State Bank of India is an Indian multinational Bank. It is a public sector banking and financial entity that holds 45th position in the ranking of top 50 global banks. Post merger with its associate banks, SBI has the base of 2,77,000 employees, 500 million customers, and more than 22,500 branches and 59,000 ATMs. SBI’s market share increased to 22 percent from 17 per cent. It has 198 offices in 37 countries and 301 correspondents in 72 countries.
It is the country’s bank that offers several financial products to assist the people and enhance their banking experience. The plethora of banking products and services offered by the bank are uniquely made to serve the individual’s requirement. In recent past, the bank was in news for lowering the HL rates. It was after the decision taken by RBI to reduce the asset provisioning and risk weight on Home Loan that State Bank of India responded with an interest rate cut on its home loans. Now, the SBI Home Loan are available at lesser rate of interest thus, reducing the customer’s burden of repayment.
On the loan above ₹75 lakh, the bank has lessen the rate by 10 basis points. Hence the applicable rates on the loan amount above ₹75 lakh will be 8.55% p.a. For women borrowers, the loan will be charged at 8.55% p.a. Whereas, the lowest rate offered by the is 8.35% p.a. The interest rate details are-
SBI Home Loan Interest Rates
The Bank charges home loan at both fixed and floating rates. The fixed rate of loan is applicable on the loan tenure of 2 years. The fixed rate ranges from 8.35% to 8.55%. The floating rate of interest also ranges from 8.35% to 9.05%. However, the rates variate according to the amount and the category of borrower. The lowest rate of 8.35% is offered by the bank to the woman borrower. Whereas, for other applicants, minimum rate is 8.40%.
SBI is the country’s leading lender. Following its path other lending institute of the country too have lowered the HL rates. It is the good phase for the borrowers who wish to possess a house of their own. For those who already are paying higher EMIs, they can transfer their running credit to SBI at avail the advantage of lower rates. Yes, it is possible to transfer your loan to SBI. It require just few steps.
In case, you are looking forward to fresh loan then SBI Home Loan is the best option. You can apply for the loan by visiting the bank branch or even online. It is only after the eligibility test that the loan application is processed and the amount disbursed. So, if you too want to avail the loan then the check the eligibility criteria before applying for the loan.
The bank has prescribed certain standards on the basis of which the credit application of an individual is evaluated. The eligibility norms that decide whether the applicant is suitable to get the loan are as follows:
- The applicant’s age should be between 18 to 70 years. The maximum age of the applicant at the time of loan expiration should not be more than 70 years.
- If the applicant desires to secure funds from the bank, then he/she is required to earn a regular income. It is mandatory for all the applicants.
If your loan profile is weak and you think that your application may get rejected then here are few tips following which you can build up your profile and avail home loan at lower rates.
- The income of spouse/daughter/son if any one of them are living with the applicant, and have a steady and stable income. Having a salary account which is managed and operated by the State Bank is important
- The rent which is expected from the new property, just in case it is going to be rented out
- Regular source of income from all the available sources
The above mentioned tips will help you to present a strong case in front of the lender. Also, if you want to get loan at the earnest then keep the required documents ready. The little effort taken by you can help you save a lot.