SBBJ Home Loans Rates

State Bank of Bikaner & Jaipur(SBBJ) home loans rates are one of the best home loan rates that can be found in the Indian housing finance sector. These rates are really affordable to suit the needs of the average borrower.

About State Bank of Bikaner & Jaipur Home Loans Rates

State Bank of Bikaner & Jaipur home loans rates are one of the most competitive rates that are available from public sector commercial banks in India. The information given below will help you get a fair idea about SBBJ home loans rates:

1) In case of SBBJ Easy Home Loan:

The rate of interest for the 1st year (until a period of one year from the date of 1st installment) remains fixed @8% per annum.

The rate of interest for 2nd and 3rd year remains fixed @9.00% per annum.
The rate of interest subsequent to 3rd year might be floating or fixed according to the decision of the borrower at the time of loan approval. If the borrower selects the floating rate option, then the interest rate will be 1.50% higher than the base rate. In case the borrower selects the fixed rate option, then the interest rate will be 3.75% more than the base rate existing on the 3rd anniversary date from the time of 1st installment. The rate will also be subject to a readjustment period of 5 years from the 3rd anniversary date of the loan. Fixed rate of interest will be conditional on force-majeure clause.

2) In case of SBBJ Advantage Home Loan over Rs. 50 Lakhs

The rate of interest for the 1st year (until a period of one year from the date of 1st installment) remains fixed @8% per annum.
The rate of interest for the following two years will remain fixed @9.00% per annum.

The rate of interest subsequent to 3 years might be floating or fixed according to the decision of the borrower at the time of loan approval. If the borrower selects the floating rate option, then the interest rate will be 2.00% higher than the base rate. If the borrower opts for the fixed rate option, then the interest rate will be 3.75% more than the base rate existing on the 3rd anniversary date from the time of 1st installment. The interest rate will also be subject to a readjustment period of 5 years from the 3rd anniversary date of the loan. Fixed rate of interest will be conditional on force-majeure clause.

All these rates are applicable for home loans approved between 1st July, 2010 and 30th September, 2010.

Repayment of SBBJ home loans

The maximum repayment period for a SBBJ home loan is 25 years which comprises moratorium period. No prepayment penalty will be imposed if the loan is prepaid from your own sources. The loan has to be repaid by the period the borrower attains the age of 70 years.

Security for State Bank of Bikaner & Jaipur home loans

Mortgage/equitable mortgage of property planned to be constructed/purchased/renovated or any tangible property can work as security against the loan.

Guarantee/assurance of daughter/son/spouse if their income is combined for computation purposes. Post dated cheques for equated monthly installments (EMIs) can also work as security against the loan.

Processing fee for State Bank of Bikaner & Jaipur home loans

The processing fee for SBBJ home loans is 0.60% of the amount of loan, subject to a maximum of Rs.10,000 for loan amounts greater than Rs.25,000. The amount needs to be paid upfront.