Finance

SBI Home Loan – Tips to Avail SBI Housing Loan in India

Homebuyers are always on the lookout for plans with an expandable tenure and reasonable interest rates. There are various banks in this country that offer home loans with the stated features. SBI is among the leading banks offering home loans. The SBI home loan comes in a wide range and with alluring features.

SBI has been able to earn the trust of thousands of people with its easy loan approval process and an active support team. Another reason behind the popularity is the affordable SBI Home Loan Interest Rates being affordable. If you are planning to avail an SBI loan, here are a few tips to help you out.

Maintain a good CIBIL score

A good CIBIL score is the key to availing any loan. When you apply for an SBI home loan, the bank makes a credit check at the Credit Information Bureau.  A high score indicates a good credit history. It shows that you are capable of paying your debts and hence are creditworthy. A low credit score, on the contrary, indicates the opposite. If you have a high CIBIL score, you are good to go. However, if you have a low score, try to rectify that. Paying off any existing debts will help.

Keep the age criteria in mind

SBI offers several home loans and each has its own age criteria. Your age will decide the kind of plans you can avail. Below goes the list of different plans along with the age requirement.

Loan Eligibility Criteria
SBI MCLR Linked Home Loan Eligibility Between 18-70 years
SBI RLLR Linked Home Loan Eligibility Between 18-70 years
SBI NRI Home Loan Eligibility Between 18-60 years
SBI Flexipay Home Loan Eligibility Between 21-45 years to apply for the loan and up to 70 years for repayment
SBI Privilege Home Loan Eligibility Between 18-75 years
SBI Shaurya Home Loan Eligibility Between 18-75 years
SBI Realty Home Loan Eligibility Between 18-65 years
SBI Top Up Loan Between 18-70 years
SBI Bridge Loan Between 18-70 years
SBI Smart Home Top Up Loan Eligibility Between 18-70 years
SBI Tribal Plus Eligibility Between 21-60 years
SBI Earnest Money Deposit Eligibility Minimum 21 years
SBI CRE Home Loan Eligibility Between 18-70 years

Pay a higher down payment

It is always beneficial to pay a higher down payment. It will reduce the actual loan amount and consequently, the repayment amount. This will help you to pay off your loan more easily.

Opt for a joint loan

It is always wise to add a co-applicant for your home loan. This will not only help you to pay your EMIs on time but will also ease your burden. While doing so it is important to remember that the bank will also check the CIBILscore of the co-applicant. He/she should also have a genuine income. This wise pick can bolster your loan eligibility and is best if you have a low credit score.

Keep the documents ready

You should keep all the required documents ready when you apply for the loan. Your loan application will be rejected in the absence of the required documents. This will also prove to be a time-saver for you while filling up your loan application form.

A steady source of income helps

SBI Home Loan plans are available to both salaried individuals and those who are running a business. But there is a catch! Salaried individuals are their first preference. But even in that case, SBI gives more preference to those who are employed in an established company than those who work in startups unheard of. The reason is obvious, a salaried person working in an established firm will have a fixed and regular salary. This means they are more reliable to pay their interest on time. It is also important to note that SBI tends to give loans to those who have been working in specific firms for years. It might get difficult to procure a loan for those who do not have a stable job or business.

Select an SBI home loan plan that suits your requirement and budget. Keep the aforementioned factors under consideration while you make the application. If the said factors are in place, you are all set to get your SBI home loan!

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