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Learn about SBI Home Loan Customer Care USA 2021

Learn about SBI Home Loan Customer Care (USA 2022)

SBI home loan customer care in the USA contacted through the two most possible ways. You can get to the SBI branch by calling the toll-free number 1866-328-4209. The other way to reach SBI customer care is by visiting their website.  Customer care helps you solve your many queries regarding various types of loans such as Home Loans, Car loans, Consumer loans, and other loans.

Learn about SBI Home Loan Customer Care USA 2021

SBI is the public sector bank of India. It holds about 23% of the total market shares and 25% share of the entire loan and deposit of the market. SBI is the number one reputed Bank in the Indian market.

SBI Home Loan Customer Care

What is Home Loan? 

A home loan is the type of loan given after mortgage the property or the complete home of the loan borrower as we know that construction of the home loan requires a lot of money. The banks fulfill our financial needs. These banks charge Interest on the loan amount. There is a slight difference in the rates of Interest charged by the banks. But according to my research, SBI charges the lowest rate of Interest as compared to other banks.

What are the benefits of the Home Loan?

Taking the home loan is a big decision in one’s life. The amount of the home loan is enormous, and one should have to pay a hefty amount in addition to the principal in the form of Interest. Apart from this reason, there are lots of benefits of a home loan.

  •  Rebate on income Tax: One should get a refund in the income tax. The rebate which we count on our income is calculated by two means. First, the total yearly amount of Interest is directly minus the total annual income. And the principal amount which we should pay in the year is considered in our saving column. So one should get the dual benefit of the home loan on income tax rebate.
  • Lower EMI: The period of repaying the Home Loan is more than that of other types of loans in the market. Primarily the home loan should be of 5,10,15,20,25, and 30 years. If one has a tight budget, he can opt for an more extended period of repaying the home loan. But a more prolonged period should levy more amount of Interest on the loan.
  • Home Loan Extension: One should get a loan extension if the funds are short while constructing the house. That is the best option if one wants to extend the loan amount and needs extra funds to make the dream home.
  • Start second income: if one is wise, then he can start second income by taking the home loan on the duplex building. One should live in one apartment, and the double apartment should give on rent. The rental income someone used to make the payment of EMI.

SBI Home Loan Customer Care

What is the rate of Interest on the SBI Home Loan?

The rate of interest is the percentage of the amount charged by the bank on the home loan amount. The rate of Interest is applied on a reducing basis. That means that as the EMI’s paid by you, the Interest is charged on the reducing principal amount. You can check the latest rate of Interest on the bank’s official website.

The Interest rate is of two types: a fixed interest rate and a floating rate of interest. Fixed-rate of Interest is the rate of Interest that remains fixed throughout the entire loan term. It means that the market’s condition may be whether the inflation increases or decreases the interest rate on the home loan remains the same.

The floating rate of Interest is the rate of interest that changes with the ups and downs of the market. It means that it increases with inflation and decreases with inflation. This type of rate of Interest is changes with the market behavior. Now it depends upon the loan borrower to choose the rate of Interest that suits him according to his need.

What is the eligibility for the SBI home loan?

The eligibility for the SBI home loan is the same as in the other type of loans, such as:

  • Credit Score: The credit score of the loan borrower should be above 700. SBI bank always pays excellent attention to the credit score of the customer. So one should have a good credit score to get the loan from the bank.
  • Service term: The length of the service should not be less than two years. Loan borrowers should have the regular service of two years. Valid income proof, employment cards, and good tax returns for two years are require to get the home loan.
  • Location: The location of the home or the property for the home construction. Prime locations are consider the best place for the home loan as the price of these sites is high compare to the low-grade areas. So the bank is interest in giving the loans to the prime spots.

SBI Home Loan Customer Care

What is the process to get the SBI Home Loan?

The process of the SBI Home Loan is as follows:

  • One should have to fulfill the Loan application form, whether online or offline.
  • Bank check the CIBIL score of the loan borrower.
  • If the CIBIL score meets the minimum requirement, then the bank contacts the customer.
  • Now you have to submit your documents like residential proof, service proof, and other related documents.
  • Now the bank official visits the property’s location or the home on which one should want to mortgage.
  • After contacting the land revenue department, the bank gives the home loan to the loan borrower.

SBI Home Loan Customer Care

Conclusion

The article concludes that SBI home loan is the cheapest home loan as compared to other banks. You have to contact customer care to get the home loan for the related documents or any other query. You also have the option to visit the online website of the SBI bank. We have talked about the process, eligibility, and benefits of the home loan in this article. I hope you like the article.

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