| Home » SBI Commercial » Home Loans|
SBI Commercial Home Loans
SBI Commercial or SBI Commercial and International Bank Ltd. is famous for its quick and individualized services. The bank offers a host of deposits, loan products and NRI banking services to a huge customer base. SBI Commercial home loans are also innovative housing finance products launched by SBI Commercial. All these loan products are available with competitive rates and terms.
About SBI Commercial Home Loans
SBI Commercial home loans come with flexible repayment terms and affordable interest rates. These loans are also known as Own – A - Home loans. Given below are important information related to SBI Commercial home loans that will help you make a knowledgeable decision regarding borrowing a loan:
Purpose of SBI Commercial home loans
You can take out an SBI Commercial home loan and use it for any of the following purposes:
- For purchase/construction/renovation of a flat or house
- For purchase of a plot and construction of a house thereon
Quantum of finance for SBI Commercial home loans
The minimum amount of loan that you can get is Rs.25,000. The maximum amount of loan that you can avail is 4,000,000. The amount of loan will be decided once the repayment ability of the loan applicant has been evaluated.
Margin for SBI Commercial home loans
The margin for home loans offered by SBI Commercial is as follows:
- 15% of the estimated project cost
- 30% if only a plot of land is bought
Eligibility criteria for SBI Commercial home loans
The eligibility criteria for SBI Commercial home loans are as follows:
- Any major resident of India who is working/self-employed for a minimum period of 3 years is eligible for the loan
- The loan applicant must not be older than 65 years at the time of the final installment
Home loans will be sanctioned to the Non Resident Indians if they fulfill certain prerequisites.
Security for SBI Commercial home loans
Equitable mortgage of current property/property planned to be purchased will work as primary security against the loan. Collateral security might be essential and LIC policies, individual guarantee of spouse/others or National Savings Certificates (NSCs) can be pledged as collateral security for the loan.
Insurance for SBI Commercial home loans
The loan applicant should have to purchase all-inclusive property insurance policy in joint names of the bank and the applicant.
Processing charges on SBI Commercial home loans
You need to pay a processing fee of 0.5% of the loan amount along with insurance and mortgage fees.
Home Loan Calculator
|The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities. |