State Bank of India claims that they are “THE MOST PREFERRED HOME LOAN PROVIDER” in India. So, if you want to apply for a SBI Home Loan, then, the first thing you are suppose to do is finalize a property you want to buy.
Points to consider while selecting a property for SBI Home Loan:
- While finalizing any property, make sure that it is legally approved. Legally approved means, it should have a valid Map passed by Municipal Corporation Department (MCD) of your locality.
- Locality of the property is not black listed by State Bank of India. That means, State Bank of India,, do finance in that locality.
Once, you decide which property you want to buy, visit a branch of State Bank of India nearest to your resident. Discuss about your property and home loan options for the same. If bank gives you green signal, then proceed as per below mentioned steps.
- Book the property by paying 10% of the cost of the property or as applicable.
- And, collect original receipt of the payment and the necessary documents related to the property.
- Fill in the SBI Home Loan Application form.
- Enclose the following documents with the form:
- Your 3 Passport size photographs
- Identify Proof (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- And, Address Proof (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- Also, Proof of business address for non-salaried individuals
- In addition, Statement of Bank Account or Pass Book for last six months
- Signature identification from present bankers
- Also, Personal Assets and Liabilities statement
- If guarantor is applicable in your case, then enclose the following documents as well:
- Most of all, Personal Assets and Liabilities Statement
- 2 passport size photographs
- ID Proof as above
- And, Residence Proof as above
- Also, Proof of business address as above
- Along with Signature identification from his/her present bankers
- In addition to the above, following additional documents are also required for salaried persons :
- Original Salary Certificate from employer; and
- TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.
Also, additional documents required for Professionals/self- employed/ other IT assesses are:
- Acknowledged copies of three years I.T. returns/ Assessment years; and
- Photocopies of challans evidencing payment of Advance Income Tax.
- Submit photocopies of all the above mentioned documents. And, if possible, keep a set of the same with you as well.
- Submit the completely filled application form enclosed with all the above mentioned documents.
- Once, your loan gets sanctioned and you get a DD from the bank for the payment, get the registry of the property done.Now, you can apply online for SBI Home Loan.Recommended Read :
- Cent Home Loan Scheme- from Central Bank of India
- Home Loan- from State Bank of India
- Housing Loan- from HDFC Bank