Home loan

How to benefit from the SBI mortgage loan

The State Bank of India (SBI) offers different types of home loans. These include Regular Home Loan, SBI Privilege Home Loan for Government Employees, SBI MaxGain Home Loan, SBI Smart Home Home Loan, Complementary Loan for Existing Customers, SBI NRI Home Loan, Home Loan SBI FlexiPay for a loan of a higher amount and the SBI HerGhar home loan. for women. You can benefit from the loan online and via the YONO platform.

Here is an overview of the features and documents required to qualify for a home loan from PSU lender, according to a press release issued by SBI.

  • Mortgage term: 3-30 years
  • Interest rate: SBI offers home loans tied to credit score at just 6.70% regardless of loan amount
  • No processing fees
  • No hidden or administrative costs
  • Interest rate subsidy for women borrowers
  • Home loans linked to credit score
  • No prepayment penalty
  • Calculating interest on a daily declining balance
  • Mortgage loan also available overdraft

How to apply online

Customers can click on the link below to apply for the home loan, fill out the required information, verify eligibility and get the loan quote: https://onlineapply.sbi.co.in/personal-banking/home- loan? se = SBI-Microsite & cp = Homeloan & Ag = SBI-Microsite

How to get a mortgage with YONO SBI

  • Log into your YONO account
  • On the home page, click on the menu (three lines) at the top left
  • Click on loans
  • Click on Home loan
  • Do a quick check of your eligibility by indicating your date of birth
  • Enter your source of income
  • Enter your net monthly income
  • Details of any other loan
  • Check your eligible loan amount and continue
  • Fill in the other required details and click submit
  • You will get a reference number and an SBI executive will call you shortly

Use ET Online’s mortgage calculator to calculate your mortgage EMI and your loan repayment schedule in regular installments over a period of time.

Bonanza for borrowers: low interest rates on home loans and other holiday deals

Festive cheers on home loans

The holiday season has started and banks as well as non-bank financial institutions have already rolled out a plethora of festival offers such as lower interest rates on loans and waivers of processing fees. Indian banks are aggressively pushing loans for purchases of homes and gadgets at record interest rates, capitalizing on holiday optimism.

Last month, Finance Minister Nirmala Sitharaman called on state banks to step up lending and set up credit programs across India from October to bolster various stimulus packages. With awareness programs expected to return soon, credit flows to productive sectors of the consumer economy are expected to increase further. Here’s the joy some major lenders bring you this holiday season.

What documents are required

  • Employer identity card
  • Loan application: Loan application form duly completed and affixed with 3 passport-size photographs
  • Proof of identity (any person): PAN / passport / driver’s license / voter ID card
  • Proof of residence / address (any person): recent copy of telephone bill / electricity bill / water bill / piped gas bill or copy of passport / driver’s license / Aadhar card

Ownership documents

  • Building permit (if applicable)
  • Registered sales contract (Maharashtra only) / Award letter / Stamped sales contract
  • Certificate of occupancy (in case of property ready to move)
  • Action certificate (only for Maharashtra), maintenance bill, electricity bill, property tax receipt
  • Copy of approved plan (Xerox plan) and registered builder development contract, deed of assignment (for new properties)
  • Payment receipts or A / C bank statement showing all payments made to builder / seller

Read also :
SBI lowers mortgage interest rate to 6.7%, waives processing fees and encourages non-salaried borrowers

Account statement

  • Bank account statements for the last 6 months for all bank accounts held by the applicant (s)
  • If a previous loan from other banks / lenders, then A / C statement of the loan for the last year

Proof of income for the employee / co-applicant / guarantor

  • Salary slip or salary certificate for the last 3 months
  • Copy of form 16 for the last 2 years or copy of computer declarations for the last 2 years, recognized by the income tax service

Proof of income for non-salaried applicant / co-applicant / guarantor

  • Proof of professional address
  • IT returns for the last 3 years
  • Balance Sheet & Profit & Loss A / c for the last 3 years
  • Business license details (or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Qualification certificate (for CA / Doctor and other professionals)

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