SBI Big Dhamaka Offer: Nowadays everyone wishes to have a house of their own, but the lack of budget stops them. To fulfill this wish, there are many financial institutions along with government and private banks in the country.
These institutions provide home loan facilities. One of the trusted names among them is the State Bank of India (SBI).
SBI Home Loan
SBI’s home loan is quite attractive. Its interest rates start from just 8.50% per annum. Also, SBI runs many types of home loan schemes, such as SBI Regular Home Loan, SBI Flexipay Home Loan, and SBI Realty Home Loan.
How are interest rates decided
The interest rate charged on an SBI home loan depends on many things, such as
Loan Amount: The larger the loan amount you take, the higher the interest rate you have to pay.
Loan Tenure: If the loan repayment period is longer, then the interest has to be paid more.
CIBIL Score: If your CIBIL score is good, then you will have to pay a lower interest rate.
Type of Loan: SBI offers different types of home loans, whose interest rates are also different.
Offers: SBI also brings special offers several times a year. Due to these offers, there may be some reduction in interest rates.
Special Concession for Women
SBI also gives concessions in interest rates to women on home loans. Talking about SBI’s regular home loan, any person between 18 to 70 years old can apply for it. The interest rates of this loan start from about 9.15% per annum. The processing fee is 0.35%.
The government also gives some special concessions for women. Due to this women have to pay 0.5% less interest on this loan.
Har Ghar Yojana
This scheme has been launched especially for those women who live in a rented house and want to build their dream homes. This scheme is especially beneficial for those women who do not have any source of income. Still, they can become the main applicant or co-applicant for a home loan. Under the Har Ghar Yojana, you also get a discount on interest rates, which are lower than the regular SBI home loan rates.
