State Bank of India Home Loan - Eligibility & Documentation

  • The individual should be at least 18 years old on the date on loan sanction
  • The maximum age up to which the home loan products can be availed and repaid is 70 years and by that time the entire loan should be repaid

Other factors depend on the individual loan products. To increase the eligibility of the applicant, the following factors can be added:

  • Income of the spouse, son and/or daughter living with the applicant if they have a steady income and their respective salary accounts are maintained with SBI
  • Expected rent income to be earned if the house for which the loan is being availed is expected to be rented out
  • Depreciation
  • Regular income from all sources
  • As security, equitable mortgage of the property is required.

Applicants who have already availed of a home loan from State Bank of India are eligible to apply for State Bank of India home loans provided that they have a clean repayment record for at least one year. In addition to this, a valid mortgage of the house property is to be done in favor of the bank.
 Documents Required for SBI Bank Home Loan
The following list of documents is required for all types of applicants of SBI Home Loan:

  • Completed Loan Application
  • 3 Passport sized Photographs
  • Identity Proof which can be the photocopy of the Voter’s ID card or Passport or Driving License or IT PAN Card
  • Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card
  • Proof of business address for non-salaried individuals
  • Statement of bank account or the Passbook of the last 6 months
  • Signature Identification from the present bankers
  • Personal Assets & Liabilities Statement

The following documents are required for a Guarantor wherever applicable:

  • Personal Assets & Liabilities Statement
  • 2 Passport sized Photographs
  • Identity Proof which can be the photocopy of the Voter’s ID card or Passport or Driving License or IT PAN Card
  • Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card
  • Proof of business address for non-salaried individuals
  • Signature Identification from his or her present bankers

The following additional documents are required for salaried individuals:

  • Original Salary Certificate from the employer
  • TDS Certificate on Form 16 or IT Returns for the last 2 financial years acknowledged by the IT Department

The following additional documents are required for professionals, self-employed individuals and other IT assesses:

  • Acknowledged copies of 3 years’ IT Returns or Assessment Order
  • Photocopies of Challans showing payment of Advance Income Tax

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