State Bank of India (SBI) has launched a new home loan scheme called SBI Flexipay Home Loan. This loan will help young working professionals to get higher amount than they are eligible for.
There will be a sanction of additional loan amount which will help working professionals to get better and spacious living spaces, the bank said in the statement.
Under this scheme, salaried individuals have option to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.
Here is a highlights of SBI Flexipay Home Loan
1. Flexipay Home Loan will have 1.2 times higher loan eligibility compared to loan eligibility under normal Home Loan schemes available to working professionals/executives. However, loan amount must be Rs 20 Lacs or higher.
2. Salaried individuals with minimum 2 year experience and aged between 21- 45 years will be eligible to avail of SBI FlexiPay Home Loan.
3. To neutralize the impact of such additional loan on monthly EMIs, customers have the option of paying only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. The EMIs will be stepped-up during the subsequent years.
4. There will be an option of selecting moratorium of upto 36 - 60 months. Only interest to be repaid during the selected moratorium period.
5. Longer repayment of 25 to 30 years is available under the scheme.
6. However, customers will be free to make prepayments towards their Home Loan loan without any pre-payment penalty.
Note that an individual is eligible for a loan up to 60 times on his net income per month. Eligibility of the loan amount also depends on various factors such as if you have any other loans and EMIs which are running and net savings after all the deductions.
Why SBI home loans are always a great option?
Home loans from State Bank of India are always a great option, because of a number of reasons. One is that these loans comes with the most competitive interest rates. Honestly speaking, you can get the cheapest home loan interest rates at SBI. Now, even a small difference in interest rates can mean a lot simply because home loans are large sized loans. This is what can make a big difference. The other reason for going for the SBI Flexi Pay Home Loan is the fact that processing charges are far more reasonable than some select private sector lenders. This also gives it a select edge, when compared to others.
the one disadvantage that is going to be there is that you may have to do some running around. This is because a bank like State Bank of India is going to ask you for all possible documents. The time to process the loan also is likely to take time, which can be typical of a public sector bank in the country.
If you are able to live with these things, than the State Bank of India Home Loan called Flexi Pay Home Loan is not a bad proposition. With a little running around it could be a great deal.