Nine Step Guide on how to apply for SBI Home Loan 2018
Home Loans from offered by State Bank of India are built on a robust foundation of transparency and trust. With its low-interest rates, affordable processing fees and no hidden costs.
State Bank of India Home loan will be disbursed only on the following conditions. you can follow the guidelines online to know the process easily.
Step 1: Make sure your documents are ready
Before applying for a home loan from SBI, you have to have all your legal documents from your builder. This is usually a booking receipt and a copy of the check.
Step 2: Take legal opinion
With all the required legal documents, you need to go to a lawyer who is part of the SBI panel and verify them. He must confirm the contract for sales contract and construction. Sometimes a document like Encumbrance Certificate, a tax receipt paid to date. This step requires a lot of documents from various sources, which can take a long time.
Step 3: Property Value
After the completion of the legal valuation, the property of the SBI Panel should be assessed by a valuable person. After evaluating the property, you will be given a letter.
Step 4: e-stamping
This is mandatory for the sale and construction contract clearly or e-stamped SBI housing loan. The e-stamping value may vary depending on your asset value. Registered Office will be frank, e-stamping offices, post office and syndicate banks.
Step 5: Submission of the application
After completion of the above steps, the borrower must visit SBI, along with documents and application forms. According to the bank submitted, documents to be submitted are a legal opinion, valuable statement and others.
Step 6: Wait for a long time
The person may shift from person to person as long as waiting for loan approval. Special housing loan can expend debt in three days. However, the sequential clearance is needed, which asks for other things to check and speed up the process.
Step 7: Documentation
SBI should give you a call immediately after lending. You are asked to submit some more documents, including:
Two e-stamps valued at Rs.400, where you are the first party and SBI second party.
The parties are equal.
E-stamp worth Rs200, first party promoter and SBI second party.
All documents submitted in the loan application.
Check-in favour of State Bank of India.
You must be at the bank with all the documents above your guarantor.
Step 8: Debt Distribution
After the loan is granted to SBI, the borrower should get the following documents from the builder:
The asset declared that it was not at any other bank.
If the property is under construction, the Mumbai contract.
Compare the demand note from the builder, the payment schedule.
Step 9: Registration
Before the registration process, verify the stamp duty and give the same information to the bank. Upon completion of registration, an officer from SBI bank may ask you to send the DMD to the builder or sometimes from your branch.
SBI housing loans do not have any priority for home loan borrowers because the initial payment is not paid and you can pay the loan without worry if you reduce your interest.