State Bank of India offers Home Loan up to ₹ 1 crore at very competative interest rate 8.35*% (for Women) and 8.45% (for others) with no prepayment penalties, tax benefit, around 15,969 branches all over India & more.
What to do if you can not Pay the home loan installment?
If you have taken a home loan, it is important to deposit an EMI on the due date. Many times it is missed in depositing the EMI. This can happen for many reasons. It may be that you do not have enough money left in your account on the due date. It may also be that you have forgotten to put the EMI installment in your bank account. For any reason, there is a big loss on account of default in depositing an EMI. Understand it with an example.
The monthly installment of Rakesh Awasthi’s home loan, which works in a private firm, has been bounced. They did not get salaries in time, so they could not fill the monthly installment of the house. Typically, if the loan is not deposited at the time of installment, many types of charges are charged. The bank where you have a bank account, charges the charge, while the financial institution financing the loan also imposes a penalty.
If you have taken the loan from the government bank and the loan installment is also going on from the account of the government bank, then after a monthly installment bounced you may have to pay a penalty of up to 500 rupees. If the financial institution giving loan is of the private sector and your bank account is also in the private bank, then the penalty amount can go up to Rs 1000 if one installs bounced.
The bank lends only 75-85% of the value of the home, the balance is paid by itself. On the other hand, the advantage is that you will have to pay very few EMIs every month, interest rates will decrease, and soon there will be loan approval soon.
To complete the process of obtaining home loan, you can go to the nearest branch of the bank and meet with the bank representative who will help you complete your loan process. To get the loan, fill out the application form and submit it along with all the documents. When you submit a Home Loan Application, you will have to pay the processing fee which can be 0.25% to 1% in different banks.
|IMPORTANT INFORMATION||Rates, Fees & Charges|
|Loan Amount||up to Rs 10 crore|
|Interest Rate||8.35% to 8.45%|
|Processing Fee||Zero Processing Fees|
|Partial Pre-Payment Charges||NIL|
|Repayment Tenure||up to 30 years|
|Number of Branches||15969|
|SBI Helpline Number||1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080-26599990.|
SBI HOME LOAN EMI CALCULATOR JANUARY 2019
Factors to consider while choosing your home loan
- Interest Rate
- Loan Tenore
- Interest Type – Fixed or Floating
- Processing Fees
- Loan Prepayment Terms
- Quantam of Loan
- Penalty for Late Payment
- Loan Agreement
- Loan Approval Process
- Terms and Conditions
- Tax Benefits
- Home Loan Transfer Process