Q. Can I know the various interest rates on Home Loans?
A. For women, the interest rate stands at 9.50% p.a whereas for others the interest rate stands at 9.55% p.a. These rates are constant across all loan slabs.
Q. How much is the processing fee charged by SBI on Home Loans?
A. There are no processing fees as such, but charges in the form of legal and valuation fees are levied. This is different compared to other banks where processing fee includes the valuation and legal fee.
Q. Is it possible to pay off my SBI home loan before its tenure?
A. Yes, it is possible. Along with that, no Pre-Payment penalty will be levied upon you.
Q. How do I identify a SBI Loan that fits my requirement?
A. You can go through the various SBI plan details we have provided earlier in the Best Plans section.
Depending on your requirements, you can choose a plan that works best for you. You can also get in touch with our Home Loan Advisor for expert advice.
Q. What is the security required for the SBI home loan, is there any?
A. The property that is purchased using the loan itself acts as a security. However, a bank may even ask for additional securities like a guarantor.
Q. The property that is purchased using the loan itself acts as a security. However, a bank may even ask for additional securities like a guarantor. To sign my loan application, do I require a guarantor?
A. Usually a guarantor is not required to sign the loan application.
But in cases where the credit worthiness of a borrower is not satisfactory & bank feels that the borrower has the possibility to default on the loan amount, a guarantor may be required to sign the loan application.
Q. How does my employment play an important role in being eligible for SBI home loan?
A. A salaried and self-employed individual is eligible for availing a home loan. The only condition attached to it is that you must have a regular income and should be able to provide proofs for the same.
Q. Does SBI accept joint applications for Home Loans?
A. Yes. SBI gives its customer the option of applying for a home loan as joint applicants.
Q. Can one avail tax benefits if associated with SBI home loan?
A. Yes, Tax rebate under Income Tax act is available and hence you can enjoy all the tax benefits associated with it.
Q. I can’t figure out which one is more useful a short term loan or a long term loan?
A. If you have a high enough income that helps you pay high EMIs, a short term loan is something you should opt for, whereas with a longer loan term you can enjoy lower EMI’s but the overall savings will be on a much lesser side.