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The State Bank of India (SBI) has launched a home loan exclusively for government employees – the SBI Privilege Home Loan. The customers who are eligible to apply for the SBI Privilege Home Loan are employees of Central or State Government, which includes PSBs, PSUs of Central Government and other individuals.
The loan amount that will be granted to the loan borrower would depend on factors such as the government employees’ income, repaying capacity, age, assets and liability, cost of the proposed house or flat, etc.
1. Reason to Avail the Loan: The loan can be availed to purchase a new house, improve or extend, buying a plot or for construction.
2. Rate of Interest: The rate of interest charged is lower than the other home loans provided by SBI or any other bank. The interest is charged on a daily reducing balance. So, the faster you pay the loan, the cheaper it is!
3. Repayment period: The repayment period given is up to 30 years. There are no charges or penalty levied for pre-payment of the loan.
4. Processing Fee: There is no processing fee charged on both, the new loan and if the customer needs to transfer the home loan from another bank to SBI.
5. Lower EMI Post Retirement: SBI charges a lower EMI post retirement such that it doesn’t exceed 50% of the current net monthly income.
6. No Discounts: No discounts are given on other expenses such as for the valuer’s fee for valuation report, advocate fee for legal opinion, CERSAI and CIBIL charges.
7. Women Borrowers: SBI offers a special rate of interest for women borrowers. They get a further concession on the interest charged.
8. Age: A regular home loan has an age limit of up to 70 years, whereas SBI Privilege Home Loan allows repayment of loan up to 75 years.
9. Outstanding Balance: The outstanding balance of housing loan from other banks can be transferred.
The customer can apply for the SBI Privilege Home Loan for the following reasons:
Employer Identity Card:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Income Proof for Non-Salaried Co-applicant/ Guarantor:
*Interest rate will vary as per the risk score of the customer
** Based on LTV of the Customer
Documents required for pre-sanction are:
Documents required for post-sanction are:
1. Can a self-employed business man apply for the SBI Privilege Home Loan?
No, the SBI Privilege Home Loan is only applicable for employees of State and Central government.
2. Do women borrowers get a better rate of interest when they apply for the SBI Privilege Home Loan?
Yes, women borrowers get a discounted rate of interest when they apply for the SBI Privilege Home Loan.
3. What is the maximum age allowed to repay the SBI Privilege Home Loan?
The maximum age to repay the SBI Privilege Home Loan is up to 75 years.
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