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SBI Home Loan: Check State Bank of India Holiday Season Benefits; see how to apply, check the full process here


SBI Real Estate Loan Via YONO: As the holiday season approaches, customers of the State Bank of India (SBI) have good reason to rejoice despite the ongoing COVID-19 pandemic. The country’s largest public sector bank has implemented a number of home loan benefits that buyers can take advantage of. In case of questions, interested customers can log on to homeloans.sbi.

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SBI offers home loans tied to the credit score at just 6.70% regardless of the loan amount. Previously, a borrower with a loan greater than Rs 75 lakh had to pay an interest rate of 7.15%.

With the introduction of festive offers, a borrower can now qualify for a home loan for any amount at a rate as low as 6.70%. The offer results in a saving of 45 basis points, which translates into a huge interest savings of over Rs 8 lakh, for a loan of Rs 75 lakh with a term of 30 years.

In addition, the interest rate applicable to a self-employed borrower was 15 basis points higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried borrower and a non-salaried borrower.

From now on, no interest premium linked to occupancy is charged to potential borrowers of mortgage loans. This would lead to a new interest saving of 15 basis points for non-salaried borrowers.

In a tweet from SBI’s official Twitter account, the bank said: “Kickstart your celebrations this holiday season with SBI Home Loan and enjoy the exciting benefits on YONO SBI. Learn more and apply now: homeloans.sbi.” It should also be noted that the SBI offers real estate loans this holiday season without administration fees.

Now an SBI client can apply for home loans through the SBI YONO app by following a few simple steps. They are as follows:

Step 1: Customers will need to connect with the SBI YONO app

2nd step: Customers will need to click on the Hamburger menu

Step 3: Now customers will have to visit the loans menu and click on the home loan option

Step 4: The user will need to do a quick eligibility check by providing the date of birth

Step 5: The client will now need to enter the source of income, monthly net income and details of any other loan

Step 6: You must now check the amount of the eligible loan and then proceed

Step 7: The customer will now have to fill in the details and click on submit

Step 8: The client will shortly receive a call from an SBI executive

For more details and in case of questions, potential buyers can log on to homeloans.sbi.

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