SBI Home Loan Scheme.

SBI The Market Leader in Indian Banking Industry has many products it it Personal Finance bouquet , We will discuss the different schemes which State Bank of India is offering in Delhi NCR.

SBI Advantage of taking Home Loan from SBI are many but the following stand out from the rest:

• Reduced Processing Fee.
• Lowest Interest  rate in the market.
• No hidden charges.
• Nil Pre Payment charges
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SBI Home Loan Product on Offer:

SBI MAXGAIN

HOME LOAN AS AN OVERDRAFT

•  This is latest and by far the most innovative offerings from SBI Home Loans.An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.
• Under this scheme the Home Loan is  sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides Cheque Book/Net Banking facility for the purpose.
• The customer can  depositing their surplus  funds in  SBI Max Gain A/c  and earn the interest of Housing Loan. The customer  can also withdraw the surplus amount as when the funds are needed.

Loan Amount

Minimum Loan Amount : Rs.20 lacs

Maximum Loan Amount : No Cap

• Interest Rate :
• A premium of 0.25% over and above the applicable Home Loan interest rate for Home Loan > Rs.1 crore is payable.

SBI YUVA HOME LOAN

     TAILOR MADE HOME LOAN SCHEME FOR THE YOUTH

• SBI YUVA Home Loan provides 20% higher loan amount than that of normal Home Loan eligibility to Salaried employees of Private Sector Companies/MNCs/Government Undertakings/PSUs & the Government employees.

Eligibility

• Age between 21 years to 45 years.
• Minimum Net Monthly Income of applicants should be Rs. 30,000/- (expected rental income from the proposed property should not be included in the monthly income of the borrower).

Repayment

Under SBI Yuva Home Loan Scheme, only the interest applied on Home Loan is payable during the first 36 months. The regular EMIs start after completion of 36 months.

HOME LOANS TO NRI/PIO'S.

HOME LOANS TO NON RESIDENT INDIANS (NRIs) & PERSONS OF INDIAN ORIGIN (PIOs)

• The income is considered to determine the Loan Amount.
• Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)
• The applicants should have a regular source of income.
• Minimum employment tenure in India/Abroad should not be less than 2 years.

Loan Amount

Minimum Loan Amount: Rs. 3 lacs

Maximum Loan Amount: No upper cap.

SBI REALTY

• HOME LOANS FOR PURCHASE OF PLOT FOR CONSTRUCTION OF A DWELLING UNIT
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SBI Realty provides an opportunity to the customer to purchase a plot for construction of house.

• The construction  should commence within 2 years from the date of av ailment of SBI Realty Loan.
• Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty with the benefit of running both the loans concurrently.

Loan Amount : Maximum Loan Amount: Rs.10 crores

Repayment Period : Upto 15 years

SBI PAL

• PRE-APPROVED HOME LOAN

1. The SBI PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
2. The loan eligibility will be assessed on the basis of income details of the applicant.
3. Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

Validity Period

Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.

Loan Amount

• Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates
• Minimum Loan amount: Rs.10 Lacs.

Other Terms and Conditions:

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 will be 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 you have option to add:

1) Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her 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.

Equitable Mortgage of the Property.

Margin/ LTV Ratio:

Individual Home Loan Amount	Margin (Min.)(%)	LTV Ratio (%)
Upto Rs. 20 Lacs	10	90
Above Rs. 20 Lacs. and upto Rs. 75 lacs	20	80
Above Rs. 75 lacs	25	75

Current Interest Rates :

• Borrowers' category	Home Loan interest rate, irrespective of loan limit	Maxgain above Rs. 1 crore
  Women	At BR i.e. 9.70% p.a.	25 bps above the BR i.e. 9.95% p.a.
  Others	5 bps above the Base Rate i.e. 9.75% p.a.	30 bps above the Base Rate i.e. 10.00% p.a.

  • The woman should be the sole applicant or first co-applicant of Home Loan and also

  • The property proposed to be financed should be either in the sole name of the woman borrower or she should be the first owner in case of joint ownership

  • The processing fee structure (including service tax) is as under :
  • Processing Fee :

• Home Loan Amount	Processing Fee w.e.f. 01.04.2015
  Upto Rs. 25 Lacs	0.25% of loan amount, minimum Rs. 1000/-
  Above Rs. 25 lacs & upto Rs. 75 lacs	Rs. 6,500/-
  Above Rs. 75 lacs	Rs. 10,000/-

  
  

  NOTE

  1) Actual charges for the following will be payable by the customer in addition to the processing fee:

  a) Pre-sanction

  • Advocate's fee for property search and the title investigation report.

  • Valuer's fee for valuation report.

  b) Post-sanction

  • Stamp duty payable for Loan agreement & mortgage.

  • Property insurance premium.

  • Processing fee recovered.

  • CERSAI Registration Fee of Rs 250/- + service tax up to Rs 5 lakh limit and Rs 500+service tax for limits above Rs 5lakhs

List of papers/ documents applicable to all applicants:

• Completed loan application

• 3 Passport size photographs

• Proof of identify (photo copies of Voters ID card/ Passport/ Driving

• licence/ IT PAN card)

• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/

• Property tax receipt/ Passport/ Voters ID card)

• 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 (wherever applicable):

• Personal Assets and Liabilities Statement

• 2 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 :

1. Original Salary Certificate from employer
2. 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:

1. Acknowledged copies of three years I.T. returns/ Assessment Orders.
2. Photocopies of challans evidencing payment of Advance Income Tax.

• REPAYMENT of the Loan.

  Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

  Moratorium period (Repayment holiday): The moratorium period is included within the maximum repayment period.
• The scheme has been explained in nutshell for the information of the customers, Kindly get in touch with us at dbisht@yahoo.com for availing a Home Loan from State Bank of India in Delhi NCR.
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