There are many schemes available with SBI, suiting the needs of customers. Some of them are – SBI Maxgain, SBI Green Home Loans, Pre-EMI Interest By Builders Scheme, and SBI Suraksha. SBI also offers schemes for flexible margin payment, Credit Risk Guarantee Fund Trust for Low Income Housing in Urban Areas (CRGFTLIH) etc
Under ‘SBI – Maxgain’ Home Loans will be sanctioned as an Overdraft. While customers will have to remit the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans, the Drawing Power on the Overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the Overdraft is liquidated at the end of the loan tenure. (Interest component of the EMI remitted will service the interest obligations).
Bank has adopted a Green Banking Policy with an objective of contributing towards the fight against the adverse climate change. One of the initiatives for this purpose is incentivizing borrowers who go in for Green Projects, i.e. those projects which reduce Carbon Emissions and promote Renewable Energy. “Green Housing” or “Green Home” is one of the types of projects identified for this purpose.
Under the Pre-EMI Interest by Builders Scheme, the builder agrees to service full or part of the Pre-EMI interest (during the moratorium period) debited to the Home Loan account of the individual borrower as an incentive to Home buyers to generate maximum sales. In cases of Part Pre-EMI Schemes, the Pre-EMI interest at the stipulated interest rate is serviced by the Builders whereas the remaining Pre-EMI interest is serviced by the borrowers. However, in both the cases, the payment of EMIs by the borrower starts from the stipulated repayment start date as per the terms of sanction. The stipulated repayment start dates are clearly specified for each project and accordingly, the specific moratorium periods are permitted by the bank for different projects.
Additionally, this scheme will be restricted to the approved projects under our Builder Tie Up arrangement, subject to fulfillment of Bank’s guidelines.
SBI offers life insurance linked to the housing loan. The premium of RinN Raksha is funded by SBI and the repayment is spread over the entire tenor of the loan in EMIs. This facility will be available to new Home Loan accounts and to an existing Home Loan in case the customer now opts to avail SBI Life cover.