Home is the primary need for everyone in this country. But due to the skyrocket prices of homes, not everyone could afford to pay the amount in one go. That’s why they prefer a home loan facility to pay in monthly installments. A home loan can be taken by a bank or a housing finance company without any trouble. Among all of them, State Bank of India (SBI) is one of the leading public sector banks of India that provides a range of amazing banking solutions to the customers.
There are different types of customers who opt for a loan. Some are self-employed while some are salaried individuals. There are a certain set of people who are considered to be pretty trustworthy when it’s about giving a loan. This category belongs to the individuals who are working in a government organization. If they are thinking about buying a home, they can opt for SBI Home loan for Government Employees at an affordable rate of interest. If you are a government employee and looking for a personal loan from SBI, then this option could be the best for you. In this article, we would be telling you all the features of this loan so that you can make a better decision.
What are the features of SBI Home Loan for Government Employees?
This home loan by SBI is known as the SBI Privilege Home Loan and you can have a look at the features of this loan facility below.
- This loan can be taken by the individuals who are working as the Central or State government employees. This includes all the employees of PSBs, PSUs of the central government and other individuals who are taking the pension services.
- You need to remember that the loan amount in the SBI home loan for government employees would be dependent on several factors such as the monthly income of the applicant, repayment capacity, applicant’s age, existing loans, and many other factors.
- You will have to pay not a single penny as the processing fees.
- You don’t have to worry about the interest rates as they are one of the most affordable rates in the market. Also, the interest will be charged on the daily reducing balance on your loan amount.
- If you are a women borrower, you could get a special concession in the interest rates.
- If anytime, you decide to prepay the loan amount before the due period, then you won’t have to pay any kind of charges in it.
- You would have a maximum of 30 years as the repayment period within which you can pay the loan amount through easy EMIs.
What is the eligibility to get an SBI Home Loan?
- An applicant must be an Indian resident.
- The age must be between 18 years and 75 years of age.
- The CIBIL score must be above 700.
You can have a look at the list of documents to get the SBI home loan for government employees.
- Duly Signed Application Form with three passport-sized photographs
- Identity Proof
- Address Proof
- Property Papers
- Income Proof for both salaried and self-employed individuals