All about State Bank of Hyderabad Home Loan
|Purpose||To purchase, construct, renovate, and purchase plots to construct dwelling units For consumer durables and furnishings (10% of the project cost or Rs.3.00 lacs whichever is less)|
|Eligibility||Individuals over 21 years of age and younger than 70 years|
|Amount of finance||For employees, who are over 21 years to 45 years of age, the loan amount is 60 times the net monthly income (NMI), net of all deductions including loan repayments and actual monthly TDS. The spouse’s income can also be included. |
For employees over 45 years of age, the loan amount is 48 times NMI, net of all deductions including loan repayments and actual monthly TDS The spouse’s income can also be included.
The expected rentals fewer taxes in the case of house / flat being purchased which is proposed to be rented out may be added for computation of the eligibility ceiling.
For the amount of finance, reimbursement of investment made while preceding 12 months & adding back depreciation to compute Net Annual Income for determining home loan eligibility in case of proprietary concerns is also considered.
SBOH also grants housing loans for purchase of old houses not more than 15 years old
|Margin for State Bank of Hyderabad Home Loan||20% For purchase or construction of new house/flat for loan up to Rs75 lacs|
For Housing Loans to others
To purchase House Plot alone
|Repayment||Repayment is in Equated Monthly Installments (EMI)|
For applicants up to 45 years of age: 240 months
For applicants over 45 years of age: 180 months (subject to repayment of the loan with interest, before the borrower attains 70 years of age, where check-off facility is available)
|State Bank of Hyderabad Home Loan Interest Rate||Period/ Amount||Up to Rs 30 lacs||Above Rs 30 lacs|
|Up to 5 Yrs||11.75%||12.00%|
|Above 5 to 15 years||11.75%||12.25%|
|Above 15 to 20 years||11.75%||12.50%|
|Fixed rate Housing Loan|
|Max Loan of Rs 10.00 lacs Max Term 10 years||13.00%|
|Processing charges for State Bank of Hyderabad Home Loan||0.5 %, irrespective of the loan amount, subject to a cap of Rs.10,000/- (including applicable service tax) payable at the time of submission of application to the bank.|
|Insurance||Property purchased with bank finance should be fully insured|
|Security||Mortgage of the property purchased|