SBI claims that they are the Most Preferred Home Loan Providers in India. With SBI Home Loan, you will get many unique benefits as well. SBI has great offers on ROI, such as Low Rate of Interest and Special Rate of Interest for Women Applicant. Re-payment is convenient in SBI with Longer Re-Payment Periods and Moratorium Period. No Pre-Payment Charges and no Pre-Closure Charges, therefore, as and when, you have money keep paying your loan. Also, in SBI documentation and procedure of application is easy and simple. Not only this, but, in SBI, EMIs are quite low and easy to pay. Off course, EMI depends on your Loan amount and the re-payment tenure. Is it possible to Increase EMI in SBI Home Loan? Let’s read below.
How to Increase EMI in SBI Home Loan?
Many of us wish to enhance the amount of our EMI at a later stage during the re-payment tenure. Which is actually not required. Because, as and when you have excess money, you can pre-pay your loan; that is other than you EMI amount. So, there is no need to enhance the EMI. Also, PSU banks do not change your EMI at a later stage, until the ROI gets changed. And, that is why these banks do not charge any fee for the pre-payment of the loan amount.
What is the Process of Pre-Closing Home Loan with SBI?
The process for the pre-closure f home loan is very simple; not only in SBI, but in any bank. You just need to re-pay the complete outstanding amount on your Home Loan Account. Once, you clear the complete outstanding on your home loan account, bank may ask you for a day or two to release your Property Papers and No Due Certificate (NOC). Also, as mentioned above, you will not be charged any pre-closure fee with most of the PSU Banks. However, it’s there in all the private banks.
So, before you apply for home loan with any bank, mak sure you check all the applicable fees and charges for the loan approval and later during the loan tenure. So that you do not stuck with any of your loans.
Is it possible to combine Home Loan from one bank and Personal Loan from another bank? or an Education Loan from one bank and Personal Loan from another Bank?
The answer is No. Most of the PSU banks, do not take over Personal Loans. However, there could be a possibility in private banks. And, before you opt for any such option, please do read all the terms and conditions associated with it carefully.