SBI HBL Eligibility

Can you tell me about the eligibility requirement and some other things needed for applying for Home Loan from SBI (State Bank of India)?

[Rajkumar Agarwal]

The eligibility requirement and some other things needed for applying for Home Loan from SBI (State Bank of India) are as follows:

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 loan amount is 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 loan eligibility one has the option to add:

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

Security:
Equitable mortgage of the property

Documents Required

Documentation needed to apply for an SBI Home Loan
• 1. Signed application form with photograph
• 2. ID and residence proof
• 3. Processing fee cheque
• 4. Last 6 months bank statements
• 5. Documentation for salaried applicants:
o Last 3 months salary-slips
o Form 16 or Income Tax Returns
• 6. Documentation for self-employed applicants:
o Education qualification certificate & proof of business existence
o Last 3 years Income Tax Returns with computation of Income
o Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

SBI Home Loan Details

Interest Rate For women - 9.35%
For General Customers - 9.40%
SBI Flexipay - 9.40%
Processing Fees Up to 0.35% of Loan Amount, Maximum of Rs.11,500
Loan Tenure 30 years
SBI Flexipay - 25 to 30 years
Pre-closure Charges Nil
Partial Pre-Payment Charges Nil
Guarantor Requirement No Guarantor Required