To both state and central government employees, SBI is providing cheaper home loan offer under the Privilege Home Loan scheme. The bank on its twitter account says, "Central and state government employees can enjoy special benefits with the SBI Privilege Home Loan."
Eligibility: Under its flagship offer, individuals employed with PSUs, PSBs and other with pensionable service can apply for the home loan offer with the bank at an affordable rate. The loan amount disbursal will however depend on some of the considerations including person's income source, repayment capacity, age, cost of proposed flat, assets, liabilities etc.
Features of SBI Privilege Home loans are:
• Low Interest Rates
• Zero Processing Fee
• No Hidden Charges
• No Pre Payment Penalty
• Interest charges on daily reducing Balance
• Repayment up to 30 years
• Interest Concession for women borrowers
• Interest Concession in case check off is provided
• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 75 years
• Loan Tenure: up to 30 years.
Some of the benefits of availing a home loan are as under:
Longer tenure that enables the borrower to plan the repayment of debt such that his or her other financial obligations are not left in a lurch and instead can go hand in hand. Also, there is a pre-payment option where the borrower seeking surplus can service the debt at an earlier stage.
Interest rate under the Privilege home loan scheme is provided in the table below:
|Category||Above Rs. 10 lakh and up to Rs. 30 lakh||Above Rs. 30 lakh and up to Rs. 75 lakh||Above Rs. 75 lakh and upto Rs. 50 crore|
|Women (With check-off)||8.75-8.85% per annum||8.9-9.00% per annum||9-9.1% per annum|
|Others||8.75-8.85% per annum||8.9-9.00% per annum||9-9.1% per annum|
|Women ( without check off)||8.75-8.85% per annum||8.9-9% per annum||9-9.1 % per annum|
|Others||8.80-8.90% per annum||8.95%-9.05% per annum||9.05-9.15% per annum|