Government employees? SBI makes your EMIs on home loan cheap; Know from low interest rate to zero processing fee, all details here
The State Bank of India (SBI) has been introducing various benefits to its customers in regards to their loans especially home loans. In almost every individuals checklist of dreams, one most likely includes a house of their own. But this time, it would be government employees, where the largest lender has brought in a bundle of good news. In fact, SBI is offering a host of services under its Privilege Home Loan scheme to government employees making their EMIs cheap. Both state and central government employees can avail home loans at an affordable price at SBI.
SBI on its official twitter account says, "Central and state government employees can enjoy special benefits with the SBI Privilege Home Loan."
SBI has launched SBI Privilege Home Loan exclusively for government employees. Individuals who are employees of Central or State Government which includes PSBs, PSUs of Central Government and other individuals with pensionable service are eligible to apply for this home loan.
The loan amount will be determined by taking into consideration factors such as applicant income and repaying capacity, age, assets and liabilities, cost of proposed house/flat etc.
Interest rates offered by SBI to government employees are mentioned below:
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
Eligibility:
-Resident Type: Resident Indian
-Minimum Age: 18 years
-Maximum Age: 75 years
-Loan Tenure: up to 30 years.
Having a home loan is better because it comes with long tenures exceeding even 10 years. This allows you to make a proper plan for your repayment of debt in an appropriate manner. A borrower can always choose to close their loan before the tenure ends, however, this varies bank to bank. Some banks have a lock-in period, which means you cannot end your loan even if you have the lump sum amount to fulfill it.
Home loans are given depending upon your age, your salary status, your capability of repayment and background checks of previous loans. If your credit score is very good then getting an home loan is very easy as your bank is assured that you are trustworthy and capable enough to repay your debt.