Wednesday, 21 October 2015

How to Get SBI Home Loan Online Full Step By Step Guide

How to Get SBI Bank Home Loan Online There are some importance    tips

  •  HOME LOAN PRODUCTS

a) SBI NRI Home Loan

  • Loan for purchase of flat / plot after the property has been finalized


b) SBI Maxgain (Home loan as an overdraft)

  • The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like Savings Bank or Current Account. Cheque Book and Internet Banking facility is also provided
  • You may park your surplus funds / savings in Maxgain account, with an option to withdraw funds whenever required


c) SBI Realty

  • For purchase of a plot for construction of house
  • The construction of house should commence within 2 years from the date of availing of loan
  • You will also be 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


d) SBI PAL (Pre-Approved Loan)

  • Sanction of Home Loan limits before finalization of the property
  • Loan eligibility will be assessed on the basis of income details
  • Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months.
  • Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates



  • ELIGIBILITY CRITERIA
  • Minimum age should be 18 years with regular sources of income (clubbing of income of co-borrowers / guarantors and expected rent accruals on proposed property is permitted subject to certain conditions)
  • Valid Passport
  • Employed abroad for at least 2 years or a valid job contract for a minimum period of 2 years abroad but has completed 6 months of employment or working abroad on assignments with foreign Governments / government agencies or International / Regional Agencies like the UNO, IMF, World Bank etc. or Central Government, State Government or Public Sector Undertakings, officials deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad
  • Existing NRE / NRO account holder with SBI



  • FEATURES

a) Purpose

  • For purchase of residential plot for construction of house
  • For purchase / construction of flat / house
  • For repair or renovation of existing house / flat
  • For investment made from own resources during the preceding 12 months for purchase of property/ construction / repairs / extension of house

b) Loan Amount

  • Minimum Loan Amount:
    • For NRI Home Loan: Rs. 3 lacs
    • For Maxgain: Rs. 20 lacs
    • For Realty: Rs. 3 lacs
    • For PAL: Rs. 10 lacs
  • Maximum Loan Amount:
    • For Realty: Rs. 10 crores
    • For NRI Home Loan, Maxgain & PAL: On the basis of LTV (Loan to value) ratio as per following -

Home Loan AmountLTV ratio for Salaried applicantsLTV ratio for Non-Salaried Applicants (Businessmen / Professionals / Self Employed)
Up to Rs. 75 lacs80%75%
Above Rs. 75 lacs75%70%

c) Moratorium – Maximum of 48 months

d) Repayment

  • For NRI Home Loan, Maxgain & PAL: Maximum 30 years or up to the age of 70 years, whichever is early
  • For Realty: Up to 15 years
Aggregate repayment should not exceed 50% of NMI / NAI

e) Mode of Repayment

  • Repayment in EMIs (Equated Monthly Installments)
  • Remittances from abroad through normal banking channels
  • Funds transfer from NRE / FCNR (B) / NRO accounts
  • Remittance from local funds by close relatives

f) Interest Rates - Please click here to view interest rates

g) Place of availing loan - You may avail loan from our any of the branch as per following:

  • At the place of the proposed property / construction
  • At a centre where NRI customers is already having ongoing relationship with one of our Branches
  • At the place of residence of India based Power of Attorney Holder or co-borrower/guarantors, if any.

h) Penalty for pre-closure of home loan - Nil




  • PROCESSING FEE

a) Processing fee as per following:

Loan AmountProcessing Fee
Up to Rs. 25 Lacs0.25% of loan amount, minimum Rs. 1,000/-
Above Rs. 25 Lacs & up to Rs. 75 LacsRs. 6,500/-
Above Rs. 75 LacsRs. 10,000/-


b) Other charges (on actual basis) as per following:

  • For Pre-sanction:-
    • Advocate's fee for property search and the title investigation report
    • Valuer's fee for valuation report
  • For Post-sanction:-
    • Stamp duty payable for Loan agreement & mortgage
    • Property insurance premium
    • CERSAI Registration Fee of Rs 250/- up to Rs 5 lacs limit and Rs 500 for limits above Rs 5 lacs. Service tax will be charged over and above it

  • BANK'S APPROVED PROJECTS
Please click here to view list of Bank’s approved projects.
  • DOCUMENTATION 
a) Home Loan Application. Please click here to download the application.
b) Two passport size photographs
c) Power of attorney (POA), if required. It can be given to close relatives namely Spouse, Father, Mother, Brother, Sister, Children, Father-in-law and
Mother-in-law. Please click here to download the standard POA format and instructions to execute it.
d) Applicant’s documents as per following:

i. Identity and Address Proofs as per following :

StatusIdentity ProofsOverseas Address Proof
NRIBoth mandatory:
  1. Copy of relevant pages of Passport
  2. Copy of visa / work permit
Anyone of the following:
  1. Utility Bill (Electricity, Telephone,  Gas)
  2. Driving License issued abroad
  3. Government  issued National  Identity Card or Labour Card, or Social Card at the country of residence
  4. Original copy of latest overseas bank account showing overseas address
PIOBoth mandatory:
  1. Copy of relevant pages of Passport
  2. Copy of PIO Card issued by Government of India
Please note:
  1. Non-Salaried Applicants (Businessmen / Professionals / Self Employed) also needs to submit address proof of their office / business in addition to residence address as mentioned above. Address proof of office / business has to as per above listed documents only.
  2. Identity and address proofs of resident Indian co-borrower or POA holder (if applicable) will also be required in addition to the applicant’s proofs, for the KYC
  3. In case you are not visiting to our branch in India, these proof needs to attested by any of the below:
    • SBI Foreign Office (please click here, to check whether office in your country is  permitted to attest)
    • Notary Public
    • Indian Embassy / High Commission


ii. Income Proof for each applicant as per following -

Occupation typeDocuments required
Salaried ApplicantsSelf-attested copy of following documents:
  1. Employment contract/ appointment letter/Offer letter or any other document/agreement showing current terms of employment
  2. Salary certificate / slip for last 3months
  3. Bank account statement showing salary credit for last six months
  4. Duly acknowledged copy of last year Individual Tax Return (NRIs/PIOs located in Middle east countries or employed in Merchant Navy are not required to submit individual tax return)
  5. Copy of Continuous Discharge Certificate (CDC) for applicants employed in the Merchant Navy
Non-Salaried Applicants (Businessmen / Professionals / Self Employed)Self-attested copy of following documents:
  1. Audited / Chartered Accountant certified Balance Sheet and P&L accounts for last 2 years
  2. Individual Tax Return except for last 2 years (NRIs/PIOs located in Middle east countries are not required to submit individual tax return)
  3. Bank account statement of overseas account in the name of individual as well as company/unit for last six months

e) Property related documents, as per following:
  1. Property documents common to all -
    1. Agreement for sale (duly registered for states where applicable), construction agreement
    2. Copy of N.A. permission for the land from the collector
    3. Copy of order under the Urban land Ceiling Act
    4. Index II
    5. Blueprint (Plan Copy) stamped by Municipal Authority
    6. All Payment Receipts to builder/seller
    7. Letter from the builder/society/Housing Board intimating their a/c number and name of their bankers, for remittance of installments
    8. Original of land tax paid receipt and possession certificate issued by the revenue authorities


  2. If purchased from builder/development authority (new flats) -
    1. Registered Development Agreement between the owner of land and the builder, Power of attorney to the builder from land owner for sale of flats
    2. Commencement certificate granted by Corporation / Nagar Palika
    3. Letter of Allotment from Private builder/Housing Board/Society
    4. NOC and Transfer Letter from development authority
    5. NOC from private builder in Bank’s Standard format
    6. Tripartite Agreement
    7. If leased land then Registered Agreement of lease


  3. If purchased from registered society -
    1. Letter of allotment from Society
    2. A Copy of approved plan by the appropriate authority
    3. Share Certificate in Original
    4. Permission for construction
    5. List of members submitted by society with Registrar of Societies duly acknowledged
    6. Copy of Bye laws of society
    7. Certificate of  I.T. clearance
    8. Certificate of registration
    9. NOC to mortgage from the society
    10. NOC from land allotting authority in case of lease hold property
    11. Undertakings by Architect, Member, Power of attorney, Accepting deposit of Original share certificate, accepting the bank as nominee; Resolution passed by the Managing Committee

  4. If society not registered / originally allotted from development authority / resale flat -
    1. Occupancy certificate and share certificate
    2. Chain of Old Agreements in original with original receipt of registration (if any)
    3. Original letter of allotment issued to the first owner by the development authority/Builder (as applicable)
    4. Original stamped receipts of payments issued to the previous and present owners by the builder/development authority/society
    5. Conveyance deed executed by the builder/development authority in favour of society/seller
    6. Transfer permission from the respective authority (development authority/society)

  5. If construction on own land -
    1. Detailed estimate from Chartered Engineer/Architect

f) Documents to be submitted at the time of documentation (Post sanction) and subsequent disbursement/part disbursements (in case of home construction), as per following:
  1. Requirement for home loan documentation
    1. Sale Agreement and Construction Agreement (As applicable) in original
    2. Originals of all other property documents (wherever applicable) which have been submitted along with application form
    3. Power of Attorney (For NRI, PIO’s and defense personnel only) in original with 1 copy. (POA should be in SBI standard format)
    4. Original Receipts for advance amount paid to the seller/builder and margin money receipt
    5. Up to date Encumbrance Certificate (wherever required)
    6. Equitable mortgage charges (As applicable as per state Laws) in cash (to be handed over to documentation officer only) towards stamping of recital
    7. Indemnity Bond for deviation on Stamp paper -duly notarized. (Amount as applicable for the state)
    8. Stamp Charges:
      • Where franking facility is available – Applicable stamp charges (as per state law) in cash to be handed over to Documentation Officer only
      • Where franking is not available – Stamp papers for the applicable amount (As per state law) to be produced
    9. Repayment arrangements:
      • SBI Customer: Standing Instruction letter or postdated cheques
      • Others: ECS Mandate signed by other bank or postdated cheques
    10. For Interim security, all the original documents to be produced and the title deed holder/s to be present along with the borrower


  2. Requirement for home loan disbursement
    1. Borrower’s Consent letter (in bank’s format) quoting account no., amount to be debited, payment in favour of, and signed by all co-borrower’s
    2. Stage wise builders demand letter/ engineer/Architects certificate confirming the stage of construction
    3. Index II
    4. Receipts for money disbursed earlier (in original for part disbursements)
    5. Receipt of Advance money/Margin money paid in original
    6. For takeover Loans from other banks, latest outstanding balance letter to be produced for disbursement

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