State Bank of India (SBI), the country’s largest lender, offers home loans for purchase of ready-built and under-construction properties, pre-owned homes, construction and extension of houses and repair/renovation. SBI Home Loans is the largest mortgage lender in India, which has helped over 30 lakh families to achieve the dream of owning a home, according to SBI’s website, sbi.co.in. SBI home loans are also available as an overdraft which helps customers optimally utilize their surplus funds, said SBI. The home loan processing charges are also low and there are no prepayment penalties, said SBI.
Eligibility for SBI home loans:
An applicant must be a resident of India.Read more ↓
The minimum age of the applicant must be 18 years.
The maximum age of the applicant can be 70 years.
SBI offers home loan tenure of up to 30 years.
Documents required to apply for SBI home loans:
List of papers/ documents applicable to all applicants:
Employer Identity Card
Loan Application: Completed loan application form duly filled, affixed with three passport size photographs
Proof of Identity (Any one): PAN (permanent account number)/ passport/ driver’s license/ voter ID card
Proof of Residence/ Address (Any one): Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/ driving license/ Aadhaar Card.
Permission for construction (where applicable)
Registered agreement for sale (only for Maharashtra)/allotment letter/stamped agreement for sale
Occupancy certificate (in case of ready to move property)
Share certificate (only for Maharashtra), maintenance bill, electricity bill, property tax receipt
Approved plan copy (Xerox Blueprint) & registered development agreement of the builder, conveyance seed (for new property)
Payment receipts or bank account statements showing all the payments made to builder/seller
Last six months bank account statements for all bank accounts held by the applicant/s
If there is any previous loan from other banks/lenders, then loan account statement for the last one year
Income proof for salaried applicant/ co-applicant/ guarantor:
Salary slips or salary certificates of last three months
Copy of Form 16 for last two years or copy of income tax returns for last two financial years, acknowledged by the income tax department.
Income proof for non-salaried applicant/ co-applicant/ guarantor:
Business address proof
IT returns for last 3 years
Balance sheet & profit & loss account for last three years
Business license details (or equivalent)
TDS (tax deducted at source) certificate (Form 16A, if applicable)
Certificate of qualification (for C.A. / Doctor and other professionals)
Interest rate and fees for SBI home loans:
|Category||Home Loan (Term Loan)*||Home Loan as Overdraft (Maxgain)*|
|Upto Rs. 30 lakhs||Above Rs.30 lakhs & Upto Rs.75 lakhs||Above Rs.75 lakhs||Above Rs.20 lakhs & Upto Rs.30 lakhs||Above Rs.30 lakhs & Upto Rs.75 lakhs||Above Rs.75 lakhs & Upto Rs.3 crores|
|Women||8.30% p.a||8.30-8.35% p.a||8.40-8.45% p.a||8.35% p.a||8.40-8.45% p.a||8.45-8.50% p.a|
|Others||8.35% p.a||8.35-8.40% p.a||8.45-8.50% p.a||8.40% p.a||8.45-8.50% p.a||8.55-8.60% p.a|
|Women||8.40% p.a||8.45-8.50% p.a||8.50-8.55% p.a||8.45% p.a||8.55-8.60% p.a||8.60-8.65% p.a|
|Others||8.45% p.a||8.50-8.55% p.a||8.55-8.60% p.a||8.50% p.a||8.60-8.65% p.a||8.65-8.70% p.a|
0.35% of the loan amount.
Minimum: Rs. 2,000/-
Maximum: Rs. 10,000/-
Processing Fee waived till 31st March, 2018
*Plus applicable taxes
Advocate’s fee for property search and title investigation report.
Valuer’s fee for valuation report.
Stamp duty payable for loan agreement and mortgage
Property insurance premium
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)
Registration Fee of Rs. 50 + GST up to Rs. 5 Lakh limit; and Rs. 100 + GST for limits above Rs. 5 Lakh
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