What are all Types of SBI Home Loan?

I am glad that I belong to one of the pre-selected home loan customers. That is why I was able to get the home to-up from SBI. However, during my last visit to the bank, I came to learn about all the types of home loan in SBI from the chart displayed on their bank. All of them are different from one another and thus have different interest rates. There are about 10 different types of home loan in SBI. I noted them so can share those with you all here.

What are the Home Loan Types in SBI?

The different types of home loans you can avail in SBI are:

• SBI Regular Home Loan

• SBI Home Loan to Employees of Kerala Government scheme

• SBI CRE Home Loan

• SBI Privilege Home Loan and Shaurya Home Loan

• SBI Tribal Plus Scheme

• SBI Realty Home Loan (For first 5 years)

• SBI Smart Home Top Up Loan

• SBI Earnest Money Deposit (EMD) Scheme

• SBI Home Top Up Loan

• SBI Bridge Loan

• SBI YONO Insta Home Top Up Loan (Rs. 1 Lakh to Rs. 5 Lakhs)

I do not remember all of their interest rates, but they range from 8.40% to 10.05%. The minimum credit score required here is also 550 or higher. I hope you found this answer helpful.

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I was planning to buy an apartment in Bangalore. However, to finance I was considering opting for a home loan. Opting for the right Home Loan is also just as imperative. There are various types of home loan in India, and specifically there are several SBI home loan types to choose from.

What are all types of SBI home loan?

The different types of SBI home loans are as follows;

• Regular home loan:

SBI regular home loan can be used to build a home, extend an existing home, buy a pre-owned home, or for any other type of repair or renovation.

1. 30 years repayment tenure

2. Zero Prepayment charges.

• NRI Home Loan:

This home loan is designed for non-resident Indians who want to invest in real estate. From a financial standpoint, it makes more sense to use a home loan than to use personal financing to buy a property.

1. Low processing fee.

2. Repayment tenure up to 30 years

3. Zero prepayment penalty

• Realty home loan:

It aids with the acquisition of the land on which your house will be built. Construction should start within five years after the loan is approved.

1. Avail maximum Rs. 15 Crores as loan amount

2. No prepayment charges

3. Indian residents aged between 18 to 65 years can apply

• Pre approved home loan:

Before choosing a property, your home loan limits are approved. This makes it easier for you to conduct negotiations with the buyer or seller.

1. Repayment up to 30 years.

2. Interest concession for women borrowers.

• Balance Transfer of Home Loan:

Borrowers have the option to transfer Home Loans from scheduled commercial banks, private as well as international banks, and housing financing firms that are registered with the National Housing Bank.

1. Home loan available as Overdraft.

• Privilege home loan:

Government workers in particular are the target audience for this loan. This includes PSUs, PSBs of the Central Government, State Government employees, and other people who have the advantage of pensionable service.

• Shaurya Home Loan:

All army and military employees are eligible for this loan. It has many advantages and offers lower interest rates.

1. Home Loan only for Defence and Army personnel at competitive rate.

2. Extended loan tenure of up to 30 years.

3. Zero processing fee

• Flexipay home loan:

This housing loan gratifies salaried individuals. In addition to giving you the convenience of paying only interest during the pre-EMI period, it offers borrowers a bigger loan amount. Then you must make regulated EMI (Equated Monthly Instalments) payments.

1. 20% higher eligibility for loan amount.

2. Up to 30 years repayment tenure

• Home top up loan:

Customers can benefit from this loan by borrowing a certain sum in addition to the amount of their home loan. The use of this loan is advantageous for borrowers who require more funding.

1. Tenure up to 30 years

2. No prepayment charges

3. Indian residents aged between 18 to 70 years can apply

• Tribal Plus:

This loan is specifically made for people who reside in tribal or hilly areas and need money to buy or build a new flat or house. The prospective home must be more than ten years old.

1. Loan amount available up to Rs. 10 Lakhs

2. Repayment tenure up to 15 years

3. Interest rate concession for women borrowers

4. No prepayment penalty

5. Resident Indians aged above 21 years can apply

• CRE (Commercial Real Estate) Home Loan:

These loans are useful for people who own two or more homes and need money for their next real estate purchase. The maximum number of homes, plots, or apartments is three, so please be aware of this.

1. Flexibility to avail up to 3 Home Loans.

2. Resident Indians aged above 18 years can apply

3. Repayment tenure up to 30 years

• Home loan overdraft facility:

A home loan approved as an overdraft is SBI MaxGain. It has a cap that matches the loan amount that has been approved. Your home serves as the primary security for the overdraft amount in this instance.

I hope this list suffices for your query about the several SBI home loan types. I hope this helps:)

Read More:

I wanted to avail a home loan from SBI to buy a new house last month but did not quite know much about the eligibility criteria. I asked the officials about it, and that is when I learned from them about the different types of SBI home loan. I used to believe there is only one home loan available in SBI but no. There are several SBI home loan types, so you have to decide which one you want to avail of first and then know about the requirements. Since now I know the several types of home available in SBI, let me share them here.

What are the different types of home loans available in SBI?

The different types of home loans available at SBI are-

This chart should have answered the query- what are all types of SBI home loan. 

The eligibility criteria are different for different types of home loans. But the basic set of rules that the applicant needs to follow is-

• The applicant must be a resident of India. 

• The applicant must have an income of Rs 15,000 per month or above.

• The minimum income of the co-applicant must be Rs 10,000 or above.

• The applicant must be between 18 and 70 years old.

I would, however, ask you to ask the bank officials about the interest rate, criteria, and other details of the loan. If you have more to add to this chart or to the SBI home loan types, please do it here so that we all can know.