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  • SBI Home Loan to Non-Salaried – Differential Offerings

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  • This home loan offered by SBI is especially offered to non-salaried individuals. The SBI Home Loan to Non-Salaried – Differential Offerings can be used for acquiring or constructing a flat/house, refinancing an existing home loan from another bank /HFCs (housing finance companies) and for the renovating or repairing an existing flat/house.

    SBI Home Loan Interest Rates for Non-Salaried

    SBI offers floating interest rates on this home loan. The rates offered vary based on the home loan amount. The rate is calculated are from 1-Year MCLR + 25 bps to 1-Year MCLR + 80 bps. The current MCLR (Marginal Cost of Funds based Lending Rate) is 8.25%.

    The effective interest rates for non-salaried individuals currently range from 8.50% p.a. to 9.05% p.a.

    Eligibility Criteria

    Here are the eligibility criteria to be met before applying for the SBI Home Loan to Non-Salaried – Differential Offerings:

    1. Nationality: Resident Indian.
    2. Minimum age: 18 years.
    3. Maximum loan tenure: 30 years.
    4. Loan amount: Minimum – Rs.50,000; Maximum – Rs.50 crore.
    5. Employment: One of the following:
      1. Proprietor of a Proprietorship Firm.
      2. One of the Directors in a Company.
      3. One of the partners in a Partnership Firm.
    6. Firm/Company status:
      1. Should have existed for a minimum of 3 years.
      2. Should have earned Net Profit in the past 2 years.
      3. Existing credit facilities must be Standard and Regular. Existing bankers to provide Opinion Report.
    7. If the property is acquired in a joint ownership between the Proprietary Firm and the Proprietor, the firm to be the borrower or entity free of debt.

    Documents Required

    Find below the documents that you need to submit when applying for this loan:

    For all applicants:

    • Completed loan application with 3 passport-size photos affixed.
    • ID proof (one of these) – PAN, Passport, Driving License, Voter ID.
    • Address proof (one of these) – Latest utility bills - electricity/telephone/piped gas/water, Aadhaar card, Driving License, Passport.

    Property documents:

    • Construction permit (if applicable).
    • Stamped Agreement for Sale/Allotment Letter/Registered Agreement for Sale (applicable only for Maharashtra).
    • Property tax receipt/electricity bill/maintenance bill/share certificate (applicable only for Maharashtra).
    • For ready to move property: Occupancy certificate.
    • Approved plan (blueprint) copy/xerox and the builder’s Registered Development Agreement.
    • In case of new property: Conveyance Deed.
    • Bank account statements or payment receipts made to the seller/builder.

    Bank account statements:

    • Bank account statements for the past 6 months from all existing bank accounts held.
    • Loan account statement for the past year in case of previous loans taken from other lenders.

    Features and Benefits

    Self-employed individuals can benefit with this home loan in the following ways:

    • Home loan designed to suit the needs of self-employed individuals.
    • Low processing fee of 0.35% of the loan amount.
    • Low interest rates.
    • Interest rates calculated on the Daily Reducing Balance method.
    • No hidden charges.
    Frequently Asked Questions
    1. Do the processing fees include other out-of-pocket expenses?

      No. Charges for CERSAI Registration, Valuation Report, TIR, and others will be recovered in addition to the processing fee charged by the bank.

    2. What is the maximum processing fee amount charged by SBI for this home loan?

      The maximum processing fee charged is Rs.10,000, whereas the minimum processing fee charged is Rs.2,000.

    3. What is the cost of CERSAI Registration?

      A fee of Rs.50+GST will be applicable on loan amounts of up to Rs.5 lakh and a fee of Rs.100+GST will be applicable on loan amounts of above Rs.5 lakh.

    4. What are the pre-sanction fees applicable?

      Pre-sanction fees will include advocate’s fee for the property search plus the title investigation report. It will also include the valuer’s fee for the valuation report.

    5. What are the post-sanction fees applicable?

      Post-sanction fees will include the stamp duty that must be paid for the loan agreement and mortgage, premium for property insurance, and the CERSAI Registration fee.

      

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