SBI is the largest home loan provider in India.SBI is the largest Bank in India. It is a multinational public sector banking and financial services statutory body headquartered of SBI in Mumbai, Maharashtra.
People in India buy Flats, Houses, Duplex, Simplex and Plots. So they need huge money to invest or buy a home to fulfil their basic needs. SBI helps them as a financial assistance. SBI taking a leading role in the Home loan sector in India.
Process of Sanction of Home Loan :
SBI sanctions two types of Home loan. One is Project Home loan and another is Individual Home loan.
Project Home loan:
If you have purchased a Flat or Duplex from a Builder/Construction company in that case SBI provides Project Home Loan.
Builder/Construction company must be a Pvt Ltd/ Proprietor/ Partnership farm.
The project must have an RERA approval certificate.
The Builder/construction company has to deposit all legal documents of the project at the Bank.
Then, the Bank sends the legal documents to its authorised Civil Advocate to verify the documents.
After verification it will again be verified by the legal person of the Bank.
If found no error then the project will be sanctioned.
After sanction of the project the customer will give their details to the Bank as per requirement of the Bank then the loan will sanction.
2. Individual Home Loan: In this case you have to go to any nearest branch of SBI and discuss your requirement of Home loan with the Branch head. Then BM will process your home loan at their end. You have to submit your necessary home loan documents at the bank. If you have fulfilled all necessary documents as per the requirements of the Bank then the loan will be sanctioned.
Home Loan Rate of Interest :
As per SBI Protocol the Home Loan Rate of Interest in April 2021 is 6.70% for general public.
Project Home loan:
If you have purchased a Flat or Duplex from a Builder/Construction company in that case SBI provides Project Home Loan.
Builder/Construction company must be a Pvt Ltd/ Proprietor/ Partnership farm.
The project must have an RERA approval certificate.
The Builder/construction company has to deposit all legal documents of the project at the Bank.
Then, the Bank sends the legal documents to its authorised Civil Advocate to verify the documents.
After verification it will again be verified by the legal person of the Bank.
If found no error then the project will be sanctioned.
After sanction of the project the customer will give their details to the Bank as per requirement of the Bank then the loan will sanction.
