TERMS OF STATE BANK OF INDIA (with respect to Housing Loan)

CHECH LIST OF DOCUMENTS REQUIRED FOR HOUSING TERM LOAN FROM

[A] FROM SALARIED PERSON:

Salary slip for last three months Form 16 for last two years / Certificate of employer Income Tax return Last two years (if applicable) G.P.F. Statement/ Certificate from Employer for permanent job Proof of Identity Identity card of Employer/ PAN Card/ Driving Licence/ Passport Proof of residence Electricity Bill/ Telephone Bill/ Certificate from employer Statement of account of salary account for last six months Two passport size latest photograph House tax receipt

[B] FROM BUSINESSMEN:

Income tax return for last three years (Certified Copies) Assessment Order for last three years

Certified copies of financial reports Advance tax receipt for current year Partnership deed/ Registration Certificate Bank account statement for last six months (Personal and Business A/c) Proof of identity PAN card/ Driving Licence/ Passport Proof of address Electricity Bill/ Telephone Bill/ House tax receipt of Municipal Corporation Details of Investment (s) Proof of business Place Two passport size latest photograph

[C] FROM GUARRANTOR:

As per A or B above (in the Case of Take Over only)

 PRE-PAYMENT PENALTY No pre-payment penalty is charged in housing loan availed from SBI

EMI IN ACCORDANCE WITH INCOME

Net Annual Income upto Rs 2 lacs > EMI upto 40% of monthly income Net Annual Income upto Rs 2 to Rs 5 lacs > EMI upto 50% of monthly income Net Annual Income above Rs 5 lacs > EMI upto 55% of monthly income

 NOTES:

1. Charges: Processing charges will be 0.50% of Loan Amount, Advocate charges Rs 1500, Valuer charges Rs 850 Mortgage Charges 0.25 % + Rs 810 + Rs 5000 Registration Charges 2. While coming for documentation, do bring: 5 blank checques, 12 Advance EMI checques 2 checques for insurance & registration 3. At the time of disbursement bring: Builder / Partys Demand Letter Your Concent Letter All margin moneys receipts.

GENERAL INSURANCE:

Rs.600/- per Lac for 15 years.

CASE STUDY #7: HOUSING LOAN AT SBI

[1] Mr. Mukesh Thakur requires 25% of the margin money for purchasinf the plot.

[2] All of their income should be taken into account and wife can be made coborrower.

[3] 25 years would be the repayment period as as he will retire at the age of 60 years but extended to 70 years.

[4] A floating rate of interest depends on customers.

[5] Disbursement of the loan would be done as follows: First it would be given for the plot and then the loan would be disbursed as the construction goes on.

[6] Yes, he and co-borrowersget personal accident cover. In case the borrower dies, then the insurer will pay the amount not its legal heiers. Premium is non refundable, must be paid in advance & also given as loan. 1 year = 8.5 % 2 years = 9.25 % 3 years = 9.25 % 10 years = 10 %