Govt employees alert! These two SBI home loan schemes come with low EMIs, cheap interest rate, zero processing fee

SBI Home Loan Schemes: 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 individual's checklist of dreams, one most likely includes a house of their own. But this time, it would be government employees, where the largest lender has brought in a bundle of good news. In fact, SBI has two best home loan schemes for government employees, where they can enjoy cheap EMIs, low-interest rates, zero processing fees and many other benefits. Not only the state, central government employees but also defence and army personnel can enjoy SBI’s home loan benefits. If you are planning to avail home loan, then have a look at these two schemes offered by SBI. 

SBI Privilege Home Loan:

This one is exclusively for government employees. Individuals who are employees of Central or State Government which includes PSBs, PSUs of Central Government and other individuals with pensionable service are eligible to apply for this home loan. 

The loan amount will be determined by taking into consideration factors such as applicant income and repaying capacity, age, assets and liabilities, cost of proposed house/flat etc.

SBI Shaurya Home Loan: 

This one is dedicated to the Army and Defence Personnel of the nation. This special home loan scheme will be only provided to the defence employees.

The SBI Shaurya Home loans will have lower interest rates and other added benefits which will only be provided to the defence employee applicants. Apart from reduced interest rates in the home loan, the defence employees will also have the ease of repayment options and may get longer repayment period of the loaned amount.

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Features and interest rates levied in these two schemes are the same: 

There are two different interest rates provided by SBI: check off and without check off. 

Home loan with check off means that the employer agrees to deduct EMIs from employee's salary and remit the same amount directly to latter's lender (bank). 

Without check off facility in home loan is normal one where you can go to your bank and opt for home loan on your cost. 

Women interest rates are similar in both SBI's check off and without check off faciltiy, whereas there is 5 basis point higher rate provided by the lender on home loans for without check off facility to others category. Hence, check off facility is much better to opt.

Additionally, there is an interest concession for women borrowers and check off home loan. 

Also, there is a zero processing fee and no hidden pre-payment charges penalty is levied in this home loan. 

In case of home loan interest rates, SBI offers between 8.75% - 8.85% interest rate to women on home loan above Rs 10 lakh but up till Rs 30 lakhs. Then, there is 8.90% - 9% interest rate chargeable on loan between Rs 30 lakhs to Rs 75 lakhs, whereas a rate of 9% to 9.10% is levied on loan above Rs 75 lakh but up to Rs 50 crores. These rates are applicable in both check off and without check-off option for women.

In the case of other categories, the interest rate is similar to women under check-off category. However, there is 5 basis point rise in interest rate on home loans for without check off facility. 

Documents to apply for this loan are - employer identity card, PAN card, passport, driver's licences or voter id card and address proof.