HOME LOAN PRODUCT VARIANTS

A)SBI Max Gain (HOME LOAN AS AN OVERDRAFT)
-An innovative and customer-friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.
-The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your SB or Current Account.
-The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposit/ investment avenues.

Minimum Loan Amount: Rs.5 lacs

B)SBI Freedom
-A revolutionary product designed for customers who are on the look out for a source of finance for a property they want to invest in without mortgaging the same. All you have to do is pledge any financial security that you have and you will get a Home Loan for your dream home.
-A must-take for those who do not want to pay stamp duty for mortgage of their property or go through the hassles of creation of mortgage.
-You also have an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.
-Repayment is highly customized, giving you the option to repay through regular EMIs or through maturity proceeds of the securities pledged.

C)SBI Realty (HOME LOANS FOR PURCHASE OF PLOT OF LAND FOR THE PURPOSE OF CONSTRUCTION OF A DWELLING UNIT)
-A unique product if you are on the lookout for a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.1 crore* and with a comfortable repayment period of upto 15 years.
-Margin requirement for SBI Realty
Less than Rs. 75 Lacs is 20% of Project Cost
Rs.75Lacs – Rs.1 Crore is 25% of Project Cost
Above Rs.1 Crore is 25% for Loan amount upto Rs.1 Crore + 50% for loan in excess of Rs.1 crore
For e.g. If project cost is 2.5 crores the margin would be calculated as – 25% of cost of property at loan amount Rs.1 Crore + 50% of rest of the project cost, i.e 25% of Rs.1.33 Cores + 50% of Rs.1.17 crores = Rs.88.75 Lacs
-Customers are also eligible to avail another Housing Loan for construction of house on the plot financed above with the benefit of running both the loans concurrently. (House construction should commence within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan)

(Other terms and conditions – as applicable to regular Home Loans)

D)SBI Flexi (HOME LOANS WITH A COMBINATION OF FIXED AND FLOATING INTEREST RATES)
-Home Loans with an option to choose a combination of floating interest rate and fixed interest rate, in a pre determined ratio.
-Minimum Loan Amount Rs.5.00 lacs.
-A customized product designed to enable borrowers to hedge their Home Loan against unfavourable movement in interest rates. The product gives you a onetime irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.

E)NRI Home Loans (HOME LOANS TO NON RESIDENT INDIANS (NRIs) AND PERSONS OF INDIAN ORIGIN (PIOs HOLDING A FOREIGN PASSPORT))

Eligibility
Individual(s) over 18years of age with a steady source of income who
-Are Non Resident Indians (NRIs) holding a valid Indian passport.
-Are persons of Indian origin(PIOs) holding a foreign passport.
-Minimum employment tenure in India/abroad not less than 2 years.

Loan Amount – The loan amount is to be determined on the basis of repayment capacity taking into account income, age, assets and liabilities, qualifications, stability of occupation, and employment prospects on return. The loan amount is subject to the following : –
Minimum: Rs. 3 lacs
Maximum: Maximum permissible loan amount would be determined by EMI/NMI ratio criteria as applicable to regular Home Loans scheme for Resident Indian customers, which is 40% for Net Annual Income (NAI) upto Rs.2 Lac, 50% for NAI above Rs..2 Lac and upto Rs.5 Lac, 55% for NAI above Rs.5 Lacs.

F)SBI Optima
Innovative and value added products extended to existing Home loan borrowers with a satisfactory repayment record of 3 years and whose loan is Standard Asset, with a view to reinforce the customer loyalty and to maintain long term relationship with the borrowers. In case of take-over of Home Loans from other Banks/HFCs, the borrower should have fulfilled the above conditions with the present Bank/HFC.

G)SBI Tribal Plus (SPECIAL HOME LOAN SCHEME FOR HILLY/TRIBAL AREAS)

‘SBI-Tribal Plus’ Home Loans, a Special Scheme designed for Hill/Tribal areas for extending financial assistance to individuals in such areas to :

- Purchase or construction of a new house / flat (without mortgage of land)
- Purchase of an existing (old) house / flat which is not more than 10 years old (In such cases, valuation report from our empanelled valuer and a certificate on the condition of the house to be given by a structural engineer or Govt. approved architect should be taken);
- Repair /Renovation/extension of an existing house or flat.

H)Gram Niwas (HOME LOANS TO FARMING AND POOREST OF THE POOR IN RURAL AREAS)
The Scheme covers all rural and sEMI-urban centres. “Rural Area” for the purpose of the Scheme is the area comprised in any village including the area comprised in any town, the population of which does not exceed 50000 as per 2001 census.The scheme seeks to provide home loans to farming and poorest of the poor in rural areas for the purpose of purchase or construction of a house, repairs and renovation, purchase of plot for the purpose of construction of a house/shed etc.

I)Sahyog Niwas (RURAL HOME LOANS TO SELF HELP GROUPS)
The Sahyog Niwas scheme has been instituted to finance the self help groups with a good track of payment record for 2 years, for on lending to members for housing in rural areas, covering the following purposes.

- For the purchase or construction of a house exclusively or including the housing needs of activities carried by them. ( Dairy shed, tailoring shed/shop, grocery stores etc.)
- For the renovation or repair of an existing house / shed
- For the purchase of a plot of land for the purpose of house construction.
- For the extension of existing house / work space to existing house / shed.

J)SBI Happy Home Loans (HOME LOANS AT 8% P.A)
The SBI Happy Home Loans scheme enables the genuine needy buyers to buy dwelling units by freezing interest rate at 8% p.a. for a period of one year from the date of disbursement on new Home Loans including SBI Special Home Loans scheme.

K)SBI Green Home Loan
State Bank of India has adopted a Green Banking Policy with an objective of contributing towards the fight against the adverse climate change. One of the initiatives approved by the Board for this purpose is incentivizing customers who go in for Green Projects, i.e. those projects which reduce Carbon Emissions and promote Renewable Energy. “Green Housing” or “Green Home” is one of the types of projects identified for this purpose.

At present State Bank of India the only Bank in the country supporting the cause of Green Buildings by offering a 5% concession in margin, 0.25% concession in interest rate and waiver of processing fees, on the existing home loan products to customers who go in for Green Projects.