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SBI Pre-Approved Home Loan

Get your home loan in place before you select your property.

The SBI Pre-approved loan (PAL) provides sanction of Home Loan limits to the customers before finalization of the property which enables them to negotiate with the Builder/Seller confidently. The loan eligibility will be assessed based on income details of the applicant. Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.

  • Features
  • Eligibility
  • Interest Rates & Fees
  • Documents Required
  • Low Interest Rates
  • Low Processing Fee
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Repayment up to 30 years
  • Home Loan Available as Overdraft
  • Interest Concession for Women Borrowers
  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.
  • Loan Amount: Click Here
Category
Home Loan (Term Loan)*
Above Rs. 10 lakhs & Upto Rs. 30 lakhs Above Rs.30 lakhs & Upto Rs.75 lakhs Above Rs.75 lakhs
Home Loan as Overdraft (Maxgain)*
Above Rs.20 lakhs & Upto Rs.30 lakhs Above Rs.30 lakhs & Upto Rs.75 lakhs Above Rs.75 lakhs & Upto Rs.3 crores
Salaried
Women
8.70-8.80 ** % p.a 8.90-9.00% p.a 9.00-9.10% p.a
8.75-8.85 ** % p.a 9.00-9.10% p.a 9.15-9.25% p.a
Others
8.75-8.85 ** % p.a 8.95-9.05% p.a 9.05-9.15% p.a
8.80-8.90 ** % p.a 9.05-9.15% p.a 9.20-9.30% p.a
Non-Salaried
Women
8.85-8.95 ** % p.a 9.05-9.15% p.a 9.15-9.25% p.a
8.95-9.05 ** % p.a 9.20-9.30% p.a 9.35-9.45% p.a
Others
8.90-9.00 ** % p.a 9.10-9.20% p.a 9.20-9.35% p.a
9.00-9.10 ** % p.a 9.25-9.35% p.a 9.40-9.50% p.a

*Interest rate will vary as per the risk score of the customer

** Based on LTV of the Customer

Fees

  • Processing Fee*
    1. 0.35% of the loan amount.
    2. Minimum: Rs. 2,000/-
    3. Maximum: Rs. 10,000/-

*Plus applicable taxes

Once property is finalized, the additional charges are as follows:

  • Pre-sanction**
    1. Advocate's fee for property search and title investigation report.
    2. Valuer's fee for valuation report.
  • Post-sanction**
    1. Stamp duty payable for Loan agreement & mortgage.
    2. Property insurance premium.
    3. CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lakh limit; and Rs 100 + GST for limits above Rs 5 Lakh.

** To be paid at actuals.

Click here to view old Interest Rates

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

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