SBI or State Bank of India home loans are one of the most trusted banking products in India. The home loan by SBI can be provided to anyone with good income and good credit history. The minimum at the date of sanction of loan should be 18 years and maximum age at the maturity of the loan should be 70 years.
The loan amount to be granted by bank is decided on the basis of various factors such as your income, your spouse’s income, rent you are currently paying for home and some other bank policies. For upto Rs. 20 lakhs bank provides upto 90% of the value of the property you want to buy as the loan amount and above Rs. 20 lakhs the loan amount will be upto 80% of the value of the property you want to buy. The maximum of repayment tenure for the home loan is 30 years.
For a loan amount of Rs. 25 lakhs processing fees is 0.25% of the total loan amount with minimum of Rs. 1000, from Rs. 25 lakhs to 75 lakhs, Rs. 6500 will be charged as processing fees and above Rs. 75 lakhs Rs. 10, 000 will be charged as processing fees. The current rate of interest on home loan is floating only and it is in the range of 10.75% to 11.25%.