SBI Home Loans: All You Need To Know Before Applying For SBI Regular Home Loan
SBI Home Loans: All You Need To Know Before Applying For SBI Regular Home Loan
Home loans in India are a popular way for people to finance the purchase of a new house or apartment.

State Bank of India offers a range of home loan products to customers. Some of the home loan products offered by SBI include regular home loan, NRI home loan, Flexipay home loan, Shaurya home loan, Realty home loan etc.. Different products include options for purchase of ready built property, purchase of under construction property, purchase of pre-owned homes, construction of a house, extension of house and repair/renovation.

Home loans in India are a popular way for people to finance the purchase of a new house or apartment. These loans are offered by various banks and financial institutions in India, and can be used to purchase a new or resale property, construct a new home, or renovate an existing property.

Here we bring details about the SBI regular home loan.

Usually, this loan is meant for those who want to purchase or construct a new house, or renovate/repair an existing house.

Features: According to the details available on the official website of SBI Home Loans, below are the features of SBI Regular Home Loan;

-Low Interest Rates

-Low Processing Fee

-No Prepayment Penalty

-Interest charges on Daily Reducing Balance

-Repayment up to 30 years

-Home Loan Available as Overdraft

-Interest Concession for Women Borrowers

Eligibility: SBI Regular Home Loan

Resident Type: Resident Indian

Minimum Age: 18 years

Maximum Age: 70 years

Loan Tenure: up to 30 years.

List of documents;

  • Employer Identity Card
  • Loan Application: Completed loan application form duly filled
  • 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one) like Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • 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 & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

-Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s

-If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

-Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

-Salary Slip or Salary Certificate of last 3 months

-Copy of Form 16 and Form 26AS for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

-Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

Business address proof

  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

Customers must note that the bank may ask any other document if there is a need in the application process of the loan.

How To Apply For SBI Home Loan?

To apply for an SBI home loan, you can visit any SBI branch or apply online through their website. You will need to provide documents to apply for the loan. The loan amount, interest rate, and repayment tenure will depend on various factors such as your credit score, income, property value, and loan amount.

Before applying for a home loan, it is important to compare the interest rates and terms offered by different lenders, and to ensure that you are eligible for the loan. It is also important to read the loan agreement carefully and understand the terms and conditions, including any prepayment or foreclosure charges.

Read all the Latest Business News here

What's your reaction?

Comments

https://tupko.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!