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Which Bank Home Loan is Best in 2022?

Which Bank Home Loan is best : There are many banks in India providing home loans to customers. Depending upon their rules and regulations they are flexible to the customers. The leading home loan providers are SBI, HDFC, LIC, BOI, and Canara Bank. SBI is taking the leading role in providing home loans. SBI is very much flexible. 

About SBI :

SBI is the largest loan provider bank in India. It is a multinational, Public sector banking and financial services statutory body.  It is a public sector and the largest bank in India. 

Interest and other charges:

Under this SBI Home Loan, the interest rate will have an interest of 6.95 percent per annum. Sometimes Bank Provides an offer as a waived-off processing fee or no foreclosure charges and pre-payment penalty for customers.

Tenure and Loan Moratorium : 

Apart from the lowest interest rates, SBI  Loan provides a flexible tenure of 20 years. The borrower will have 18 months of loan moratorium. Bank offers a time frame to the borrower to start construction work in that particular plot.  

Who can apply? 

This scheme is for salaried as well as business profiles along with pensioners. Everyone can apply depending upon the income source bank to fix the loan amount. 

Documents required for availing loan :

As per the Bank following documents required for availing of this loan.

 For Salaried Person;

  1. Three months up to date salary slip.

  2. Six months up to date bank statement ( salary credited account )

  3. Adhar Card.

  4. PAN Card 

  5. Passport size photo. 

  6. Residence proof.

  7. Form 16 two years

For Business Person;

  1. Three years IT Returns

  2. Form 26 As 

  3. Six Months Up Date Bank Statement.

  4. Adhar Card

  5. PAN Card

  6. Passport size Photo

For Pensioner :

  1. Three months up to date Pension Book

  2. Six Months Up to date Statement

  3. Adhar Card

  4. PAN Card

  5. Passport size  Photo

  6. Residence Proof 

Where to apply for this loan:

Customers can visit the nearest SBI Branch to check the eligibility and loan amount. SBI users can also book it through YONO mobile banking application. The loan will be credited to the salary or Pension or SB account of the customer.

SBI Provides two types of Home loans. One is for a Project Home loan and another is for an Individual Home loan. 

Project Home loan:

  1.  If you have purchased a Flat or Duplex from a Builder/Construction company that case SBI provides Project Home Loan.

  2. Builder/Construction company must be a Pvt Ltd/ Proprietor/ Partnership farm. 

  3. The project must have a RERA approval certificate. 

  4. The Builder/construction company has to deposit all legal documents of the project at the Bank.

  5. Then, the Bank sends the legal documents to its authorized Civil Advocate to verify the documents. 

  6. After verification, it will again be verified by the legal person of the Bank. 

  7. If found no error then the project will be sanctioned.

  8. After that Bank generates a universal code for that particular project.

  9. After the generation of code, the customer will give their details to the Bank.

  10. Depending upon eligibility bank sanctions the loan to the customer.  

     2. Individual Home Loan: In this case, you have to go to any nearest branch of SBI and discuss your requirement for a 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 along with all legal documents of the property to the bank. If you have fulfilled all necessary documents as per the requirements of the Bank then the loan will be sanctioned. 

Disbursement of payments : 

For Project: Bank will disburse payment to the Builders Account. 

For Individual: Bank disburses payment to the SB Account. 

Conclusion: Sbi is the best home loan provider in India because of its lowest interest rate and flexible service.

Contact us for your Loan: 7008385943 ( Bhubaneswar )

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