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In India there are many finance companies offering Home loans. (SBI) State Bank of India is a government bank which helps the borrower to purchase the home of dreams. SBI home loan scheme has been designed to make it hassle free.

The Unique features of their schemes are no limit on the maximum loan amount for the housing loans. They give an option to club income of the partner (spouse), children, and family member to increase the loan eligibility. You can also pay the loan amount till the age of 70 years. You also get coverage of free personal accidental insurance cover.

SBI home loans is offered for various purposes like purchase or construction of new house or flat, purchase of built house or flat, purchase of plot of land, also finance for extension, repair, renovation and other commodities of house.

The eligibility for taking housing loan from State Bank of India is minimum age of 21 years. They also charge you a processing fee of 0.50% of the loan amount. There are no administrative charges or application fee. Their Interest rate is of two types - Floating Interest Rate & Fixed Interest Rate. The Floating Interest Rate is 10.75% & on the Fixed Interest Rate it is 9.50% for the first 5 years and then 9.75% above 5 years and up to 10 years.

You need to fill an application and along with the application form you need to submit duly filled documents like passport size photograph, Identity Proof, Residence Proof, Business/ Address of Office, tax receipt, statement of bank account etc.

State Bank of India offers attractive packages in respect of loans granted under tie-up with Central/State Government/Reputed corporate and tie-up with reputed builders. There is a Prepayment penalty if the loan is pre-closed before half of the tenure.