SBI home loan - Analysis and features

Analysis

    Speed of Sanction - 7 working days
    Ease of documentation - Pre- Approved projects only.Less Documentation
    Balance Transfer Charges - (incase of refinance) 2%
    Part-payment Charges - Nil
    Switching Charges - (Fixed to Floating or vice-a-versa) 1.75%
    Loan to Value ratio - Upto 20 lakh-90%,Above 20 lakh-80%
    Customer Service -  Good
    Franking Charges - 0.2%

Features

• SBI home loan contains package of exclusive benefits.
• SBI offers lowest interest rates. Further, they charge interest on a daily reducing balance!!
• Low processing charges.
• No hidden costs or administrative charges.
• No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
• Over 12000 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence.
• Actual loan amount will be determined taking into consideration factors such as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.
• Security:
  Equitable mortgage of the property.
  Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged.

Documents Needed - Salaried Individual

• Application form with recent photograph
• Salary slip of last 3 months
• Latest Form 16
• Bank statement for last 6 months
• Processing fee check
• Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
• Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
• Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt
  Signature verification proof
• Repayment track record of existing loans/Loan closure letter

Documents Needed - Self Employed

• Application form with recent photograph
• Bank statement for last 6 months
• Processing fee check
• Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
• Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
• Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
• P&L and balance Sheet for last 2 years certified/audited by CA
• Qualification proof of the highest professional degree
• Proof of existence
• Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last
  2 years certified by CA
• Repayment track record of existing loans/Loan closure letter
• Proof of office address
• Board Resolution in case of company