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  • SBI Home Loan Procedure is Rated as "Excellent!" by 122 Users

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    SBI Home Loan Procedure

    Home Loans from offered by State Bank of India are built on a robust foundation of transparency and trust. With its low interest rates, affordable processing fees and no hidden costs, the SBI Home Loan is an ideal choice for borrowers. You can avail SBI Home Loan from over 15,969 branches in the country.

    SBI Home Loans Procedure:

    The process of applying for a home loan can be described in the following steps:

    Step 1: Keeping the Property related Documents ready

    You must have all the legal documents related to your property from your builder, in hand, before you apply for the home loan from SBI. It usually comprises of the booking receipt as well as the copy of the cheque.

    Step 2: Taking Legal Opinion

    With all the required legal documents, you must go to an advocate who is a part of the SBI panel and get them verified. He will need to verify the Sales Agreement & Construction Agreement. Sometimes the document such as Encumbrance certificate, receipt of the tax paid till date, is required. As this step could require a lot of documents from various sources, this could take the longest time.

    Step 3: Valuation of Property

    After the legal valuation is complete, the property needs to be evaluated by a property valuator belonging to the SBI panel. Once he valuates the property, a letter is given to you.

    Step 4: E-stamping or Franking of Agreement

    It is mandatory for a SBI Home Loan that the Sales and construction agreement is franked or e-stamped. The value of e-stamping may differ based on the value of your property. Franking can be done at the register office, while e-stamping can be done at select register offices, post offices and syndicate banks.

    Step 5: Submission of Application

    Once the above steps are complete, along with the documents and the application form, the borrower must visit SBI. The documents that need to be submitted are the legal opinion, valuator statement and others, as per the bank requires you to.

    Step 6: Wait Period

    The waiting period for the approval of the loan may vary from person to person. The special home loan branch can disburse the loan within three days. However, periodic follow-ups are required, asking for the inspection to be done and other things that accelerate the process.

    Step 7: Documentation

    SBI will give you a call as soon as they sanction the loan. You will then be asked to submit some more documents including the following:

    • Two E-stamps worth Rs.400, where you are the first party and SBI is the second party.
    • E-stamp worth Rs.200, where the parties are same as above.
    • E-stamp worth Rs.200, where first party is the guarantor and SBI is the second party.
    • All documents submitted while loan application.
    • Cheques in favour of State Bank of India.

    You as well as your guarantor needs to be present at the bank with all the above documents.

    Step 8: Loan Disbursement

    Once the loan is sanctioned by the SBI, borrower must attain the following documents from the builder:

    NOC stating that the property is not mortgaged at any other bank.

    Tripartite agreement, if the property is under construction.

    Demand note from the builder, matching the payment schedule.

    Step 9: Registration

    Before the registration process, verify the stamp duty and inform the bank of the same. Once the registration process is complete, an officer from the SBI bank visits you to hand over the DD to the builder or sometimes, even you may be asked to collect it from your branch.

    SBI Home Loans are a great choice for home loan borrowers as there is no prepayment penalty and you can decrease your interest by prepaying the loan without a worry.

    SBI Home Loan Procedure Reviews

    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had a home loan with the SBI and it fully closed. The loan amount was 2.5 lacs. The loan application process was super fast and I got the loan with in 10 days. I made payments online the overall process was very good with SBI and I never had any issues with the loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • SBI Home Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      I have my home loan with SBI which was taken 8 years back. The loan amount was 29 lakhs . The interest rate was 8.45% which is average in the market . The tenure period as 20 years . The loan process was very tedious and lot of documents to submit. Here the processing fee was nominal. My overall experience was satisfactory .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 15, 2018
    • SBI Home Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      My home loan was taken with SBI 3 months back.The loan amount was 34lakhs and the Interest rate was 8.40% which is satisfactory . The customer service and responses was very good The tenure period was 36 months. The loan process was smooth and hassle free . They have provided door step service for collecting documents.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 03, 2018
    • SBI Home Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with SBI 9 years back. The loan amount was 12 lakhs and the Interest rate was around 10% which wass avergae in the market then. The tenure period was 20 years . Here I am satisfied with the loan process and they have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • SBI Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My home loan was taken with SBI 2 years back. The loan amount was 34 lakhs and the Interest rate was satisfactory . The loan process was good and they have sanctioned the loan with the committed time.My overall experience was very good and its recommendable.
      Was this review helpful? 0
      , guwahati
      Reviewed on Feb 20, 2018
    • SBI Home Loan
      "Faster approval"
      0.5 4.0/5 "Great!"
      My home loan is ongoing with the State Bank of India. The loan process was simple and faster. They charged lesser interest rate and processing fee. I have purchased residential property. The loan duration was 30 years. The part payment and pre closure option is good with SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • SBI Home Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have my home loan with SBI 13 Years . The loan amount was 8 lakhs and the tenure period was 20 years. The loan process was very easy and they have provided door step service for collecting documents o My overall experience was good so I would like to recommend to others.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 15, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my home loan with SBI 10 years back . The loan amount was 3,50,000 and the interest rate was 11.63% which was bit high in the market . The tenure period was 20 years . The loan process was very easy here.There is no processing fee also. My overall expererenc was good.
      Was this review helpful? 7
      , godhra
      Reviewed on Dec 05, 2017
    • SBI Home Loan
      "Home loan process is very slow and not co-operative"
      0.5 1.0/5 "Really Bad"
      Dear All, SBI home loan process is very slow, SBI staff is not co-operative, I have submitted all the required documents for loan process n told me that your home will be passed in one month , they have taken 2month for entire process , suddenly they told me that your home loan application is rejected due development agreement is not registered which is taken 2month. My building has society formed and OC, many people got loan from SBI for my same building now they are saying that your development agreement is not registered which is wrong said in last stage. Kindly all, do not apply home loan in SBI , because they don't asses good customer , I got very negative publicity while applied home loan in SBI but I was pretty comfort with SBI but it is sure that I was wrong to apply loan in SBI. SBI's time mgmt, decision making and transparency is very poor.
      Was this review helpful? 5
      , mumbai
      Reviewed on Dec 03, 2017
    • SBI Home Loan
      "Its Best"
      0.5 5.0/5 "Blown Away!"
      SBI home loan interest rate is good, they offered me around 8.75% of interest for the tenure of 20 years. I took the amount Rs. 30 lakhs for apartment. But their SBI documentation was difficult, but their executive coordinated very well with me on loan process.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 02, 2017
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      it was a good experience with STATE BANK OF INDIA as i took a home loan form the sbi .there are so much of formalities were too much for the loan process in the state bank of India . the money got Disbursed in a months time and it was a Full approval i got from the bank side on how much i asked for . the Rate of interest was 8.5% and the processing fee was there but low from the other banks . Lastly, I would like to say that their customer service is good.
      Was this review helpful? 3
      , una
      Reviewed on Dec 01, 2017
    • SBI Home Loan
      "Good experience "
      0.5 4.5/5 "Excellent!"
      My home loan was taken with SBI 10 years back. The loan amount was 15 lakhs and the tenure period 20 years . The interest rate and charges are between 10-11%. The customer service and responses was is not good.The loan process was very easy and . My overall experience was good nad its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 25, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      ,My home loan was taken with SBI 4-5 Years back . The loan amount was 20 lakhs and the interest rate was 8.5% which was average in the market. The MEI period was 17 years . The customer service and responsiveness was up the mark . The loan process was convenient .They have sanctioned the loan with the committed time. My overall experrenec was good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • SBI Home Loan
      "Very Good"
      0.5 4.5/5 "Excellent!"
      I have my home loan with SBI for about 3 months . The loan amount was 16 lakhs and the interest rate was 8.4% which is satisfactory. I have taken for 20 years back. Here the loan process was quite easy and comfortable. Their part payment option is after 6 months and no charges . They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , ongole
      Reviewed on Nov 04, 2017
    • SBI Home Loan
      "satisfied"
      0.5 3.5/5 "Pretty good"
      I have taken a home loan with State Bank Of India and i could say that it has been a smooth experience with them throughout the application process for my loan and with the after service . I had no major issues that were caused and it was a hassle free experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 25, 2017
    • SBI Home Loan
      "Low Interest ,Customer support need to be improved."
      0.5 3.0/5 "Satisfactory"
      The service is which Sbi has given is average in regards to my home loan process. The loan disbursement has done in 20days of time. The customer support was average with Sbi . They need to be quick and fast on their service. The executives need to be customer centric. The rate of interest is low when compared with others banks.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 23, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was about 4 years since I have taken my home loan from STATE BANK OF INDIA HYDERABAD during the loan process they have asked for my payslip and other identification profs to process my loan representatives were very good in responding so I would say it was a excellent service from SBI hyderabad branch for my home loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 12, 2017
    • SBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      My experience with State Bank of India is good on my home loan process. I went to the bank and submitted my documents. I am satisfactory with customer service and response. Rate of interest is nominal, it is not a big difference. It is actually good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 07, 2017
    • SBI Home Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      Service is very great from SBI for my home loan process,representatives were very responsible during my loan process even the documentation part was fine but I have some personal reason for the cancellation of my loan process ,overall service is excellent from SBI for home loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 07, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      My home loan was taken with SBI 5 years back.The rate of interest was 8.45% which was satisfactory for 25lakhs loan and the EMI was 24,000. The customer service and responses was up to the mark and my home loan process was hassle free here so I would like to recommend to others.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 29, 2017
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