maxgain
- NRI
- Yuva
- Realty
- PAL
- Her Ghar
Advantages of borrowing from this bank:
Being a government owned bank, they are trustworthy and have the lowest interest rates in the market. They also charge the lowest processing charges.
Disadvantages of borrowing from this bank:
Documentation is heavy
- Time taking process
- They levy an extra charge for advocate advice and valuation in cases where legal advice is required.
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