A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • SBI Home Loan 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.

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    SBI Home Loan Procedure Reviews

    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly through Bank State Bank Of India.The rate of interest and the processing fee was nominal .There was no difficulties faced while submitting the documents ,I have applied for the loan amount of 40 Lakhs and not sure about the tenure .The agent gave all the details about the loan process .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2019
    • SBI
      SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan through State Bank Of India which i have directly applied ,The rate of interest and processing fee was very less ,The loan amount got sanctioned on time ,I have applied for the loan amount of 15lakhs for the tenure of 10years .The loan process was very smooth according to me .
      Was this review helpful? 5
      , chandigarh
      Reviewed on May 28, 2019
    • SBI Home Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I took a home loan with State Bank of India because of lesser interest rate and they have increased the rate almost 0.60, it was 8.55 and becomes 9.15%. The customer service is okay and its not very outstanding. There was a processing fee which was according to the RBI rules. The loan process was good.
      Was this review helpful? 2
      , kolkata
      Reviewed on May 12, 2019
    • SBI Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      Since am having a savings account in SBI got an offer to get home loan from SBI bank, i have applied for 10Lakhs but it took for a long time to get for an approval for the loan process, mean while rate of interest is normal and processing fee is normal. Overall is good.
      Was this review helpful? 2
      , chandigarh
      Reviewed on Apr 24, 2019
    • SBI Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my housing loan with State bank of India, But i am not happy with the loan amount they have given me up to 17,00,000 which was not sufficient,i have expected more than 18,00,000 and the rate of interest they have charged me was nominal ,now it is 8.45%,but it use to float,but for one rate of interest will be fixed,still this loan is running,but the loan process was lengthly.
      Was this review helpful? 7
      , pune
      Reviewed on Mar 23, 2019
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took my home loan in State Bank of India before 3 years. I have purchased a residential property. I am satisfied with the interest rate and there was a minimum processing fee. The loan process was okay and they have offered me a good service. The loan duration is 15 years.
      Was this review helpful? 6
      , kolkata
      Reviewed on Feb 15, 2019
    • SBI Home Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken home loan through STATE BANK OF INDIA , the Application process was smooth and the loan amount was credited to my account with in few days. The documentation was also very fast. I am happy with their services considering the loan experience. The tenure period is 300 month .
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 07, 2019
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Home loan from the STATE BANK OF INDIA , Everything was good, be it the Customer support or the application process. The interest rate was very low. Most of the time I make the EMI payments online and it was a wonderful experience taking house loan from them.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 15, 2018
    • SBI Home Loan
      "Process should be faster"
      0.5 4.0/5 "Great!"
      Too much of documentation and the time period taken around 35 to 40 days compared to other banks. I keep visiting to the bank for the loan process, because of lower interest I approached SBI bank. In market if the property documents is perfect then we can go head for SBI home loan.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2018
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a home loan from the STATE BANK OF INDIA . The application process and the documentation was smooth and hassle free. They provide nominal rate of interest . Everything was good, be it the Customer support or the application process. So far it is good .
      Was this review helpful? 7
      , hyderabad
      Reviewed on Oct 31, 2018
    • SBI Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken with SBI 3 years back.The loan amount was 20 lakhs and the interest rate was 8.35% which is satisfactory . Their customer service and responses was not up ti the mark but the loan process was very smooth . They have sanctioned the loan with the committed time here.
      Was this review helpful? 18
      , mumbai
      Reviewed on Sep 07, 2018
    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a housing loan from the SBI for 8 lacs. The whole application process and the documentations was easy and hassle free. They offered the loan at a flat interest rate. It was a hassle free home loan experience with the State Bank of India.
      Was this review helpful? 12
      , kolkata
      Reviewed on Jul 21, 2018
    • SBI Home Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      It has not been a very good service which they had provided so far. The loan process has not been that good where it has taken much time than usual and the loan amount has been okay. My suggestion to them is that they should be giving a good treatment for their existing customers.
      Was this review helpful? 4
      , ranipettai
      Reviewed on Jun 25, 2018
    • 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? 1
      , 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? 2
      , 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? 5
      , 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? 1
      , 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? 2
      , 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? 3
      , 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? 5
      , new delhi
      Reviewed on Dec 15, 2017
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