SBI - Loan Process
Out of total project cost of project/aptmt, 80% loan will be funded including regn/stamp duty.
Example: Project cost – 28Lakhs; Registration – 1 lakh, Interiors – 1 lakh Total Project cost – 30 Lakhs
Allowed loan = 80% of the cost = 80% * 30 Lakhs = 24 Lakhs
List of Documents
The following documents are required from the applicant for the loan process: (only photocopies/xerox copies)
Property Documents
Agreement for sale of property
Absolute sale deeds of previous owners
Khata in the name of seller
Latest Tax paid receipt
Encumbrance certificate for 13 years from sub registrar
Approved plan from BDA, BBMP, BMRDA, BIAAPA etc
Personal Documents ( Incase of joint applicants, following documents of both are required)
Pan card copy of the applicant
Company ID proof
Proof of Residence ( DL, Passport, Electricity Bill, Telephone bill having local address or letter from the company)
Last 3 months salary slips
Last 2 years form16 and Saral forms
Bank statement for 6 months where applicant’s salary is credited
2 passport photos of the applicant.
Filled SBI loan application form
Additional Documents needed incase of loan takeover from other Banks
Letter from the Bank stating the present loan outstanding including preclosure penalty and other fees etc as on date
Home loan account statement account from the start of the loan
Letter from the Bank mentioning the list of original documents held by them
Certified copy of the sale deed by the sub-registrar
Property valuation will be done by the Bank’s Engineer.
Process
Property documents will be verified by the Bank’s advocate and a legal opinion will be obtained.
The loan process may take around 20- 30 days from the date of submission of all the documents.
Fees:
1.Advocate fees Rs 1500
2. Equitable mortgage creation charges is 0.25% of the sanctioned amount with a maximum cap of Rs.10,000 as per Govt. of Karnataka
3. Processing fee – waived upto 30th April
4. Rate of interest – 8% fixed for 1 year and will be reset after 1 year at the then prevailing rates linked to PLR.
5. No Preclosure penalty if the loan is preclosed from own savings
6. No Prepayment penalty
7. Calculation of interest on daily reducing balance
8. Property valuation engineer fees Rs1500
For clarifications please contact me
R. P. Mohan
Mobile: 9972332523
Email: rpmohansbi@gmail.com
