SBI has launched "Privilege Home Loan", a new, cheaper and hassle free home loan for employees of Central Govt. and State Govt. including employees of PSB, PSU and others with pensionable service. SBI Privilege Home Loan helps reduced burden of servicing EMI under the new schemes as lower EMI would need to be serviced during the post-retirement term. This is because the EMI to be serviced during the post-retirement term are capped at 50% of the current Net Monthly Income (NMI).
Eligibility for SBI Privilege Home Loan
Applicants shall be from employees of Central / State Governments including PSB, PSU of Central Government, and other individual(s) with pensionable service.
Features of SBI Privilege Home Loan
Extended repayment upto the age of 75 years as against 70 years under normal Home Loan scheme. The maximum loan term, however, shall remain capped at 30 years. Full waiver of Processing Fee. Out-of-pocket expenditure such as Advocate’s Fee for Legal Opinion, Valuers Fee for Valuation Report, CERSAI and CIBIL charges will continue to remain applicable.
Benefit of lower interest rate as a concession of 5 bps over the Home Loan Card Interest Rate is available wherever check-off facility is extended by the Government under tie-up arrangement with the Bank.
Option for customers of other Banks / Financial Institutions to switch-over their Home Loan outstanding balance to State Bank of India.
(Other terms and conditions are as applicable to regular Home Loan Scheme)