Let us first quickly go through features of SBI Home Loans:
- Loan Amount: You can borrow loan up to Rs. 30 crores for purchase of your home which can be a bungalow, villa, flat or even a land on which you wish to construct your home.
- Interest Rate: The interest rates that are charged by SBI are of two types i.e. Fixed and Floating rate of interest. Fixed rates of interest remains the same throughout the loan tenure whereas the floating rate of Interest changes with the change in the MCLR rates or the base rate based on which the floating rate of interest is determined. The fixed rate if interest charged by SBI for purchase of a home is 8.50% to 9.10% per annum whereas the floating rate of interest charged by SBI for purchase of a home ranges between 8.35% to 9.10% p.a.
- Loan Tenure: The maximum loan tenure for which you can borrow a home loan is 360 months and pay smaller EMIs towards the home loan.
- Processing Fee: The processing fee that is charged for processing your loan is Rs.11,500/-
- Fore-closure Charges: The bank does not levy any fore-closure charge on a pre-mature closure of your loan account which means you can close your home loan deal by making a prepayment without bearing any additional charge towards it.
Once you have known the features of SBI Home Loan – all you need to do is to determine your EMI. You can determine your EMI by simply following a 3 stepped procedure on Letzbank Home Loan EMI Calculator:
- Step 1: Enter Loan Amount
- Step 2: Enter the Rate of Interest Charged by the bank
- Step 3: Enter the loan tenure
And here’s what you will be able to view:
- Home Loan EMI
- Amount charged towards the rate of interest.
- Loan stages - so that you do a better financial planning throughout the loan tenure.
There are numerous advantages of applying for Home Loan online one of them is 100% on service fee, another advantage is the security from fraud or identity theft. Compare your Home Loan and Apply for SBI Home Loan at Letzbank and enjoy a rent free life.