Launch of Flexipay Offers New Option
State Bank of India recently launched a scheme for home loans called SBI Flexipay Home Loan. This scheme works to help young professionals to apply for loans for higher amounts than they are eligible for right now. This additional amount, which will be sanctioned to them, will help them accommodate in larger spaces. A basic feature of this scheme is that those young professionals will have an option to pay interest during the moratorium period and pay moderated EMIs thereafter. These EMIs will be up during subsequent years; this is done in order to neutralize the effect of additional loan amounts on them.
- Under this scheme, working professionals will have 1.2 times higher loan eligibility in comparison to that under normal schemes. As per this new scheme, loan amount should be higher than Rs. 20lac.
- Eligibility to avail this loan scheme is that individuals should have at least 2 years of working experience and should fall in the age range of 21-45 years of age.
- The scheme offers an option to choose the moratorium period duration. It can be of up to 36-60 months. During this moratorium period, only the interest [payments are to be made.
- Loan can be repaid within 25 to 30 years, which is a substantial elongation time period.
- Applicants can be flexible in making payments for the home loan without being liable to pay any penalty.
- Individuals can apply for the loan amount, which can be up to 60 times of their net salary per month.
- Eligibility to apply for the loan also includes the review of your credit history. Status of your running loan, EMIs and savings after all the deductions
Review of SBI Flexipay Home Loan Scheme: whether it is a good option
As a matter of fact, we all know that we can get home loan at the cheapest rates from SBI. Since home loans is a big deal because large amounts are involved in it, so even a miniscule difference in the interest rates affect the borrower. This can be a strong reason why one should choose SBI for asking home loans.
- SBI Flexipay Home Loan Scheme can be a good option because their processing charges are pretty less as compared to many private banks.
- SBI might seem easy task on papers, but in reality loan formalities take a lot of time, as one has to go for a lot of running after the management to get their paperwork done and the funds to claim. They ask for all the possible documents they need. Being our country’s largest nationalised bank, they have to perform typical banking formalities and operations that make them provide such services to you.
If you can manage all this, otherwise also, SBI Flexipay Home Loan Scheme is very much convincing as young professionals can now transform their presence status to that or permanency by applying for home loans. It is a great opportunity for working professionals, as they would not have thought of taking home loans at such young ages. However, SBI makes it possible and that too in a very friendly and manageable manner.
Happy Home Loan!!!