SBI Tribal Plus Home Loan Scheme is a special Housing finance scheme for Hill / Tribal areas of North East India and areas around Chandigarh, Bhopal, Lucknow, Patna and Bhubaneswar. It provides lowest interest rates, lowest processing charges and no securities required.
Advantages of SBI Tribal Plus Home Loan
- Lowest interest rates.
- Charge interest on a daily reducing balance.
- Lowest processing charges; only 1% of loan amount - compare with 1-3% of others.
- No hidden costs or administrative charges.
- No security required - which means minimal documentation something that you had always wanted.
- No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
Features of SBI Tribal Plus Home Loan
The SBI Tribal Plus is a special Home Loan scheme to provide housing finance for Hill / Tribal areas without mortgage of land. Loans will be granted to individuals to:
- Purchase or construct a new house or flat.
- Purchase an existing house or flat (old) that is not more than 10 years old.
- Repair or extend or renovate an existing house or flat.
Eligibility for SBI Tribal Plus Home Loan
- Individual(s) over 21 years of age (but not more than 60 years) who are permanent employees of Central or State Government or Public Sector undertakings (PSU) or reputed private sector units and have put in a minimum of 5 years service as Class I or Gazetted Officers or 10 years for other grades.
- Check-off facility should be available.
- This scheme is open to tribals hailing from the hill states of North East India and areas around Chandigarh, Bhopal, Lucknow, Patna, and Bhubaneswar. They can avail this scheme from SBI branches in these areas.
- If they are not currently living in these areas, they can still avail of the scheme for a housing loan to be used at their native village!
Loan Amount of SBI Tribal Plus Home Loan Scheme
The maximum loan amount of SBI Tribal Plus Home Loan Scheme will be calculated on the basis of 24 times the net monthly income (NMI) of the applicant subject to a maximum of Rs. 5.0 lakhs. The income of the spouse can also be considered for this purpose provided he / she is a permanent employee of Government / PSU / Private Sector unit and is willing to guarantee the loan.
Documents Required for SBI Tribal Plus Home Loan Scheme
In addition to the usual documents, under noted documents or papers will also be obtained:
- Affidavit sworn by the applicant that he / she is the owner of the plot of land.
- Post-dated cheques representing monthly installments may also be taken till the loan is liquidated.
- In specific cases, an agreement to mortgage the land may also be required.
Margin Money for SBI Tribal Plus Home Loan Scheme
A minimum margin of 25% is envisaged.
Disbursement of SBI Tribal Plus Home Loan Scheme
Disbursements will be made in a phased manner in tune with the actual progress in the construction. However, in case of outright purchase of house, there could be a one-time disbursement of the loan amount.
Repayment Schedule of SBI Tribal Plus Home Loan Scheme
The loan is to be repaid over a period of 10 years through Equated Monthly Installments (EM). The repayment period will include the moratorium or repayment holiday, at the option of the beneficiary, covering the construction period or 12 months from disbursement of the first instalment of the loan, whichever is earlier.
As with all other schemes there is no prepayment penalty whatsoever.
Processing Fee for SBI Tribal Plus Home Loan Scheme
0.25% of the loan amount.