What Is SBI Privilege Home Loan?
Are you a government employee who is ready to buy a house? If yes, congratulations! Buying a house is a big financial step towards fulfilling your dream of becoming a homeowner. The best part is that SBI Privilege Home Loan (available for government employees) has got you covered.
In this write-up, we have brought all the information regarding SBI Privilege Home Loans for government employees in one place.
What is SBI Privilege Home Loan?
SBI has launched SBI Privilege Home Loan exclusively for government employees which includes employees of central and state government as well as Central Public Sector Undertakings (PSUs) and Public Sector Banks (PSBs). In addition, persons with pensionable services are also eligible for this home loan scheme.
SBI Home Loan Interest Rate
The interest rate for this home loan scheme falls in the range of 6.8% p.a. – 7.15% p.a. Interest rates vary depending upon the person’s risk score, LTV ratio, etc.
Eligibility
The minimum age of the person should be 18 years and a maximum of 75 years. In addition, s/he should be a resident of India. You can repay the loan for up to 30 years.
Documents required
- Employer Identity Card
- Any identity proof among PAN Card, Voter ID, Driver’s License or Passport
- Complete the loan application form affixed with 3 passport-size- size photographs
- Any resident proof among recent copies of electricity / piped gas/water/telephone bill or copy of Driver’s license / Adhaar card / Passport
- Property Papers
- Registered agreement for sale
- Payment receipts made to seller/ builder or bank account statements of the past six months
- Occupancy certificate for ready-to-move-in properties
- Permission for construction
- A conveyance deed for new properties
- In case of any previous loan from other banks or lenders – the Loan account statement for the last one year
Features of SBI Privilege Home Loan
1) Special offer for women borrowers – Women borrowers receive a further concession on the interest rate charged.
2) Age limit – A regular home loan usually comes up with an age limit of up to 70 years. However, SBI Privilege Home Loan has an age limit of up to 75 years for loan repayment.
3) Lower EMI Post Retirement – The EMI of SBI Privilege Home Loan doesn’t exceed 50% of the current net monthly income; so, post-retirement SBI charges a lower EMI.
4) Processing fee – No processing fee for both – 1. In case of transfer of the home loan from another bank to SBI and 2. The new loan.
5) Repayment period – There is no penalty levied for the pre-payment of the loan.
6) Outstanding balance – With SBI Privilege Home Loan the outstanding balance of housing loan from other banks can be transferred.
SBI Privilege Home Loan Availability
The customers can apply for the SBI Privilege Home Loan in case of:
- Construction of new flat / home
- Purchase of land/plot for building house
- Purchase of under-construction house / flat
- Repairs / renovation / make additions/furnishing to the existing house / flat
Income proof for salaried co-applicant / guarantor
- Salary slips of last 3 months
- Copy of form 16 / IT returns (acknowledged by IT Dept.) of last 2 years
Income proof of non-salaried co-applicant / guarantor
- Income tax return proof for the past 3 years
- Business address proof
- Balance sheet including profit and loss account for the past 3 years
- TDS certificate
- Business license details
- Qualification certificate (for C.A. Doctors and other professionals)
A stable job and a regular salary make government employees low-risk borrowers for the loan companies. Needless to say, it encourages many housing finance companies to offer them low-interest rate loans with lucrative terms and conditions. SBI Privilege Home Loan is one such scheme in this direction which allows government employees to avail special privileges and easier access.
