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Procedure Get SBI Home Loans
Home Loan is a prolonged process and is a long term commitment. It is hence necessary for the borrowers to check the loan procedure before making any application to the bank. SBI Home Loan Procedure is quite uncomplicated.
At the initial stage of loan application SBI Home Loan team would ask for some fundamental documents. As the first step of the loan, borrower needs to present the following set of documents:
• Passport size photograph
• Residence proof (for non-bank customers only)
• Duly signed Application Form
• Bank account statement for past six months
• Salary proof (for employees)
• Any information to proof repaying capacity
• IT returns for past three years and receipts of advance tax (for self employed and IT assesses).
Considering these documents the lender would compute the eligibility. To qualify for a SBI housing loan, the borrower is required to be above the age of 21 years and have a stable source of income. On computing the financial strength, the lender offers a sanction letter.
SBI Home Loan department would then ask for property documents, get it verified by their concerned team to authenticate that the projected property is marketable. After this, the financer would ask the borrower to sign the agreement and submit cheques for repayment.
As a final step, SBI disburse the loan amount and the borrower starts paying the EMI as repayment towards the Home Loan availed. Every proposed Home Loan borrower is advised to go through the procedure methodically before applying for the same.
Home Loan FAQs
Frequently asked questions about home loans in India. Read More
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Home Loan Interest Rates
|HDFC Bank||10.75% - 11%|
|Barclays Bank||11% - 11.25%|
|HSBC||10.75% - 11%|
|Kotak Mahindra Bank||11.25% - 11.50%|
|DHFL||11.25% - 11.50%|
|First Blue||10.50% - 11.75%|
|Citi Bank||10.50% - 11%|
|Standard Chartered Bank||10.75% - 11%|
|Axis Bank||10.75% - 11%|
|ICICI Bank||10.50% - 11.75%|
|Deutsche Bank||10.75% - 11%|
|T & C apply*||Know More|