Borrowers Alert! You can save big on your home loan EMIs; this is what SBI's Balance Transfer offers you

The State Bank of India (SBI) has been introducing various benefits to its customers in regards to their loans especially home loans. In almost every individuals checklist of dreams, one most likely includes a house of their own.Having a home loan is better because it comes with long tenures exceeding even 10 years. This allows you to make a proper plan for your repayment of debt in an appropriate manner. But did you know this largest lender SBI allows you to save big on your home loans and hence your monthly EMIs. Yes its quite true, there is an SBI balance transfer of home loan service offered by the bank where you can transfer your loan from other banks to enjoy low interest rates, zero processing fees and major tenure at this lender.

SBI offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking.

This is subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. 

The borrower should have valid documents evidencing the title to the house/flat.

Interest rates offered by SBI to government employees are mentioned below:

Features of SBI Privilege Home loans are: 

• Low Interest Rates
• Zero Processing Fee
• No Hidden Charges
• No Pre Payment Penalty
• Interest charges on Daily Reducing Balance
• Repayment up to 30 years
• Interest Concession for Women Borrowers
• Interest Concession in case Check Off is provided

Eligibility: 

Resident Type: Resident Indian
Minimum Age: 18 years
Maximum Age: 75 years
Loan Tenure: up to 30 years.

Home loans are given depending upon your age, your salary status, your  capability of repayment and background checks of previous loans. If your credit score is very good then getting an home loan is very easy as your bank is assured that you are trustworthy and capable enough to repay your debt.