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Documents required to benefit from the SBI mortgage loan. Interest rate at 6.7%

SBI home loan interest rate: India’s largest lender cuts rate to 6.7%

State Bank of India (SBI), the country’s largest mortgage lender is offering home loans at 6.70% interest rate, and customers looking for affordable loans during the holiday season have the option to consider the first credit score of its kind related to home loan. In a recent statement, the main public sector bank released a list of documents required for customers to qualify for the mortgage. The mortgage can be easily used online and via the YONO platform of the SBI. The important documents required to benefit from the SBI home loan are as follows:

– Employer identity card
Loan application: The completed loan application form affixed with three passport size photographs
-Proof of identity (any): PAN / driver’s license / passport / voter ID card
-Proof of residence or address (any): A recent copy of electricity bill / telephone bill / water bill / piped gas bill or copy of passport / Aadhar card / driver’s license

Ownership documents:

  • Building permit (if applicable)
  • Registered sales contract (Maharashtra only) / Stamped sales contract / Award letter
  • Certificate of occupancy (in case of property ready to move)
  • Action certificate (only for Maharashtra), maintenance bill, electricity bill, property tax receipt
  • A copy of the approved plan (Xerox Blueprint) and a registered builder’s development agreement, deed of assignment (For new property)
  • Payment receipts or bank statement showing all payments made to the builder or seller

Account statement

  • Bank account statements for the last six months for all bank accounts held by the applicant
  • If a previous loan from other banks or lenders, then the loan account statement for the last year

Proof of income for the salaried applicant / co-applicant / guarantor

  • Salary slip or salary certificate for the last three months
  • Copy of Form 16 for the last two years or a copy of the computer returns for the last two years, recognized by the income tax service.

Proof of income for a self-employed applicant / co-applicant / guarantor

  • Proof of professional address
  • Computer returns over the past three years
  • Balance sheet, income statement for the last three years
  • Business license details (or equivalent)
  • TDS Certificate (Form 16A – if applicable)
  • Certificate of qualification (for a CA / doctor or other professionals)

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