SBI Home loans are the most preferred amongst the borrowers. These are obtainable to people who either want to purchase their dream home or plan to renovate the existing one. This article delves deeper and fetches out reasons why one must choose SBI home loan over others.
1. Lower interest rates: SBI being the India’s largest public sector bank offers home loans at competitive interest rates, which are either ways lower than any other bank in India. The key reason behind this is a scale of operation. Secondly, the State Bank of India has access to cheap funds as its CASA ratio is the best amongst all banks in India.
2. Transparent & quick loan approval process: SBI follows the transparent process of home loan approval. To be precise, there are no hidden charges associated with SBI home loan. Moreover, the processing fee that is levied by the SBI bank from loan applicants is subjective in nature and can be negotiated.
3. Legal Verification: The legal verification process of SBI is much stricter than other banks and financial institutions across India. The SBI home loan is approved only after thorough verification and carefulness. The bank follows a strict modus operandi of loan approval. The sole purpose behind this is to keep the NPAs under control.
4. A wide network of branches and ATMs: SBI is India’s largest bank with a network of over 10000 branches and several associate banks situated even in the farthest part of the country. In addition to this, the State Bank of India offers a wide variety of banking products for commercial and retail customers. SBI has also forayed into the online segment to provide 24*7 banking services for State Bank's Retail and Corporate customers.
5. 24*7 customer care service: SBI is equipped with proficient customer care staff that perfectly caters to the needs of State Bank’s customers 24*7. In fact, many of the State Bank’s staff are cordial with every customer and answer their queries and complaints instantaneously. You can reach them by an e-mail or a call. Customers can also visit the bank branch to get answers to their queries or write to them to raise a query.
6. Online Loan Submission: The State Bank of India provides loan submission online. It allows customers to apply for an SBI personal loan with a click of the mouse while sitting in the comforts of their home.
7. Personalized loan schemes: SBI offers personalized loan schemes at attractive interest rates for working professionals and salaried individuals occasionally. This bank also offers low-priced personal loan schemes during major festivals for both rural and urban applicants to help them easily cope up with all sorts of financial requirement.
The State Bank of India, the largest private sector bank in the country, offers a wide range of home loan schemes to cater the needs of customers of all cohorts. SBI also caters to the NRI audience with a range of home loans. SBI home loans can be applied both online and offline only if the candidate meets the following criteria:-
1. For Salaried Individuals: He/she should be 18 to 70 years and earn a minimum 1.2 lacs per annum.
2. For Self-Employed Individuals: He/she should be 21 to 70 years of age and should be earning minimum 2 lacs per annum.
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