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SBI Home Loan Documents: जाने Eligibility Criteria, Interest Rate क्या है? यही से करे आवेदन

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SBI Home Loan Documents: Choosing a home loan is a significant financial decision that impacts our lives. Before you commit to a particular bank for your home loan, it’s essential to gather information about the current interest rates offered by various banks. Start by researching the maximum loan amount each bank can provide and understand the eligibility criteria for both government and private banks. Compare the flexibility and affordability of different interest rate options, including fixed and floating rates.

Consider factors like the ease of prepayment and the viability of balance transfers. Our goal is to provide answers to these questions and simplify the home loan process for you. A perfect home loan should offer the lowest interest rates throughout its tenure, provide partial payment options, and allow for balance transfers when needed.

Kotak Mahindra Bank provides the most affordable home loan option.

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Kotak Mahindra Bank presents a highly competitive home loan with an attractive interest rate of 6.65%. Meanwhile, LIC Housing Finance Limited offers home loans starting from 6.66%. Currently, numerous banks are providing home loans with interest rates below 7%.

SBI Home Loan Documents
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BankInterest Rate (%)Processing Fee
🏦 Kotak Mahindra Bank6.65%🏷️ Up to ₹10,000
🏠 LIC Housing Finance Ltd.6.66%🏷️ ₹10,000 to ₹15,000
💳 ICICI6.70%🏷️ 0.25% of the loan amount, up to ₹5,000
🏦 SBI6.70%❌ Not available after August 31st

Eligibility Criteria For SBI Home Loan

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SBI Home Loans stands as India’s leading mortgage lender, having assisted more than 3 million families in realizing their dream of home ownership. Consequently, SBI has established specific eligibility criteria for home loans, which vary based on the type of loan and distinct categories. The eligibility criteria for SBI Home Loans are outlined in the table below:

CategorySalariedSelf Employed
Age18 years to 70 years21 years to 70 years
IncomeRs.1,20,000 (p.a.)Rs.2,00,000 (p.a.)
Loan Amt. Offered5,00,000 – 1,00,000005,00,000 – 2,00,00000
Tenure5 years – 30 years5 years – 30 years
Current Experience2 years3 years
DocumentationApplication form with photograph Identity & residence proof Last 3 months salary slip Form 16 Last 6 months bank salaried credit statements Processing fee chequeApplication form with photograph Identity & residence proof Education qualifications certificate & proof of business existence Business profile Last 3 years profit/loss & balance sheet Last 6 months bank statements Processing fee cheque

Overview

ServiceHome Loan
Article NameSBI Home Loan Documents:
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Read Also: ICICI Bank Personal Loan Apply Online 2023: अब यही से जाने इसकी Eligibility, Benefits पूरी जानकारी Step By Step

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Interest Rate For SBI Home Loan

SBI home loan interest rates are categorized and explained as follows:

Loan AmountSBI Repo Rate Home Loan RateRate For Female BorrowerSBI Maxgain
Up to ₹30 Lakh6.70%6.70%7.00%
₹30 Lakh – ₹75 Lakh6.95%6.90%7.25%
₹75 Lakh – ₹1 Cr7.05%7.00%7.25%
Above ₹1 Cr7.05%7.00%7.35%

SBI Home Loan Documents:

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Documents Required for All SBI Loan Applicants:

  • Completed loan application form
  • Three passport-size photographs
  • Identity Proof (Voter ID Card, Passport, Driving License, PAN Card)
  • Proof of Residence (Current Address Proof)
  • Bank statements for the last 6 months
  • Personal assets and liabilities declaration
  • Proof of property ownership
  • Income Tax Proofs (if required)
  • Signature Identification from your current bank

Required Documents For Guarantor

  • Assets and liabilities statement
  • Two passport-size photographs
  • Identity Proof (Voter ID Card, Passport, Driving License, PAN Card)
  • Address Proof (Telephone Bill, Electricity Bill, Property Tax Receipt, Passport, Voter ID Card)
  • Signature Identification from your current banker

Penalties for Delay and Additional Charges:

Penal Interest Clause: In case of payment default or any account irregularities, the Bank retains the authority to impose an escalated interest rate at its discretion. An additional interest rate of 2% per annum will be applied to the outstanding amount for the duration of the irregularity if the Equated Monthly Installment (EMI) remains unpaid for 30 days beyond the due date, regardless of the reason, which may include a bounced cheque.

Important Terms and Conditions For SBI Home Loan

SBI Home Loans: 2 Instances of Unsuccessful EMI Payment, Returned Cheques, or Dishonored Standing Instructions:

  • Penalty for Failed or Non-Payment of EMI: Rs. 500 + Service Tax (ST) per missed EMI.
  • Cheque Returned (due to insufficient funds):
  • For cheques up to Rs. 1 Lac: Rs. 225 + ST
  • For cheques above Rs. 1 Lac: Rs. 350 + ST
  • Penalty for Failed Standing Instructions (SI): Rs. 225 + ST per failed SI.
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The rates mentioned above are subject to periodic changes. Repayment: The loan is to be repaid through Equated Monthly Installments (EMIs) over the loan’s duration. The EMI schedule begins as per the date specified in the sanction letter. The bank’s liability will be considered fully settled only when the outstanding balance in the loan account reaches zero, including payment of any residual amount, if applicable.

Loan Disbursement: For SBI Home Loan

The loan disbursement will be contingent upon the following conditions:

  • Execution of all prescribed security documents by the borrower/co-applicants/guarantors.
  • Creation of a valid mortgage, either equitable or registered (if equitable mortgage is not possible), in favor of the Bank in accordance with state laws.
  • Provision of suitable security, including third-party guarantees, in cases where mortgage creation may be delayed for valid reasons.
  • Disbursement of the loan in stages for construction or installment-based purchase, if applicable.
  • Ensuring all necessary statutory compliances are met, and the loan may be disbursed as a lump sum or in installments at SBI’s discretion, based on the construction progress of the house/flat as acceptable to SBI.

SBI will disburse the loan amount directly to the builder, seller, or society, as per the customer’s request, specification, or direction provided at the time of each disbursement. SBI holds no responsibility or liability for any delay on the customer’s part in furnishing such requests, specifications, or directions to SBI. The customer is not entitled to claim any costs, charges, or expenses related to non-disbursement by SBI due to any such customer-caused delays.

The Bank retains the right to collect any taxes imposed by the State/Central Government or other authorities in connection with this transaction.\

FAQ?: SBI Home Loan Documents

Q1. How does SBI determine the loan amount for which I qualify?

The bank primarily assesses your loan eligibility based on your income and ability to repay. Additional key factors include your age, educational background, dependents, your spouse’s income (if applicable), assets and debts, savings track record, and the stability and continuity of your occupation.

Q2. Am I eligible for tax benefits on my SBI home loan?

Certainly. You can avail tax benefits on both the principal and interest portions of your Home Loan under the provisions of the Income Tax Act, 1961. Since these benefits may change from year to year, it’s advisable to consult with our Loan Counselor to understand the specific tax benefits available to you for your loan.

Q3. Is it possible to obtain an increased loan amount by utilizing my existing loan account to purchase a new property?

Absolutely, you have the option to opt for a “Top-up Home Loan.” With this option, your existing loan, initially taken to purchase your current home, can be transferred to your new house, along with extra funds to cover the additional cost of the new property. This can be done provided you meet the loan eligibility criteria. This way, you can transition to your new home without the need to prepay your current loan.

Q4. What does “under construction property” refer to?

An “under construction property” is a dwelling in the process of being built, with possession scheduled to be transferred to the buyer at a later date.

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Q5. Is it possible for me to repay my loan before the scheduled term ends?

Certainly, you have the option to make early repayments of your loan through lump sum payments, either partially or in full, while considering the relevant prepayment charges.

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