Buying a new house is one of the most important financial choices you’ll ever make. As the first homeowner, you will need to choose a place to reside as well as acquire financing for it. You will also be liable for all household payments, including home loan repayments, down payments, and the remaining balance of your first loan paid at the time of purchase. It is essential to realize that acquiring property is not a simple task. Knowing what factors determine your home loan interest rate can help you better prepare for the home buying process and for negotiating your home loan. This article explores some of the factors that affect your interest rate. Also, guide to apply for the SBI home loan at a low-interest rate.
SBI Home Loan Document
To apply for a house loan with SBI, you must submit the SBI Home Loan Documents listed below.
- Three certified images are required for the application for a home loan.
- PAN, passport, voter ID card, or driver’s license are all acceptable forms of identification.
- Recent electric bills or a duplicate of an Aadhar card, passport, or driver’s license are acceptable evidence of address or residency.
- Allotment letter, sale agreement paper, property tax bill, transfer payment receipts, or statements of payments made to the builder or seller in the case of the new property. It also requires a copy of the approved plan copy and registered development agreement of the builder. Permit for the development of the property, property maintenance, and power bill.
- If you have already obtained a loan from another bank or lender, please provide a loan account statement from the prior year.
- Salary slips for the last three months: copies of form 16 from the previous two years; and a copy of IT returns are all acceptable forms of income verification for salaried workers.
- Proof of self-employment income: Proof of business address; Income tax returns for the previous three years, balance sheet and Profit & Loss A/c for the last three years, business license information 105 certificates or Form 16 Al qualification certificate and account statements for the last six months.
Apply for SBI Home Loan
With Wishfin, you can apply for SBI Home Loans online
- Fill out the form at the Wishfin SBI home loan page.
- Enter the loan amount desired, monthly income, employment status, and city.
- The executive will ask you some simple questions to determine your eligibility.
- If you have all of the required documentation, your application will be processed further.
- Your CIBIL score will be verified since it may result in a reduced rate.
- Disbursement normally takes 7 working days after clearance.
- Please keep in mind that Wishfin only assists you in reaching out to qualifying banks. Only the lender can determine whether or not you qualify for a house loan.
SBI home loan features and perks
SBI offers some of the lowest home loan interest rates in the industry, making it a customer-friendly company. The SBI home loan interest rate is computed on a daily continuous account basis, ensuring that customers get the most out of their loans. SBI is one of the few banks that occasionally offer lower interest rates on home loans, such as around festivals, as well as better discounts to government workers and other professionals. There are no hidden fees or penalties in any SBI home loan package.
Low-Interest Rates
SBI provides housing loans with low-interest rates and clear conditions. The SBI home loan interest rate varies from 6.7% to 6.9%. The pricing may differ depending on your eligibility. For women, SBI offers lower interest rates than conventional SBI home loan interest rates.
Convenient Time To Repay
You may simply pay back your house loans over a period of time that is convenient for you financially. You have up to 30 years to repay the debt. With no processing fees. SBI offers a house loan that includes an overdraft option. To save money on your home loan interest you can opt for SBI Maxgain.
Pre-Approved Housing Loans
If you are a current SBI client, you may be eligible for a pre-approved home loan offer. SBI Pre-approved home loans have a short processing time and need little documentation.
