Is SBI home loan better than other loans?
State Bank of India is perhaps the most sought-after bank in India. This is not only because SBI is the largest lender, but also because of its service over the years. Another fact is that SBI offers the lowest rates and charges when compared to other lenders. Here are the features of the loan.
SBI Home Loan rates start at 8.35%. You can usually apply for an SBI Home Loan if you are over 18 years and less than 60 years but note that it may vary for some schemes. You need to be a salaried or self-employed individual with a steady income. The minimum income for applying for the loan is pegged at Rs. 10,000 per month for the salaried and Rs. 16,500 per month for the self-employed. You should have a minimum work experience of two years if you are salaried and three years if you are self-employed.
You need to give a signed application form along with your photograph. Just like other loans, you need to give your identity proof and address proof. Give your processing fee cheque along with your last six months’ bank statement. Salaried individuals need to submit their last three months’ salary slips and the last two years’ Form 16 or Income Tax Returns. Self-employed individuals need to submit their certificates for education as well as proof of business. The last three years Income Tax Returns are mandatory and should be given along with computation of income. Self-employed individuals also need to give a Chartered Accountant certified and audited balance sheet along with their profit-and-loss statement.
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