State Bank of India Home Loan Interest rates in Patna
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 Patna
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
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
Standard Chartered Bank
Avanse
LIC Housing Finance
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TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
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Canara Bank
Bank of Baroda
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 Patna
"Patna is the capital and largest city of the state of Bihar in India. Patna is the second-largest city in eastern India after Kolkata. It had an estimated population of 1.68 million in 2011, making it the 19th largest city in India. With over 2 million people, its urban agglomeration is the 18th largest in India. Patna also serves as the seat of Patna High Court.
The city is located at an altitude of 53 metres. Patna has one of the world’s longest bridges in the world, the Mahatma Gandhi Setu on the River Ganga. In terms of population, Patna is the second largest city of eastern India. Patna was founded in 490 BCE, when a king of the Magadha empire, Ajathashatru, fortified the then called Pataligrama. His son, Udayi continued the dynasty and developed the village into a town and thus, Pataliputra was formed."
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Places To Be Visited In Patna
Kumrahar
Kumrahar stands proof of the cultural excellence of ancient Pataliputra. Located 5 kms from Patna, Kumrahar gives you an insight into the rich history of Patna. The site now contains archaeological remains of Mauryan palace. Excavations conducted at Kumrahar between 1912 and 1915 brought to light Mauryan pillared hall. Further excavations have unearthed more pillars and now the site is referred to as ‘Eighty Pillared Hall’.
Golghar
Golghar is a fine specimen of the architectural splendor of the land. Captain John Garstin built Golghar in the year 1786 to use as a granary to store grain when famine hit the city. The architecture bears resemblance of the Stupa style. With 125 meters width and 3.6 meters thick, the granary has steps to lead you to the top. The view from the top is spectacular as you can see the majestic Ganges gushing beneath. Golghar also owned the pride of being the tallest building in Patna at that time. Though built to store grains, Golghar was never used to the maximum capacity. Owing to oversight while designing and constructing, Golghar could be opened only from inside and hence if filled to its full capacity, opening the doors would not be possible.
Patna Museum
Situated at city’s centre, Patna Museum is sure to make your mind travel to the ancient times. It was constructed in the year 1917 and it is the oldest museum in the city. Influences of Mughal and Rajput style of architecture are evident in the construction of the museum. Though the museum possesses over 45000 artefacts, owing to space restraint, a minor percentage of the possessions are on display. Both the floors of the museums are dedicated to galleries including Natural History Gallery, Stone Sculpture Gallery, Indian Stone Art Tradition, Orissa Stone Sculpture, Buddha Relic Gallery and Painting Gallery.
Sanjay Gandhi Botanical Garden
Popularly referred to as Patna Zoo, Sanjay Gandhi Botanical Garden covers a sprawling 153 acre of land and finds a place among the largest zoos in the country. It was established in the year 1969. The zoo is home to 110 species of wild animals adding up to 800 animals. Some of the animals found here include tigers, white tigers, hippopotamus, lions, monkeys and many more. The place is a delight for bird watchers as a wide range of birds are seen here. Some of the museums in the garden include snake museum, bat museum and fish museum. Toy train in Sanjay Gandhi Botanical Garden takes you through the important places in the garden. There are battery-operated cars as well. For the adventurous lot, elephants wait to take them round the zoo. The pond situated at the centre of the garden has boating facilities.
Nalanda University
Nalanda is one of the most important tourist destinations that attracts people from all parts of the world. Nalanda ranks amongst the first few residential universities in the world. It was established in 5th century AD and during its prime time, it had scholars and students visiting from various parts of the world including Korea, Turkey, Indonesia, China and Persia. Excavations have brought to light some of the marvelous structures here. Many temples and monasteries were built here. One of the temples offers spectacular view of the area around. Statues of Buddha in various sizes are seen here. Famous Chinese traveler Hieun Tsang had stayed in Nalanda during 7th century.
Mahavir Mandir
Mahavir Mandir is dedicated to Hanuman. It is believed that this temple was built in the year 1730 AD. The temple underwent modifications in the years 1983 and 1985. It is considered amongst the holiest temples by followers of Hindu faith. With over million pilgrims visiting the temple every year, it is named as the second most frequented shrine in Northern India.