SBI Home Loan (New Loan / Takeover existing loan)
Interest Rate Information
| Bank Name | Up to 30 Lacs | From 30 lacs to 75 Lacs | Above 75 lacs |
| SBI | 10.15% p. a | 10.15% p. a | 10.15% p. a |
Processing Fee Information
| Loan Amount | Processing Fee |
| Upto Rs. 25Lacs | 0.125% of loan amount, minimum Rs. 1,000/- |
| Above Rs.25 Lacs and up to Rs.75 lacs | Rs. 6500 |
| Above Rs. 75 Lacs | Rs. 10000 |
| Loan Takeover | Rs 1000 |
Current actual charges
Before Sanction
1-Processing Fee As above
2-Search Report -4000Rs (Not required if project has valid APF no)
3-Valuation -- 843Rs
Post Sanction
4- Loan Mortgage charges 0.2 % of loan amount.(It is stamp duty on loan agreement )
5-Property insurance Premium
6-Life insurance premium (added to loan)
Pre-closure / Pre-payment Penalty - NIL
DOCUMENTS LIST FOR HOUSING LOAN (SBI)
Personal documents
- 2 photo passport size
- Salary slip for last 3 months stamped by HR
- Form no. 16 for last 2 years.
- Bank A/C statement for last 6 months stamped by bank.
- Proof of residence (ration card / electricity bill/ telephone bill/company letter)
- Proof of identity (pan /driving license/ voter card/ passport)
- All Loan A/C statement if any other outside loan.
- Experience letter of privious company if Present employment is less than 2 years.
- Confirmation letter of present company
- Investment details
- Margin Proof
Documents for self employed
1.IT Return for last 3 years alongwith financial documents(P&L statement)
2.Bank account statement of one year
3.Loan account statement for one yer if any
4.Shop Act Licence
5. Buisness profile
6.Partnership deed/Memorandum of Association
Property Documents
- Agreement for sale of the said land with seller (document no.6).with Index2, Stamp & regi. Receipt..
- Approved plan copy (Sanction Plan Blue print)
- NOC from society/ builder.
- Down payment receipts.
- Property Document Set containing
For resale
With addition to above documents
- Previous agreement in respect of said flat. With index -II
- Latest bills in respect of the said flat
i) property tax ii) electricity iii) society maintenance in respect of the said flat.
- Registration certificate of the society
- Conveyance deed between the landowner and the co-operative housing society if any.
- Copy of the latest payment of the tax paid to the corporation.
- Completion certificate and Possession Certificate.
- Share certificate of owner with no due certificate from society
For Take over
With adition to above all documents
- Sanctioned letter
- List of documents
- Foreclosure letter
- Loan A/c statement
NOTES-
- One set of document will be submitted in branch. Original documents will be required for verification and will be returned after verification.
- Builder /Society NOC, Adv search, Valuation report will be submitted in original
- Self Attestation is necessary on all Xerox copies Submitted like Pan Card, Passport, and Residence Proof-MSEB bill, Telephone Bill, Tax Receipt etc.
- Top up on takeover loan is possible after one year.
- Guarantor is required for takeover loan if property is under construction
- Two years of form 16 are compulsory.
- In case of project has valid APF no. then search report is not required.
- Interest is calculated on daily reducing balance.
Advantages of SBI Home loan
- Low Interest Rate
- Low processing fee
- Max gain Feature saves lacs rupees
- Quick sanction for processing loan through us
- Bank quickly reduces interest rate as per RB rate.
- Saving account with 4 lacs accidental insurance cover (cost 100Rs)
- Top up loan after one year
SBI Max gain Feature
An innovative and customer- friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.
The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your saving bank or Current Account.
The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require)
Example – Person A has 20 lacs of home loan and has 2 lacs in maxgain account. Then bank will charge interest for 18lacs only instead of 20lacs. Saved inters on 2lacs will reduce you principal component by that amount
Interest rate -10%, Monthly interest on 20 lacs =16666
Bank will charge interest on 18 lacs only =15000
Interest saved -1666 Rs
So your loan amount will be reduced by 1666 +regular principal / month
An innovative and customer- friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.
The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your saving bank or Current Account.
The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require)
Example – Person A has 20 lacs of home loan and has 2 lacs in maxgain account. Then bank will charge interest for 18lacs only instead of 20lacs. Saved inters on 2lacs will reduce you principal component by that amount
Interest rate -10%, Monthly interest on 20 lacs =16666
Bank will charge interest on 18 lacs only =15000
Interest saved -1666 Rs
So your loan amount will be reduced by 1666 +regular principal / month