What Are The Various SBI Home Loan Products Available in The Market?

Purchasing a home is one of the most important and common dreams that a person has. But you know how expensive these dreams are. These dreams can’t be achieved without financial support. That’s why State Bank of India, the oldest public sector bank, offers a variety of home loans that will make your dreams come true soon. They have home loans designed for every need. These loans are offered at attractive interest rates which is not heavy on the pocket. Let's have a look at some of the popular SBI Home Loan products available in the market.

SBI Regular Home Loan: This home loan product is the most sought after product by the home buyers. It is a full package with affordable interest rates that caters to all the needs of people seeking home loans. This loan comes at interest rates as low as 8.55%. In case you want to prepay your loan, there are no penalty charges levied. SBI gives women an interest concession under this loan.

SBI Flexi Pay Home Loan: This home loan is tailor made for young earners who want to build a dream house so as to secure their retirement or make some money out of their future property. With the SBI Flexi Pay Home Loan, you are eligible for higher loan amounts. This loan comes at interest rates as low as 8.55%. All the charges related to the home loan are transparent. If it’s been a good financial year for you - for instance, you get a hefty bonus amount, you can foreclose the loan by making prepaying the loan fully or choose to make a part payment. No prepayment penalty charges wil be charged to you by SBI.

SBI Shaurya Home Loan: State Bank realizes the efforts that our Defence personnel puts in serving the country. In return, SBI has packaged a home loan designed especially for the defence employees. Under SBI home loan, defence personnel can take high amounts of loans at really less interest rates. Also, they are offered higher repayment period wherein they can pay the loan at their own pace. Apart from this, there are zero processing charges, no prepayment penalty and interest concession to women borrowers.

What Factors affect SBI Home Loan Interest Rate that You’ll Get?

Net Monthly Income: SBI has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If you have the desired net monthly income constantly flowing into your account, you can ask SBI to give you the lowest interest rate.

Credit Score: Your credit score plays an important role in determining your interest rate. A good credit score translates into grabbing a lower SBI home loan interest rate. Whereas, a bad credit score can push you towards the higher end of the interest rate spectrum. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans).

Relationship with SBI: If you are an esteemed or an old customer with a good credit record, chances are that you’ll be provided with a low  SBI home loan interest rate. A good relationship with the bank gives SBI confidence in you that you won’t default in paying the loan amount.