SBI Tribal Plus Home Loan

SBI Tribal Plus Home Loan- Highlights

Let’s examine the key aspects of SBI tribal plus home loan:

SBI Tribal Plus Home Loan- Features and Benefits

Let’s examine the features and benefits of SBI tribal plus:

• Lower Interest Rates: The loan offers more competitive interest rates starting at just 9.25% per annum.
• No Land Mortgage: Borrowers are not required to mortgage their land to avail of this loan.
• Third-Party Guarantee: Loans are offered against a third-party guarantee instead of a land mortgage.
• No Prepayment Penalty: Borrowers can prepay their loan without any penalty, which can help reduce the total interest paid over time.
• Repayment Tenure: The loan allows for a repayment period of up to 15 years, ultimately enabling the borrower to reduce the EMI amount. 
• Interest Concession for Women Borrowers: Women borrowers receive a 0.05% interest rate concession from the standard home loan interest rates.
• Low Processing Fee: The processing fee is low, and there are no hidden charges, making it a more cost-effective credit option.
• Daily Reducing Balance: Interest is charged on a daily reducing balance, which can lead to lower overall interest costs.

SBI Tribal Plus Home Loan Interest Rates

SBI tribal plus home loan interest rates are as follows:

SBI Tribal Plus Home Loan Fees and Charges

Let’s examine the applicable fees and charges of an SBI tribal plus loan:

SBI Tribal Plus Home Loan- Eligibility Criteria

Following are the required eligibility criteria regarding the tribal plus SBI home loan:

• Age: You must be somewhere between 21 and 60 years old. 
• Resident: You must reside in hill or tribal areas.
• Income: You must have a regular income source covering the loan EMI. 
• Credit Score: You must have a good CIBIL score and a positive repayment history.  
• Nationality: You must be an Indian citizen. 

SBI Tribal Plus Home Loan- Documents Required

Following are the required documents regarding the SBI tribal plus home loan:

• Proof of Identity: PAN Card, Passport, Driver’s License, or Voter ID card.
• Proof of Address: Utility Bill, Aadhar Card, Passport, or Driver’s License.
• For Salaried Employees: Last 3-month salary slips, 6-month bank statements, 2-year IT Returns, and Form 16.
• For Self-Employed Individuals: Last 3-year IT return, Balance Sheet, Profit & Loss account, TDS Certificate, Business Address Proof, etc.
• Additional Documents: Dully filled out the application form and 3 Passport size photographs. 

SBI Tribal Plus Home Loan EMI Calculator

The SBI tribal plus home loan EMI calculator is an online tool. By inputting the loan amount, interest rate, and tenure, the calculator will compute the monthly payments you need to make toward the principal and interest of your home loan. This handy calculator can be found on Urban Money’s official website. For further queries or concerns, you can contact our loan specialist.