G Dinesh Prasad

Retd, Assistant General Manager – State Bank of India Contact No: +91-99452-77338
Marketing Consultant – State Bank of India Email ID: dineshprasad311@gmail.com

HOME LOAN CHECKLIST – PURCHASE OF FLAT/CONSTRUCTION

TO BE FURNISHED BY THE APPLICANT

1. Completed Home Loan Application (form will be provided by me, or the same can be downloaded
from www.sbi.co.in)
2. 3 Passport size photographs in respect of each applicant – latest
3. Proof of Identity – 1 Photocopy each of the following - PAN Card (mandatory), Passport, Driver’s
License, Voter ID Card, Aadhar Card
4. Proof of Residence – Photocopies of recent Telephone bills/Electricity bill/Property Tax paid
receipt/Passport or Voter ID Card
5. Salary slip from the employer for the last 3 months
6. Letter from the HR Department regarding address proof
7. Appointment Letter from the present employer
8. Latest CTC from the present employer
9. One photocopy of the Employee ID Card
10. If there is a change in the Employer during the last 5 years, relieving letters from previous employer/s
would be required
11. Bank account statements for the last SIX months where the salary is being credited
12. Form 16 (Part A and Part B) for last TWO Assessment years duly acknowledged by the IT Department
13. ITR V for the last TWO Assessment years duly acknowledged by the IT Department
14. Personal Assets and Liabilities Statement (Form will be provided by me)
15. Proof of Assets:
a. Copies of latest Bank account statement other than Salary account
b. FD Receipts, if any
c. Front page of the Life Insurance policy (ies) (either from LIC or any other private insurer as
applicable)
d. PF Statement, if available
e. Receipts of Advance paid to builder
16. Loan sanction letter and Statement of Account from Day 1 to current datein case of existing
EMI(Could be existing home loans, Car/Two wheeler loans or Personal Loans)
17. If the loan is jointly with the spouse then Marriage Certificate is to be submitted
18. Highest Qualification Certificate (Degree or Post Graduation as applicable)

FROM THE BUILDER

1. His set of documents (File or Spiral bound book)

2. Agreement of Sale duly witnessed and franked with 0.1% of the Sale Consideration
3. Construction Agreement duly witnessed
4. Cost Break up letter, Allotment letter and NOC in the letter head of the Builder
5. If a project finance has been availed by the Builder an NOC from the lending institution/release letter
is to be furnished from the financing institution builder on the letter head
 6. Kindly ensure the property identified is “A” Khata property and there is no deviation in construction
and the sanctioned plan
7. If the Developer is a Partnership firm or a Private limited company the person signing/executing the
Agreement to Sale/Construction should be duly authorised by the Firm/Company. The relevant
authorisation/board resolution copy should be furnished

DOCUMENTS REQUIRED FOR VALUATION:

1. Sanctioned Building plan as approved by the relevant authority (BDA/BBMP etc)

2. A copy of the Sale Deed

EMI CHART

Loan Amount Women Others

Upto 30 lakhs 8.65% 8.70%
30 lakhs to 75 lakhs 8.80% 8.85%
75 lakhs and above 8.90% 8.95%

*The EMI table is only indicative. Effective 01.09.2018, there is a rate differential between Maxgain and regular
term loan

NOTE/IMPORTANT INFORMATION:

1. THE PROPERTY PROPOSED TO BE PURCHASED MAY BE AN APPROVED PROJECT OF STATE BANK OF

INDIA AS ALSO AN UN-APPROVED ONE. IF THE PURCHASE IS FROM AN APPROVED PROJECT AND
THE APPROVAL IS WITHIN THE VALIDITY PERIOD A FRESH LEGAL OPINION AND VALUATION MAY
NOT BE NECESSARY. HOWEVER, IF THE VALIDITY PERIOD IS COMPLETED, THIS IS MANDATORY. ON
ENTERING INTO AN AGREEMENT TO SALE/CONSTRUCTION A COPY OF THE SAME DULY WITNESSED
AND FRANKED BY PAYMENT OF 1% OF THE COST HAS TO BE FURNISHED ALONG WITH UP TO DATE
EC, LATEST TAX PAID RECEIPT AND THE SUPPORTING PROPERTY PAPERS AS FURNISED BY THE
BUILDER. THIS WILL BE APPLICABLE EVEN IF THE PURCHASE IS OF THE OWNERS SHARE
2. WHEREVER THE LOAN AMOUNT SOUGHT IS INR 50.00 LAKHS AND ABOVE THE CERTIFIED COPY OF
THE INTERVENING SALE DEEDS, IF ANY, ARE TO BE FURNISED. THIS MAY BE OBTAINED FROM THE
BUILDER/LAND OWNER AND FURNISHED. PAN CARD IN RESPECT OF THE LOAN APPLICANTS AND
ANY INDIVIDUAL SELLER IS A MUST
3. IF THE VALUE OF THE PROPERTY BY WAY OF SALE CONSIDERATION IS INR 50.00 LAKHS AND
BEYOND RECOVERY OF 1% TDS AND REMITTING TO THE GOVERNMENT IS THE RESPONSIBILITY OF
THE BUYER. SUCH PAYMENT HAS TO BE EVIDENCED AT THE TIME OF REGISTRATION OF THE
PROPERTY
4. a. IN RESPECT OF PROPOSAL FOR CONSTRUCTION OF HOUSE ON A PLOT OF LAND OWNED BY THE
APPLICANT, A PHOTOCOPY OF ALL THE PROPERTY PAPERS ARE TO BE FURNISHED TO THE PANEL
ADVOCATE FOR PERUSAL. IN CASE THERE ARE PREVIOUS SALE DEEDS INVOLVED A CERTIFIED COPY
OF THE SALE DEED HAS TO BE OBTAINED AND FURNISHED TO THE ADVOCATE FOR FURNISHING THE
TITLE INVESTIGATION REPORT. THE ORIGINALS OF THE SAME WILL BE PERUSED BY THE ADVOCATE
TO VERIFY THE AUTHENTICITY OF THE PHOTOCOPIES
b. A LEGAL OPINION AND A FRESH VALUATION REPORT WILL BE OBTAINED FROM THE
EMPANELLED ADVOCATE/VALUER AT YOUR COST. THE PRESENT CHARGES ARE INR 3000.00
FOR THE LEGAL OPINION AND INR 2500.00 FOR A VALUATION REPORT. AN ADDITIONAL FEE OF
 INR 500.00/1000.00 IS APPLICABLE IF THE VALUER IS REQUIRED TO GIVE AN ESTIMATE FOR
INTERIORS/FURNITURE.
c. IF THE BUYING/SELLING OF THE PROPERTY INVOLVES A POWER OF ATTORNEY/GIFT DEED, 2
LEGAL OPINIONS WILL BE EXECUTED WHICH WOULD INVOLVE ADDITIONAL EXPENDITURE OF
INR 3000.00.
d. IF THE LOAN AMOUNT IS BEYOND 1.00 Crore, 2 LEGAL OPINION AND 2 VALUATION REPORTS
ARE MANDATORY
5. THERE IS A FURTHER REDUCTION OF 0.05% IF ONE OF THE APPLICANTS IS A LADY. HOWEVER, THE
DIFFERENCE IN EMI WORKS OUT TO BE A LITTLE OVER Rs 3.00 PER LAC PER MONTH
6. PROCESSING CHARGES: 0.35% OF THE LOAN AMOUNT WITH A MAXIMUM OF INR 10,000/- + 15.0%
SERVICE TAX. THE PROCESSING FEE HAS TO BE REMITTED BY CHEQUE FAVOURING STATE BANK OF
INDIA. IN THE EVENT THE LOAN IS NOT SANCTIONED, THE PROCESSING FEE WILL BE REFUNDED
7. SAVINGS BANK ACCOUNT WITH STATE BANK OF INDIA IN THE NAME OF THE APPLICANT/S IS A
MUST TO APPLY FOR A HOME LOAN. IF THE LOAN IS PROPOSED TO BE AVAILED IN THE JOINT
NAMES, A JOINT ACCOUNT IS TO BE OPENED. THIS ACCOUNT NEEDS TO BE FUNDED
APPROPRIATELY TO RECOVER THE PROCESSING FEE, DOCUMENTATION CHARGES, SUPPLEMENTARY
LEGAL OPINION CHARGES (IF APPLICABLE), PROPERTY INSURANCE ETC
8. AFTER THE LOAN IS SANCTIONED THE LOAN DOCUMENTATION CHARGES WILL BE APPROXIMATELY
IN THE RANGE OF INR 1400/- TO INR 1600/-
9. MOD CHARGES:
a. FOR LOANS UPTO INR 25 LAKHS IT WILL BE 0.2% OF THE LOAN AMOUNT SANCTIONED PLUS INR
100/-
b. FOR LOANS OF INR 25 LAKHS AND BEYOND IT IS 0.2% + 0.1% OF THE LOAN AMOUNT AND THE
CREATION OF CHARGE OVER THE PROPERTY IN FAVOUR OF THE BANK NEEDS TO BE
REGISTERED IN THE BOOKS OF THE SUB-REGISTRAR IN WHOSE OFFICE THE PROPERTY IS
REGISTERED
10. INSURANCE:
a. PROPERTY INSURANCE AGAINST THE RISK OF NATURAL CALAMITIES IS MANDATORY. THE ONE
TIME PREMIUM IS DEPENDENT UPON THE VALUE OF THE PROPERTY, LOAN TENURE/LOAN
AMOUNT
b. THERE IS A FACILITY TO COVER THE LOAN RISK BY TAKING OUT AN INSURANCE POLICY WHICH
COULD BE IN THE FORM OF A GROUP INSURANCE{RINN-RAKSHA} OR PURE TERM POLICY
{SARAL SHIELD/SMART SHIELD} WITH A NOMINAL PREMIUM. THE GROUP INSURANCE POLICY
CAN EITHER BE FUNDED BY THE BANK OVER AND ABOVE THE LOAN ELIGIBILITY IF THE
APPLICANT/S SO DESIRE OR CAN BE FUNDED BY THE APPLICANT/S THEMSELVES
c. COVERING THE LOAN RISK IS ADVISABLE BUT NOT MANDATORY
d. WHEREVER THE FACILITY IS AVAILED UNDER MAXGAIN FACILITY (FOR LOANS IN EXCESS OF INR
20 LAKHS), THE ACTIVATION OF THE MAX GAIN ACCOUNT IS AFTER CREATION OF THE CHARGE
IN RESPECT OF THE PROPERTY/DEPOSIT OF THE TITLE DEEDS IN RESPECT OF THE PROPERTY
WITH THE BANK. TILL SUCH TIME THE CHARGE IS CREATED IN FAVOUR OF THE BANK ON THE
MORTGAGE PROPERTY YOU WILL HAVE ONLY VIEWING RIGHTS. ON COMPLETION OF ALL THE
ATTENDANT FORMALITIES AND ACTIVATION OF THE MAXGAIN ACCOUNT THE APPLICANTS
WILL GET THE TRANSACTION RIGHTS
e. SELLER KYC FORMS WILL BE FURNISHED SEPERATELY IF THE PROPERTY IS BEING PURCHASED
FROM A THIRD PARTY. IN SUCH CIRCUMSTANCES, THE PAN CARD, ADDRESS PROOF AND BANK
ACCOUNT DETAILS OF THE SELLER/S WILL BE REQUIRED
f. THERE IS NO PRE CLOSURE PENALTY