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Introduction

"THE MOST PREFERRED HOME LOAN PROVIDER" voted inAWAAZ Consumer


Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV
18in association with AC Nielsen-ORG Marg in 21 cities acrossIndia.

SBI HOME LOANS now offers Interest Rates concessions onGREEN HOMES in accordance
with SBI's commitment to Environment protection.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the
tradition of State Bank of India.

Best Practices followed in SBI mentioned below will tell you why it makes sense to do
business with State Bank of India.

SBI Home Loans Unique Advantage

• Package of exclusive benefits.

• Low interest rates. Further, we charge interest on a daily reducing balance!!

• Low processing charges.

• No hidden costs or administrative charges.

• No prepayment penalties. Reduce your interest burden and optimally utilize your
surplus funds by prepaying the loan.

• Over 13,700 branches nationwide, you can get your Home Loan account parked
at a branch nearest to your present or proposed residence.

Getting your dream home has become easier with SBI Easy Home Loan. With low interest
rates for home loan under Rs. 30 lakhs category, SBI Easy ensures that you are not
burdened with high interest for your home loan. Plus with over 13700 SBI branches
nationwide you can get your Home Loan account parked at a branch nearest to your present
or proposed residence.
a) SBI Easy Home Loan

(Base Rate: 8.25% p.a.)


Name SBI Easy Home Loan
Facility Type Term Loan or OD as in SBI MaxGain. (OD facility will be available for loans
above Rs.5 Lacs.)
Loan amount Upto (and including) Rs.30 Lacs
Interest Rate Card Rate applicable for the tenor of the loan – 1.50% above Base
Rate, Present effective rate being 9.75% p.a.
Ist Year 1% discount over Card Rate, present effective rate being 8.75% p.a.
2nd and 0.25% discount over Card Rate, present effective rate being 9.50% p.a.
3rd year
4th year Card Rate
onwards
No Fixed Interest Rate option.

Processing Fee

The revised processing fee structure (including service tax) is as under:


Loan Amount Processing Fee
Upto Rs.5 Lac Rs.1000/-
Above Rs.5 Lac and upto Rs.10 Lac Rs.2000/-
Above Rs.10 Lac and upto Rs.20 Lac Rs.5000/-
Above Rs.20 Lac and upto Rs.30 Lac Rs.7,000/-

SBI ADVANTAGE HOME LOAN – FOR LOAN AMOUNT ABOVE RS. 30 LACS &
UPTO RS. 75 LACS

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SBI Advantage Home Loan is available up to 31st March 2011

Only Floating Interest Rate


(Base Rate: 8.25% p.a.)
Name SBI Advantage Home Loan

(Above Rs.30 Lacs and upto Rs.75 Lacs)


Facility Type Term Loan or OD as in SBI MaxGain.
Loan amount For Home Loans above Rs 30 lacs and upto Rs. 75.00 Lacs
Interest Rate Card Rate applicable for the tenor of the loan – 1.75% above Base
Rate, Present effective rate being 10.00% p.a.
Ist Year 1.25% discount over Card Rate, present effective rate being 8.75% p.a.
2nd and 0.50% discount over Card Rate, present effective rate being at 9.50% p.a.
3rd year
4th year Card Rate
onwards
No Fixed Interest Rate option.

Processing Fee:

Loan Amount Processing Fee


Above Rs.30 Lac and upto Rs.50 Lacs Rs.7,000/-
Above Rs. 50 Lacs and upto Rs. 75 Lacs Rs. 8,000/-

SBI PREMIUM HOME LOAN - Above Rs. 75 Lacs


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SBI Premium Home Loan – Above Rs.75 Lacs

(Base Rate: 8.25% p.a.)


Name SBI Premium Home Loan – Above Rs.75 Lacs
Facility Term Loan or OD as in SBI MaxGain upto Rs.1 Crore.
Type
Loan For Home Loans above Rs 75.00 lacs
amount
Interest Card Rate applicable over the tenor of the loan is 1.75% over the Base Rate,
rate present effective rate being 10.00% p.a.

Concessions including discretionary concessions will be available over the tenor of


the loan

No Fixed Interest Rate option.

Processing Fee

The revised processing fee structure (including service tax) is as under:


Loan Amount Processing Fee
Above Rs.75 Lacs and upto Rs.1 Crore Rs. 8,000/-
Above Rs. 1 Crore and upto Rs. 5 Crores Rs. 10,000/-
Above Rs. 5 Crores Rs. 20,000/-
i) Earnest Money Deposit (EMD) Scheme

Many Government agencies, like Urban Development Authorities and Housing Boards,
periodically come out with schemes for sale of plots/houses, wherein applicants have to
submit 10-20% of the cost of plot/house as Earnest Money Deposit (EMD) and allotments
are made by draw of lots.
The SBI EMD scheme is designed for financing against earnest money for allotment of a
house/plot. Individuals above 21 years of age and with a steady source of income are
eligible to avail loans under this scheme.

Salient Features of the Scheme:

1. No minimum income criteria.


2. Margin waived in al cases.
3. Eligible for 100% of application money, subject to maximum loan amount of Rs.10
Lacs.
4. Waiver of security in all cases irrespective of the loan amount.
The above mentioned features of the scheme are applicable subject to the following
conditions:

1. Allotment letters/refund orders should be routed through SBI.


2. Lump sum amount equal to 6 month’s interest to be taken upfront.
3. PDCs one for the principle amount of EMD and another towards interest for the next
6 months should be taken to meet the eventuality of refund getting delayed.

ii) SBI Reverse Mortgage Loan

LOAN FOR WELFARE OF SENIOR CITIZENS IN INDIA

SBI Reverse Mortgage Loan Enables house-owning Senior Citizens having inadequate
income to meet their financial needs for renovation/repairs to house, medical & other
personal purposes. There is no compulsion for the borrower to repay a RML during his or her
lifetime or till such time he or she continues to stay in the house.

The borrower continues to retain ownership of the house. Also, the borrower will have the
option to prepay the loan at any time during the loan tenure and there will be no pre-
payment penalty.

i) SBI Home Plus

SBI Home plus is scheme is launched for granting personal loans to the banks home loans
customers against the security of their house property. All home loans customers with a
satisfactory repayment record of at least one year and who maintain a Savings bank or
current account with us.

The loan can be used for any purpose, viz. extension/repair of house, purchase of car/
consumer durables, education / medical expenses of family members, personal expenses,
etc. There will be no need to obtain documentary evidence for the end-use of funds.
However a certificate from the customer in the application to the effect that the loan will
not be used for speculative purposes would be obtained.
HOME LOANS - INTEREST RATES
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a) SBI Easy Home Loan

(Upto Rs.30 Lacs)

(Base Rate: 8.25% p.a.)


Name SBI Easy Home Loan
Facility Type Term Loan or OD as in SBI MaxGain. (OD facility will be available for loans
above Rs.5 Lacs.)
Loan amount Upto (and including) Rs.30 Lacs
Interest Rate Card Rate applicable for the tenor of the loan – 1.50% above Base
Rate, Present effective rate being 9.75% p.a.
Ist Year 1% discount over Card Rate, present effective rate being 8.75% p.a.
2nd and 0.25% discount over Card Rate, present effective rate being 9.50% p.a.
3rd year
4th year Card Rate
onwards
No Fixed Interest Rate option.

b) SBI Advantage Home Loan

(Above Rs.30 Lacs and upto Rs.75 Lacs)


(Base Rate: 8.25% p.a.)
Name SBI Advantage Home Loan

(Above Rs.30 Lacs and upto Rs.75 Lacs)


Facility Type Term Loan or OD as in SBI MaxGain.
Loan amount For Home Loans above Rs 30 lacs and upto Rs. 75.00 Lacs
Interest Rate Card Rate applicable for the tenor of the loan – 1.75% above Base
Rate, Present effective rate being 10.00% p.a.
Ist Year 1.25% discount over Card Rate, present effective rate being 8.75% p.a.
2nd and 0.50% discount over Card Rate, present effective rate being at 9.50% p.a.
3rd year
4th year Card Rate
onwards
No Fixed Interest Rate option.

c) SBI Premium Home Loan

(Above Rs.75 Lacs)

(Base Rate: 8.25% p.a.)


Name SBI Premium Home Loan – Above Rs.75 Lacs
Facility Term Loan or OD as in SBI MaxGain upto Rs.1 Crore.
Type
Loan For Home Loans above Rs 75.00 lacs
amount
Interest Card Rate applicable over the tenor of the loan is 1.75% over the Base Rate,
rate present effective rate being 10.00% p.a.

Concessions including discretionary concessions will be available over the tenor of


the loan

No Fixed Interest Rate option.

FEATURES
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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 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.

Security:

• Equitable mortgage of the property

Margin/ LTV Ratio:


Loan Amount Margin (Min.) Maximum LTV Ratio
(Max.)
Upto Rs. 20 Lacs 10% 90%
Above Rs. 20 Lacs. 20% 80%

*LTV ratio - Loan to value ratio.

Interest rates:

DOCUMENTS
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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 :

Original Salary Certificate from employer

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:

Acknowledged copies of three years I.T. returns/ Assessment Orders.

Photocopies of challans evidencing payment of Advance Income Tax.

FEES
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Loan Amount Processing Fee


Upto Rs.5 Lac Rs.1000/-
Above Rs.5 Lac and upto Rs.10 Lac Rs.2000/-
Above Rs.10 Lac and upto Rs.20 Lac Rs.5000/-
Above Rs.20 Lac and upto Rs.50 Lac Rs.7,000/-
Above Rs.50 Lac and upto Rs.1 Cr Rs.8,000/-
Above Rs.1 Cr and upto Rs.5 Cr Rs.10,000/-
Above Rs.5 Cr Rs.20,000/-

NOTE

1) 75 % of the processing fee may be refunded in the following cases:

(a) Rejection of loan application on account of unsatisfactory pre-sanction survey report.

(b) Rejection of loan application on account of unsatisfactory legal/valuation reports.

In cases where applications are sanctioned or rejected after complete loan processing, fee
will not be refunded.
2) Actual charges for the following will be payable by the customer in addition to
the processing fee:

a) Pre-sanction

(i) Advocate's fee for property search and the title investigation report.

(ii) Valuer's fee for valuation report.

b) Post-sanction

(i) Stamp duty payable for Loan agreement & mortgage.

(ii) Property insurance premium.

Pre-closure Penalty

No penalty if the loan is pre-closed from own savings/windfall gains for which documentary
evidence is produced by the customer.

The MITC covers the following Loan Products :

1. SBI Easy/Advantage/Premium Home Loan

2. SBI Pre-approved Home Loan

3. SBI Yuva Home Loan

4. SBI Max Gain Home Loan

5. SBI Realty Home Loan

6. SBI NRI Home Loan

7. SBI Gram Niwas/Sahyog Niwas/Tribal Plus

8. SBI Green Home Loan

Purpose for which home loan can be availed:

1. The loan will be sanctioned for the purpose of purchase / construction / extension /

repairs/renovation of new/second-hand residential house/flat/plot of land/purchase of


consumer durables/furnishings (hereinafter referred to as the ‘project’)

2. Premium of Home Loan Insurance cover (Optional) : The premium for the optional

Home Loan Life Insurance cover (if availed) will be added to the loan amount.

Loan to Value Ratio (LTV):

For loan amount less than Rs.20 Lacs, maximum permissible LTV ratio is 90% of the

assessed value of the property. For loan amount less than Rs.20 Lacs, maximum

permissible LTV ratio is 80%.

Rate of Interest:

Floating Rate of Interest: -

Interest on the loan will be charged at prevailing floating rate of interest on a daily

reducing balance at monthly rests. The rate of interest is subject to revision from time

to time due to (i) changes in Base Rate or (ii) revision even without change in Base Rate

the Bank has the option to reduce or increase the EMI or extend the repayment period

or both consequent upon revision in interest rate.

Fixed Rate of Interest:-

Interest on the loan will be charged at the prevailing fixed rate of interest on daily

reducing balance at monthly rests, subject to interest rate reset at the end of every two

years on the basis of fixed interest rates prevailing then. State Bank of India (SBI) may

at its discretion stipulate the periodicity of computation of interest. Further, SBI may at

its sole discretion alter the rate of interest suitably and prospectively in the event of

major volatility in interest rates during the period of the agreement. Thenceforth the

rate of interest varied as aforesaid shall be applicable to the Loan. SBI shall be the sole

judge to determine whether such condition exists or not. If the Borrower is not

agreeable to the revised interest rate so fixed, the Borrower can request SBI, within 15

days of receipt of the notice intimating change in interest rates from SBI, to terminate

the loan and the Borrower shall repay the Loan and any other amount due to SBI in full

and final settlement in accordance with the provisions of the Agreement relating to
pre-closure.

Calculation of interest:-

Interest on the amount of the loan will be applied at the prevailing rate per annum on

daily reducing balance with monthly rests.

Intimation of change in Interest Rate:-

The borrower shall be deemed to have notice of changes in the rate of interest

whenever there are changes in Base Rate or increase in interest rates where there is no

change in Base Rate are either displayed on the Notice Board of the Branch or

published in news papers or made through entries of the interest rate charged in the

passbook/statement of account furnished to the borrower and the borrower is liable to

pay such revised rate of interest.

Penal interest:-

In the event of a default in payment or any irregularity in the account, the Bank

reserves the right to levy a higher rate of interest as it deems fit. Enhanced rate of

interest @2% p.a on the irregular amount for the period of irregularity, over and

above the applicable rate will be charged if the Equated Monthly Installment (EMI)

remains unpaid for a period of 30 days from the due date, for any reason, including a

bounced cheque.

Bounced cheque/ECS or SI dishonours:-

A penalty of Rs 250/- will be charged for every bounced cheque/ECS or SI dishonours.

The rate may vary from time to time.

Repayment:

The loan is to be repaid in Equated Monthly Installments over the tenure of the loan.

The repayment installment commences (a) 2 months after completion of construction

of house/flat or after eighteen months from disbursement of first installment, where

loan is released in installments, whichever is earlier or (b) from the next month after

the date of full disbursement in respect of outright purchase of


land/house/flat/extension, repairs or renovation of an existing house/flat. The liability

to the bank will be extinguished only when the outstanding in the loan account

becomes Nil, on payment of residual amount, if any.

Loan Tenor:

Maximum 25 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.

Pre-closure Charges:-

Loans on Fixed and Floating rate of interest:

Pre-closure charge of 2% of the amount pre-paid in excess of normal EMI dues will be

levied in case of pre-closure of loan within 3 years from the stipulated date of

commencement of repayment. If the loan is pre-closed from own resources other than

borrowings, for which proof is submitted to the satisfaction of the Bank, pre-closure

charges shall not be levied irrespective of the period for which the loan account has

run.

Security:

Primary:-

The loan will be secured by Equitable / Registered mortgage/extension of mortgage of

the land and building/flat for which the loan is to be sanctioned.

Collateral:-

If mortgage of the property being financed is not possible, Bank may accept, at it

discretion, security of adequate value in the form of Life Insurance policies,

Government Promissory Notes, shares/ debentures, gold ornaments or such other

tangible security as may be deemed appropriate.

Interim Security Pending Mortgage:-

Wherever creation of mortgage is likely to be delayed for any valid reason, suitable

security including third party guarantee, as considered necessary, may be taken for the

interim period.
Utilisation of the loan:

The amount of the loan shall be utilized strictly for the purpose detailed in the

borrower’s application form and in the manner prescribed. The construction of the

house/flat or the modification/extension proposed by the borrower in the existing

house/flat should be strictly according to the plan approved by the Local

Authorities/Town Planning and Development authorities. Any modification desired in

the plan as originally approved, can be undertaken only after express sanction for it has

been obtained from the appropriate authority.

Insurance:

The house/flat shall be insured comprehensively for the market value covering fire,

flood, Earthquake etc. in the joint names of the Bank and the borrower. Cost of the

same shall be borne by the borrower.

Inspection:

The Bank will have the right to inspect, at all reasonable times, the borrower’s property

by an officer of the Bank or a qualified auditor or a technical expert as decided by the

Bank and the cost thereof shall be borne by the customer.

Fees and charges:

1. Processing fee: Is to be paid upfront at rates laid down by the Bank from time to time.

Entire processing fee would be refunded if application is rejected after initial scrutiny. If

loan application is rejected after site inspection and/or obtention of legal/valuation

report, 75% of the processing fee will be reimbursed. No refund of processing fee is

permissible in case of sanction/rejection by sanctioning authority.

Loan Amount Processing Fee

Upto Rs.5 Lac Rs.1000/-

Above Rs.5 Lac and upto Rs.10 Lac Rs.2000/-

Above Rs.10 Lac and upto Rs.20 Lac Rs.5000/-

Above Rs.20 Lac and upto Rs.50 Lac Rs.7,000/-


Above Rs.50 Lac and upto Rs.1 Cr Rs.8,000/-

Above Rs.1 Cr and upto Rs.5 Cr Rs.10,000/-

Above Rs.5 Cr Rs.20,000/-

2. Legal Fee*: Title of the property proposed to be purchased is to be clear, absolute,

unencumbered and marketable to the satisfaction of the Bank’s solicitor/Advocate.

Fee is to be paid for legal opinion to be obtained through a lawyer on the Bank’s panel.

This fee is payable regardless of whether the clear title is established and whether the

loan is sanctioned.

3. Valuation fee*: The valuation of the land and building /flat will be done by the

empanelled valuer of the bank and prescribed fee is payable by the borrower.

4. All legal and other expenses, stamp duty, registration charges and other incidental

expenses incurred in connection with the loan shall be borne by the borrower.

*Items 2 and 3 may vary from place to place and the rates will be intimated to the

applicant by the branch/sourcing entity. Item 4 varies from State to State according to

the local registration laws, Stamp Duty Act etc. and is payable to the State Govt.

State Bank of India retains the right to alter any charges or fees from time to time or to

introduce any new charges or fees, as it may deem appropriate, with due intimation to

customer.

5. Conversion charges for switching loan from fixed to floating rate: : Option for switching

loan from fixed to floating rate or vice versa is not available.

Fees and Charges are subject to change from time to time at the sole discretion of SBI.

Disbursement:

The loan will be disbursed only on the following conditions:

1. All the security documents prescribed have been executed by borrower/co-applicant

(s)/ guarantor/s

2. A valid mortgage (equitable or registered if equitable mortgage is not possible) has

been created in favour of the Bank as per the laws of the State.
3. Wherever creation of mortgage is likely to be delayed for any valid reason, suitable

security including third party guarantee, has been taken for the interim period.

MOST IMPORTANT TERMS AND CONDITIONS SBI – Home Loan 4. The loan will
be disbursed in stages where a loan for construction is desired or

purchase is through payment to seller in installments.

5. All necessary statutory compliances are in place.

SBI may disburse the quantum of loan in lump sum or in installments at its own

discretion depending on the level of construction of the House/Flat as acceptable to

SBI.

SBI will disburse loan amount directly to the builder/seller/society as the case may be

and as requested / specified/ directed by the customer to SBI at the time of each

disbursement. SBI shall not be responsible / liable in any manner whatsoever for any

delay by the customer in providing such request/ specification/ direction to SBI and the

customer shall not claim any costs, charges and expenses in any relation to any nondisbursal by SBI due to
any such delay by the customer.

The Bank reserves the right to collect any tax if levied by the State/Central Government

and/or other Authorities in respect of this transaction.

Default:

In the event of default i.e. if the amount due is not paid by due date, the customer will

be sent reminders from time to time for payment of any outstanding on his loan

account, by post, fax, telephone, email, SMS messaging and/or through third parties

appointed for collection purpose to remind, follow-up and collect dues. Any third party

so appointed, shall adhere to the Indian Banks Association’s (IBA) code of conduct on

debt collection.

Customer Service:

For any service related issue, customer can get in touch with SBI by :

 Calling Customer Help Line Numbers

 Contact Customer Grievance Cell at our Local Head Offices


 Write to Grievance Cell at our Local Head Offices

(Details on Help line Numbers and Grievance Cell available on www.sbi.co.in)

In case a customer is not satisfied with the handling of grievance by the Local Head

Office, a communication may be sent (enclosing the message sent earlier to Local Head

Office) to the -

Deputy General Manager (Customer Service),

Customer Service Dept, State Bank of India;

State Bank Bhawan, 4th floor;

Madame Cama Road,

Mumbai-400 021,

Telephone No. (022) 22029456 , 22029451 22740432, 22740431,22740433

Fax no. (022) 22742431.

e-mail address - dgm.customer@sbi.co.in.

Disclosure:

State Bank of India is authorized to disclose from time to time any information relating

to the loan to any credit bureau (Existing or Future) approved by Government of India

and Reserve Bank of India without any notice to the borrower. State Bank of India is

also authorized to make inquiries with the Credit Information Bureau of India (CIBIL)

and get the applicants Credit Information Report.

SHORT TERM HOUSING LOAN


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Home is where the heart is! At SBI, we know this better than most - the toil and sweat that
goes into building/buying a house and the subsequent pride and joy of owning one.

This is why our Housing loan schemes are designed to make it simple for you to make a
choice at least as far as financing goes!

No hidden clauses or costs or unnecessary documentation. Our loans have the longest
tenors and our repayment terms are amongst the most flexible. We offer you a totally
transparent process and yes, there is no fine print! We even give you an in-principle
approval prior to identifying a house/flat, relieving you of the tension of anticipating the
approved amount!

Last, but not the least, we have specialized Housing loan branches to serve your needs
better. . Click here for the one nearest to you.

Our newly opened Personal Banking branches also specialise in this. Click here for a list of
our PBBs

Our special Short Term Housing Loan Scheme for loans of repayment period upto 5 years
carries still lower rates of interest.

The Scheme

You can avail of a housing loan for:

• Purchase or construction of a new house/ flat.


• Purchase an existing (old) house/ flat.
• Extension, repair, renovation or alteration of a house/ flat.
• Purchase a plot of land meant for construction of a dwelling unit.

Enjoy the SBI Advantage

Why should you opt for a housing loan from State Bank of India?

• Excellent service and lower costs.


A quick survey of similar schemes available elsewhere and you will find that SBI
housing loans offer you the..
• Lowest Equated Monthly Instalments (EMI)
Lowest interest rates, currently between 7.50% pa and 8.50% p.a. on daily reducing
balances
A nominal processing fee of 0.25% will be charged. Compare this with the 1.5% -
2% charged by others.
• No hidden costs or administrative costs
• In-principle approval given prior to your identifying a house /flat, giving you
flexibility in choice.
• Complete transparency - When we say our rate of interest is 8% p.a. you pay only
8%. When others say 8.5%, you may be paying even 10% p.a., as interest may be
levied even on the amounts you have already repaid. This is because we apply
interest on a daily reducing balance while housing finance companies/ other banks
mostly apply interest on annual reducing balance.

Always compare the Equated Monthly Instalments (EMI) and the total repayments you
would be required to make rather than rates of interest.

Salient Features

Purpose
You can take a loan for:

 Purchase or construction of a new house/ flat.


 Purchase an existing (old) house/ flat.
 Extension, repair, renovation or elteration of a house/ flat.
 Purchase a plot of land meant for construction of a dwelling unit.
 Repayment of housing loan availed from other banks/financial institutions to avail
of the benefit of our low rates of interest.

Eligibility

You can avail of an SBI Housing loan if you are over 21 years of age and have steady source
of income.

Documents Required

What are the documents that I need to provide?

You will need to furnish the following documents along with the completed application form:

• Passport size photograph


• Proof of residence
(This applies only to new or non-bank customers, and could be either a PAN identity
card, voter identification card or passport)
• Sale Deed/ Agreement of Sale
• Bank account Statement or passbook, for the last six months
• For employees or people in service, you also need to provide:
• Salary certificate and other information, if any, about your repayment capacity
• Form 16 or a copy of the Income Tax Returns for the last 2 years
• For self employed and other IT assessees:
• IT returns for the last 3 years· Receipts of advance tax paid
• Any other information about your repayment capacity

In addition to the above mandatory documents, you are also required to furnish one or
more of the following documents wherever applicable:·

• Letter of allotment from the housing board or society


• Copy of the approved plan
• Permission for construction
• Copy of the relative order in the case of conversion of agricultural land. (not required
where the house/flat has been constructed by an approved builder)
• In the case of an old existing house, you will need to get a valuation certificate from
approved valuers as well as a certificate from a government approved architect
/structural engineer regarding the condition of the flat/house as well as its remaining
life. This will give you the comfort of knowing that the property you are purchasing is
of sound construction.

Loan Amount
While there is no ceiling to the amount of loan we sanction the actual loan amount is
determined on the basis of repayment capacity taking into account your income, age, assets
and liabilities. As a rule of thumb - Upto 60 times the net monthly income will be sanctioned
depending upon your age. Usually, your spouse's income and the expected rental would also
be taken into account.

Margin

Your contribution (margin) for the housing loan is as under: 15% for new house/ flat 20%
for old house/ flat 20% for repairs and renovation.

Interest

Avail of the lowest interest rates in the market. We give you the option of locking in the low
interest rates for the full tenure of the loan or keeping your interest option open by linking it
to the Bank's Term Lending rate. Therefore, you could either avail the loan at a fixed rate of
interest, which stays constant throughout the loan period, or at a floating rate of interest
where the interest changes (increases or decreases) depending on changes in the Bank's
Term Lending Rate.

Click here to view the interest rates.

Repayment

In 60 Equated Monthly Instalments.Our repayment terms are amongst the most flexible in
the market. Depending on your age and capacity to repay, you could pay back the loan in
easy installments.You may prepay at will without attracting any penalty, or pay more than
your stipulated monthly installment at any time, depending upon availability of funds with
you. However, in case of takeover of loan by other banks/finance companies, prepayment
penalty of 2% may be levied.

Security

As per bank's extant instructions.

Take Over of Loan

If you have already taken a housing loan from any other bank/financial institution and wish
to benefit from our low rates of interest, we can take over your existing loan.

In-principle Approval
We also give in-principle approvals based on your income and capacity to repay, to enable
you to identify a house/ flat with full confidence.

All loans are at the sole discretion of the Bank.

to view NRI Banking housing loans.