DOCUMENTS REQUIRED FOR HOME LOAN : Get your asset(Property) and pay in EMIs. It is about borrowing a particular sum of amount form bank or any housing finance company at certain rate of interest to be paid in EMIs. EMIs includes the principle amount and interest amount. The property shall mortgage as a security against the Home loan amount. Home loan at less rate of interest is available almost in few banks or lending institutions. SBI provides the home loan at less rate of interest. Females can enjoy the home loan at less rate of interest.
TYPES OF HOME LOAN
- Home Purchase Loan:This is the loan that one takes for purchasing a home.
- Home Improvement Loan:This loan covers expenditure related to repairs of your home or even renovation.
- Home Construction Loan: This loan comes in handy when you are building a new house.
- Land Purchase Loan (Reality Loan): Someone wishing to buy a plot of land for constructing his/her own house can avail this loan.
- Home Extension Loan: Suppose you plan to add another room, garage, bathroom or kitchen to your home. This is the loan that you should apply for and this also comes in handy if you are planning to have another floor.
- Joint Home Loan:These are loans taken by two people or even more. For instance, spouses can apply for joint home loans.
- Home Loan Balance Transfer: You can use this mechanism to switch your outstanding loan amount to a different lender with better terms and conditions and lower interest.
- Top Up Home Loan: This kind of loan helps you borrow some more money above the outstanding loan amount on the same property.
BENEFITS OF HOME LOAN
- Tax benefits under Provisions of THE INCOME TAX ACT, 1961.
- Self-Owned House.
- Less Rate of Interest Rates.
- Enjoyment of Government Policies like PMAY.
- Capital Appreciation
Processing fees is differ as per the lending or financing company.
As like SBI HOME LOAN, 0.35% of the loan amount plus applicable service tax, minimum Rs. 2000/- plus applicable GST and maximum of the Rs. 10000/- plus applicable GST.
- The Processing Fees on Home Loans is waived in respect of our Staff members and SBI pensioners.
- The Home Loan Processing Fee has been fully waived (till futher instructions) to all Central/State Government Employees and Defense Personnel wiling to avail Home Loan under any Home Loan Product.
- processing Fees is waived in CAMPAIGN runned by the lending institutions.
DOCUMENTS REQUIRED FOR HOME LOAN Read Now
Appropriate Authorities for approving concession in Home Loan Processing fee in respect of bulk proposals from employees of PSUs/Government Organizations/reputed Companies, bulk proposals under approved projects, for organizing short term promotional activities like Loan Mela, etc. in their area of operation or in select cases based on overall banking relationship with the applicants, high value loans, etc.
|APPROVING AUTHORITIES||DISCRETIONARY POWER|
|GENERAL MANAGER||CONCESSION UPTO 50%|
|CHIEF GENERAL MANGER, CIRCLE||CONCESSION UPTO 100%|
|MANAGING DIRECTOR||CONCESSION UPTO 100%|
DOCUMENTS REQUIRED FOR HOME LOAN
PAPERS/DOCUMENTS TO BE OBTAINED ALONG WITH LOAN APPLICATION
Applicable for all applicants:
- Completed loan application on prescribed format
- 3 passport size photographs
- Proof of identity (any one):
- Voters ID card/Aadhar/Passport/Driving license/Pan Card
- Proof of residence/current address (any one):
- Voters ID card/Aadhar/Passport/Driving license/Pan Card
- Recent telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill/Property Tax Receipts
- Credit Card Statements/Income/Wealth Tax Assessment Order
- Proof of business address for non-salaried individuals
- Statement of Bank Account/Pass Book for last six months
- Personal Assets and Liabilities Statement on Bank’s Standard Format
- Proof of Identity and Address and details of Bank Account of seller(s) in case of resale property.
Documents mentioned above also required for the followings:
- documents required for home loan sbi
- documents required for home loan hdfc
- documents required for home loan from builder
- property documents required for home loan hdfc
- documents required for loan against property
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
Additional documents required for salaried persons:
- current pay slip (original salary certificate from employer when pay slip is not available)
- copy of form 16 or copy of IT returns for last two financial years, duly acknowledged by IT Deptt.
- Email from the official Email ID of the applicant to confirm employment credentials, wherever applicable.
Additional documents required for Professionals/self-employed/other IT assesses :
- Acknowledged copies of three years I.T. Returns or Assessment Orders.
- Audited Balance Sheet will be obtained if gross receipt in one year exceed Rs. 50 lacs in case of customers carrying on profession.
- Photocopies of challans evidencing payment of Advance Income Tax.
Additional documents required for BUSINESSMEN:
- Acknowledged copies of three years I.T. Returns or Assessment orders.
- Balance Sheet for last three years.
- Audited Balance Sheet will be obtained if total annual sales or turn over or gross receipts exceeds 1 crore in case of customer engaged in business.
- Copy of Partnership Deed/Memorandum of Association, as the case may be.
- Opinion report from the respective Bank, if firm/company has availed any credit facility from any Bank.
- Sale Deed, Agreement of Sale, Original share certificate(s) issued by the society.
- Copy of approval plan (wherever applicable)
- Permission for construction (wherever applicable)
- Estimate Valuation Reports
- Land and Building tax paid receipts and possession certificate (wherever applicable)
- Letter of allotment
- Original payments receipts
- Original NOC (wherever applicable)
- Property Insurance
What is Home Loan Eligibility?
When you are taking a home loan it is important to be aware of the eligibility criteria set by the lender. This is the first step that you need to complete when you’re applying for the loan. The eligibility criteria vary from lender to lender, and encompass conditions with regards to your income, age, loans that you are paying off, where you stay, etc.
For salaried individuals:
- You should be a resident of India
- You should be between 25 and 58 years of age
- You should have at least 3 years of work experience
For self-employed individuals:
- You should be a resident of India
- You should be between 28 and 70 years of age
- You should have at least 5 years of work experience with regards to your current business
- CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, It will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application will get approved. However, low CIBIL score will decrease your eligibility to get home loan. It requires a minimum credit score of 650 to be eligible for a home loan.
There are few factors which affect your credit score –
- Late payments –If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan .
- High number of unsecured loans –Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
- Usage of credit limit –Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
- Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection , improve your credit worthiness to get a good score.
Home Loan Eligibility Based On Age
Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. Home loan age limit to get the loan is 18 years of age at the time of loan commencement. Bank offers home loans for a maximum period of 35 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 35 years for salaried borrowers and 35 years for self-employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
|Your current age||Max tenure for salaried||Max tenure for self employed|
|25 years||35 years||35 years|
|30 years||35 years||35 years|
|35 years||35 years||35 years|
|40 years||30 years||30 years|
|45 years||25 years||25 years|
|50 years||20 years||20 years|
Home Loan Eligibility Based On Income
Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMIs you are capable of paying after meeting living expenses based on your standard of living.
Home loan eligibility SBI based on value of property
- Value of property: SBI will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
|Less than 30 lakh||90%|
|Between 30 lakh and 75 lakh||80%|
|Above 75 lakh||75%|
- Co-applicant:Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
- Property documents:Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.
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