Applying for a home loan with State Bank of India (SBI) involves a meticulous documentation process that ensures eligibility and secures approval. Understanding the specific documents required for home loan at SBI is crucial for a smooth and successful application.
This article will walk you through each necessary document, helping you prepare effectively to navigate through the complexities of home loan acquisition with India’s largest nationalized bank.
General SBI Home Loan Documents for All Applicants
Securing a home loan from SBI involves gathering a variety of documents to meet the bank’s application requirements.
Understanding and organizing these documents in advance can greatly simplify the process and accelerate your path to homeownership.
| Category | Documents Required |
|---|---|
| Loan application form | Completed and signed with 3 passport size photographs |
| Identity proof | PAN Card Driving License Voters ID Card Passport Aadhaar Card |
| Residence Proof | Electricity Bill Ration Card Telephone Bill Passbook or Bank Statement with address. |
Documents Required As Income Proof
| Category | Documents Required |
|---|---|
| Salaried | Salary Certificate: Original, from employer. Form 16/IT Returns: For the past 2 financial years. Employment-related Documents: a. Employer Certificate b. Appointment Letter, Increment Letter c. Promotion letter d. Duly Attested by employer e. Copy of Employee I-Card Bank A/C Statement (Salary): For the last 6 months. |
| Self Employed | IT Returns/Assessment Orders: Copies of the last 3 years. Challans: Proof of Advance Income Tax payment. Proof of Business Address: 1. Utility Bills 2. Lease Agreement 3. Municipal Tax Receipt 4. GST Registration Certificate The Company/Balance Firm’s Sheet and Profit & Loss Account Statement: Duly attested by a C.A. Professional Practice Licence: (For Doctors, Consultants, etc.). Certificate of Registration of Establishment: (For Shops, Factories & Other Establishments) GST Registration and GST Return (if applicable). Business proof: a. Sales Tax Registration (if applicable) b. Proprietor- Gumasta Licence c. Udyog Aadhar d. Partnership- Pan card e. Partnership deed and Trade Licence f. LLP- Firm Registration, Certificate of Incorporation g. Company- AOA, MOA h. Certificate of incorporation i. Business Address Proof |
Property Documents for SBI Home Loan
- Deed of Sale or Sale Agreement or Share Certificate: (original) in case of a cooperative society.
- Receipts for taxes paid for Building and Land, certificate of possession, and a certified sketch of the property’s location from revenue authorities.
- Allotment Letter: From Society/Housing Board/Private Builder.
- Certificate of Non-encumbrance: Encompassing the last 12 years/30 years.
- Permission letter: From Appropriate Authority.
- Approved Building Plan: Showing floor plan for flat purchase.
- Original No Objection Certificate (NOC): Issued under the ULC Act, 1976.
- Detailed Estimate of Construction Cost.
- Letter from Society/Builder/Housing Board: Mentioning their bank and account details for instalment remittance.
- Applicable for purchase of land plot: A declaration by loan borrower stipulating the date by which to construct a house.
- Legal and Valuation Reports: Report from a lawyer and a report stating the valuation of property in a standard format by an empanelled valuer.
List of Documents Required for NRI Home Loan
| Category | Documents Required |
|---|---|
| Identification and KYC | Document Establishing KYC: Basic KYC requirements. Copy of Passport: Showing the page of residence visa. |
| Employment and Income Verification | Salary Certificate: Issued by employer, stating details like name (as per passport), designation, passport number, date of joining, and latest salary, all mentioned in English. Salary Slips: Last 3 to 6 months’ slips reflecting variable components like incentives, overtime, etc. Proof of Employment: Documents like work permit, labor contract, etc., provided by the Government of the residing country. Income Documents Attested by Embassy: Required if there’s no documented evidence for salary credit or fund remittance to India. Email ID of HR (Employer): To verify employment details. Employment Profile: Documenting the last 5 years of employment history |
| Business Documents for Self-Employed NRIs | Business Related Documents: Includes Trade Licences, Sponsor Agreements, Power of Attorney, etc. Credit Report: From Overseas credit agencies (except for Merchant Navy). CDC: Required in case of Merchant Navy. |
| Financial Statements | Overseas Bank Statement: Copies from overseas banks for the past 6 months. NRO/NRE Bank Statement: Last 6 months to trace the financial transactions in India. |
| Property Related Documents | Property Documents: Including cost estimates from an Indian Architect or Engineer. |
| Legal and Power of Attorney | Power of Attorney: If the applicant is unavailable in the country at the time of signing documents, a Power of Attorney needs to be produced by the person acting on their behalf. |
Post Loan Closure – Documents for Handover
- Power Of Attorney: For collecting original documents of Property.
- Letter requesting handing over of Property documents: From Legal Heir/Nominee(s).
- Letter relinquishing the right to Legal Heirs/Nominees: For Property documents handover
Conclusion
Navigating the requirements for securing a home loan from SBI requires a comprehensive understanding of the necessary documents. This guide aims to equip potential borrowers with a clear outline of what SBI expects in the loan application process.
For further assistance and to explore more tailored financial solutions, visit Credit Dharma today. Make your home buying journey smooth and efficient with expert guidance at your side.
Frequently Asked Questions
For identity verification, SBI requires official government-issued IDs such as PAN card, Aadhaar card, Passport, or Driving License.
SBI asks for property documents such as the sale deed, agreement of sale, possession letter, and recent property tax receipt.
Yes, NRIs need to provide documents proving their NRI status, such as a valid visa and work permit, to apply for a home loan with SBI.
Financial documents should be updated if the loan processing extends over several months to ensure all information reflects your current financial status.
Digital copies can be submitted for preliminary review, but original documents are typically required for final verification.
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