Features

SBI Home Loans Unique Advantage:-
  

• Low interest rates. Interest charged on a daily reducing balance!!
• Low processing charges. 
• No hidden costs or administrative charges.
• No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
• Over 13,700 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence.

Eligibility

Minimum Age: 18 years as on the date of sanction

Maximum Age: 70 years. i.e. the age by which the loan should be fully repaid, subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Loan Amount

Actual SBI home loan amount will be determined taking into consideration such factors as applicant's income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. 

To enhance SBI home loan eligibility you have option to add:

• Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
• Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
• Depreciation, subject to some conditions.
• Regular income from all sources.

Margin

Upto Rs. 20 lacs - 10%
Above Rs. 20 lacs - 20%

Repayment Period

Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

Documents Required

List of papers/ documents applicable to all applicants:

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
• Property tax receipt/ Passport/ Voters ID card)
• Proof of business address for non-salaried individuals
• Statement of Bank Account/ Pass Book for last six months
• Signature identification from present bankers
• Personal Assets and Liabilities statement

 

Additional documents required for salaried persons :

• Original Salary Certificate from employer
• TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Department.

 

Additional documents required for Professionals/self- employed/ other IT assesses:

• Acknowledged copies of three years I.T. returns / Assessment Orders.
• Photocopies of challans evidencing payment of Advance Income Tax.