Some Good Reasons to Avail
SBI Privilege Home Loan This Time

In India, the SBI Group is the first company to offer a home loan with a fixed rate of interest. This makes it easier for the people who are financially constrained to own their own homes.

Introduction: What is the SBI Privilege Home Loan?

The SBI Privilege Home Loan is a new home loan product from the State Bank of India. It offers several features that make it stand out from the competition including an easy-to-use online application process, affordability and flexible payment options. The SBI Privilege Home Loan also has a lower interest rate than most other competitors.

The SBI privilege home loan is one of the cheapest home loans that are available in India. This home loan does not charge processing fees for the mandatory document such as Income certificate, PAN card, Aadhaar card and a few more. This can make a huge difference in the total cost of your home loan. Get in touch with us to know more.

Why choose SBI Privilege Home Loan

SBI Privilege Home Loan offers a variety of benefits to its customers. It has a low-interest rate, which is the lowest in the market. This can help you save more money on your monthly repayments. It also has an easy repayment option and flexible tenure options, which means that it can be customized to suit your needs.

SBI Privilege Home Loan Highlights 2022
Interest rates	8.05% p.a. onwards
Loan amount	Based on customer profile
Loan tenure	Up to 30 years
Processing fee	NIL

Interest Rates on SBI Privilege Home Loan

The SBI Group offers a home loan scheme which has an interest rate that remains fixed at 9% per annum throughout the repayment duration. SBI Privilege Home Loan is a pioneering financial product that has been launched by SBI Financial Services. The interest rates start at 5.40% and go up to 8.85%. Contact us to know more about interest rates.

Key points are:

The interest rate on SBI Privilege Home Loan is a fixed rate of 8.90% per annum.
The interest rates on SBI Privilege Home Loan are quite attractive and the tenure is also flexible.

SBI Privilege Home Loan Interest Rates

You can use our EMI calculator to get precise interest rates.

Term Loan Interest Rates

CIBIL Score	Interest Rates (p.a.)
>= 800	8.05%
750-799	8.15%
700-749	8.25%
650-699	8.35%
550-649	8.55%
NTC/No CIBIL Score/-1	8.25%

What are the Advantages of an SBI Privilege Home Loan?

There are many advantages with the SBI Privilege Home Loan that provides borrowers with higher value, such as:

Concession on interest for women borrowers-Women borrowers are more likely to be charged higher interest rates than men for the same loan. A study conducted by the European Central Bank finds that women are charged higher interest rates on loans despite being less likely to default. The study found that women were charged an average of 14% more than men, with a maximum of over 100%.
Repayment tenure of up to 30 years- Loan tenure is a term that defines the duration of a loan. The repayment tenure for a personal loan is usually up to 30 years. A 30-year loan is designed for borrowers who need more time to pay off their debt. Interest rates are usually lower than shorter-term loans, and borrowers are not charged any fees.
No penalty for pre-payment-The SBI Privilege Home Loan offers 4 different repayment schemes to suit your needs and budget. The scheme that we should be talking about is the Fixed Repayment Plan (FRP) with a pre-payment penalty waiver.

The FRP with a pre-payment penalty waiver offers borrowers the flexibility of paying off their home loan anytime without incurring a pre-payment charge. The borrower has to pay 1% of the outstanding amount every year as a maintenance charge, which is ongoing and not waived under this plan.

No processing fees-No processing fees on mandatory documents in SBI privilege home loans ensures that the customer will have to make fewer trips to the bank and it saves time as well. Some people are worried about processing fees because they are hidden costs but it’s just not true with this product!
No hidden charges-Save your hard-earned money as SBI privileges home loans and offers no hidden charges for the customers. There are a lot of advantages of this home loan which one can avail of. These benefits include absolutely zero processing fees, no house property inspection charges, no pre-payment penalty etc.
Lower interest rates-The SBI has announced that it will be reducing the interest rates on its privileged home loan. The new interest rate is 8.99%.
Daily reducing balance on interest charges –Daily reducing balance is a financial term used to describe the process of paying down debt by making payments larger than the previous payment. The idea is that if you make smaller payments, it will take you longer to pay off your debt.

How to Apply for an SBI Privilege Home Loan Online?

The SBI Privilege Home Loan is a residential loan product offered by the State Bank of India. The loan is available for both salaried and self-employed individuals and can be applied online. Know how to apply for home loan online by visiting our page.

How to apply:

To apply for an SBI Privilege Home Loan Online, the applicant needs to complete the application form which is available on the website. Know how to apply here.
Once done, he/she needs to upload scanned copies of all required documents, identity proofs and address proofs along with the form.
Once these are uploaded, the applicant will be required to submit a digital signature using his/her Aadhaar number or other government-issued ID numbers.
After this, he/she will need to make an online payment of a non-refundable processing fee which varies from Rs 1000 to Rs 2000 depending on the type of visa.
After the payment is made, he/she will need to submit an application form and a scanned copy of the passport.
The applicant will also need to upload a photo with his/her Visa Application form as well as pay Rs 25 extra for each additional visa applicant.
Additional fees are not required for those who have already submitted their Visa Applications.

Conclusion

The SBI privilege home loan is a loan that is specially designed as an affordable housing loan. It’s not only affordable, but it also helps borrowers to repay their loans faster than before. If you’re looking for a mortgage to buy your own house, the SBI Privilege Home Loan might be the right one for you. The benefits of this product are many and they will surely help you get what you want: an affordable mortgage with a fixed rate that allows the borrower to repay it faster than before.

Some Good Reasons to Avail SBI Privilege Home Loan This Time