SBI Home Loans Types – Learn How to Transfer SBI Home Loan Balance

State Bank of India is providing home loan for many years now. There are over 30 lakh families to get their dream home. And today SBI is the largest home loan provider. With today advance SBI home loan e-facilities, you can earn instant approval for your home loan. Yes, it’s as simple as that.

sbihomeloan

Types Of SBI Home Loans:

  • Regular Home Loan: This is the most preferred home loan option for Indian residents. With low-interest rates and trusted features, it helped many homeowners. People from 18 years to 70 years are eligible to apply for the loan.
  • NRI Home Loans: This type of home loan is for that Non-Resident India, who wants to build a home in India.
  • Flexipay Home Loan: SBI Flexipay home loan is for those who need to borrow a higher amount. This type of home loan allows applicants to pay pre-EMI during the moratorium. And the EMI amount will increase as the years will pass. Flexipay attracts young earners towards SBI.
  • Privilege Home Loan: This home loan is specially designed for Government Employees. Resident individuals who work in Central or State government are eligible to apply for this home loan. Applicant’s income, repaying capacity, age, assets, liabilities and cost of a proposed house or flat, will determine his loan amount.

Read More – How to transfer money from ATM of one SBI account to another SBI?

  • Realty Home Loan: Realty Home Loan allows dreamers to build their home from scratch. To be more precise, this home loan will enable you to purchase a plot for construction of a dwelling unit. The only criteria are that the construction has to be finished within five years of the loan approval. Applicant’s loan amount can be extended up to 15 crores with flexible repayment of 10 years.
  • Pre-Approved Home Loan: This section of SBI home loan is for those who want confidence while negotiating with the builder or seller. Because when you are well-known about your limitations, you can finalise your property with the belief that, no matter how much it costs, you can get that. Pre-approved loan or PAL will be based on the income details of the applicant. A non-refundable processing fee will be charged while loan sanctioning.
  • Shaurya Home Loan: SBI took this step to serve those who serve the nation. Yes, SBI Shaurya Home Loan is for army and defence personnel. They will receive benefits like reduced interest rates, easy repayment options and the extended repayment period. And these benefits will only be provided to the defence employee applicants.
  • Home Top Up Loan: Top up loan is for those who need further funding over their existing home loan. The interest rate of the top-up loan is much lower than the other personal loan interest rates.
  • Bridge Home Loan: Bridge home loan allows you to upgrade your home to a bigger house or a better location by selling their existing home. Homeowners may face a lack of money while they are planning the upgrade. Some specifically face the problem in between selling the old house and purchasing a new one. Bridge home loan allows customers to manage this shortfall of funds comfortably.
  • Apart from the above sections of SBI home loan, there are more home loan varieties are available like,
  • Commercial Real estate Home Loan
  • Smart Home Top-up loan
  • Insta Home Top-up Loan
  • Corporate Home Loan
  • Reverse Mortgage Loan
  • Loan against property
  • SBI Green Home Loan

Balance Transfer Of Home Loans:

This fantastic facility allows transferring your home loan from Scheduled Commercial Bank to Private/Foreign Banks or Housing Finance Companies. The applicants have to fulfil the eligibility criteria for availing home loan as per Bank’s instructions and satisfying interest and instalment of the existing loan regularly.

Read More – How to Calculate the EMI of Housing Loan?

Conclusion

If you are not intended to spend all your personal financing in buying a property that can entirely make sense. You should instead take support through a home loan. Because your personal funding may be needed somewhere else for better returns.

And SBI home loan provides you with impressive facilities with flexible repayment. Till today, they satisfied many families when they needed funds to get their dream home. And overall, you will not find a more trustworthy loan provider.

Author: Naveen E

This is E.Naveen Kumar full time Content Writer, SEO, Digital marketing Expert, founder of financesrule.com. Really enjoying playing cricket at free times. Being a Btech Graduation from Computer Science stream Selected full-time blogging as my Profession.

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