State Bank of India Home Loan Interest rates in Lucknow
State Bank of India Home Loan Floating interest Rates
| Up To 30,00,000 | 30,00,000 To 75,00,000 | 75,00,000 Above | |
|---|---|---|---|
| Others | 6.70% | 6.70% | 6.70% |
| Salaried | 6.70% | 6.70% | 6.70% |
| Self Employed | 6.70% | 6.70% | 6.70% |
| Women | 6.70% | 6.70% | 6.70% |
Loan To Value (LTV) For State Bank of India Home Loan in Lucknow
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
State Bank of India Home Loan FAQ's
Can I get an in-principle approval and actually avail of the loan later?
What State Bank Of India do is, before you choose the house you want to buy, State Bank Of India give you an in-principle approval based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible. You won't be under pressure to identify a house as you know how much funds the bank would make available to you.
And how long is this approval valid?
This in-principle approval is valid for 3 months to give you sufficient time to choose a flat/house of your choice.
How long does it take to get my loan sanctioned?
Your loan can get sanctioned in a matter of days provided you have all the documents in place.
Can I apply jointly with my spouse? Will both our salaries be taken into consideration for calculating the loan amount?
Yes, your salaries can be clubbed for the purpose of calculation of the loan amount. This can be done either when the property is jointly held with the spouse or the spouse stands as a guarantor. Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.
What security do I have to furnish?
"SBI requires a mortgage of the property for which the loan is being taken. Where mortgage can't be provided, other tangible security would need to be provided. The title of the property should be clear, for which a certificate would be required from the Bank's approved advocate, safeguarding your interests as well as Bank's interests. Additional security may be required where the house is under construction. This may be for an interim period, by way of tangible security or guarantees from sound and solvent individuals. "
What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Use our EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
Can I prepay the loan? Are there any penalties?
Yes, you can prepay the loan at any stage. There is no pre-closure/ prepayment penalty applicable on SBI Home Loans.
Where can I avail SBI Housing loans?
SBI have a network that is unmatched in terms of reach. We have also designated special branches across the country to cater to the housing loan requirements of individual customers.
If I have funds, is it still worthwhile to avail of a bank loan for buying a house?
It is generally advantageous to take a Housing loan as it would enable you to get tax exemptions. However, please consult your CA/ income tax advisor to know benefits/disadvantages in your specific case.
What are the tax benefits of taking an SBI Housing Loan?
"Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Under Section 24(1), interest repayment of Rs.1,50,000/- per annum qualifies for tax saving. An added benefit under Section 80(c) on repayment of principal amount to the extent of Rs.1,00,000/- is also available on the same loan subject to compliance with conditions stipulated in the IT Act. "
How does SBI housing loan compare with those offered by other institutions?
"There is total transparency with regard to the rate of interest and the fees charged by us. • We offer housing loans with the lowest equated monthly installments, i.e. you pay substantially less in repayments as compared to others. • SBI have no upper limit. The loan amount is determined by repaying capacity and the value of property to be financed. • We offer loans for the longest tenors (up to 30 years) with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. • SBI provide finance for both new and old houses/flats and for construction of houses. Cost of furnishing the house can also be included in the project cost. • SBI levy interest based on daily reducing balance, unlike the annual reducing balance method used by several other financiers/banks. "
How do I benefit if the interest is calculated on a daily reducing balance?
"On an annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year. In the case of the daily reducing balance, which is the methodology we employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly."
About State Bank of India
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India. In the year 1955, the Government of India nationalized the Imperial Bank along with the Reserve Bank of India. Ever since that time, the bank acquired its present name that is SBI.
The SBI group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 191 foreign offices spread over 36 countries across the world. As of 31st March 2015"
State Bank of India Highlights
About Other Banks
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IDBI Bank
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Kotak Mahindra Bank
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LIC Housing Finance
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HDFC Limited
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Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Lucknow
Lucknow is the Second largest and capital city of the Indian state of Uttar Pradesh. A major metropolitan city of India, Lucknow is the administrative headquarters of the eponymous District and Division and the capital of the state of Uttar Pradesh.
The history of Lucknow can be traced back to the ancient times of the Suryavanshi Dynasty. It is said that Lakshmana, who was the brother of Lord Rama, laid the foundation of the ancient city. This was near the Gomti River on an elevated piece of land. It was then called Lakshmanpur. During in 18th Century, the year 1720 when the great Mughal emperors began to appoint Nawabs in order to ensure smooth administration in the province. In the year 1732, Mohammad Amir Saadat Khan was appointed as the viceroyal of Awadh, in which Lucknow was a major province. It was then that the powerful dynasty of the Nawabs, which changed the history of this unknown place. Under the rule of the Nawabs, Lucknow flourished like never before. After 1755, Lucknow grew by leaps and bounds under the rule of the fourth Nawab Asaf-ud-Daula. It was when the British came to India that Lucknow was made into an administrative capital.
Other Cities Loan Offers
Places To Be Visited In Lucknow
Bara Imambara
The Bara Imambara was built in the year 1784 by the fourth Nawab of Awadh known as Asaf-ud-Daula. It was built as a part of a relief project for a major famine that took place in the year 1784.
British Residency Lucknow
The British Residency of Lucknow is a famous historical landmark of this place. It is now in ruins and has been declared a protected monument by the Archaeological Survey of India.
Chattar Manzil
:One of the imposing structures built by the Nawabs of Lucknow, Chattar Manzil is a very famous tourist attraction of Lucknow. The most unique thing about the Chattar Manzil of Lucknow is the strikingly different architecture.
Hussainabad Imambara
The Hussainabad Imambara is a major tourist attraction of Lucknow. The monument was built by Mohammed Ali Shah in the year 1837. The tombs of Mohammed Ali Shah and his mother are located over here. The walls of the monument are decorated with Arabic verses that have been carved beautifully by efficient craftsmen. The structure has an imposing white colored dome and many pillars or minarets. The interiors of the monument are worth seeing. They have been decorated beautifully with elaborate chandeliers, mirrors with gold frames, the majestic throne of the King. There are small miniatures of the Taj Mahal on either side of the monument. The Hussainabad Imambara is beautifully decorated during the festival of Moharrum. The whole structure is bordered with thousands of little bulbs, which give it a royal look when illuminated in the evening.
Lakshmana
Tila It is said that the original site of the town was actually at Lakshmana Tila. The story goes back to ancient times when the brother of Lord Rama, Lakshmana laid the foundation of the city of modern Lucknow. It was known as Lakshmanpur then. This place is supposed to be one of the earliest sites of human settlements in Lucknow.
Clock Tower
Between the Bara Imambara and Chhota Imambara is the Clock Tower of Lucknow. This huge tower was constructed by Nawab Nasir-ud-Din Haider in the year 1880. The Clock Tower in Lucknow reaches upto a staggering height of 221 feet and is the tallest Clock Tower in India. The Clock tower also has the biggest fitted clock that cost the government around Rs. 1.75 lakhs at that time.