Features:

• Interest Rates concessions on GREEN HOMES in accordance with SBI's commitment to Environment protection
• Interest charged on the daily reducing balance
• No penalty for prepayments made
• No hidden costs
• All the features of our product, including interest rates, are in the public domain.
• Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximize gains
• Loan sanctioned within 6 days of submission of required documents.
• Option to club income of your spouse and children to compute eligible loan amount
• Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount
• Provision to finance cost of furnishing and consumer durables as part of project cost
• Repayment permitted upto 70 years of age
• Free personal accident insurance cover upto Rs.40 Lac.
• Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)
• ‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.
• Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat
• Option to avail loan at the place of employment or at the place of construction

Purpose:

• Purchase/ Construction of House/ Flat
• Purchase of a plot of land for construction of House
• Extension/ repair/ renovation/ alteration of an existing House/ Flat
• Purchase of Furnishings and Consumer Durables as a part of the project cost.
• Takeover of an existing loan from other Banks/ Housing Finance Companies.

Eligibility:

• Minimum age 18 years as on the date of sanction
• Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.
  Availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Loan Amount:

• 40 to 60 times of NMI, depending on repayment capacity as % of NMI as under –

Net Annual Income EMI/NMI Ratio
Upto Rs.2 lacs	40%
Above Rs.2 lac to Rs. 5 lac	50%
Above Rs. 5 lacs	55%

Floating interest rates
Loan Tenor Upto 5 years. i.e. 12.75%	Above 5 years and upto 15 years i.e. 12.75%	Above 15 years and upto 20 years i.e. 2.75%
Upto Rs.20 Lacs 2.75% below SBAR, i.e. 10.00% p.a.	2.50% below SBAR, i.e. 10.25% p.a.	2.25% below SBAR, i.e. 10.50% p.a
Above Rs.20 Lacs 2.50% below SBAR, i.e.10.25% p.a.	2.25% below SBAR, i.e. 10.50% p.a.	2% below SBAR, i.e. 10.75% p.a.

Fixed interest rates
Tenure: upto 10Years	Upto 10 years Rate of Interest (p.a.): 12.75%

Processing Fee:

0.25% of Loan amount with a cap of Rs.5,000/-(including Service Tax)

Pre-closure Penalty:

No penalty if the loan is precolsed from own savings/windfall gains for which documentary evidence is produced by the customer.
In case, such proof is not produced by the borrower, penalty @2% on the amount prepaid in excess of normal EMI dues shall be levied if the loan is preclosed within 3 years from the date of commencement of repayment.

Maximum Repayment Period:

• for applicants upto 45 years of age: 20 years
• for applicants over 45 years of age: 15 years

Moratorium:

Upto 18 months from the date of disbursement of first instalment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)

Disbursement:

• In lump sum direct in favour of the builder/ seller in respect of outright purchase
• In stages depending upon the actual progress of work in respect of construction of house/ flat etc.

Documents:

• Completed application form
• Passport size photograph
• Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
• Proof of business address in respect of businessmen/ industrialists
• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
• Copy of approved plan and approval from the Local Body
• Statement of Bank Account/ Pass Book for last 6 months