Bank Profile and Loan Eligibility
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SBI is a public sector bank.
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It is listed on BSE and NSE.
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It was incorporated in 1995.
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It is headquartered in Mumbai.
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Any individual with Indian citizenship can apply.
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Applicant should be above 18 years.
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Maximum age - 70 years.
SBI Regular Home Loan Interest Rates
Processing Fee
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0.40 % of the loan amount + applicable GST,
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With a minimum of Rs.10,000/- and a maximum of Rs. 30,000/- plus GST.
Prepayment Charges
NIL
Overdraft Facility Available
Yes
Loan Limit
As per Relationship with Bank
Maximum Tenure
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30 Years
Hidden Charges
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No
Documents Required
Key Features
Late Payment Charges
Nil for loan of Rs.25000
2% p.a. for loan above Rs.25000
EBLR
External Benchmark
Lending Rate
Failed / Non Payment of EMI Charges
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Rs.500 + GST per EMI missed.
Repayment Type
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Equated Monthly Installments
Migration Fees to the New Structure
Fee of Rs. 1000/-* + taxes is applicable
Loan to Value Ratio
For Loan Upto 35 L:90%
For Loan 35 L-75L:80%
For Loan above 75L-75%
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Identity Card for the Employer
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Loan Application: Three passport-size pictures affixed to a completed loan application form.
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PAN/ Passport/ Driver's License/ Voter ID card (or any other kind of identification)
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Proof of Address/Residence (Any): a recent copy of a telephone bill, an electric bill, a water bill, or a piped gas bill, or a copy of a passport, a driver's licence, or an Aadhar card.
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Construction permission (where applicable)
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Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
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Certificate of Occupancy (in case of ready to move property)
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Maintenance Bill, Electricity Bill, and Share Certificate (only for Maharashtra).
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Approved Plan Copies (Xerox Blueprints) & the Builder's Registered Development Agreement, Conveyance Deed (For New Property)
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Payment Receipts or a bank statement detailing all payments made to the Builder/Seller.
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Bank Account Statements for the previous six months for all bank accounts owned by the applicant/s
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If you have ever taken out a loan from another bank or lender, you must provide a loan account statement for the prior year.
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Salaried Applicant/Co-applicant/Guarantor Income Proof:
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Last three months' salary slip or salary certificate
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Copy of Form 16 for the last two years or copy of IT Returns for the previous two fiscal years, acknowledged by the IT Department
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Non-Salaried Applicant/Co-applicant/Guarantor
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Proof of business address
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IT returns for the previous three years
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Last three years' balance sheet and profit and loss account
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Information on the Business License (or equivalent)
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Certificate of TDS (Form 16A, if applicable)
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Qualification certificate (for C.A.s, doctors, and other professionals)
What We Did Not Like
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Processing fee on website & MITC is different.
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Too many documents are required.
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