Why SBI is Best Bank for home loan in India? There have been many reasons that you can say SBI is the best bank for home loan, first its services. Using the online service of the bank, you easily get the loan process complete. No need for paperwork if you are an SBI customer. The interest rates on the SBI home loan is Marginal cost of based lending rate (MCLR) of the bank. That means the home loan interest rate is floating on the borrowed amount. Read the given article and know more about the features of SBI home loans that makes it the best bank for home loan. The SBI home loan interest rates! Possibly, SBI gives the best interest rate to the customers on home loans. Building a home is not easy for anyone and it takes a lot of decision making. But with the floating SBI home loan interest rate, you can easily get all the things managed in one time. SBI charges interest rate via MCLR, and the SBI current MCLR is 7.75% for 1 year. The benefit of MCLR on the SBI home loan interest rateis that it makes your EMI lower, as the interest rate changes with the MCLR and is charged on the daily reducing balance. So, the best bank for home loans is surely SBI in terms of the interest rate. Because no other bank will give you the benefit. The effective SBI home loan interest rate ranges 7.95%-8.30% on your term loan. What are SBI Payment services for home loans? You must want to know how the payment procedure works in SBI for a home loan. Then it is as simple as sound. You can pay the EMI of your home loan easily using the banking services such as Post-dated cheque, ECS and Standard Instruction (SI). These may sound new to you, but you must get a suitable payment service because you don’t want to be burdened with penalty interest. So, let’s start with cheques, you can make payment of your SBI home loan with post-dated cheques. The work is simple, you just need to get the cheque ready before the due date and submit it to the bank branch. If you don’t want to visit the branch every time, then ECS and SI services are made for you. Using them, you can pay EMI easily through the auto-debit facility. The EMI amount will be automatically debited from your account. Through the SI you can debit your home loan from sBI account and ECS allows you to pay EMI from any of the bank accounts. To apply from the best bank for home loan use Yono! Know everything about SBI home loans and their benefits now, time to apply for it. You don’t need to visit any branch or find the website. Just download the Yono app, this all in one app helps the SBI customers to get their loan application done in a few minutes. Aren’t you an SBI
user don’t worry visit the SBI branch or SBI home loanwebsite to get your loan. Fill in your details such as name, mobile number, income status, etc. to get your ideal lender to finance your house. Now, you know who's the best bank for home loan so get your home, and live in the place which you wanted to with SBI.