State Bank of Hyderabad issues Home loans to suit the needs and requirements of all and sundry. Given below are the details of the SBH Home Loans
This loan is ideal for those who wish to buy or construct a new house. This home loan in provided to applicants in case they plan to purchase a newly built or a resale house. The Home loan can be availed either by a single applicant or by two or more applicants jointly. This loan can also be used for the renovation and refurbishing an existing house or flat.
Repayment of SBH Home Loan
Repayment of the State Bank of Hyderabad Home Loan may take place as follows:
For salaried individuals –
Check off facility – in which the employer will take responsibility to credit the salary to the borrower’s account at the branch from which the EMI will be deducted.
Post Dated Cheques (PDCs) for the repayment period or ECS (Electronic Clearing Services) or Standing instructions on the salary account maintained with the bank.
For non-salaried individuals-
Post-dated cheques for the repayment
ECS (Electronic Clearing Services)
SBH Home Cash
State Bank of Hyderabad Home Cash is a top-up home loan which is provided to individuals who have availed of a home loan from State bank of Hyderabad. The loan has many attractive features which are mentioned below:
- The loan is like a personal loan which is multi-purpose in nature and can be used for any activities as long as they are not speculative
- The loan can be taken either in the form of a term loan or in the form of an overdraft facility.
- Existing home loan borrowers who have availed of the State bank of Hyderabad Home Loan can avail of this top-up loan scheme. Such borrowers should have a clear track record of loan repayments without any default
- A minimum of Rs.50, 000 and a maximum of Rs.10 lakhs can be taken as a loan under this housing loan scheme
- The permissible amount of loan which is actually granted to individuals within the aforementioned minimum and maximum limit is restricted to 75% of the current market value of the house property for which the home loan is taken less the outstanding balance in the home loan account
- The loan would also attract a processing fee which would be 0.50% of the amount of home loans sanctioned subject to a minimum of Rs.1000 and a maximum of Rs.10, 000
- The top-up loan availed should be repaid within a maximum loan tenure of 120 months or before the borrower attains 70 years of age whichever is earlier
- As a security requirement, an extension of the mortgage on the residential property which has been already mortgaged for the home loan would be done
- If the loan is taken as a term loan, the rate of interest charged on the loan would be 5 basis points over the existing Base Rate which is currently at 10.10% per annum. This rate would be charged irrespective of the home loan amount availed. If the loan is taken as an overdraft facility, the interest rate would be 30 basis points over the existing Base Rate which comes to 10.35% per annum. This rate is also independent of the amount of loan availed.
SBH NRI Home loan –NRIs can also apply for State bank of Hyderabad home loans as the bank also extends the facility of SBH housing loans schemes to NRIs for construction or purchase of a house or for buying a plot of land for building a house thereon. A minimum amount of Rs.3 lakhs and a maximum amount equivalent to 48 times the net monthly income or 4 times the net annual income is given as loan. The capability of SBH home loan transfer for taking over existing home loans from other banks is also available under the SBH housing loans scheme of the bank. The property which is funded from the loan is required to be mortgaged for the loan scheme. The loan is issued at a margin of 15% for loan amounts valuing up to Rs.20 lakhs. For amounts higher than this level, the margin is 20%. There is a moratorium period of 36 months and the loan repayment tenure can be taken for up to 30 years or before the borrower attains 70 years of age.