Based on its turnover and assets, the State Bank of India (SBI) has been accredited to be the largest banking and financial companies in India. Initially, coined as Imperial bank of India by the British India, the government of India nationalized the bank in 1955 by giving it’s a new name, State Bank of India.
State Bank of India is involved providing rage of banking products with it’s an extensive network of branches all over India as well as in overseas for NRIs. The bank added a feather to its cap when Forbes listed it “29th most reputed company in the world”. The Economics Times in its conducted survey in 2010 listed State Bank of India “top 10 brands of India”.
Among various banking products offered by State Bank of India, the SBI home loan has strong market clutch; partly because of high reputation of the bank and partly because of its experience in tackling loan related processing with the support of Indian government. Since this is a government owned bank, people have unquestionable trust over the bank thereby making it the most trustworthy bank in India for housing finance.
SBI home loan can provide you the best of financial assistance for your needs, such as purchasing or constructing a house/flat, purchasing a plot of land for construction purpose, repair/renovation or extension of the existing house etc.
SBI applies interest charge on daily reducing balance. There is no penalty for prepayment, and all the banking products featuring interest rate etc are in public domain. The bank ensures that applicants don’t experience lengthy approval procedure and so, loan is sanctioned within 6 days after submission of required documents. You will also avail personal accident insurance cover up to Rs 40 lacs under SBI home loan scheme. For more features, it is quite advisable to search information from the website of SBI.
The eligibility criteria of state bank of India mean to ensure that the applicants are eligible to avail loans. For this, different things such as proof of age, residence and identity, source of income, repayment capability etc are required.
You should familiar yourself about these criteria by visiting the website of the bank. There are elaborated details and information on the bank’s website that will help you know more about eligibility criteria of SBI housing loan. You will also come to various things including minimum and maximum housing loan amount offered by SBI.
State Bank of India home loan should be treated as an assistance of finance for the purpose of buying/constructing/extending a home. It is also essential to follow the eligibility criteria of the bank so that bank can ensure of you as a genuine home loan applicant.