SBI has given good news to government employees with its home loan schemes. Now all the government employees looking out for a home loan with cheap EMIs, low-interest rates and zero processing fees can have a look at SBI Privilege and SBI Shaurya Home Loan.
SBI Privilege Home Loan Scheme-
This home loan scheme is exclusively for government employees. People who are working with Central or State Government including PSBs, PSUs of Central Government and other individuals with pensionable service can apply for this home loan scheme.
The loan amount depends upon various factors like applicant's income and repaying capacity, age, assets and liabilities, cost of a proposed house or flat, etc. The features of this home loan scheme include low-interest rates, zero processing fee, no hidden charges or prepayment penalty, interest charges based on Daily Reducing Balance, repayment up to 30 years, interest concession for women borrowers, etc.
All resident Indians with a minimum of 18 years and a maximum of 75 years of age can apply for this scheme.
SBI Privilege Home Loan Scheme: Documents Required
Employer's identity card, completed loan application form duly filled in and affixed with 3 passport size photographs, proof of identity (PAN/ Passport/ Driver’s License/ Voter ID card), address proof (Recent copy of Telephone Bill or utility bill or copy of Passport/ Driving License/ Aadhar Card). Account Statements for the last 6 months of all bank accounts held by the applicant, among others are required.
SBI Shaurya Home Loan Scheme-
This scheme is exclusively dedicated to the Army and Defence personnel of the nation. It offers lower interest rates and other added benefits to the defence employee applicants. Besides reduced interest rates, the defence employees will also have the ease of repayment options and may get longer repayment period of the loaned amount.
The features of this home loan scheme are the same as that of SBI Privilege Home Loan like low-interest rates, zero processing fee, no hidden charges or prepayment penalty, etc. All resident Indians with a minimum of 18 years and a maximum of 75 years of age can apply for this scheme.
There are two different interest rates- check off and without checkoff provided by SBI. Check off interest rate is that the employer agrees to deduct EMIs from employee's salary and remit the same amount directly to his bank account.
However, without check off facility one can go to his/her bank and opt for the home loan on their cost.
First published on: 02 Apr 2019, 14:21 IST
