Here are some reasons:
1) Cheapest home loan interest rates
State Bank of India's Home loan rates (floating) are the cheapest when compared to other banks and financial institutions. At 9.95 per cent on floating rate, it's by far the best interest rate on home loans in the country. Its interest rates beat HDFC, LIC Housing Finance and most other banks. HDFC charges 10.15% on a floating rate home loan, while most other PSU banks are at 10.25%.
2) Processing fees are much lower then peers
The processing fees at 0.25 per cent of the loan value is also cheaper, when compared to other banks and Housing financial institutions who are charging 0.50 per cent. This can be a big saving on a large loan amount.
3) Very attractive loan to value
A loan to value of 90 per cent on a home loan of under Rs 20 lakhs, is the best in its category. The only thing one might have to do with SBI home loans is considerable running around. But, at the end of the day, it's worth the effort.
Here are a list of papers and documents that you might need for an SBI home Loan:
* Completed loan application form
* Passport size photographs
* Proof of identify (photo copies of Voters ID card/ Passport/ Driving Licence/ Icome Tax PAN (card)
* Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
* Property tax receipt/ Passport/ Voters ID card)
* Proof of business address for non-salaried individuals
* Statement of Bank Account/ Pass Book for last six months
* Signature identification from present bankers
* Personal Assets and Liabilities statement