To take a loan from SBI Bank, you have to keep in mind the following points.
- SBI Bank does not give loan on any kind of freehold property. Such as kutcha colony, builder floor, village land, etc.
- SBI Bank gives loan only on those places which are registered in the municipality.
- SBI Bank gives loan only on approved houses, buildings, plots, high rise and low rise projects built by a builder within the municipality, which are approved by the local authority. Which is approved by SBI.
Who is eligible for the loan?
- All employed persons can take a loan
- All business persons can take a loan.
- All pensioners can take a loan.
Note- Loan eligibility for all persons is decided in different ways.
For Salaried Persons:-
Minimum 02 years of job tenure which should be current.
For Businessmen:-
Minimum 03 years of business tenure which should be current.
Documents required for loan processing:-
Aadhar Card (Self-certified)
PAN Card (Self-certified)
Bank statement of last six months showing salary deposited by your company
Form 16 of last two years
Pay slip of last 3 months
Latest utility bill for address proof
02 Photographs
Application form signed by customer
Fill the application form and submit the photo or photos to the bank officer at the Home Loan Center.
For Traders:-
Aadhar Card (Self-certified)
PAN Card (Self-certified)
Income Tax Returns of last 03 years
Computation of Income of last 03 years
Profit and Loss Statement
Balance Sheet verified by Chartered Accountant
GST Certificate/MSME Certificate
GST Returns of last 1 year (if available)
Current Account Statement of last 01 year
Savings Account Statement of last 01 year
SBI Bank Loan Application Form filled and signed by the customer
2 Photographs
Fill the application form and attach the photo or submit it to the bank officer at the Home Loan Center.
How to check loan eligibility:-
Loan eligibility from SBI Bank is calculated in two ways
- Customer Income Base Eligibility
- Property Base Eligibility
Income base eligibility for loan.
Income base eligibility is classified. Let me explain this to you through an example
Example:-
Let us assume that Ramesh’s salary is Rs 1 lakh per month or his age is 40 years and currently he is in SBI, the current interest rate is 8.50% per annum and he needs a loan for 30 years, then what will be his loan eligibility, for this some calculations have to be done which are as follows.
Note:- SBI gives loan up to a maximum age of 70 years and the customer can take a loan for a maximum period of 30 years.
=100000*60/100 = 60000 Maximum amount that the customer can pay as EMI
= 769/- per lakh EMI will be for 30 years (you can calculate by EMI calculator)
= 60000/769= 78 lakhs (approx) The customer can get 78 lakhs as per the calculation for 30 years.
Loan Eligibility as per Property:-
SBI Bank gives maximum 80% loan for buying any property of market value of the property.
If market value of property is above 01 crore then SBI Bank gives maximum 75% loan
If market value of property supports then SBI Bank also gives 90% loan of (Agreement to Sell).
Example:-
Ramesh bought property worth Rs. 1 crore 20 lakhs.
Ramesh wants to register for Rs. 90 lakhs then bank will give 90% loan of (Agreement to Sell) registry amount to Ramesh as original price of property is Rs. 1 crore 20 lakhs. Remaining 10% Ramesh has to give to buyer before loan disbursement.
If anyone wants to know about loan process and eligibility for home please contact on WhatsApp (9990383641)
