State Bank of India offers short term housing loan to help an individual purchase or construct a new house or an existing house. The loan can also be used for purchasing land or plot and for repair, renovation or alteration of an existing structure. Any Indian citizen of over 21 years of age who has a steady source of income can apply for SBI short term housing loan.
Moreover, there is no upper limit to the loan granted under the scheme. However, the applicant's net monthly income is taken into consideration while determining the maximum amount one can obtain under the scheme. As a general rule, the bank sanctions upto 60 times the net monthly income of the applicant.
The borrowers have options to select a fixed rate of interest or a floating one. Furthermore, the loan has to be repaid in 60 equated monthly installments. | 
