WHY IS A HOME LOAN FROM THE SBI A BETTER OPTION?

1. WHY IS A HOME LOAN FROM THE SBI A BETTER OPTION?

2. Do you want to buy your dream house? Feeling stressed because of money and is it coming in your way to purchase the house? Well, well, put your problems aside and be ready to purchase your dream house with the help of State Bank of India Home Loans. Buying the own house is a dream of every person and hence, the banks and financial service providers are helping the customers to buy the home with the feature called “Home loan”. There are many banks such as ICICI Bank, HDFC Bank, AXIS Bank, Ratnakar Bank, IDBI Bank, SBI Bank etc. are providing the home loans to the clients. However, the SBI is known as the best bank for providing the home loan in the market. The state bank of India has been rated as the “Most Preferred Home Loan Provider” in the AWAAZ consumer awards. Also, the SBI has been rated as the “Most Preferred Bank Award” as per the survey conducted by the TV 18 which was in association with AC Nielsen Org Marg in across India with the focus of 21 cities.

3. The SBI Bank provides the home loan at the most cost effective rates compared to the other banks, Financial institutions and NBFCs. The SBI provides the interest rate which varies from 8.35% to 8.70% which is the most important feature that attracts the customers towards the bank. The SBI Provides the home loan services under various schemes such as SBI Her Ghar Scheme, SBI Pre approved home loans, SBI privilege home loan, SBI NRI Home loan, SBI Max Gain home loan, SBI Flexi Pay Home loan etc. There are various advantages which have been offered by the SBI bank to the customers. The SBI bank has the lowest processing charge in terms of home loans available in the market. The customer can receive all the needed information related to the home loan from the SBI website such as processing fees, repayment schedule, tenure of the loan, documents required etc. The other important advantage which has been offered by SBI is that the bank does not hold any kind of hidden charges or any kind of administrative charges. However, there are many other banks in the marker who charge such hidden amount or administrative costs to the home loan account of the client. But, the SBI bank strongly believes in maintaining the transparency and trust of the customers and hence they follow the clearly mentioned process.

4. The State Bank of India specially has come up with home loan for women provided at reduced interest rate under the scheme of “Her Ghar”. The bank provides the home loan for women at a very concessional interest rate in comparison with other banks or financial institutions pertaining in the market. The bank provides the loan to women on affordable interest rates that are at 9.40%. The women applicants have to meet the criteria such as woman should be either sole applicant or one of the applicants while applying for the home loan. Apart, the woman either should be the sole owner of the property or the co-owner of the property which has been financed by the bank. The various interest rates and repayment schedule have been clearly mentioned on the website. Also, the bank has mentioned the monthly instalment calculator on the website, with the help of which, the client can easily calculate the loan amount according to the rate of interest, monthly instalments and the duration of the loan. The customer can easily and appropriately plan the monthly budget with the help of the EMI Calculator.

5. There are various documents which have been asked by the bank and the list of which has been clearly mentioned on the website. The documents required are the passport size photographs, Identity proof (such as PAN Card, Adhar Card, License), residence proof, Bank statements (Past 6 months), Form 16, Personal liabilities and asset statements etc. for the salaried person, the bank asks for the documents such as salary slip or salary certificate or TDS certificate etc. if the person is self-employed then, the bank asks for the Income Tax returns and the photocopies of Chalaans which provides the evidence of the Advance I.T. The bank provides the home loan on the various rates such as floating interest rates and fixed interest rates. Hence, the customer can chose the interest rate which is affordable and convenient to you. Also, the bank gives the facility to charge interest on the reducing balance on daily basis.

6. The State bank of India is having the branches all over the country including cities, towns and villages. The bank is having around 15,969 branches across the nation and hence the same is easily accessible to the customers. The state bank of India is one of the banks which are spread widely across the nation and hence even a common villager can go and avail the banking services such as home loan. Also, the 24/7 helpline of the bank provides the assistance to the customers and help them to understand the various information regarding the facilities, offers, benefits etc. Even, there are the various email ids on which the customer can mention the grievances or ask for the detailed information. Hence, the state bank of India ensures that the customer should be provided the timely assistance and thus the authorities ensure the customer satisfaction. In the year 2017, the state bank of India took an initiative and reduced the interest charges of the home loan. Looking at the same, the other banks of the country also followed the practice and reduced the interest rate for the home loan, which has been proven as a great advantage for the customers. The SBI has also been taking the initiatives to provide the good deal of loans to employ and unemployed women, which a strong and concrete step towards the women empowerment supports.

7. Thus, all these different features make the SBI Bank unique and best among other banks or financial institutions. Hence, SBI is always preferred in compare to other options to avail the service whether the same is home loan or any other services.