Everyone dreams of buying their own home, and home loans play an important role in fulfilling it. The country’s largest public sector bank, State Bank of India (SBI), has come up with a special and attractive home loan scheme for salaried employees- SBI Flexipay Home Loan.
Under this scheme, the borrower gets many great benefits, the most important of which is the facility to get a home loan of 20 percent more than his loan capacity. That is, if you are looking for a higher loan amount and want your EMI to be low in the initial phase, then this scheme is for you.
Amazing benefits of SBI Flexipay Home Loan
SBI Flexipay Home Loan is designed keeping in mind the needs of salaried employees. In this, you get many unique benefits that make it different from other home loan options. SBI claims that this scheme charges low processing fees, which reduces your initial cost. There are no hidden charges levied, giving you complete transparency and no unexpected expenses. If you pay part or all of your loan on time, you will not have to pay any prepayment penalty. This gives you the freedom to repay the loan faster when your financial situation improves.
This is the biggest highlight of this scheme. You can get a loan amount 20 percent higher than your normal loan repayment capacity. This is great for those who need more funds. You can repay this loan over a longer period of up to 30 years. A longer period means lower monthly EMIs, which puts less pressure on your monthly budget. If a woman applies for this loan, she gets a special discount on the interest rate. This is a great initiative to encourage women to buy a home.
Documents required for SBI FlexiPay Home Loan
If you want to apply for this scheme, you will need the below documents. Keeping these ready in advance will speed up the application process:-
An identification card issued by your current employer.
Any one of PAN cards, passports, voter ID cards, driving licenses, etc.
Any one of telephone bill, electricity bill, water bill, gas bill, Aadhaar card, passport, etc.
Proof of income
Last 3 months’ salary slip.
Form 16 or Income Tax Return (ITR) of the last 2 years.
Last 6 months’ bank statement (of salary account).
Property-related documents
Original documents and legal papers related to the property for which you are taking the loan.
Last 6 months’ bank passbook or bank account statement.
Pay special attention to these things while taking a home loan
A home loan is a big financial decision, so it is very important to keep some important things in mind before applying. Always compare home loan offers from more than one bank. The bank that has the lowest interest rate will be most beneficial for you, as a lower interest rate reduces your monthly EMI and also saves on the total interest payment. Do check if the bank charges any kind of prepayment charge. If you want to repay part or all of your loan before time in the future, the absence of a prepayment penalty can be a big advantage.
SBI Flexipay has this facility, but it may vary in other banks. Always ask about hidden charges. Apart from the processing fee, some banks may charge other administrative fees or legal fees. Understand your eligibility carefully. The eligibility criteria of different banks may vary. Keeping all the required documents ready beforehand makes the process faster and smoother.