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State Bank of India Home Loan in Patna

Interest Rate starts from 8.50%

State Bank of India Home Loan Interest rates in Patna

Please Find the Detailed State Bank of India Home Loan Interest Rates For Various Categories

State Bank of India Home Loan Floating interest Rates

Up To 750000075,00,000 Above
Salaried8.55%8.55%
Self Employed8.60%8.60%
Women8.50%8.50%

Loan To Value (LTV) For State Bank of India Home Loan in Patna

Please Find the Detailed Margin Money Details For State Bank of India Home Loan
Up To 7500000
Salaried85.00%
Self Employed80.00%
Women85.00%

Features of State Bank of India Home Loan Patna

Type Features
Processing FeeUpto 1.0%
Pre Closure ChargesNil
Part Payment ChargesNil
Min Tenure5 Years
Max Tenure30 Years
Min Age21 Years
Max Age65 Years

State Bank of India Home Loan Patna Charges

Type Charges

Documentation For Home Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

State Bank of India Home Loan FAQ's

Can I get an in-principle approval and actually avail of the loan later?

What State Bank Of India do is, before you choose the house you want to buy, State Bank Of India give you an in-principle approval based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible. You won't be under pressure to identify a house as you know how much funds the bank would make available to you.

And how long is this approval valid?

This in-principle approval is valid for 3 months to give you sufficient time to choose a flat/house of your choice.

How long does it take to get my loan sanctioned?

Your loan can get sanctioned in a matter of days provided you have all the documents in place.

Can I apply jointly with my spouse? Will both our salaries be taken into consideration for calculating the loan amount?

Yes, your salaries can be clubbed for the purpose of calculation of the loan amount. This can be done either when the property is jointly held with the spouse or the spouse stands as a guarantor. Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.

What security do I have to furnish?

"SBI requires a mortgage of the property for which the loan is being taken. Where mortgage can't be provided, other tangible security would need to be provided. The title of the property should be clear, for which a certificate would be required from the Bank's approved advocate, safeguarding your interests as well as Bank's interests. Additional security may be required where the house is under construction. This may be for an interim period, by way of tangible security or guarantees from sound and solvent individuals. "

What is EMI?

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Use our EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

Can I prepay the loan? Are there any penalties?

Yes, you can prepay the loan at any stage. There is no pre-closure/ prepayment penalty applicable on SBI Home Loans.

Where can I avail SBI Housing loans?

SBI have a network that is unmatched in terms of reach. We have also designated special branches across the country to cater to the housing loan requirements of individual customers.

If I have funds, is it still worthwhile to avail of a bank loan for buying a house?

It is generally advantageous to take a Housing loan as it would enable you to get tax exemptions. However, please consult your CA/ income tax advisor to know benefits/disadvantages in your specific case.

What are the tax benefits of taking an SBI Housing Loan?

"Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Under Section 24(1), interest repayment of Rs.1,50,000/- per annum qualifies for tax saving. An added benefit under Section 80(c) on repayment of principal amount to the extent of Rs.1,00,000/- is also available on the same loan subject to compliance with conditions stipulated in the IT Act. "

How does SBI housing loan compare with those offered by other institutions?

"There is total transparency with regard to the rate of interest and the fees charged by us. • We offer housing loans with the lowest equated monthly installments, i.e. you pay substantially less in repayments as compared to others. • SBI have no upper limit. The loan amount is determined by repaying capacity and the value of property to be financed. • We offer loans for the longest tenors (up to 30 years) with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. • SBI provide finance for both new and old houses/flats and for construction of houses. Cost of furnishing the house can also be included in the project cost. • SBI levy interest based on daily reducing balance, unlike the annual reducing balance method used by several other financiers/banks. "

How do I benefit if the interest is calculated on a daily reducing balance?

"On an annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year. In the case of the daily reducing balance, which is the methodology we employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly."

About State Bank of India

"State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees.It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.

The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India. In the year 1955, the Government of India nationalized the Imperial Bank along with the Reserve Bank of India. Ever since that time, the bank acquired its present name that is SBI.

The SBI group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 191 foreign offices spread over 36 countries across the world. As of 31st March 2015"

State Bank of India Highlights

“Most Admired Infrastructure Financier” Award by KPMG,
“Top Public Sector Bank under SME Financing” by Dun and Bradstreet
“Most Preferred Housing Loan” and “Most Preferred Bank” in the CNBC AWAAZ Consumer Awards
Best use of Technology in Financial Inclusion, 2014
Asia’s Best CSR Practices Award-2013- Singapore by CMO Asia
Asian BFSI Awards-2013,Dubai by Asian Leadership Awards

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

Why Home Loans?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Interest Rates

1) Credit/CIBIL History:
If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
2) Nature of Employment:
The nature of your job also plays a crucial role in determining the interest rate. Banks have different checks in place if you are a salaried individual vis-à-vis a self employed person. So if you are working with a reputed organization then banks will be able to extend a cheaper rate of interest. But if you are working with an organization that is not very well known then a higher rate will be charged. In case you have your own business then banks will give you a loan even if you are in an advanced age. On the other hand in case you are a salaried employee then a loan will not be extended if you are nearing the age of retirement.
3) Bank-Customer relationship:
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

So next time you go around shopping for a Home loan, remember that these three points will affect the amount that the bank sanctions and the interest rate that it is levied. In the next article we will cover more points that affect interest rates on Home loan. So stay tuned!

Other Benefits

1) Tax Benefits:

As per Income Tax Act 1961, under section 80C, Principal repayment up to Rs. 100000 on your home loan taken for purchase or construction of a residential home property is eligible for deduction from gross salary on a annual basis.

As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.

In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.

2) Tips for Home Loan:

To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.

Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.

In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.

Have the property insurance and buy loan protector life insurance for unexpected future risks.

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan.  Any additional loan taken will reduce your Home Loan eligibility.

Facts about Home Loans

The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.

A) Earnings & repayment capacity

The Banks/Financial Institutes have their own norms and hence there will be difference in the loan amounts sanctioned to you by different the Banks/Financial Institutes. The main focus of the Banks is on your repayment capacity. They analyze how comfortably you will be able to pay the EMIs throughout the tenure of the loan. This analysis is done based on the ratios like Fixed obligation to Income ratio (FOIR) and Installment to income ratio (IIR).

These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.

B) Property legal and technical clearance:

Banks will not finance all properties. Banks look into various aspects like type of property, locality, Builder etc. They have certain type of properties and localities classified as negative. Therefore before finalizing a property one has to check whether the property is eligible for funding. Though it costs you little extra it is always better to check the legal and technical aspects before buying a property. Banks normally have loan to value (LTV) of 70-85% of value/ cost of the property considering type of property.

Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit history. Willingness to repay can be understood from ones past credit history and banking track.

Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.

1. What is the Loan amount which the Bank is willing to extend based on FOIR?
2. What is Loan to value of the property?
3. What is the EMI amount and repayment tenure allowed?
4. What are the prevailing Interest rates and what is offered to you?
5. What are the other charges involved like processing fee, administrative fees, legal & technical fee, prepayment penalties, stamping charges, annual maintenance charges, insurance policy etc?
NOTE: Last but not least do not forget that any default in payment of home loan installments is more costly than your regular rent payments. Any such default will affect your Credit history badly and you have to bear high penalty for the same.

Home Loan Vs Mortgage Loans

Home Loans Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Patna

"Patna is the capital and largest city of the state of Bihar in India. Patna is the second-largest city in eastern India after Kolkata. It had an estimated population of 1.68 million in 2011, making it the 19th largest city in India. With over 2 million people, its urban agglomeration is the 18th largest in India. Patna also serves as the seat of Patna High Court.

The city is located at an altitude of 53 metres. Patna has one of the world’s longest bridges in the world, the Mahatma Gandhi Setu on the River Ganga. In terms of population, Patna is the second largest city of eastern India. Patna was founded in 490 BCE, when a king of the Magadha empire, Ajathashatru, fortified the then called Pataligrama. His son, Udayi continued the dynasty and developed the village into a town and thus, Pataliputra was formed."

Other Cities Loan Offers

Places To Be Visited In Patna

Kumrahar

    Kumrahar stands proof of the cultural excellence of ancient Pataliputra. Located 5 kms from Patna, Kumrahar gives you an insight into the rich history of Patna. The site now contains archaeological remains of Mauryan palace. Excavations conducted at Kumrahar between 1912 and 1915 brought to light Mauryan pillared hall. Further excavations have unearthed more pillars and now the site is referred to as ‘Eighty Pillared Hall’.

Golghar

    Golghar is a fine specimen of the architectural splendor of the land. Captain John Garstin built Golghar in the year 1786 to use as a granary to store grain when famine hit the city. The architecture bears resemblance of the Stupa style. With 125 meters width and 3.6 meters thick, the granary has steps to lead you to the top. The view from the top is spectacular as you can see the majestic Ganges gushing beneath. Golghar also owned the pride of being the tallest building in Patna at that time. Though built to store grains, Golghar was never used to the maximum capacity. Owing to oversight while designing and constructing, Golghar could be opened only from inside and hence if filled to its full capacity, opening the doors would not be possible.

Patna Museum

    Situated at city’s centre, Patna Museum is sure to make your mind travel to the ancient times. It was constructed in the year 1917 and it is the oldest museum in the city. Influences of Mughal and Rajput style of architecture are evident in the construction of the museum. Though the museum possesses over 45000 artefacts, owing to space restraint, a minor percentage of the possessions are on display. Both the floors of the museums are dedicated to galleries including Natural History Gallery, Stone Sculpture Gallery, Indian Stone Art Tradition, Orissa Stone Sculpture, Buddha Relic Gallery and Painting Gallery.

Sanjay Gandhi Botanical Garden

    Popularly referred to as Patna Zoo, Sanjay Gandhi Botanical Garden covers a sprawling 153 acre of land and finds a place among the largest zoos in the country. It was established in the year 1969. The zoo is home to 110 species of wild animals adding up to 800 animals. Some of the animals found here include tigers, white tigers, hippopotamus, lions, monkeys and many more. The place is a delight for bird watchers as a wide range of birds are seen here. Some of the museums in the garden include snake museum, bat museum and fish museum. Toy train in Sanjay Gandhi Botanical Garden takes you through the important places in the garden. There are battery-operated cars as well. For the adventurous lot, elephants wait to take them round the zoo. The pond situated at the centre of the garden has boating facilities.

Nalanda University

    Nalanda is one of the most important tourist destinations that attracts people from all parts of the world. Nalanda ranks amongst the first few residential universities in the world. It was established in 5th century AD and during its prime time, it had scholars and students visiting from various parts of the world including Korea, Turkey, Indonesia, China and Persia. Excavations have brought to light some of the marvelous structures here. Many temples and monasteries were built here. One of the temples offers spectacular view of the area around. Statues of Buddha in various sizes are seen here. Famous Chinese traveler Hieun Tsang had stayed in Nalanda during 7th century.

Mahavir Mandir

    Mahavir Mandir is dedicated to Hanuman. It is believed that this temple was built in the year 1730 AD. The temple underwent modifications in the years 1983 and 1985. It is considered amongst the holiest temples by followers of Hindu faith. With over million pilgrims visiting the temple every year, it is named as the second most frequented shrine in Northern India.

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