SBI Home Loan Process – Step by Step

Searching for the best home loan is as important as searching for a dream home. You might find the best home loan lender, but the process involves many steps. You have to be patient and careful while dealing with the process. Though applying online has become very easy, reaching the disbursal stage is no cake-walk. If you had chosen a nationalized bank, you have to be even more careful in following each and every step.

Here is the step by step procedure for your SBI home loan disbursal.

  • Collecting the Property related Documents
  • Legal Opinion
  • Property Valuation
  • E-stamping
  • Submitting the Application
  • Documentation
  • Disbursement

1.Collecting the Property Related Documents:  Firstly, go to the builder and get all  the property related legal documents. Get the Legal opinion and Share of agreement and Sanctioned Site plan from the builder.

Collect : Booking Receipt along with the copy of the cheque.

2.Legal Opinion: Go to an Advocate who is in the SBI Panel with the documents in step 1 to get it verified. For the advocate to give the final legal opinion he needs to see the Sales Agreement & Construction Agreement and he needs a photostat copy of it.

Normally if its a builder share following documents need to be collected from the builder :

a. Encumbrance certificate till current date (from some 35 years advocate may ask)

b. Tax Paid receipt till date. Lawyer might ask you for multiple documents, so the maximum delay is expected at this step. Once this step is done, half part is done.

Collect : Legal opinion

3. Property Valuation: Once the Legal valuation is done, go to a property Valuator who is in the SBI Panel with the sales agreement. He valuates the property and gives a letter.

Collect : Valuator statement

4. E-stamping: SBI mandatess the Sales agreement and Construction agreement to be estamped/Franked.  Regarding whats the value to which e-stamp, do concern the branch staff. Normally for a ongoing construction flat, there are 2 Agreements a)sales Agreement and b) Construction Agreement. E-stamping and franking are actually the same, e-stamping is the new technology where as franking is the old one where we stamp it, Franking can be done only at register office where as e-stamping can be done at post offices, Syndicate banks, Selected registrar offices, etc.

Note: Make sure you, your wife and builder sign on the e-stamp which you purchase.

Collect : e-stamp and franking on the sales agreement

5. Submitting the Application: Once you get the valuator statement and Legal opinion, go to the SBI with the filled in application forms along with the required documents for loan application. Also attach the legal opinion and the Valuatorstatement.

Note: Its always good to go for a interiors loan (max up to 3 lakhs) along with the home loan, which might save you the hidden chargeswhen combined. For the interiors loan you need to get a quote from an interior designer and get it valuator sanctioned.

Collect : Application form Valuator Statement

sbi-home-loan-process_loanyantra

6. Waiting period: Now its time for the waiting period. The waiting period may vary from person to person. Normally in the special home loan branch, it can be as fast as 3 days. Periodically call them to ensure that the process is going forward. Also make sure they inspect the property, because unless and until they inspect, you can’t reach the disbursal stage.

7. Documentation: Once the loan is sanctioned, you get a call from the bank for documentation. Carry all the original documents which you have submitted while applying for the loan.

Loan applicant along with guarantor needs to be present at the bank for the documentation. Builder is normally not required, if its a land lord share, then it is a must for him too to attend.

8. Disbursement: Once we get the Loan Sanction letter go to the builder and get the following documents 1. NOC from the builder stating he hasn’t mortgaged this property to any other bank 2. Tripartite agreement [This is required only if its a ongoing construction.3. Demand Note from the builder[how much money he needs for the particular construction stage]. Note: Please make sure whatever demand note they make is matching with the schedule of payment.

Collect : DD in favor of builders

9. If it is an under-construction property, for partial disbursements and for further payments you can just send a mail to the manager to please disburse the amount XXX and then ask the builder to send a boy to the SBI branch with the original demand note and they can collect the DD from the bank directly. You need not go to bank anymore.

10. Registration : Now its time for registration and the final payment to be made to the builder. You need a DD for Registartion Stamp duty in the name of Sub-registrar and a DD for Mortgage Stamp duty in the name of Sub-registrar

Conclusion. Send an SBI Postal mail form after registration saying you had submitted all the registered documents to SBI.

How Can Loanyantra Help You.

The above process needs a lot of care and patience. More than anything, it needs your valuable time, planning and energy. Once you register with loanyantra, you can relax and fulfill your loan disbursal process. Our relationship manager guides you in each and every step, also assisted home service for all your documents that need to be submitted in the bank. Also, loanyantra’s relationship manager is accessible to you to answer your questionnaire , anytime. All you need to do is just login, as it doesn’t cost you but it only helps you.

Personal loan from SBI

Personal loan from SBI is categorized into different sectors. You also have the opportunity of taking two personal loans at a time if you are an SBI customer.

Advantages of taking a personal loan from SBI- 
  • Low interest rate and the  interest rate is charged on a daily reducing balance.
  • Low processing charges
  • No hidden costs /administrative charges.
  • No security required and minimal documentation.
Documents Required for a Personal loan from SBI – 
  • Passport size photograph
  • Latest salary slip and form 16.
Personal Loans from SBI – Categories – 
  1. SBI Saral Personal loan
  2. Xpress Credit Personal loan
  3. SBI loan for pensioners

Let us discuss in detail about all the categories of personal loan from SBI.

SBI Saral Personal loan : 

Eligibility for  SBI Saral Personal loan – 

A Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 year of experience.

Loan Limit for Saral Personal Loan from SBI –

Your personal loan limit would be determined by your income and repayment capacity.

Minimum :
Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres
Maximum :
12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lakhs.

Margin for SBI Saral Personal Loan – No margin

Repayment for SBI Saral Personal Loan – 48 EMIs. You can also increase your EMI amount with no penalty or prepayment charges.

Prepayment Charges for SBI Saral Personal loan – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Processing Fees for SBI Saral Personal loan –  2% – 3% of the loan amount + applicable Service Tax

Xpress Credit Personal Loan from SBI : 

Need funds for any unseen expenses? Or planning  a family vacation? Don’t miss out because of financial crisis. Personal loan from SBI is available with different features. Xpress Credit personal loan from SBI is available to the below mentioned employees maintaining salary account with SBI at zero margin.

    • Central and state Government
    • Quasi-Government
    • Central PSUs
    • Profit making State PSUs
    • Educational Institutions of National Repute
    • Selected Corporates who have business relationship with the Bank
    • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions.

Income  Requirement for Xpress Credit Personal loan from SBI – 

    • Minimum Net Monthly Income (NMI) : Rs.5000/-
    • EMI/NMI Ratio should not exceed 50%

    Loan Amount for Xpress Credit Personal loan from SBI –

    (i) Term Loan:

    • Min: Rs.25,000/-
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    (ii) Overdraft:

    • Minimum: Rs.5.00 lacs,
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    The OD will be subject to monthly reduction in DP so that DP becomes NIL in 60 months

    Note: Maximum loan amount for School Teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility

    Repayment Period for Xpress Credit Personal Loan from SBI

Maximum 60 months or residual service period whichever is less.

  1. Provision for 2nd Loan for XPRESS CREDIT PERSONAL LOAN FROM SBI –Second Loan can be taken after 1 year of disbursement of the first loan. Only if the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan.
  2. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However this is subject to the overall EMI/NMI ratio of 50%
  3. Margin : Nil
  4. Security : Nil
  5. Third Party Guarantee : Nil
  6. Prepayment terms : No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.

Charges/Fees of Xpress Credit Personal Loan from SBI

  1. Processing Fees – 1% of the Loan Amount + applicable Service Tax
  2. Penal Interest – Penal Interest @2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest should not be levied.
  3. Prepayment Charges – Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.

Interest Rates for Xpress Credit Personal loan from SBI – 

Xpress Credit to employees of Rated Corporates (W.E.F. 01.11.2017) with No Reset:

 

Facility Type Check Off Category Rating 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
A- and above
8.05%
3.80%
11.85%
Term Loan
Check Off
BBB+ and below
8.05%
4.30%
12.35%
Term Loan
No Check off
A- and above
8.05%
5.90%
13.95%
Term Loan
No Check off
BBB+ and below
8.05%
6.40%
14.45%
Overdraft
Check Off
A- and above
8.05%
4.05%
12.10%
Overdraft
Check Off
BBB+ and below
8.05%
4.55%
12.60%
Overdraft
No Check off
A- and above
8.05%
6.15%
14.20%
Overdraft
No Check off
BBB+ and below
8.05%
6.65%
14.70%

Xpress Credit to employees of Unrated Corporates (W.E.F. 01.11.2017) with No Reset :

 

Facility Type Check Off Category Credit Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
=800
8.05%
4.55%
12.60%
Term Loan
Check Off
700 – 799
8.05%
5.05%
13.10%
Term Loan
No Check off
= 800
8.05%
5.40%
13.45%
Term Loan
No Check off
700 – 799
8.05%
6.65%
14.70%
Overdraft
Check Off
= 800
8.05%
4.80%
12.85%
Overdraft
Check Off
700 – 799
8.05%
5.30%
13.35%
Overdraft
No Check off
= 800
8.05%
5.65%
13.70%
Overdraft
No Check off
700 – 799
8.05%
6.90%
14.95%

Xpress Credit – IT Employees Scheme : Rate of Interest (W.E.F. 01.11.2017) with No Reset :

 

Credit Info Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
750 and above
8.05%
4.80%
12.85%
550 – 749
8.05%
5.80%
13.85%
Less than 550 / No Score
8.05%
6.80%
14.85%

Xpress ELITE SCHEME : Rate of Interest (W.E.F. 01.11.2017) with 1 year Reset Period
SBI Salary Package A/C Holders

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.40%
11.35%
700 – 779
7.95%
3.90%
11.85%
600-699 / No Score
7.95%
6.90%
14.85%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Other than Salary Package A/c Holders (including Applicants not maintaining Salary A/c with our Bank)

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.65%
11.60%
700 – 779
7.95%
4.15%
12.10%
600-699 / No Score
7.95%
7.15%
15.10%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Xpress Credit – Non-Permanent Employees (NPEs)

Employer Type Rate of Interest
i) Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute

Check-off Category-I * :

  • 430 bps above 2 yr MCLR i.e. 12.35%

Check-off Category-II * :

  • 640 bps above 2 yr MCLR i.e. 14.45%
ii) Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

Check-off Category-I * :

  • 505 bps above 2 yr MCLR i.e. 13.10%

Check-off Category-II * :

  • 665 bps above 2 yr MCLR i.e. 14.70%
SBI Pension Loan / Personal Loan for pensioners from SBI :

If you are a Central or State Government or Defense pensioner drawing your pension through one of the SBI branches and are not more than 76 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us.

Nominal processing fees (Nil Processing Fees for Defence Pensioners), no hidden costs and quick loan processing. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

Eligibility for Personal loan from SBI  :

(A) For Pensioners:

(i) For Central & State Government Pensioners:

The pensioner should not be more than 76 years of age In addition, pensioners whose pensions are disbursed by Government Treasuries by means of cheques drawn in favour of SBI branches, as per mandate of the pensioner, are also proposed to be included. In such cases, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a particular branch of a bank.

Such pensioners will be included under the purview of the Scheme subject to the following conditions:

  • The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the branch, during the currency of a loan availed by him from SBI.
  • The Treasury concerned consents in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the Bank.

All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.

(ii) For Defence Pensioners:

Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with SBI.

There is no minimum age bar under this scheme.

The Maximum age at the time of availing the personal loan should be 76 years.

(B) For Family Pensioners (including Defence Family Pensioners) :

Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.

Loan  Amount for Personal loan for pensioners from SBI

(i) For Central & State Government Pensioners

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of:

Age Max Loan Amount
= 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(ii) For Defence Pensioners

Minimum : Rs. 25,000/-
Maximum : 
36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age

18 months’ Pension with a ceiling of :

Age Max Loan Amount
> 56 but = 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(EMI / NMP not to exceed 50% in all the cases for all type Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

(iii) For Family Pensioners (including Defence Pensioners):

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of: 

Age Max Loan Amount
= 72 years Rs 5.00 lac
> 72 but = 74 years Rs 4.50 lac
> 74 but = 76 years Rs 2.50 lac

(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

Age and Repayment Period – 

(A) For Pensioners:

(i) For Central and State Government Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(ii) For Defence Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 56 years 84 months 63 years
More than 56 years and up to 72 years 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(B) For Family Pensioners (including Defence Pensioners) :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

Repayment Mode for Personal loan for Pensioners –

Standing Instruction to debit the pension account for recovery of the EMIs

Processing Fees for Personal Loan for Pensioners – Nil

 

Margin: Nil

Prepayment Charges for Personal Loan for Pensioners – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Guarantee for Personal Loan for Pensioners :

(a) TPG of Spouse eligible for family Pension.

(b) In the absence of spouse, TPG of any other family member or a third party worth the loan amount

Insurance : Nil

Interest Rates for Personal Loans from SBI (SBI Saral Personal Loan and SBI personal loan for Pensioners) – 

Other Unsecured Personal Loans Revised (w.e.f. 01.11.2017)
Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
SBI Pension Loan
8.05%
4.35%
12.40%
No Reset
Jai Jawan Pension Loan
8.05%
4.35%
12.40%
No Reset
Pension Loan to coal mines Provident fund for pensioners 
8.05%
4.35%
12.40%
No Reset
Clean Overdraft
8.05%
8.45%
16.50%
No Reset
OD for e-Commerce purchases
8.05%
5.50%
13.55%
No Reset

Security for SBI personal loan– Nil

How Loanyantra Helps with your personal loan – 

Loanyantra, first-ever online loan management company, manages all your loans under one account. Once you decide you want a personal loan, you can give us a missed call on 040-71011991.  Our relationship manager calls you back within no time and calculates your eligibility and also will let you know the best options available according to your priority and preference.

Just relax as we take care of collecting the documents from your home and get all the things done at your doorstep.

Not just that, we also track your loan and let you know how and when you can complete it faster.

All you need to do is just a missed call to 040-71011991.

SBI Home Loan Interest Rates 2017

The most awaiting part of the demonitisation is here. Low interest rates for home loans. After the P.M., Narendra Modi’s speech on 31st December, 2016, banks now race with each other to reduce the home loan interest rates. Since there were no rate cuts by RBI Governor in the recent quarter review, there were less hopes for interest rate reduction.

After Modi mentioned in his speech about banks taking care in encouraging the poor, SBI had taken initiative in reducing the home loan interest rates. The new year started with the rate cut war.

SBI Home Loan Interest Rates

“THE MOST PREFERRED HOME LOAN PROVIDER” voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

sbi-home-loan_loanyantra-comSBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of SBI
  • Flexible repayment with tenure up to 30 years
  • Choose your loan amount and repayment schedule
  • Apply & get instant approval

Know more about the current SBI Home Loan interest rates

SBI Home Loan Interest Rates for women 8.60% – 8.65%
SBI Home Loan Interest Rates for Others 8.65% – 8.70%
SBI Maxgain Interest Rates above Rs. 20 lacs & upto Rs. 75 lakh (women) 8.75%
SBI Maxgain Interest Rates above Rs. 20 lacs & upto Rs. 75 lakh (others) 8.80%

sbi-home-loan-current-interest-rate_loanyantra-comExisting Home Loan borrowers can opt for switch over to current rate of interest on Home Loans by paying 0.50 % + applicable Service Tax of the outstandings

Get more benefits by availing your home loan through loanyantra.com. Get extra 0.10% discount on the interest rate for an year. The existing customers enjoy the benefit of managing the home loan and reducing the interest rate  on self interest.

Follow us and know more customised tips and save more on your home loan.

SBI Home Loan Interest Rates

SBI Home Loan Interest Rates 

HOME LOANS – INTEREST RATES With effect from 01.10.2016

(MCLR: 9.05%)
Borrowers’ category Home Loan interest rate, irrespective of loan limit EMI per Lac for 30 year Tenor Maxgain above Rs. 20 lacs & upto Rs. 1 crore Maxgain above Rs. 1 crore CRE Maxgain, irrespective of loan limit
Women 20 bps above the MCLR i.e. 9.25% p.a Rs. 823 30 bps above the MCLR i.e. 9.35% p.a. 55 bps above the MCLR i.e. 9.60% p.a. 75 bps above the MCLR i.e. 9.80% p.a.
Others 25 bps above the MCLR i.e. 9.30% p.a. Rs. 826 35 bps above the MCLR i.e. 9.40% p.a. 60 bps above the MCLR i.e. 9.65% p.a. 80 bps above the MCLR i.e. 09.85% p.a
  • Woman should be the sole applicant or one of the co-applicants for Home Loan, and also
  • The woman should be the sole owner or one of the co-owners of the property proposed to be financed by the Bank

sbi-home-loan-interest-rates_loanyantra-com

Loan Against Mortgage of Immovable Property. 

Loan Against Property Under MCLR (One Year) Spread Over MCLR Effective Rate (1 Year Reset)
Upto 1 Cr. 9.15% 1.60% 10.25%
Above 1 Cr. upto 2 Cr. 9.15% 2.10% 11.25%
Above 2 Cr. upto 5 Cr. 9.15% 2.60% 11.75%

Continue reading “SBI Home Loan Interest Rates”