SBI Home Loan Documents
Fulfill the SBI home loan document required to get a quick home loan approval. The list of SBI home loan documents varies for existing and new customers. Also, salaried and self-employed individuals submit different income proofs. Existing customers get the advantage of no-paperwork approvals with a simplified documentation process. Check the list of SBI home loan documents required to get your dream loan.
Documents Required for SBI Home Loan
The documents required for home loan SBI must be submitted along with a filled-up application form. The document requirements vary according to the profile of the applicant. Below is a list of all the SBI Home Loan documents that one needs to submit for a Home Loan as per their employment status and other parameters.
You can also Check Different offers and benefits from SBI Loan Against Property Online.
List of Documents Needed To Be Submitted for SBI Home Loans
In general, there are some SBI home loan documents that every applicant has to submit. We will view the specific SBI documents required as per the profile of the applicant in the following sections.
However, these are the main documents that are mandatory for all:
- A completed SBI home loan application form
- Three recent passport-size photo
- Voter ID, driving license, passport, or any other government-issued photo ID
- Address proof like utility bills
- Proof of business is necessary for self-employed individuals
- Bank statement of the last 6 months
- A statement listing personal assets
- Signature ID from the applicant’s current banking institution.
- Guarantor documents, if needed.
- Statement of personal liabilities.
SBI Home Loan Documents for Government Employees
SBI has special loan products directed towards government employees. The SBI home loan documents for government employees are as follows:
- Employer ID card
- Duly filled loan application form with three recent passport-sized photographs
- Photo ID: PAN/ Voter ID card/ Passport
- Address proof: Utility Bill/ Driving License/ Adhaar card
Property Papers:
- Construction permission, if applicable
- A registered sales agreement (in Maharashtra)/ Allotment Letter/ Stamped sales agreement
- Occupancy certificate for ready-to-move-in properties
- Share certificate (only in Maharashtra), Electricity Bill, Maintenance Bill, Property Tax Receipts
- An approved copy of the building plan and Registered Agreement of Development for the builder and Conveyance Deed — in case of a new property.
- Account statement or payment receipt showing all the payments made by the applicant to the builder.
Account Statement
- Statement for the last 6 months for all the bank accounts held by the applicant
- Loan account statement for the previous year in case the applicant has any loans from previous banks or lenders.
Income Proof:
- Salary certificate or salary slip over the last three months.
- Copy of Form 16 for previous two years / IT returns copy for the previous two financial years, acknowledged by the IT department.
SBI Home Loan Documents Required for Self-Employed Applicants
The SBI home loan documents for self-employed applicants vary slightly in comparison to government employees or salaried individuals.
Here is a list of documents that they need to submit:
- Duly filled loan application form with three recent passport-sized photographs
- Photo ID: PAN/ Voter ID card/ Passport
- Address proof: Utility Bill/ Driving License/ Adhaar card
Property Papers:
- Construction permission, if applicable
- A registered sales agreement (in Maharashtra)/ Allotment Letter/ Stamped sales agreement
- Occupancy certificate for ready-to-move-in properties
- Share certificate (only in Maharashtra), Electricity Bill, Maintenance Bill, Property Tax Receipts
- An approved copy of the building plan and Registered Agreement of Development for the builder and Conveyance Deed — in case of a new property.
- Account statement or payment receipt showing all the payments made by the applicant to the builder.
Account Statement:
- Statement for the last 6 months for all the bank accounts held by the applicant
- Loan account statement for the previous year in case the applicant has any loans from previous banks or lenders.
Income Proof:
- Address proof for business
- IT Returns for the last three years
- Balance sheet plus the profit and loss statements for the last three years
- Business License or an equivalent document
- TDS certificates or Form 16A, as applicable.
- Certificate of qualification for professionals like CA/ Doctor
SBI Home Loan Documents Required For Guarantor
Most SBI Home Loan products do not require a guarantor. Wherever required, the SBI home loan documents required for salaried, self-employed, and NRI guarantors are as follows:
- Statement of personal liabilities and assets
- 2 passport-sized photos
- Photo ID: Driving License/ Passport/ Voter’s ID
- Address Proof: Utility bills/ Passport/ Driving License
- Signature ID from the current bank.
Account statement
- Statement for the last 6 months for all the bank accounts held by the guarantor/ 6 months account for an overseas account showing savings and salary in case of NRI guarantor.
- Loan account statement for the previous year in case the applicant has any loans from previous banks or lenders.
Income proof for a salaried guarantor
- Salary certificate or salary slip over the last three months.
- Copy of Form 16 for previous two years / IT returns copy for the previous two financial years, acknowledged by the IT department.
- For the NRI guarantor, a valid work permit
- Employment contract for NRI guarantor with an English translation duly attested by required authority.
Income proof for a self-employed guarantor
- Address proof for business
- IT Returns for the last three years
- Balance sheet plus the profit and loss statements for the last three years
- Business License or an equivalent document
- TDS certificates or Form 16A, as applicable.
- Certificate of qualification for professionals like CA/ Doctor
- Last 6 months' bank statement of Overseas account for the company/ unit in case of NRI guarantor
List of SBI Home Loan Documents for NRIs
Here is a detailed SBI Home Loan Documents List for NRI and PIOs in order to avail of a loan for property purchase:
- Employer ID Card
- Attested copy of Visa and passport that is valid
- Address proof for a present overseas address
- CDC or continuous discharge certificate for individuals working with the Merchant Navy
- Attestation of all documents should be done by Reps or Foreign officers/ Indian Consulate/ Embassy officials or sourcing outfit that is India-based
Property Papers
- Construction permission, if applicable
- A registered sales agreement (in Maharashtra)/ Allotment Letter/ Stamped sales agreement
- Occupancy certificate for ready-to-move-in properties
- Share certificate (only in Maharashtra), Electricity Bill, Maintenance Bill, Property Tax Receipts
- An approved copy of the building plan and Registered Agreement of Development for the builder and Conveyance Deed - in case of a new property.
- Account statement or payment receipt showing all the payments made by the applicant to the builder.
Account Statement
- Bank account statement with details of savings and salary for an overseas account for the last 6 months
- 1-year loan account statement for current loans from any bank.
Income proof for salaried NRIs/ PIOs
- Valid work permit
- Duly attested employment contract translated into English by the employer/ foreign office/ consulate or embassy
- Bank statements - last 6 months - showing salary credit
- The last 3 months' salary slip/ certificate
- Duly acknowledged Individual Tax Receipts for the last year for all applicants except PIOs and NRIs located in the Middle East.
Income proof for self-employed NRI / PIO Applicant
- Proof of address for business
- Audited Balance sheet or P&L Account for the last 2 years
- Last two years IT returns for units and individuals except for individuals located in the Middle East
- The last 6 months' bank statements for the overseas account of the individual as well as the unit/ company
List of Documents Needed for SBI Home Loan Balance Transfer
State Bank of India allows customers to transfer the balance from existing home loans with other banks or financial entities to SBI to enjoy the features and benefits of the SBI Home loans.
The SBI home loan documents required for a home loan balance transfer are as follows:
- Employer ID card
- Duly filled application for SBI home loan with 3 passport-sized photographs.
- Valid Photo ID: Driving License/ Passport/ Voter ID Card
- Address Proof: Utility Bills/ Adhaar Card/ Driving License etc.
Property Papers
- Registered sales agreement
- NOC from Builder/ Society
- Occupancy Certificate
- Share certificate (for Maharashtra), Electricity Bill, Maintenance Bill, and Property Tax Receipt.
- Chain of all old sales agreements.
Account statement
- Statement for the last 6 months for all the bank accounts held by the applicant
- Loan account statement for the previous year in case the applicant has any loans from previous banks or lenders.
Income proof for salaried individuals
- Salary certificate or salary slip over the last three months.
- Copy of Form 16 for previous two years / IT returns copy for the previous two financial years, acknowledged by the IT department.
Income proof for self-employed individuals
- Address proof for business
- IT Returns for the last three years
- Balance sheet plus the profit and loss statements for the last three years
- Business License or an equivalent document
- TDS certificates or Form 16A, as applicable.
- Certificate of qualification for professionals like CA/ Doctor
Documents Required from Other Bank
- List of original documents
- Loan account statement over the last 1 year
- Interim period security
- Sanction letter
FAQs
The loan documents required for SBI home loans vary according to the individual profile. However, here is a list of general documents required for SBI home loans:
- A completed SBI home loan application form
- Three recent passport-sized photo
- Voter ID, driving license, passport, or any other government-issued photo ID
- Address proof like utility bills
- Proof of business is necessary for self-employed individuals
- Bank statement of the last 6 months
- A statement listing personal assets
- Signature ID from the applicant’s current banking institution.
- Guarantor documents, if needed.
- Statement of personal liabilities.
You can now apply for a home loan online with SBI. Follow these simple steps and send in your application:
- Log on to www.onlineapply.sbi.co.in and find the home loan product that you need.
- Fill out the eligibility form with the necessary details.
- Then, after filling in the captcha, click on the ‘Get Loan Quote’ option.
- After the application has been received and reviewed, you will get a loan offer over the phone.
- Once you accept the home loan, you have to complete the application for the SBI home loan and submit it along with the documents required.
The property documents needed for SBI home loans are as follows:
- Construction permission, if applicable
- A registered sales agreement (in Maharashtra)/ Allotment Letter/ Stamped sales agreement
- Occupancy certificate for ready-to-move-in properties
- Share certificate (only in Maharashtra), Electricity Bill, Maintenance Bill, Property Tax Receipts
- An approved copy of the building plan and Registered Agreement of Development for the builder and Conveyance Deed in case of a new property.
- Account statement or payment receipt showing all the payments made by the applicant to the builder.
The best way to apply for an SBI Home loan is to apply online. The procedure is as follows:
- Submit a form with all the necessary eligibility details.
- The application is reviewed
- The applicant gets a loan offer online
- Once the offer is accepted, the applicant must submit the application form with the necessary documents.
- Based on the documents, you can get instant approval on the loan.
Yes. You can apply for an SBI home loan online directly on the SBI portal or through MyMoneyMantra. Online application is more convenient and allows faster approvals on the loan application as well.
To show their income, self-employed individuals must submit the following documents:
- Account statements for the last 2 years for accounts held by the individual and the company.
- IT returns for the individual and the company for the last 2 years.
- Profit and loss statement that is accredited by a chartered accountant.
The documents submitted with your SBI home loan application allow the bank to determine your eligibility for the loan. Here are the primary eligibility criteria that you need to fulfil to get an SBI Home Loan:
- Nationality: Indian, NRI or PIO
- Minimum age: 18 years
- Maximum age: The borrower should not be more than 60-70 years of age at the time of loan maturity, depending upon the product that he or she has chosen.
- CIBIL Score: The minimum score required for SBI home loans is 650.
- Minimum monthly income: Rs.25000
- Debt to income ratio: 0.50
These eligibility criteria show that you have the financial ability to make regular repayments towards the loan. Customers who fulfill these criteria are also eligible for lower interest rates.
Yes. You can choose a balance transfer with SBI Home Loans. So, if you have any pending home loan with another banking institution, you can transfer it to SBI. This allows you to get all the benefits of the home loans offered by SBI including competitive interest rates.
You can contact the customer care service to inform them that you have sent in the wrong document. However, you should check your application thoroughly before submitting it to prevent it from getting rejected.
SBI offers both fixed and floating interest rates on their home loans. The lower interest rate offered is 8.10% per annum. This is subject to change based on the eligibility criteria of the individual.