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Home Loan is offered to individuals who wish to purchase or construct a house. The property is
mortgaged to the lender as a security till the repayment of the loan. The bank or financial
institution will hold the title or deed to the property till the loan has been paid back with the
interest due for it.
What are the different types1?
Through a Home Loan, one can purchase or construct a new house/ apartment;
A Home Improvement loan is offered to those who wish to renovate their houses;
A Home Extension loan is for consumers planning to add extra space to their house such
as a new room or a new wing;
A Loan against Property is offered for a individuals seeking loan against an already
existing property;
A Land Purchase Loan is provided to consumers buying land as an investment, maybe to
build a house later on and a Balance transfer loan is basically a home loan to pay off an
existing home loan as this enables you to avail a loan with a lower interest rate.
https://www.cibil.com/home-loan
2 http://www.charteredclub.com/tax-benefit-on-home-loan/
"The Most Preferred Home Loan Provider" voted in Awaaz Consumer Awards along with the
Most Preferred Bank Award in a survey conducted by TV 18 in association with AC NielsenORG Marg in 21 cities across India..SBI Home Loans come to customer on the solid foundation
of trust and transparency built in the tradition of State Bank of India.
Best Practices followed in SBI mentioned below will tell customer why it makes sense to do
business with State Bank of India.
SBI Home Loans Unique Advantage
Low Processing Charges
Package of exclusive benefits.
Low interest rates. Further, it charge interest on a daily reducing balance!!
No hidden costs or administrative charges.
No prepayment penalties. Reduce customer interest burden and optimally utilize there
surplus funds by prepaying the loan.
Over 15,969 branches nationwide, customer can get there Home Loan account parked at
a branch nearest to your present or proposed residence.
VARIOUS HOME LOAN PRODUCT OFFERED BY SBI
SBI FLEXIPAY HOME LOAN
Higher Home Loan eligibility with flexible repayment option.
Upto 1.2 times higher loan eligibility compared to loan eligibility under normal Home
Loan schemes available to working professionals / executives.Loan amount, however, must be
Rs.20 Lacs or higher.
Salaried applicants with minimum 2 year experience and aged between 21- 45 years will
be eligible to avail of SBI FlexiPay Home Loan.
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.
Option of selecting moratorium of upto 36 - 60 months. Only interest to be repaid during
the selected moratorium period.
Longer repayment of 25 to 30 years is available under the scheme. However, customers
will be free to make prepayments towards their Home Loan loan without any pre-payment
penalty.
SBI MAXGAIN
The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan
Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for
the purpose.
The product enables customers to park their surplus funds/savings in SBI Maxgain(with
an option to withdraw whenever required), especially in the wake of low yields on other
Deposit/Investment products.
Loan Amount
Minimum Loan Amount : Rs.20 lacs
Maximum Loan Amount : No Cap
NRI HOME LOANS:
HOME LOANS TO NON RESIDENT INDIANS (Nris) & PERSONS OF INDIAN
ORIGIN (Pios)
Eligibility
The construction of house should commence within 2 years from the date of availment of
SBI Realty Loan.
Customers are also eligible to avail another Home Loan for construction of house on the
plot financed under the SBI Realty with the benefit of running both the loans concurrently.
Loan Amount : Maximum Loan Amount: Rs.10 crores
Repayment Period : Upto 15 years
SBI PAL
Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage
of land).
Purchase of an existing (old) house / flat which is not more than 10 years old.
Scheme covers all Rural and Semi-urban centres having population upto 50,000 as per
2001 census.
Home Loans under Gram Niwas Scheme are sanctioned for purchase/
construction/repair and renovation of house and purchase of plot for construction of a
house/shed etc.
Loan Amount
Minimum Loan Amount: Nil
Maximum Loan Amount: Rs. 5 lacs
Repayment Period
Maximum repayment period :15 years
SAHYOG NIWAS
Eligibility
All Home Loans with a satisfactory repayment track of at least one year.
Loan Amount
Minimum Loan Amount: Rs. 2 lacs
Maximum Loan Amount: Rs. 5 crores.
Processing Fee
Processing Fee 0.35% of Loan Amount subject to a minimum of Rs 2000/- and Maximum of Rs
10,000/Permissible Loan amount is calculated at
80% of present market value of the house property less present outstanding in the Home
Loan account for Loan amount up to Rs 75 Lacs and
75% of present market value of the house property less present outstanding in the Home
Loan account for Loan amount above Rs 75 Lacs
Interest Rate (w.e.f. 01st May, 2016)
Top-up loan amount
Term Loan
No compulsion for the borrower to repay the loan amount during his or her lifetime or till
such time he or she continues to stay in the house.
Borrowers have the options to prepay the loan at any time without any pre-payment
penalty.
Processing Fee
Processing Fee0.50% of the Loan Amount with a Minimum of Rs 500/- and Maximum of Rs
10,000/Interest Rate
2.75% above the one year MCLR, present effective rate being 11.90% p.a. (Fixed)
subject to reset every year for Public
Disbursement
Margin (Min.)(%)
(MCLR: 9.15%)
Borrowers' Home Loan
EMI
Maxgain
Maxgain
CRE
category
interest rate,
per Lac
irrespective of for 30
loan limit
year
Tenor
above Rs.
20 lacs &
upto Rs. 1
crore
Women
Others
30
bps
above
the
MCLR i.e.
9.45% p.a.
35
bps
above
the
MCLR i.e.
9.50% p.a.
55
bps
above the
MCLR i.e.
9.70% p.a.
60
bps
above the
MCLR i.e.
9.75% p.a.
75 bps above
the MCLR i.e.
9.90% p.a.
80 bps above
the MCLR i.e.
09.95% p.a
Woman should be the sole applicant or one of the co-applicants for Home Loan, and also
The woman should be the sole owner or one of the co-owners of the property proposed to
be financed by the Bank
FEES
Processing Fee
0 % Processing Fee for Takeover of Home Loans proposals for the period from 1 st June,
2016 to 30th September, 2016 (Balance Transfer)
50 % waiver of Processing Fee on SBI approved Projects for the period from 1 st June,
2016 to 30th September, 2016
The processing fee structure for proposals other than above is as under :
0.35% of the loan amount plus applicable service tax.
Minimum: Rs. 2,000/- plus applicable service tax, and.
Maximum: Rs. 10,000/- plus applicable service tax.
REPAYMENT
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the
loan should be fully repaid) of the borrower, whichever is early.
Moratorium period (Repayment holiday): The moratorium period is included within the
maximum repayment period
FEDERAL BANK
Brief HistoryFederal Bank, earlier known as Travancore Federal Bank, was incorporated in 1931. The bank is
the fourth largest bank in India in terms of capital base and can easily boast of a Capital
Adequacy Ratio3 of 17.23%, one of the highest in the industry. The Federal Bank Limited is a
major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. As
on 19 October 2015, Federal Bank has 1251 branches spread across 24 states and
1526 ATMs across the country. Its balance-sheet stood at Rs 1.03 trillion as of end March 20144.
Federal Housing Loan
Your dream home is never far away! Get hassle free home loans from Federal Bank to turn your
dream home into reality.
We assist you to realize your dream home. Avail your Housing Loan from us at competitive
interest rates.
The Federal Housing Loan scheme assists borrowers for construction of house, acquisition of
land & construction of house, repairs / renovation / remodeling / extension of house,
reimbursement of debt incurred for construction / purchase / furnishing / beautification /
purchase of flat / villa / house plots / takeover of housing loans / supplementary housing loan to
employees of well-run companies / purchase of house plot for subsequent construction of house
etc.
Key features
Minimal paperwork
3 http://profit.ndtv.com/stock/the-federal-bank-ltd_federalbnk/reports
4 https://en.wikipedia.org/wiki/Federal_Bank
Are you having a residential plot of land in mind to buy? Realise your wishlist with our loan for
purchasing house plots.
Key features
Minimal documentation
Cheques
Mobile Banking
Property Power
Now your Property can take care of your Personal, Business and family's needs. Your dream of
building the business to new heights, consolidating debts, education of your children or even
arranging funds for a marriage in the family can now be fulfilled with Property Power. With this
facility, unleash the power you never knew you had!
Key features
Minimal Paperwork
Property Power is offered against residential premises, a plot of land or commercial properties as
per your convenience.
How Much Can You Borrow?
For granting Property Power to PIOs, the property shall be in their own names.
Insurance:
Insurance options for Property Power Loan at attractive Premiums
Amount for insurance can be included as a part of our loan component subject to
satisfactory repayment capacity & availability of required security margin as per norms.
No Lock in period
All parties to the existing housing loan limit shall join the loan documents. If the borrower gets
married subsequent to availing HL, spouse shall join as a party to the Loan documents, in
addition to all parties to existing housing loan.
Aashray Loan
The Federal Aashray Scheme aims to provide an additional source of income for senior citizens
of India, who own a self acquired property in India, for any personal use other than speculative
trading and/or business.
Key features:
Loan Amount
10 to 15 years
Monthly Payout
Rs 2,000/- to Rs 25,000/Security
Equitable Mortgage of the house property against which the loan is considered, value of
which should be at least 60% of qualifying loan amount
The residual life of the property should be at least 20 years
Margin on Security
10% to 25%
Features
Federal Housing
loan
Base Rate
9.63
9.6
Margin
15-20%
15-25 %
Maximum
Loan amount
15 cr
20cr
Maximum loan
period
30 years
30 years
Mortgage
Required
Required
Features
Federal Bank
SBI
25L
10 cr
Margin
40%
15%
Maximum Period
5 years
15 years
Mortgage
Required
Required
Maximum Land
2 acres
No restriction
3.Senoir Citizen.
Features
Federal Bank
Sbi
Monthly Payout
Rs 2,000/- to Rs 25,000/-
Rs 675-Rs.22,500
Tenure
10 to 15 years
10 to 15 years
0.50%(Min:1000,max:5000)
Pre-Payment
Margin
10-25%
10%