LOCAL HOUSING LOAN HOUCHEKLIST. 1.Lattest pay slips(3) months ..2. form 16 latest‐2 yeas. 3.bank statement (6) months. 4.appointment letter. 5.office id card.6. pan card. 7.address proof.8.passphotos size copies (4). TAKE OVER HOUSING LOAN CHEKLIST. 1. sanction letter 2. loan statement 3. list of document 4. four closer letter 5. outstanding letter 6. PROPERTY REQUIRED DOCUMENTS CHECKLIST. 1.sale deed documents, 2.all link documents, 3.ghmc approval building plan &proceeding letter, 4. builder development agreement document, 5.supplymentory agreements document. 6.builder firm registration copy, 7.builder patner deedship copy, VENDOR REQUIRED DOCUMENTS: 1.pan card (id proof) 2.Address proof(voter id (or)aadhar card(or) ration card, 3.passphoto size (1) copy. BUSINESS CHECLIST. 1.ITS Returns latest -3 years company(self attested CA). 2.ITS Returns latest -3 years Personnel(self attested CA). 3.company (3CD&3CB) -3 years copies. 4.company M.O.U. copy. 5.company firm Registration copy. 6.company business address proof telephone bill latest. 7.company PAN CARD. 8.personnal PAN CARD. 9.personal address proof. 10. company current Account Bank statement latest-3 years.11.any Bank saving Accounts personnel's -6 months statements.12.SBI Saving Account.13.company Trading license copy.14.pass photos graphs -4 copies. LIQUID ASSETS: 1.FD copies, NSC bonds, mutual founds, LIC copies, shares, properties,
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LOCAL HOUSING LOAN HOUCHEKLIST. pay months HOUSING LOAN HOUCHEKLIST. ... TAKE OVER HOUSING LOAN CHEKLIST. 1. sanction letter ... MaxGain is a popular home saver loan product from SBI.).
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LOCAL HOUSING LOAN HOUCHEKLIST.
1.Lattest pay slips(3) months
..2. form 16 latest‐2 yeas.
3.bank statement (6) months.
4.appointment letter.
5.office id card.6. pan card.
7.address proof.8.passphotos size copies (4).
TAKE OVER HOUSING LOAN CHEKLIST.
1. sanction letter 2. loan statement 3. list of document 4. four closer letter 5. outstanding letter 6.
PROPERTY REQUIRED DOCUMENTS CHECKLIST.
1.sale deed documents, 2.all link documents, 3.ghmc approval building plan &proceeding letter, 4. builder development agreement document, 5.supplymentory agreements document. 6.builder firm registration copy, 7.builder patner deedship copy, VENDOR REQUIRED DOCUMENTS: 1.pan card (id proof) 2.Address proof(voter id (or)aadhar card(or) ration card, 3.passphoto size (1) copy.
BUSINESS CHECLIST.
1.ITS Returns latest -3 years company(self attested CA).
2.ITS Returns latest -3 years Personnel(self attested CA).
3.company (3CD&3CB) -3 years copies. 4.company M.O.U. copy. 5.company firm Registration copy. 6.company business address proof telephone bill latest. 7.company PAN CARD. 8.personnal PAN CARD. 9.personal address proof. 10. company current Account Bank statement latest-3 years.11.any Bank saving Accounts
2. three passport size photographs including those affixed in the loan application.
3. copy of passport including page containing visa tamping (TO BE NOTORIZED).
4. copy of valid permit( TO BE NOTORISED).
5. copy of employment contract/offer letter(and english translation duly attested by employer/consulate/embassy/our foreign office if it I in any other language).( TO BE NOTORIZED).
6. latest salary certificate/ salary slips for 3 month in original or notarized or proof of income in case of self employed/ professionals.(TO BE NOTORIZED).
7. latest credit report of individuals .(TO BE NOTORISED).
8. copy of identity card issued by the employee(TO BE NOTORISED).
9. proof of Residence (driving license /utility bill etc.)(TO BE NOTORIZED).
10. of overseas bank account for the last six months which reflect credit of salary , savings etc. and 6 months statement of NRE/NRO A /c. in India (TO BE NOTORIZED).
11. Brief write up on employment profile for the last 10 years.
12. Brief write up on the company/institution where employed i.e it con
HOME LOAN ELIGIBILITY CRITERIA
your income:2,17,000 /‐housing loan amount:64,00,000/‐tenure: (240)months,
Send by SBI home loans uppun eeti buchaiah.(m).8008423710.
Welcome to SBI Home loans.
SBI Home loan come to you on the solid foundation of trust and transparency built in the tradition of state Bank o India.
SBI HOMES LOAN now offers interest rates concession on REE HOMES.
Best practices followed in SBI mentioned bellow will tell you why it makes sense to do business with state bank of India.
1. SBI HOME LOANS unique Advantage .
2. package of Exclusive benefits.
3. Low interest rates further, they changes interest on a daily reducing balance.
4. Low processing changes .
5. No hidden costs(or) administrative charges .
6. No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
7. over 1,3700 branches nationalized ,
12. LOAN TO VALUE (LTV) RATIO RBI
In order to prevent excessive leveraging, the LTV ratio in respect of housing loans should not exceed 80 per cent. However, for small value housing loans i.e. housing loans up to Rs. 20 lakh (which get categorized as priority sector advances), the LTV ratio should not exceed 90 per cent.
It has been brought to our notice that banks adopt different practices for deciding the value of the house
property while sanctioning housing loans. Some banks include stamp duty, registration and other
documentation charges in the cost of the house property. This overstates the realizable value of the
property as stamp duty, registration and other documentation charges are not realizable and
consequently the margin stipulated gets diluted. Accordingly, banks should not include these charges in
the cost of the housing property they finance so that the effectiveness of LTV norms is not diluted. SBI Max Gain – Why should you choose this home saver loan? Most home loan borrowers face the dilemma of whether to use their monthly savings to prepay their loan or set
it aside for emergencies. In most cases, the extra money just sits in their savings accounts earning below par
(and taxable) interest. A home saver loan lets you have the cake and eat it too. You will be able to park this
amount in the home loan account for any number of days and pull it out anytime for your urgent needs or
regular expenses when they become due (e.g., paying kids school fees every quarter). The money thus kept in
the home loan account reduces the total interest outgo on your home loan and helps you close your loan faster.
MaxGain is a popular home saver loan product from SBI.).
We will focus exclusively on SBI MaxGain in this article. Other home saver loans listed above are quite
similar and may differ in minor details. Before we delve deeper into SBI MaxGain, let’s understand what is an
overdraft (OD) account.
What is overdraft (OD)?
An overdraft facility is a credit line provided to individuals against their assets. You can think of it as being
similar to a credit card with a limit but without the interest-free (grace) period. i.e., the interest clock starts
ticking as soon as the amount is withdrawn instead of waiting until the payment due date. The interest rate on
overdraft account is typically lower than credit card. You can withdraw money upto the sanctioned limit and
will have to repay the outstanding balance along with interest only for the duration that you utilize the money
from the account.
How is SBI Max Gain different from regular home loans?
SBI MaxGain is a home loan that is sanctioned as an OD with a limit that is equal to the approved loan
amount. Your home acts as the underlying security for the OD account. This product has the same interest rate
as the other home loans from SBI upto Rs. 1 crore (as of this writing). A premium of 0.25% is applied for
home loans above Rs. 1 crore. There is no extra charge for use of OD facility. The current account (OD) comes
with cheque book and net banking facility.
Home saver loans are suited for those individuals:
• whose earnings aren’t constant – self-employed or businessmen. At a recent real estate expo, SBI told me that MaxGain isn’t available for the self-employed and businessmen.
• who have a periodic (quarterly, semi-annual or annual) bonus or variable pay component that can be parked in the OD account.
• who have savings after paying EMI and other monthly expenses.
• NRIs and professionals with higher income.
How does monthly payment work?
A typical MaxGain account statement looks like this:
Description SBI H L MAXGAIN AUG11
Name Mr. FIRSTNAME LASTNAME
Book Balance -14,62,750.00
Available Balance 1,00,366.00
Limit 15,63,116.00
Uncleared balance 0.00
Drawing Power 15,63,116.00
Currency INR
Rate of Interest (% p.a.) 10.3%
Lien Amount 0.00
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1. Deposits a surplus amount of 2,00,000 at the beginning of month-6
2. Withdraws 1,00,000 in month-12 for his kid’s school fees
3. Withdraws 1,00,000 in month-17 for family vacation
4. Gets a salary hike and starts depositing 20,000 each month from month-18
5. Withdraws 1,20,000 in month-24 to pay his kid’s school fees
Although the borrower has withdrawn all the surplus money that he deposited at the end of month-24, he still
has interest savings (Available Balance) of 19,529.72. You cannot achieve such results using the regular home
loan.
SBI MaxGain Excel – Daily Interest Calculation
Regular Home Loan SBI MaxGain Home Loan
1 EMI includes two components: Principal and Interest.
The principal component increases and the interest
component decreases with each successive payment.
EMI remains constant throughout the loan tenure.
Same as regular home loan.
2 Principal and Interest components are calculated as per
the original amortization table.
Principal component is calculated as per the
original amortization table. The Drawing Power is
reduced by the principal amount of the EMI each
month.
Interest component, however, varies depending on
Book Balance.
3 Interest is calculated on the outstanding principal loan
amount (as in the original amortization table).
Interest is calculated on the Book Balance on a
daily basis and is debited at the end of the month.
Excess amount from the monthly payment (i.e.,
EMI – Principal – Interest), if any, is applied
towards the Available Balance.
4 Principal and Interest components are applied on the
EMI payment date itself.
Principal is applied on the EMI payment date itself
whereas Interest is debited at the end of the month.
Until then, the entire interest portion is shown as
part of the Available Balance.
5 Cannot be used like SB or current account for
outgoing transactions and bill payments.
You can use the home loan account to do funds
transfer (NEFT, RTGS etc.) and bill payments
using cheque book and net banking facility.
Available Balance is the limit for such
transactions.
6 Home loan is closed when the outstanding principal
amount is zero.
You can approach the bank to close your home
loan when the Book Balance reaches zero.
Pre-payment vs Parking Surplus Funds
Pre-Payment (in regular home loan or
MaxGain)
Parking Surplus Funds in SBI MaxGain
1 Reduces outstanding Principal Balance. Increases your Available Balance and reduces your Book
Balance.
2 Your amortisation schedule changes. You
can opt to reduce either your loan tenure or
loan EMI.
1) If you opted for lesser loan tenure, then
more of your future EMI goes towards
Principal.
2) If you opted for lesser EMI, your future
EMI (and consequently your principal and
interest portions) will reduce.
Your amortisation schedule remains unchanged. However,
more of your interest portion goes towards Available
Balance.
3 The money is gone forever. You cannot You can withdraw the surplus amount at any time. Your
amortization schedule remains unchanged. Now, less of your
undo this action. interest portion goes towards Available Balance.
4 Tax deductible under Section 80C. Interest savings are not tax deductible.
Advantanges of SBI MaxGain
Liquidity
If you make partial prepayment on your home loan, that money goes to reduce the outstanding principal and is
not available to you anymore. However, any surplus funds parked in Max Gain home loan account can be
withdrawn anytime.
However, surplus fund deposited before full disbursal or for under construction property cannot be withdrawn
until complete disbursal. Your interest outgo will reduce because of this deposit and interest saved will get
added to available balance, but you cannot withdraw till you get possession.
Interest Savings
If surplus funds are parked in the OD account, it saves interest outgo on the home loan. Helps you close the
loan faster.
Better yield than other deposit / investment products
Interest saved is interest earned . Experts recommend this product over other investment products including tax
free bonds and FD.
Instead of opening a Fixed Deposit (FD) for 1-5 years, if you park the same funds in the OD account, you will
get 1 to 3% higher savings. Note that you will be realizing this rate even if you park your funds temporarily
unlike FD where you will pay a penalty for premature withdrawal. On top of that the savings with Max Gain
are tax free.
Tax deduction
Any amount that you deposit to Max gain will not be treated as “pre-payment” under Section 80C. Hence, that
amount does not qualify for Section 80C rebate. Experts advice that you should only park amount over and
above the tax deductible interest portion. Interest saved (as shown under Available Balance) is not tax
deductible under Section 24.
STATE BANK OF INDIA :: INDIA's LARGEST BANK
https://www.sbi.co.in/user.htm 1/6
SBI HOME LOANS - LIST OF APPROVED PROJECTS
Sr.No
City /
Place
Project Name Builder Name Project Id
1 Hyderabad 1 Lakshmi Infratech India Ltd Hyd1111190
2 Hyderabad 1 Lakshmi Infratech India Ltd Ben0213283
3 Hyderabad ADITYA SILICON HEIGHTS Aditya Construction Company India(P) Ltd Hyd1387699132
4 Hyderabad APARNA SAROVAR GRANDE Aparna Infrahousing(P) Ltd Hyd1376119470
5 Hyderabad ASHVITA Mahindra Life Space Develpers Limited Hyd1389251601
202 Hyderabad Sri Homes Sri Builders&Developers Hyd0711116
203 Hyderabad Sri Siri`S Ivk Towers Inter Continental Constructions Hyd0512179
204 Hyderabad Sri Tirumala Harmony Sri Tirumala Construction Company Hyd2513291
205 Hyderabad Sri Vigneswara Residency Vigneswara Builders Hyd0112142
203 Hyderabad Sri Siri`S Ivk Towers Inter Continental Constructions Hyd0512179
204 Hyderabad Sri Tirumala Harmony Sri Tirumala Construction Company Hyd2513291
205 Hyderabad Sri Vigneswara Residency Vigneswara Builders Hyd0112142
206 Hyderabad Srihitha Heights A.V Constructions
207 Hyderabad Sumadhura,S Nakshatra Sumadhura C onstructions P Ltd Hyd100815
208 Hyderabad Sunway Opus Grand Neville-Phase- Iii(A) Sunway Opus International Pvt.Ltd Hyd0711137 209 Hyderabad Svrs Sreenilayam Svr Estates Hyd1211140 210 Hyderabad Svs Pride-C hintalapally Narasinga Rao Residency S V C onstructions Hyd2112277