Home loan is a secured loan provided by all major organizations including Axis Bank, IDBI, HSBC, HDFC, Indiabulls and SBI among others. State Bank of India provides home loan to its clients through an easy and convenient procedure.
Eligibility:
- The minimum age to be entitled to apply is 18 years while the maximum age is 70 years.
- The applicant must provide the bank with an equitable mortgage of the property as collateral.
Funding and tenure:
Margin/ LTV Ratio:
Individual Home Loan Amount
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Margin (Min.)(%)
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LTV Ratio (%)
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Upto Rs. 30 Lacs
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10
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90
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Above Rs. 30 Lacs. and up to Rs. 75 lacs
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20
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80
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Above Rs. 75 lacs
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25
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75
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The maximum time period to repay the loan is 30 years or the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early. Rate of Interest:
Borrowers’ category
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Home Loan interest rates, irrespective of loan limit
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EMI per Lac for 30 year Tenor
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Max gain above Rs. 20 lacs & upto Rs. 1 crore
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Max gain above Rs. 1 crore
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CRE Max gain, irrespective of loan limit
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Women
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20 bps above the MCLR i.e. 9.35% p.a
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Rs. 830
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30 bps above the MCLR i.e. 9.45% p.a.
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55 bps above the MCLR i.e. 9.70% p.a.
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75 bps above the MCLR i.e. 9.90% p.a.
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Others
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25 bps above the MCLR i.e. 9.40% p.a.
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Rs. 834
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35 bps above the MCLR i.e. 9.50% p.a.
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60 bps above the MCLR i.e. 9.75% p.a.
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80 bps above the MCLR i.e. 09.95% p.a
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Fees:
- The bank charges 0% Processing Fee on takeover of SBI home loan proposal from 1st June, 2016 to 31st September, 2016.
- Pre-sanction and Post-sanction charges must be paid in addition to the Processing Fee.
- 50 % waiver of Processing Fee on SBI approved Projects for the period from 1st June, 2016 to 30th September, 2016
Documents:
List of documents applicable to all applicants:
- Application form
- Three passport size photographs
- Proof of identify
- Proof of residence
- 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
For guarantor:
- Personal Assets and Liabilities Statement
- Two passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
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 Deptt.
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.
Loan amount is sanctioned depending on certain factors like repayment capacity, assets and liabilities, income and age. SBI home loan interest rates have been designed purposefully to aid the process of home building. SBI provides this loan at decent rates and due to the hassle free procedure, it has become popular.
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