Home Loan

SBI Home Loan Procedure.

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Purchase/ Construction of House/ Flat

Purchase of a plot of land for construction of House

Extension/ repair/ renovation/ alteration of an existing House/ Flat

Purchase of Furnishings and Consumer Durables as a part of the project cost.
For more details log on to sbi home loans site

Takeover of an existing loan from other Banks/ Housing Finance Companies. 

Eligibility 

Minimum age 18 years as on the date of sanction

Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount
• 40 to 60 times of NMI, depending on repayment capacity as % of NMI as under -
Net Annual Income EMI/NMI Ratio 
Upto Rs.2 lacs 40%
Above Rs.2 lac to Rs. 5 lacs 50%
Above Rs. 5 lacs 55%
To enhance loan eligibility you have option to add:

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources.



Margin
Purchase/ Construction of a new House/ Flat/ Plot of land: 
20% for loans up to Rs.30 Lacs, 
20% for loans above Rs.30 lacs and upto Rs.75 lacs.
25% for loans above Rs.75 lacs.
(w.e.f. 01.01.2009) 
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How much money can I Pick as a Home Loan?
The home loan amount you are eligible for depends on your monthly income, the tenure and the rate of interest. Use the calculator alongside to determine how much money you can potentially get.
 
What should I select as the tenure?
Your loan tenure should be so chosen that at the end of the loan repayment period, your age is less than your age of retirement. Choosing as long a tenure as possible increases your loan eligibility.
 
What should I let as the interest rate?
As of October 2011, home loan rates vary from 10% to 14% for floating rate loans and from 11.75% to 14.5% on fixed rate loans.
 
Better, now I know what I can get. But how do I actually get a home loan?
Apply to multiple banks and ask for offers. The form at the bottom of the page, allows you to apply to a maximum of 5 banks in one stroke. So get into action now. And watch various banks compete so that you get the best possible deal.


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 Home Loan From HDFC
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HDFC Office Locator
We have over 298 offices with flexible timings keeping in mind your work timings. The offices are conveniently located at a place closer to you.
SMS HDFCHOME to 56767
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Salaried Customers

- Application form with photograph
- Identity and Residence Proof
- Latest Salary-slip
- Form 16
- Last 6 months bank statements
- Processing fee cheque

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Self Employed Professionals

- Application form with photograph
- Identity and Residence Proof
- Education Qualifications Certificate and Proof of business existence
- Last 3 years Income Tax returns (self and business)
- Last 3 years Profit /Loss and Balance Sheet
- Last 6 months bank statements
- Processing fee cheque

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Self Employed Businessman

- Application form with photograph
- Identity and Residence Proof
- Education Qualifications Certificate and Proof of business existence 
- Business profile
- Last 3 years Income Tax returns (self and business)
- Last 3 years Profit /Loss and Balance Sheet
- Last 6 months bank statements (self and business)
- Processing fee cheque
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Canara Bank Home Loan
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Canara Bank Home Loan products are designed to help you acquire the dream home you wished to buy. Come to Canara Bank and get housing loans at the most competitive interest rates and with the most convenient loan procedure to make the loan process less tiresome.Canara Bank has a legacy of over a century in specialized banking services and a branch network of more than 2500 branches that ensures nothing but the very best services to all the customers. 

Canara Bank Housing Loan Details

The housing loans by Canara Bank are provided for various purposes including:
◦For repair or renovation in residential house or flat 
◦For purchase of residential property or land
◦For construction on residential land
◦For repayment of home loan from any other housing finance institution
The loan process involves an application form available in the Canara Bank branches and also online on the Canara Bank website. Then comes the security the bank demands for sanctioning any loan. This can be mortgage of a house or flat owned. 

Canara Bank Home Loan Rates

The rates of interest offered on Canara Bank home loans are highly competitive and easily affordable that has helped Canara Bank in establishing itself as a leader in the home loans segment in the banking services in India. In case of pre-payment of loans, no charges or fees are charged except in the case of takeover of the loan by other banks and financial institutions.

For more info on the documents and formalities required for loan application, contact your nearest Canara Bank branch or refer to the official website of Canara Bank. The current interest rates on home loans and processing charges are also mentioned on the site. 


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