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    State Bank of Travancore Home Loan Reviews

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    State Bank of Travancore Home Loan is Rated as "Excellent!" by 6 Users

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    Home Loan BYTES FROM OUR KITCHEN

    State Bank of Travancore is a subsidiary of the State Bank Group and also has private share-holders. It is the premier bank of Kerala, India, where it has 777 branches. Overall, SBT has a network of over 1036 branches spread over 16 Indian states.You can avail home loans for construction, purchase / repair / renovation / alteration of a house or for purchase of a plot for the construction of a house.All Resident with regular monthly income with a minimum NMI of Rs. 12,000/- and Non-Resident Indians with a regular monthly income with a minimum NMI Rs. 15,000/-.Spouses of Non-Residents, who are residents and receiving regular monthly income.Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.The age should be such that the borrower is able to close the account before he attains the age of 70.Relaxation in eligibility criteria from the minimum of 3 years to 1-2 years is allowed to employees of government/quasi government departments /establishments and listed companies whose minimum NMI is Rs. 20,000/- or more.


    You’re probably eligible for an State Bank of Travancore Home Loan if you are

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    State Bank of Travancore Home Loan Minimum Age

    At least 18 years old

    State Bank of Travancore Home Loan Maximum Age

    Less than 70 years old

    State Bank of Travancore Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Travancore Home Loan Minimum Income

    Minimum income required
    12000 per month


    Your State Bank of Travancore Home Loan amount eligibility is based on these factors

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    State Bank of Travancore Home Loan Minimum Salary

    Earn more than the minimum
    income required

    State Bank of Travancore Home Loan Maximum Loan to property value

    Loan capped @ 80% of property value

    State Bank of Travancore Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible State Bank of Travancore Home Loan amount by these steps

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    State Bank of Travancore Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    State Bank of Travancore Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    State Bank of Travancore Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an State Bank of Travancore Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:

      • latest income tax returns
      • latest comupation of income

    State Bank of Travancore Home Loan Interest RatesUpdated on 28 Sep 2016

    State Bank of Travancore Home Loan Details
    Interest Rate 9.60% to 9.85%
    Loan Tenure 30 years
    Processing Fees Below 25,000 - Nil
    Rs.25,001 to Rs.2.00 lacs : Rs. 500 /-
    Above 2L : 0.50% of the loan amount plus service tax , with a maximum of Rs. 10,000/-
    Pre-closure Charges Nil

    State Bank Travancore Home Loan:

    A home is the symbol of peace, love and harmony. This shared living space is an important aspect of everyone’s life. Sometimes it is not easy to pull up the finances required to own a home of your own or to renovate and extend it, but this is where home loans from State Bank of Travancore steps in to provide the perfect solution to your housing needs. The Bank offers affordable home loans to its customers with competitive interest rates, hassle-free documentation, flexible EMI options, quick loan disbursement and much more.

    Home Loans from State Bank Travancore:

    Housing loans from State Bank of Travancore can be availed for various purposes such as: purchase or construction of a house, or for repairing, renovating, extending or altering your house or for purchase of a plot for the construction of a house, with or without bank finance.

    Features of State Bank Travancore Home Loan:

    • Attractive interest rates
    • Minimum income required for application is only Rs.12,000 per month
    • Affordable EMI options
    • Flexible loan tenure

    State Bank Travancore Home Loan Eligibility:

    • Minimum income requirement for Resident Indians is Rs. 12,000/- per month and for Non-Resident Indians the minimum income requirement is Rs. 15,000/- per month.
    • The spouses of Non-Resident Indians, who reside in India and receive monthly income regularly, can apply.
    • Self-employed businessmen, Salaried persons, Agriculturists, Professionals, etc. who earns a regular monthly income and has at least three years’ experience in their line of activity, can apply for a home loan from State Bank of Travancore.
    • The applicant should be at least 18 years old and should also have a reliable source of income. The maximum age for loan application is such that the applicant is not over 70 years of age at the time of the end of loan tenure.

    State Bank Travancore Home Loan Documentation:

    • Duly filled application form
    • Three passport size photographs.
    • Income Proof:
      • Salaried Individuals

        1. Salary certificate.
        2. Authorization for deducting EMI directly from employee’s salary account to enable repayment of loan.
      • Self-employed Individuals/ Professionals / Business men

        1. Balance Sheets and audited accounts
        2. Copies of documents related to income tax assessment
        3. Last 3 years’ income tax computation Statements/ Returns/ Memo.
    • Documents to be submitted for loans taken for construction of house or home improvement:

      1. Site plan with a copy of the plan, approved by the Municipality/ Corporation/ Development Authority/ Panchayat as applicable.
      2. A copy of Corporation/ Municipality / Panchayat issued building permit. A No Objection Certificate received from the concerned authority can be provided if the house is in an area where building permit is not required.
      3. Licensed Engineer/Architect approved Estimate should be submitted.
      4. Title Deeds (original copy).
      5. Tax receipts
      6. Possession Certificate.
      7. Last 31 years’ Encumbrance certificate from the Sub Registrar.
      8. Title clear certificate from an Advocate approved by the Bank.
      9. Bank approved valuer's valuation report.
      10. The applicant’s Affidavit and Undertaking that the sanctioned plan will not be violated.
    • Documents to be submitted for purchase of house/flats:

      1. Agreement for sale (copy).
      2. Title deeds of current owner (copy).
      3. Land tax receipt (copy).
      4. Building tax receipt (copy).
      5. Last 31 years’ Encumbrance certificate received from the Sub Registrar.
      6. Title clear certificate from an Advocate approved by the Bank.
      7. Bank approved valuer's valuation report of the property and building.

    State Bank of Travancore MCLR Rates for Home Loans:

    The MCLRs set by State Bank of Travancore are as follows:

    Loan Tenor MCLR
    Overnight 9.35%
    1 month 9.45%
    3 months 9.55%
    6 months 9.75%
    1 year 9.85%
    2 years 9.95%
    3 years 10%

    State Bank of Travancore Home Loan Interest Rate:

    The home loan interest rates offered by State Bank of Travancore are as follows:

    Loan type Rate of Interest
    Home loan up to Rs.75 lakh 9.85%
    Home loan above Rs.75 lakh 10.1%
    Maxgain up to Rs.75 lakh 10.35%
    Maxgain more than Rs.75 lakh 10.6%
    Flexipay housing loan up to Rs.75 lakh 9.85%
    Flexipay housing loan above Rs.75 lakh 10.1%
    GOK housing loan 11.6%
    Housing For All 9.85%

    State Bank Travancore Home Loan EMI Calculator:

    Before you avail a home loan, you should be aware of the affordability of the loan and the debt burden that you’ll have to shoulder. You have to make a detailed evaluation of the overall manageability of your finances and the cost incurred from taking the loan. This will assist in ensuring that you are not indulging in an expense that is beyond your means and one which would negatively impact your budget. With the help of an online home loan EMI calculator you can ensure that the EMIs fit your monthly budget expectations. You can easily calculate the EMI schedule and amortization details by using an online home loan EMI calculator . This tool will provide detailed and accurate information about your repayment schedule. All you have to do is:

    • Visit BankBazaar.com and select "Home Loan EMI Calculator" under finance tools tab.
    • Enter details such as the loan amount and tenure using the slider and manually keying in inputs such as the interest rate and processing fee that is applicable.
    • If you wish to make pre-payments, choose "Yes" and enter information like pre-payment frequency, amount and fee.
    • Once all necessary details are provided, you will be redirected to the page which shows a detailed description of your monthly EMI, total interest to be paid and a detailed amortization schedule.
    • This data can be used to see if the home loan repayment is affordable and the interest rate is feasible. You can check out multiple options by varying the loan quantum and tenure until you arrive an EMI that suits your budget.

    Why Apply on BankBazaar.com?

    One Stop for All Financial Needs

    You can find various financial products and services through BankBazaar.com. In order to analyze the various loan options available to you, all you have to do is visit BankBazaar.com and select the product of your choice, e.g.: home loan. The site allows you to view the home loan schemes offered by various banks and financial institutions and you can compare all available products - interest rate, EMI options, tenure, etc.

    Convenient and Efficient

    You won’t have to waste any more time waiting in queues or being kept on hold in customer care calls. You can get all relevant and accurate information about interest rates, documentation, fees, etc. from the convenience of your home or from your office. BankBazaar.com uses a viewer-friendly interface, simple outlay and hassle free online application process that would save a lot of your valuable time.

    Hassle-free Application Process:

    Apply for loans, Insurance, etc. online through BankBazaar.com. You can get instant e-approvals and quotes on the product of your choice. Thus, you don't have to visit a bank, fill in application form after application form, or wait for bank executives to call/assist you. The online application process is quick and simple with no hidden charges or agendas.

    Expert and Unbiased advice:

    BankBazaar.com offers expert and unbiased information, solely based on the customer’s profile and requirements. We have comprehensive and frequently updated details about every home loan product.

    How to Apply for State Bank of Travancore Home Loan:

    You can apply for a State Bank of Travancore Housing Loan anytime and anywhere, in a few easy steps. All you need to do is follow the simple steps given below.

    • On the BankBazaar home page, select the ‘Home Loan’ option.
    • Once you click on the tab, you will be re-directed to the home loan page which displays a detailed list of home loan schemes and the banks providing them.
    • You can check your eligibility for your preferred home loan by simply clicking on the ‘Check Eligibility’ tab.
    • If you are eligible, then all you have to do is click on the ‘Apply Now’ option and simple as that, you’re done with your application process and an executive with get in touch with you for further processing.

    FAQs:

    1. What is the margin offered on home loan by state bank of Travancore?
    2. Up to Rs. 75.00 lacs

      20%

      Above Rs. 75 lacs

      25%

    3. What is the maximum amount of loan that I can avail as home loan?
    4. A customer can avail a maximum loan amount of Rs. 500 lacs.

    5. How many co-applicants can I have?
    6. The maximum number of co-applicants who can apply for a home loan is three (this includes parents, spouse, siblings, and children).

    7. How is the home loan disbursed?
    8. Construction of new building

      30%, 40% and 30% of the loan amount will be provided in three stages. The disbursement of the last instalment will be done three-four weeks prior to the completion of the building.

      Outright purchase

      100% of the loan is disbursed to the seller, once the margin in paid out by the applicant.

      Purchase of plot and construction of the building

      The loan disbursed will be 50% of the overall project cost of up to Rs.75 lac and 30% of the project cost above Rs.75 lac .

    9. What is the maximum tenure offered for repayment of loan?
    10. Repayment of the home loan can commence with the completion of the house or after 18 months from the disbursement of the first installment of the home loan, whichever is earlier. Maximum repayment tenure is as follows:

      • Up to 30 years or before the borrower reaches 70 years of age.
      • If the applicant is 45 years old or below, the maximum tenure applicable is 30 years.
      • If the applicant is above 45 years old, the maximum tenure applicable is 25 years.

    News About State Bank of Travancore Home Loan

    • SBT introduces facility for borrowers to move to MCLR system

      The State Bank of Travancore has introduced an option using which customers can move to the MCLR system from the base rate system. MCLR stands for Marginal Cost of Funds based Lending Rate and it is a new benchmark lending rate that borrowers can avail.

      From April 1 2016, the base rate offered by banks were replaced by the MCLR for home loans. Existing customers can switch over to the MCLR based benchmark rates based on mutual consent, and the customer’s adherence to terms and conditions specified by the Reserve Bank of India.

      SBT customers interested in utilizing this facility are required to get in touch with their respective branches to avail the same.

      27th September 2016

       
    • State Bank of Travancore Changes MCLR Rates

      State Bank of Travancore (SBT) has revised its Marginal Cost Of Funds-Based Lending Rates (MCLR) for new loans and advances disbursed or renewed from Friday.

      The bank released the following MCLR rates on July 22:

      Overnight – 9% (earlier 9.35%)

      1 month – 9.10% (earlier 9.45%)

      3 months – 9.20% (earlier 9.55%)

      6 months – 9.40% (earlier 9.75%)

      1 year – 9.60% (earlier 9.85%)

      27th July 2016

       
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