Having your cocoon is one thing that everybody desires. The excitement and relief of having your own place are unexplainable but it also comes with a huge financial burden. Building your dream house can be very difficult.

But what if you have an extra hand of financial help? Will this help? Of course, it will be of huge help to you but all you have to do is pay a bit of interest.

The country’s largest lender, the State Bank of India (SBI), is offering home loans at an interest rate of 6.70 percent. The offer results in a 45 basis point savings, which amounts to a large interest savings of more than Rs 8 lakh for a Rs 75 lakh loan with a 30-year term. With the festivals nearing the bank has announced the offer.

Furthermore, the interest rate for a non-salaried borrower was 15 basis points higher than the interest rate for a salaried borrower. The SBI has abolished the distinction between salaried and non-salaried borrowers.

Prospective home loan customers are no longer charged an occupation-linked interest surcharge. Non-salaried borrowers would benefit from an additional 15 basis points in interest savings.

In a recent statement, SBI released a list of documents required by leading public sector bank customers to obtain a home loan.

SBI home loan documents required for the home loan are as follows:

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• Employee ID card.

Loan-Application: Three passport-size photos should be affixed on the fully filled loan application form.

Proof of identity (Anyone among the applicant): PAN / Driver License / Passport / Voter ID Card.

Proof of Residence or Address (Anyone among the applicant): Recent Electricity Bill / Telephone Bill / Water Bill / Piped Gas Bill or Passport / Aadhaar Card / Copy of Driving License.

Property Papers

• Construction Permit (If Applicable)
• Registered Agreement for Sale (Maharashtra only) / Stamped Agreement for Sale / Letter of Assignment
• Occupancy Certificate (if the property is ready to be transferred)
• Maintenance bill, electricity bill, property tax receipt
• Approved plan copy (Xerox blueprint), Builder Registered Development Agreement, Conveyance Deed (for a new property)
• Receipt of payment or bank account statement showing all payments made to the builder or seller

Bank Account Details

• Bank account statements for the last six months relating to all bank accounts held by the applicant.
• If borrowing from other banks, last year’s loan account statement

Wage Applicants

• Salary slip or last three months salary certificate
• Copy of Form 16 for the last two years or copy of IT returns for the last two financial years

Non-Wage Applicants

• Business address proof
• IT returns for the last three years
• Balance sheet, profit, and loss account for the last three years
• Business License Details (or equivalent)
• TDS Certificate (Form 16A – if applicable)
• Certificate of Eligibility (for CA / Doctor or other professionals)

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