Documentation» SBI BANK

Features
Some of the unique features of SBI Home Loans are:
• Provision for on the spot "In principle" approval.
• Loan sanctioned within 6 days of submission of required documents.
• Option to avail Home loans as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)
• Option to club income of your spouse and children to compute eligible loan amount
• Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount
• Provision to finance cost of furnishing and consumer durables as part of project cost
• Repayment permitted upto 70 years of age
• Free personal accident insurance cover
• Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)
• Interest calculated on daily reducing balance basis, and starts from the date of disbursement.
• ‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.
• Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat
• Option to avail loan at the place of employment or at the place of construction

Eligibility
• SBI home loans are available for purchase or construction of house or flat; purchase of a plot of land for construction of house; extension, repair, renovation, alteration of an existing house or flat; purchase of furnishings and consumer durables as a part of the project cost, takeover of an existing loan from other banks or housing finance companies.

Age:
Minimum age of applicant is 18 years as on the date of sanction and maximum age limit for a home loan borrower is 70 years, i.e. the age by which the loan should be fully repaid.

Loan Amount
Applicants aged between 18 and 45 years, can get 60 times Net Monthly Income (NMI) or 5 times Net Annual Income (NAI) and for applicants aged over 45 years of age, it is 48 times NMI or 4 times NAI.This will be subject to a maximum EMI/NMI ratio as under:

Net Annual Income	EMI/NMI Ratio
Upto Rs.2 lacs	40%
Above Rs.2 lac to Rs. 5 lacs	50%
Above Rs. 5 lacs	55%

Margin
• The SBI home loan borrower should pay 20% of the cost of home for loans up to Rs 1 crore and 25% for loans above Rs 1 crore.

Repayment Period
• The maximum repayment period for home loan is 20 years for applicants below 45 years and 15 years for applicant above 45 years.

• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
• Proof of business address in respect of businessmen/ industrialists
• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
• Copy of approved plan and approval from the Local Body
• Statement of Bank Account/ Pass Book for last 6 months