SBI Shaurya Home Loan
The SBI has introduced a new home loan scheme dedicated to the Army and defence personnel of the nation, named the Shaurya Home Loan. This special home loan scheme will be only provided to the defence employees. The SBI Shaurya home loans will have lower interest rates and other added benefits which will only be provided to the defence employee applicants. Otherwise, in general home loan by SBI, the interest rate is higher and have less benefits. Apart from softer interest rates in the home loan, the defence employees will also have easy repayment options and may get longer repayment period of the loaned amount. SBI is the biggest public sector bank of India with the highest customer reach and provides great banking solutions to the citizens of the nation.
Eligible applicants of SBI Shaurya Home Loan
As the Shaurya scheme of home loan by SBI is dedicated only for the brave hearts of the Indian Defence, all the defence employees serving their motherland are eligible for applying this special home loan scheme. Employees who are serving in the Indian Army, Indian Air Force and Indian Navy can apply for the Shaurya Home Loan by SBI. There is also a very vital advantage of those defence personnel, who has earlier taken a home loan. They can still join this scheme by switching their loan account to SBI.
Repayment benefits of SBI Shaurya Home Loan
In case of other normal home loan schemes provided by the SBI, the maximum repayment age is 70 years, that of the applicant. But for this scheme, SBI has set the maximum age limit of 75 years till one can repay the loan. However, the loan term is kept the same with other SBI home loan schemes i.e. 30 years. Also there will be provisions of reduced burden of loan EMIs after retirement.
Other advantages of SBI Shaurya Home Loan
Apart from the easy repayment advantages, the Shaurya home loan will also have comparatively lesser rate of interest. Also there will be some concessions regarding registration and post loan fees. Below are the benefit details of SBI Shaurya Home Loan:
|Sl. No.||Attributes||Related Information|
|1||Name of scheme||State bank of India Shaurya Home Loan.|
|2||Nature of beneficiaries||Defence personnel of Air Force, Army and Navy.|
|3||Interest rate benefit||5 bps lower than normal interest rate.|
|4||Switchover from other bank home loan||Applicable|
|5||Fee waiver||Processing fees of loan.|
|6||Maximum age of applicant for repayment.||75 years.|
|7||Maximum loan term||30 years.|
One major benefit of SBI Shaurya Home Loan is that, those defence personnel who have already taken a home loan from another nationalized bank also switch their loan account to SBI. Thus the remaining loan due will come under the SBI Shaurya home loan plan.