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, subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount:
Actual loan amount will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. 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. |
Security:
· | Equitable mortgage of the property |
· | Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged |
Margin:
Loan Amount | Margin (Min.) | Maximum LTV Ration (Max.) |
Upto Rs. 75 Lacs | 20% | 80% |
Above Rs. 75 Lacs. | 25% | 75% |
*LTV ratio - Loan to value ratio.
Interest rates:
Click here to view the interest rates
