An SBI home loan is the most common way to finance the purchase of a new home. There are a few things to consider while applying for the best SBI home loan based on your income. The amount of your mortgage is determined by your income as well as any previous debts. The amount you are qualified for when applying for an SBI home loan is determined by your monthly income. Customers of SBI can borrow up to 85 percent of the value of their home as SBI home loan. To get the most out of a loan, you must first establish your affordability and meet the SBI’s eligibility conditions.
Below is a list of the documents required to apply for SBI home loan. All of these documents should be submitted by the applicant and these documents should be free from any kind of errors. In case of any error in the documents the bank shall not be liable and the loan application would be rejected. In case of loan rejection, the applicant would have to apply again for the home loan. Multiple loan rejections can have a negative impact on your credit score, therefore it is advisable to make sure that you have all the necessary documents before applying for SBI home loan. The required documents are as follows:
- A loan application form that has been properly filled by the applicant.
- The applicant’s three passport-size photographs.
- A government-issued photo identification card like applicant’s Voter ID, passport, driving license, etc.
- Applicant’s address proof like telephone bills or electricity bills would serve as proof.
- Proof of business, which is necessary for non-salaried applicants.
- Bank statement from the previous six months.
- Personal Liabilities Statement.
- Signature identification from the current banking institution for personal assets statement
- Personal Assets Statement
These are the applicant’s documents that SBI bank requires to process a home loan application. Apart from these if there is any Guarantor to the home loan application, then there are a few documents that the guarantor needs to submit to the bank. The documents that a guarantor needs to submit are as follows:
- Personal Assets and Liabilities Statement is Required.
- Two passport size photographs of the guarantor.
- Identification proof of the guarantor is required.
- Proof of residency, like the applicant’s address proof the guarantor also needs to submit his proof of residence.
- Proof of business address is also required if the guarantor has any business.
- Signature verification from his current banker.
Apart from the above mentioned documents there are some other additional documents as well that an applicant needs to submit in order to get approval for his home loan application. The lis of the additional documents that an applicant needs to submit are as follows:
- In case the applicant is a salaried employee, the Certificate of Salary from Current Employer is required.
- TDS certificate, Form 16, or copies of tax returns for the last two years
- Copies of the last three years’ IT returns or assessment orders
- Challan copies as proof of payment of advance income tax
These are all the documents required to apply for an SBI home loan. Moreover, you can use the SBI home loan calculator to check your eligibility as well as to get all the details of the documents required to apply for SBI home loan. Applying for a home loan with incomplete documents can result in a loan rejection as well as you will have to pay a non refundable processing fee to initiate the loan process. Multiple home loan rejections will make you look credit hungry in front of the banks and would also have a negative impact on your credit score as well as your overall credit profile.