The State Bank of India (SBI) is one of the most popular nationalised banks in the country. They also have a series of home loan products targeted at different strata and types of customers, such as SBI PAL Home Loan, SBI Her Ghar Home Loan and SBI MaxGain Home Loans.
Application forms can be confusing. To make them easier for you to understand, we will explain the components and confusing sections of the SBI Home Loan Application Form here.
SBI Home Loan Application Form Explained:
The standard SBI Home Loan Application Form contains 4 forms - A to D, which are:
- Form A - Personal Details
- Form B - Employment and Income Details
- Form C - Property and Loan Details
- Form D - Declaration
Form A - Personal Details:
On the topmost part of the form is where you declare whether you are the applicant, co-applicant or guarantor. If you are taking the home loan alone, then you are the applicant; if you are taking it jointly with someone you are a co-applicant and if you are standing as a collateral guarantee to someone who is taking the loan, you are the guarantor.
In this section you have to fill in your personal details:
- Name (leave spaces between 2 words)
- Gender and salutation (title)
- Date of Birth
- Marital Status
- Name of spouse and father
- The number of people dependent on your income
- Mother's maiden name (your mother's surname before she got married)
- Category for special benefits (SC/ST or General)
- Nationality, Residential status and Religion
- Place of Birth
- Photo identification type (Aadhaar, Voter's ID, Ration card, etc.) and the number of whichever card you are submitting, and its validity
- Driving licence number and its validity
- PAN or GIR number (the older version of PAN)
- Passport number and its validity
- Highest education qualification and the year of completing this course
- Current address in full (you also need to indicate how long you have been staying at this address)
- Contact numbers - telephone and mobile number(s)
- Personal email id
- Permanent address in full (if different from the current address). If the permanent address is the same as current address, just tick 'Yes' in this column.
- Telephone number of permanent address
- Office address or address of the place where you run your business
- Office contact details and official email id
- Repayment mode: This refers to which method you'd like to choose to repay the loan/pay the equated monthly instalments (EMIs). You can select any of the following:
- Check-off: Where your employer will deduct the EMI amount from your salary and deposit it with the bank.
- Electronic Clearing System (ECS): Where you can have the amount deducted from your account without manual interference. This can be done for an account in another bank as well.
- Post-dated cheques: Where you provide the bank with cheques dated for a specific date every month and the bank will encash them accordingly.
- Standing Instruction: Where you provide the bank with an instruction to debit the EMI amount from your account in the same bank.
- Others: Any other mode of payment you choose. Check with the banker for the options available.
- Relationship with the bank: The number of years you have been associated with SBI.
- References: You have to provide references of two individuals not related to you to certify your good conduct and debt levels.
Form B - Employment and Income Details:
In this section, you have to first specify whether you are salaried, self-employed or running your own business or a pensioner. Following that, these details need to be filled in if you are a salaried person:
- Name of employer
- Your employment status
- Total professional experience and breakdown in terms of experience in the present job and previous job
- If you are specifying a previous employment, you also have to give the previous employer's name, contact number and address
- The industry you are involved in currently - for example, media, textile industry, banking or insurance, digital marketing, sales, accountancy, etc.
- The type of organisation you are working in, your department and designation
- Your employee number in the current organisation, and service remaining (if you are close to retirement)
- Website of your current company
- If you are a self-employed individual, the details given below have to be provided:
- Nature of business and type of ownership, and the number of partners if it is a partnership firm
- Name of business and the industry it falls under
- Trade licence number and its expiry date
- The percentage of shares you hold in the company
- Name of the person who holds the power of attorney (POA)
- Income with a detailed break-up of net income, gross income, frequency of receiving income and mode of payment (cheque/net transfer)
- Deduction details including gross obligations, net obligations and the number of times in a month you have to meet these obligations. These could include deductions by your company or bank on overdraft or debts you owe your friends and relatives, etc.
- Details of existing loans with banks, the type of loan (car loan, personal loan, etc), EMI amount, frequency of EMI deduction, the number of EMIs paid and outstanding balance
- Information about the number of bank accounts you hold
- Details of the credit cards you hold
- Information about the fixed deposit accounts you own
- Details of assets owned, such as land, property, shares and bonds, jewellery, etc.
You and your co-applicants and guarantor (if applicable) have to sign at the end of this form with date as a self-notarisation of the information provided.
Form C - Property and Loan Details:
Here you can select the home loan type that you want to take from SBI. You also have to indicate whether the builder is part of the tie-up with SBI or is willing to form a collaboration. If the builder is already linked with SBI, the tie-up ID has to be provided.
Other details required are:
- Property type
- Builder's name and name of the project
- Building's name or survey number and wing name
- Built-up area, plot area and plinth area in square feet (you can find these details from your builder)
- Flat or plot number and block number (if applicable)
- Name and address of the seller (if different from the builder) and name of the registered owner
- Phone number of the seller
- Full address of the property
- Cost of property
- Down payment required and the percentage of down payment sought
- Loan amount sought
- Repayment frequency sought
- The period of loan in months
- Purpose of loan: Indicate whether you want the loan to construct a new house, buy a new or old house or flat, purchase of plot, renovation of existing house, home extension or balance transfer of a home loan from another bank.
- Interest rate you'd like, whether fixed or floating
- Moratorium period: The period of time where you are not required to pay any EMIs or interest. You also have to specify whether you want interest to be capitalised during this period.
- Insurance option: You can opt for a home insurance from the SBI. If you wish to, you have to indicate which of the insurance policies you'd like to choose: SBI Life RiNn Raksha Policy, SBI Life Saral Shield Policy or SBI Life Smart Shield Policy. You also have to indicate whether you will pay the premium separately or you want the amount to be added to the home loan amount. You and your co-applicants and guarantor need to sign at the end of this form as well.
Form D - Declaration:
This section is more about reading the terms carefully. Once you read, you need to indicate your consent or dissent in sharing, disclosing or using the data provided by you. This form needs to be signed by all parties concerned along with place and date.
Once you are clear about what information needs to be filled in each sections of the form, you need not get confused or worried about whether you are making mistakes. If you are unable to understand any part of the form, consult your personal banker or a friend who knows what the details are about. Do not fill in wrong details, or it could lead to rejection of the loan. This will impact not only your chance of getting another loan but also your overall credit score.