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.
The standard SBI Home Loan Application Form contains 4 forms – A to D, which are:
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:
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:
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.
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:
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.
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