 |
| SBI Home Loan Terms & Conditions |
| Housing loan Scheme |
| Eligibility: |
| Salaried person / pensioners / self-employed / professionals / Business men. Applicant should be over 21 years of age. |
| Purpose: |
| Construction / purchase of house / plot (for construction of dwelling house/ flat /bungalow and or Renovation/extension thereof. (age of the building to be purchased should not be more than 15 years old) |
| Loan Amount: |
| For individuals up to 45 years: 60 times net Monthly Income (NMI) for salaried Persons 05 times Net Annual Income (NAI) for others ( as per latest IT returns ) (or) Up to a period generating EMI < 57.5% of NMI. WHICH EVER IS LESS For individuals above 45 years: 48 times Net Monthly Income (NMI) For salaried Person 04 times Net annual Income (NAI) For others (as per latest IT returns ) (or) Upto a period generating EMI < 50 % OF NMI. WHICHEVER IS LESS The regular income of the borrower from all sources can be considered provided sanctioning authority is satisfied about the proof of income. The income of the spouse may be included only in those cases where both could be made equally liable for the loan either as co-borrower or as borrower and guarantor. For NRIs Up to 45 years: 48 times Net Monthly Income (NMI) or 4 times of NAI ( Net Annual Income ) For NRIs Above 45 years: 36 times Net Monthly Income or 3 Net Annual Income Subject to the Stipulation that the agregate repayment obligations should not exceed 50 % of their NMI /NAI |
| Margin (Applicant's Contribution): |
| 15 % of project / estimation cost for Purchase / Construction. 20 % of project / estimation cost for Repairs / Renovation. 15 % of registered value in case of Purchase of the Plot. |
| Processing Fee: |
| 0.50 % of the loan amount , Maximum Rs. 10,000/- |
| Repayment: |
| In Equated Monthly instalment (EMI) comprising of principal and intrest upto a maximum period. Repayment shall commence one month after full disbursement. A Savings Bank / current Account is to be opened and amount deposited in time for EMIs where check off facility is not available. Post-dated cheques must be dated prior to 7th of every month. |
| Disbursement: |
| Direct disbursement to vendor ( at the time of registration ) of the house / flat , wherebuilding is ready for possession. For construction / renovation / extension of house / flat disbursement will be made in phases linked to progress of the project. margin (applicant's contribution in the agreed proportion ) should be mat at every stage. |
| Insurance: |
| The building should be insured for all risks till the closure of the loan and the policy submitted to the bank should be in the name of the applicant and the bank |
| Prepayment Charges: |
| 2 % Penalty on the amount prepaid in excess of normal EMI dues shall be levied in respect of preclosure of housing loan before expiry of half of the original tenure. ( i.e. for a loan with repayment tenure of 10 years, prepayment penalty will be charged if the loan is preclosed before 5 years ) (or) Takeover of Loan by another Bank / Financial Institution / Housing Finance Company |
| Other Charges: |
| 1. Legal Fees Payable to Bank's Panel Advocate 2. Valuation Fees payable to Bank's Panel Valuer. 3. Equitable Mortgage Creation Charges payable to State Government as Stamp Duty -Rs.500/-per lac. |
| Check list of Documents to be submitted under Individual Housing Finance Scheme |
| Construction / Purchase of Flats: |
|
| Purchase of Ready Built House / Flat: |
|
| Construction of House: |
|