FEATURES

Eligibility:

Minimum age: 18 years as on the date of sanction

Maximum age: 70 years. i.e. the age by which the loan should be fully repaid, subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Loan Amount:

Actual loan amount will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. To enhance loan eligibility you have option to add:

1) Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.

2) Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.

3) Depreciation, subject to some conditions.

4) Regular income from all sources.

Security:
  • Equitable mortgage of the property

Margin/ LTV Ratio:
Individual Home Loan Amount
Margin (Min.)(%)
LTV Ratio (%)
Upto Rs. 30 Lacs 10 90
Above Rs. 30 Lacs. and upto Rs. 75 lacs 20 80
Above Rs. 75 lacs 25 75

TAKEOVER OF HOME LOANS

1. Whether Home Loan can be taken over from the following Institutions?
  • Scheduled Commercial Banks (SCBs);

  • Private and Foreign Banks;

  • Housing Finance Companies (HFCs) registered with National Housing Bank (NHB);

  • Borrowers employers if they are Central/State Govts. or their undertakings or Public Sector Undertakings,

Yes. subject to the following:-
  • Borrower should satisfy the eligibility criteria for availing Home Loan as per the Banks instructions.

  • The borrower should have serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction.

  • The borrower has valid documents evidencing the title to the house/flat.

2. Whether take over with sanction of Higher Loan Amount & extended Repayment Period is possible?

Yes.Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank’s scheme are not diluted.

3. What is the procedure for Take Over?
  • The borrower should address a letter to the bank/ financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to our lending branch;

  • The borrower should give to the branch a request letter for paying to his existing lending bank / financial institution the outstanding amount of his loan by debit to his loan account;

  • The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan account from the other bank/ financial institutions;

  • the statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period;

  • Confirmation letter from the financing Bank that they have created an equitable mortgage over the property.

4. What are the documents required for availing the loan?

Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards

  • Agreement to create Mortgage,

  • Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrowers behalf.

  • Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the interim period will be released after receipt of the title deeds then the other Bank and creation of a valid equitable mortgage subsequent to verification of the borrower’s title to the property.

  • Required loan documents.

5. Whether Pre-payment penalty is funded?

Yes. Total loan quantum, will however, continue to be determined by eligibility criteria based on income, EMI/NMI ratio, LTV ratio etc. applicable to Home Loans scheme.

6. Whether takeover of Home Loan with Top up loan is permitted?

Yes. Home Loan with top up loan can be taken over subject to Maximum LTV of 75 % and fulfillment of other terms and conditions of takeover. Processing fees for such takeover has been waived as part of a limited period offer until 30.09.2015

FEES

Processing Fee
  • 0% Processing Fee for Home Loans and Home Top Up Loans (both Takeover and New) sourced for the period 01.09.2017 to 31.12.2017 provided the loans are disbursed fully/partially on or before 31.01.2018

  • 0% Processing fee for all Central / State Govt. Employees.

The processing fee structure for proposals other than above is as under :
  • 0.30% of the loan amount plus applicable tax.

  • Minimum: Rs. 2,000/- plus applicable tax, and.

  • Maximum: Rs. 10,000/- plus applicable tax.

  • For PAL (Pre Approve Loan) – Processing fees at the applicable rate will be recovered upfront and the same will be refunded to the customers by way of credit to loan account in respect of PAL proposals sourced during the campaign period from 1.9.17 to 31.12.17 and partly/fully disbursed on or before 30.1.18.

 

NOTE

1) Actual charges for the following will be payable by the customer in addition to the processing fee:

a) Pre-sanction

  • Advocate’s fee for property search and the title investigation report.

  • Valuer’s fee for valuation report.

b) Post-sanction

  • Stamp duty payable for Loan agreement & mortgage.

  • Property insurance premium.

  • Processing fee recovered.

  • CERSAI Registration Fee of Rs 50/- + GST up to Rs 5 lakh limit and Rs 100 + GST for limits above Rs 5lakhs