Home is where our heart is. Many people have big dreams of having their ideal home but it takes a long time to achieve that. Tired of staying in rented apartments? Want to buy a dream home of your own? SBI Home Loans is here to lay foundation to your dreams. Why pay rent every month when you can you use to the same amount to pay your home’s EMIs?
With more than 15,969 branches across the nation State Bank Of India is one of the most credible and trusted home loan provider in India. It doesn't matter if you are a salaried employee or self-employed SBI Home loans are for everybody. SBI Home loans can be availed by women at interest rates between 9.10 to 9.25%, whereas for others the interest rates stands between 9.15 to 9.30%. For women applicants the EMI per lakh for a tenure upto 30 years is Rs. 812 as compared to Rs. 815 for other applicants.
Applicants should keep in mind that the loan security will be ensured by equitable mortgage of the land or building for which the loan will be sanctioned.
SBI Home Loans Eligibility:
- The applicant should be in the age group of 18 to 70 years
(70 is the age which the loan has to be completely repaid)
- The applicant needs to have a regular income
To strengthen loan eligibility one has the provision to add-
- his/her spouse’s/son’s/daughter’s income, in case they are living with him/her, have a stable income and have their salary account maintained with State Bank of India
- his/her expected rent from his house or property in case the same is planned to be put on rent
Documents required by an applicant for SBI Home Loan:
Completely filled loan application
- Three photographs of passport size
- Identity Proof ( photo copies are required of anyone of the following- Voters ID card/ IT PAN card/Driving license /Passport)
- Address Proof (photo copies are needed for any of the following- recent Telephone Bills/ Voters ID card/ Electricity Bill/ Passport/ Property tax receipt)
- Non-salaried individuals have to show business address proof
- Bank Account/ Pass Book statement for the last six months
- Present banker's’ Signature identification
- Statement of personal Assets and Liabilities
Documents needed by a guarantor:
- Statement of personal Assets & Liabilities
- Two photographs of passport size
- Identification proof as mentioned above
- Residence proof as mentioned above
- Business address proof as mentioned above
- Present banker's Signature identification
Additional documents needed for salaried employees :
Original salary certificate is required from the employer
Certificate of TDS on Form 16 or Income Tax Returns for last two financial years, it should be acknowledged by the IT Department.
Additional documents essential for Self employed/ Professionals/ other IT assesses:
Recognised copies of three years Income Tax returns or Assessment Orders
Challan photocopies that act as an evidence of Advance Income Tax payment
Processing fees of SBI Home Loans:
Applicants should note that in case of Takeover of Home Loans proposals or proposals which are sourced sourced under OCAS from October 1 to December 31, 2016, there is zero percent processing fee for the same.
Central and State government employees too are not required to pay any processing fee.
In case of others the processing fee is 0.35% of their loan amount. It can be a minimum of Rs. 2000 and a maximum of Rs. 10,000.
SBI Home Loan Calculator:
Before securing a loan you also need to think about the monthly EMIs you have to shell out in order to repay it. SBI Home Loan Calculator is the perfect tool to know about your EMIs. All you need to do is enter the loan amount you wish to take, the tenure of the loan along with the interest rate. This will give you instant results.
You should remember that in case you don’t deposit the EMIs on time, SBI has the complete authority to charge a higher interest rate as it finds fit.
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