Published On: Fri, Aug 28th, 2009

SBI

SBI
Relaxable conditions ( on a case – to – case basis)

Maximum Age of Building : 35 yrs
Work Experience of atleast : 2 yrs
Business was profitable for the last : No yrs

Additional Conditions

Security required : 1st mortgage only
Collateral required : No
Free Personal Accident cover : Not Provided by company
Free Personal Property Insurance : Not Provided by company
Days taken to process/disburse loan : 15 working days

Other Comments

Other Benefit : Charges of 2% applies for full loan prepayment, part payment has no penalty. No personal guarantor required if you are a salaried employee.

Documents Required Document to be submitted with your application :
Salaried Individual
· Loan application in the Prescribed format.
· Income tax PAN number.
· Income Proof(Any one of the following-ITR/Form NO-16/Salary slip).
· Income Proof of TWO well placed Guarantors.
· Three Passport size Photographs. Bank Statement for last six months.
· Copies of the Title Deeds of the property to be acquired.
Self-Employed Individual
· Loan application in the Prescribed format.
· Income tax PAN number.
· Income Proof(Income-tax Return with Profit & loss A/C & Balance Sheet of last 2 years).
· Income Proof of TWO well placed Guarantors.
· Three Passport size Photographs.
· Bank Statement for last six months.
· Copies of the Title Deeds of the property to be acquired.
LIST OF PROPERTY DOCUMENTS TO BE SUBMITTED BEFORE
DISBURSEMENT OF LOANS: ( but after Sanctioning)
1) Under construction/Direct from Builder
· Original stamped receipt for the payment already made to the Builder.
· Original Agreement with the Builder,duly stamped and registered. (If the same has been received from the Sub-registrar’s office)and the original money receipt issued by the sub-registrar,for the registration fee paid by the Applicant.
· OR Pending Registration, following Documents to be obtained:
· Certified true copy of the agreement with the builder
· Original money receipt issued by the sub-Registrar without having any qualify endorsment.
· Acknowledged copy of the authority letter, addressed by the Applicant to the sub-Registrar requesting him to send the Sale Deed to the Bank/Housing Finance Co.
· No objection Certificate to mortgage the property from the builder on his letterhead as per format.
· Letter from the Builder/Architect indicating the latest progress of construction (for under construction cases)
2) Directly in Registered Co-operative Housing Society
· Original Allotment from society specifying the flat number and cost of the flat allotted.
· No Objection Certificate to mortgage the property from the Society, on their letterhead as per format.
· Original Share Certificate issued by the society (if issued).
3) Purchased in resale
· Where society has not been registered.
· In a registered Co-operative society.
· Previous chain of Sale Agreements (original/copies).
· Present Agreement in original, between the vendor and purchaser duly stamped and registered.
OR Pending registration – following documents to be obtained:
· Certified true copy of the agreement between the vendor and the purchaser.
· Original money receipt issued by the Sub-Registrar without having any qualify endorsment.
· Acknowledged copy of the authority letter, addressed by the Applicant to the Sub-Registrar requesting him to send the Sale Deed to the Bank/ Housing Finance Company.
· No objection Certificate to mortgage the property from the Builder/Society on his letterhead as per format.
· Original Share Certificate issued by the Society.
4) Directly from any Development Authority(CIDCO/MHADA etc.)
· Original Allotment Letter from Development Authority.
· No objection certificate to mortgage the property from the Development Authority as per format.
· Original receipts issued by the Development Authority, for the payments made for the flat.
5) Construction of house on a separate plot of land
· Original registered Sale Deed/Lease Deed/Partition Deed/Gift Deed under which the plot of land has been acquired by you.
· OR Pending registration – following documents to be obtained:
· Certified true copy of the agreement with the Builder/Seller.
· Original money receipt issued by the Sub-Registrar without having any qualify endorsment.
· Acknowledged copy of the authority letter, addressed by the Applicant to the Sub-Registrar requesting him to send the Sale Deed to the Bank/ Housing Finance Company.
· Original receipts for the payment made for the plot, if separately available.
· All previous documents of title in respect of the plot in your possession.
· 7/12 extract of property card as applicable for the property along with the record of rights in Form No.5. Index if N.A.permission & latest N.A. tax receipt Title report for the property under consideration.
· Detailed estimate of the cost of the project.
· Approved building plans.

Company Profile
The State Bank of India is the largest commercial bank in India in terms of profits, assets, deposits, branches and employees. At March 31, 2000, the Bank had total assets of Rs 2,615.05 billion (US$59.95 billion), total deposits of RS 1,968.21 billion (US$45.12 billion). With a domestic network of 8998 branches, the Bank commanded about one-fifth of deposits and loans of all scheduled commercial banks in the country.The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India.The RBI holds 59.7% of the equity of the company and there are over 7.5 lac shareholders.A network of eight Indian Banking Subsidiaries of the Bank, comprising seven Associate Banks and SBI Commercial and International Bank Ltd., are engaged in the business of commercial banking in the country. The Bank also provides financial services through its Non-Banking Subsidiaries, including merchant banking services, fund management, leasing and factoring services, and primary dealing in government securities.
SBICAPS, the Bank’s merchant banking subsidiary, continued its dominance in the capital market. The Bank’s fund management subsidiary is India’s second largest asset management company, next to the UTI. At the core of the Bank’s commercial banking business is its nationwide network of 8998 branches at March 31, 2000, by far the largest branch network of any bank in India. The Bank’s domestic branches represent approximately 14% of all bank branches in India. About 46% of the Bank’s branches are located in rural areas, 27 % in semi-urban areas and 16% and 11% are located in urban and metropolitan areas respectively. This widespread branch network enables the Bank to raise a substantial and stable deposit base, to provide a wide range of lending products and other financial services and to diversify lending risks geographically as well as by type of credit risk and customer. The Bank’s ability to diversify and enhance the quality of service related to its deposit taking as well as its lending activities and other financial services is a fundamental strength of the Bank.
Products:
Home loans to both Indian and NRI customers at floating and fixed rate of interest.
· Loans to construct / buy a new home
· Loans for home extension
· Loans for home repairs
· Loans for purchase of plots
· Loans against mortgage of property

Accommodationtimes Institute
Diploma In RERA Diploma In REE Accommodationtimes Institute

About the Author

-

Leave a comment








Subscribe
Subscribe