HOME LOAN AS AN OVERDRAFT
· An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.
· The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides
Cheque Book/ATM-cum-Debit Card/Net Banking facility for the purpose.
· The product enables customers to park their surplus funds/savings in
“SBI Maxgain” (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.
Loan Amount
· Minimum Loan Amount: Rs.5 lacs
Maximum Loan Amount: No Cap
Interest Rate
· A premium of 0.25% over and above the applicable Home Loan interest rate for Home Loan > Rs.1 crore is payable.
YUVA HOME LOAN
TAILOR MADE HOME LOAN SCHEME FOR THE YOUTH
· YUVA Home Loan provides 20% higher loan amount than that of normal Home Loan eligibility to Salaried employees of Private Sector Companies/MNCs/Government Undertakings/PSUs & the Government employees.
Eligibility
· Age between 21 years to 45 years.
· Minimum Net Monthly Income of applicants should be Rs. 30,000/- (expected rental income from the proposed property should not be included in the monthly income of the borrower).
Repayment
· Under Yuva Home Loan Scheme, only the interest applied on Home Loan is payable during the first 36 months. The regular EMIs start after completion of 36 months.
NRI HOME LOANS:
HOME LOANS TO NON RESIDENT INDIANS (NRIs) &
PERSONS OF INDIAN ORIGIN (PIOs)
Eligibility
· Non Resident Indians (NRIs) or Persons of Indian Origin(PIOs)
· The applicants should have a regular source of income.
· Minimum employment tenure in India/Abroad should not be less than 2 years.
Loan Amount
· Minimum Loan Amount: Rs. 3 lacs
Maximum Loan Amount: No upper cap.
REALTY
HOME LOANS FOR PURCHASE OF PLOT FOR CONSTRUCTION OF A DWELLING UNIT
Realty provides an opportunity to the customer to purchase a plot for construction of house.
· The construction of house should commence within 2 years from the date of availment of “Realty Loan”.
· Customers are also eligible to avail another Home Loan for construction of house on the plot financed under the Realty with the benefit of running both the loans concurrently.
Loan Amount : Maximum Loan Amount:Rs.10 crores
Repayment Period : Upto 15 years
PAL
PRE-APPROVED HOME LOAN
· The PAL provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently.
· The loan eligibility will be assessed on the basis of income details of the applicant.
· Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.
Validity Period
· Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months. Property papers will be required to be submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.
Loan Amount
· Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates
· Minimum Loan amount: Rs.10 Lacs.
TRIBAL PLUS
SPECIAL HOME LOAN SCHEME FOR HILLY/TRIBAL AREAS
· Tribal Plus' is a Special Home Loan Scheme designed for Hill/Tribal areas (where mortgage of the property is not possible) for extending financial assistance to individuals.
· Loan is sanctioned for Purchase or construction of a new house / flat (without mortgage of land).
· Purchase of an existing (old) house / flat which is not more than 10 years old.
· Repair /Renovation/extension of an existing house or flat.
Loan Amount
· Minimum Loan Amount: Nil
Maximum Loan Amount: Rs. 10 lacs
Repayment Period
· Maximum repayment tenure: 15 years
GRAM NIWAS
HOME LOANS IN RURAL AREAS
· Scheme covers all Rural and Semi-urban centres having population upto 50,000 as per 2001 census.
· Home Loans under “Gram Niwas Scheme” are sanctioned for purchase/ construction/repair and renovation of house and purchase of plot for construction of a house/shed etc.
Loan Amount
· Minimum Loan Amount: Nil
Maximum Loan Amount: Rs. 5 lacs
Repayment Period
· Maximum repayment period :15 years
SAHYOG NIWAS
HOME LOANS TO SELF HELP GROUPS IN RURAL AREAS
The Sahyog Niwas Scheme provides Home Loan to Self help groups, having good payment record of 2 years, for on lending to their members for:
v Purchase or construction of a house exclusively or including the housing needs of activities carried by them (Dairy shed, tailoring shed/shop, grocery stores etc.)
v Renovation or repair of an existing house / shed
v Purchase of a plot for the construction of house
v Extension of existing house / work space to existing house / shed.
Loan Amount
· Home Loan amount under “Sahyog Niwas Scheme” is restricted to 10 times of the saving corpus of SHG subject to a maximum amount of Rs. 50,000/ per member.
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)
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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.
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2)
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Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
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3)
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Depreciation, subject to some conditions.
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4)
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Regular income from all sources.
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Security:
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Equitable mortgage of the property
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Margin/ LTV Ratio:
Individual Home Loan Amount
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Margin (Min.)(%)
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LTV Ratio (%)
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Upto Rs. 20 Lacs
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10
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90
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Above Rs. 20 Lacs. and upto Rs. 75 lacs
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20
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80
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Above Rs. 75 lacs
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25
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75
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DOCUMENTS
List of papers/ documents applicable to all applicants:
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Completed loan application
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3 Passport size photographs
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Proof of identify (photo copies of Voters ID card/ Passport/ Driving
licence/ IT PAN card)
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·
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Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
Property tax receipt/ Passport/ Voters ID card)
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Proof of business address for non-salaried individuals
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Statement of Bank Account/ Pass Book for last six months
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Signature identification from present bankers
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Personal Assets and Liabilities statement
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For guarantor (wherever applicable):
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Personal Assets and Liabilities Statement
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2 passport size photographs
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Proof of identification as above
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Proof of residence as above
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Proof of business address as above
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Signature identification from his/her present bankers
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Additional documents required for salaried persons :
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Original Salary Certificate from employer
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TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.
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Additional documents required for Professionals/self- employed/ other IT assesses:
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Acknowledged copies of three years I.T. returns/ Assessment Orders.
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Photocopies of challans evidencing payment of Advance Income Tax.
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The processing fee structure (including service tax) is as under :
Loan Amount
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Processing Fee
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Upto Rs. 25 Lacs
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0.25% of loan amount, minimum Rs. 1,000/
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Above Rs. 25 Lacs and upto Rs. 75 Lacs
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Rs. 6,500/
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Above Rs. 75 Lacs
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Rs. 10,000/
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In case of Take Over of Home Loans, processing fee is Rs 1,000/- per account, irrespective of loan amount and it is valid upto 30.09.2013.
in case of Take Over of Home Loan with Top-Up loan , the Processing fee will be 0.25 % of the consolidated loan amount taken over subject to Minimum of Rs 1,000/- and Maximum Rs 10,000/-
NOTE
1) Actual charges for the following will be payable by the customer in addition to the processing fee:
a) Pre-sanction
(i) Advocate's fee for property search and the title investigation report.
(ii) Valuer's fee for valuation report.
b) Post-sanction
(i) Stamp duty payable for Loan agreement & mortgage.
(ii) Property insurance premium.
(iii) Processing fee recovered.
Pre-closure / Pre-payment Penalty - NIL
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REPAYMENT
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.
Moratorium period (Repayment holiday): The moratorium period is included within the maximum repayment period.
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