SBI Mortgage

By: EconomyWatch Content   Date: 9 November 2009

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The SBI Mortgage is one the most popular mortgage or housing loan products in India. It carries the trust of India's leading banking institution, the State Bank Group. The group has been voted as the 'Most Preferred Home Loan Provider' in a pan-India survey conducted by TV 18 and AC Nielsen-ORG Marg in 2009.

SBI Mortgage: Products

SBI home loan products are available in different denominations to meet individual financial needs. Some of the most popular products are:

 

  • SBI Easy Home Loan

  • SBI Advantage Home Loan

  • NRI Home Loans

  • SBI Realty

  • SBI Flexi

  • SBI Home Line

  • SBI Home Plus

  • Gram Niwas

  • SBI Reverse Mortgage Loan

  • SBI Happy Home Loans

The interest rates for each of the schemes are revised periodically in relation to the prevailing State Bank advance rate (SBAR).

SBI Mortgage: Features

Some of the notable features of SBI mortgage products are:

  • Loans are available for people between the ages of 18 and 70 years.

  • Low processing fees (0.50% of the loan amount).

  • Loans below Rs75 lacs are available at floating and fixed interest rates. However, loans over Rs75 lacs are charged at floating rates.

  • Repayment period is a maximum 25 years or up to the age of 70.

  • Flexibility to add the income of spouse/children, provided they live with the applicant and have their salary account with SBI.

  • No penalty on pre-closure of the loan account, subject to providing documentary evidence for income.

  • One can purchase SBI home loans against property mortgage of equitable value or tangible securities, such as insurance policy or government bonds.

SBI Mortgage: Documents

The documents required by the loan seeker and guarantor to for an SBI home loan include the following:

 For the loan applicant:

  • Duly filled loan application

  • 3 passport size photographs

  • Identity proof (any of the following voter ID card, passport, driving license and PAN card)

  • Residence proof (either telephone bill or electricity bill)

  • Recent salary slip or business address proof for non-salaried person

  • Bank account details for last six months

  • Signature approval from the bank.

  • Income tax statement

For guarantor:

Guarantor has to submit address and identification proof (as mentioned above). In addition, s/he has to declare personal assets and liabilities before the bank.

During festive occasions, SBI launches special home loan campaigns with reduced interest rates.

 

 


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