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SBI Home Loan for Government Employees

Specially designed home loans for government employees is another advantage that Indians get. SBI home loan for government employees is available at low interest rates starting from 8.70% per annum. To know more about this specially designed home loan, read this article.

SBI Home Loan for Government Employees

India’s largest lender State Bank of India (SBI) has announced that it will offer cheaper home loan schemes, SBI Privilege Home Loan and SBI Shaurya Home Loan to Central government employees and defense personnel as their repayment capacity has enhanced in the wake of the government’s acceptance to the recent proposal of the 7th Pay Commission to hike the salary of these personnel by 23.55%. The increase in allowances comes out to be 63%, according to the recommendations of the commission. As per the new schemes, SBI has lowered the interest rate by 0.05% (5 basis points) while offering employees the option to repay the loan at age upto 75 years, as opposed to 70 years now.

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    SBI Privilege Home Loan

    Who are eligible?

    Employees of Central/State Governments, including Public Sector Banks (PSBs), Central Government-owned PSUs, as well as other individuals with pensionable service are entitled for loan as per the scheme.

    Features

    • Employees can avail the benefit of lower interest rate, which is brought down by 0.05% over the home loan card interest rate wherever the government has extended the check-off facility in collaboration with the bank.
    • Interest Rate – 8.70% per annum for women borrowers
      – 9.10% per annum for others
    • EMIs during the post-retirement period are going to be lower as their limit is set at 50% of the current net monthly income.
    • Age at the maturity of the loan is extended upto 75 years, more than 70 years under the normal home loan scheme. However, the maximum repayment tenure is 30 years.
    • Even though the processing fee is waived off fully, you still need to pay Advocate Fee for legal opinion, Valuer Fee for Valuation Report, CERSAI and CIBIL charges.
    • Central government employees can switch over the outstanding balance of the loan, running in other banks, to SBI.
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    SBI Shaurya Home Loan

    Who are eligible?

    Defense Personnel of Army, Navy and Air Force are eligible to receive the loan as per the scheme.

    Features

    • Defense employees can take advantage of lower interest rate over the home loan card interest rate wherever the government has extended the check-off facility in collaboration with the bank.
    • Interest Rate- 8.70% per annum for women borrowers
      – 9.10% per annum for others
    • EMI payout during the post-retirement period is going to be lower as its limit is set at 50% of the current net monthly income.
    • Overall age at the maturity of the loan is extended upto 75 years, more than 70 years under the normal home loan scheme. However, the maximum repayment tenure is 30 years.
    • Even though the processing fee is waived off fully, you still need to pay Advocate Fee for legal opinion, Valuer Fee for Valuation Report, CERSAI and CIBIL charges.
    • Defense personnel have the option to switch over the outstanding balance of the home loan, running in other banks, to SBI to become the beneficiary of the offerings.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0009.30%1₹ 1,75,181₹ 1,02,176₹ 21,02,176
    ₹ 20,00,0009.30%2₹ 91,645₹ 1,99,481₹ 21,99,481
    ₹ 20,00,0009.30%3₹ 63,879₹ 2,99,647₹ 22,99,647
    ₹ 20,00,0009.30%4₹ 50,055₹ 4,02,663₹ 24,02,663
    ₹ 20,00,0009.30%5₹ 41,809₹ 5,08,511₹ 25,08,511
    ₹ 20,00,0009.30%6₹ 36,350₹ 6,17,170₹ 26,17,170
    ₹ 20,00,0009.30%7₹ 32,483₹ 7,28,613₹ 27,28,613
    ₹ 20,00,0009.30%8₹ 29,613₹ 8,42,810₹ 28,42,810
    ₹ 20,00,0009.30%9₹ 27,405₹ 9,59,726₹ 29,59,726
    ₹ 20,00,0009.30%10₹ 25,661₹ 10,79,321₹ 30,79,321
    ₹ 20,00,0009.30%11₹ 24,254₹ 12,01,554₹ 32,01,554
    ₹ 20,00,0009.30%12₹ 23,100₹ 13,26,378₹ 33,26,378
    ₹ 20,00,0009.30%13₹ 22,139₹ 14,53,743₹ 34,53,743
    ₹ 20,00,0009.30%14₹ 21,331₹ 15,83,598₹ 35,83,598
    ₹ 20,00,0009.30%15₹ 20,644₹ 17,15,885₹ 37,15,885
    ₹ 20,00,0009.30%16₹ 20,055₹ 18,50,548₹ 38,50,548
    ₹ 20,00,0009.30%17₹ 19,547₹ 19,87,526₹ 39,87,526
    ₹ 20,00,0009.30%18₹ 19,105₹ 21,26,758₹ 41,26,758
    ₹ 20,00,0009.30%19₹ 18,720₹ 22,68,180₹ 42,68,180
    ₹ 20,00,0009.30%20₹ 18,382₹ 24,11,727₹ 44,11,727

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

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    YearPrincipalInterestBalance Amount
    1₹ 36,099₹ 1,84,487₹ 19,63,900
    2₹ 39,603₹ 1,80,983₹ 19,24,297
    3₹ 43,447₹ 1,77,139₹ 18,80,849
    4₹ 47,665₹ 1,72,921₹ 18,33,184
    5₹ 52,291₹ 1,68,294₹ 17,80,892
    6₹ 57,367₹ 1,63,219₹ 17,23,524
    7₹ 62,936₹ 1,57,650₹ 16,60,588
    8₹ 69,045₹ 1,51,541₹ 15,91,542
    9₹ 75,747₹ 1,44,839₹ 15,15,795
    10₹ 83,100₹ 1,37,486₹ 14,32,694
    11₹ 91,166₹ 1,29,420₹ 13,41,527
    12₹ 1,00,016₹ 1,20,570₹ 12,41,511
    13₹ 1,09,724₹ 1,10,862₹ 11,31,787
    14₹ 1,20,375₹ 1,00,211₹ 10,11,411
    15₹ 1,32,059₹ 88,526₹ 8,79,351
    16₹ 1,44,878₹ 75,708₹ 7,34,473
    17₹ 1,58,941₹ 61,644₹ 5,75,531
    18₹ 1,74,370₹ 46,216₹ 4,01,160
    19₹ 1,91,296₹ 29,290₹ 2,09,864
    20₹ 2,10,006₹ 10,722₹ 0