Home loan is one of the most important loans of all. It is applied in case if you are buying a house or any property. Different banks provide home loans but their interest rate can differ. Some banks charge high rate of interest while some banks charge less. The most important thing you need to keep in your mind while applying for the loan is the total amount of loan amount that you actually wish for.
Now when you are buying a house or maybe if you had already bought a house or a plot, you would be knowing how your house would look like and how you want it to be. With this you can also calculate the costs that will incur during this entire process of building your dream house. The loan amount for which you will apply from the financial institution should be enough for you to cover all your costs.
The bank will be checking certain parameters. It will consider your salary and also other sources of income. It will also check if you have any other obligations. When all these factors are considered, the bank will calculate the interest rate and also the EMI which you need to pay every month. The bank will make sure whether you can repay the loan.
The value of the properties around you are increasing and owning a house is a very good idea both from an owner’s point of view as well as the investor’s point of view. SBI has been providing home loans at the best interest rates.
Usually the home loan is taken for a longer period when we compare it with other type of loans. The interest rate at which SBI offers home loan starts from 8.35% and the rates will depend upon the occupation, income, nature of loan, etc.
When we consider the features of SBI home loan, the process is quite smooth for the one who is willing to apply for the home loan. Here both salaried as well as self-employed can apply for the loan. There are special rates of interest for women and the loan can be granted to age group between 18 to 70 years. Also, when you consider about the tenure, it is between 5 to 30 years.
SBI has an outstanding network when it comes to providing home loan to people across the country. There are many special branches which will specially cater to the home loan requirements of the customers.