SBI Home Loan for Resale Flat

Whether upgrading to a better home or investing in real estate, an SBI home loan for a resale flat offers ready funds at attractive terms. Pre-constructed properties allow buyers to move in immediately. They often come with established infrastructure,  well-designed layouts and ready amenities. With a home loan on reslae flat by SBI, borrowers can easily finance up to 90% of a property’s value with benefits like low EMIs, friendly interest rates and minimal service charges.

Financing a resale property also requires mortgaging the property with the bank for the loan’s tenure. Further, borrowers can also claim tax benefits on the principal and interest payments on SBI’s resale flat home loans. Read on to learn more about these loans. Find their key features, interest rates, service charges, and eligibility criteria.

SBI Home Loan for Resale Flat – Highlights

A home loan for resale flats by SBI offers exciting features. Some of its key features include:

Eligibility Criteria for SBI Home Loan for Resale Flat

To be eligible for a home loan on a resale flat by SBI, an applicant must be between 18 and 70 years old. Further, the banks extend these loans only to Indian residents. Both salaried and self-employed individuals with stable sources of income can apply for SBI resale flat home loans. In addition to these criteria, borrowers must maintain high credit scores and offer necessary collateral.

SBI Home Loan for Resale Flat Documents Required

Documentation helps verify an applicant’s loan eligibility. SBI home loan documents required for a resale flat include:

General Documents: 

• Filled loan application
• ID Proof: Aadhar Card/ Driver’s License/ Voter’s ID/ Other Proof
• Address Proof: Water Bill/ Electricity Bill/ Driver’s License/ Other Proof
• Employer ID

Income Proof for Salaried Applicants

• Last 3 months’ salary slips
• Last 2 years’ Form 16/ IT Returns

Income Proof for Self-Employed Applicants

• Previous 3 years’ IT Returns
• Last 3 years’ Balance Sheet & P&L Account
• Business Address Proof
• Business License
• Qualification Certificate (CAs/ Doctors/ Other Professionals)
• TDS Certificate (if applicable)

Account Statement

• The last 6 months’ statements of all bank accounts of the applicant
• Last 1 year’s statement of ongoing loans

Property Documents

• Occupancy Statement
• Allotment Letter/ Stamped Agreement for Sale/ Registered Agreement for Sale (Maharashtra)
• Maintenance Bill, electricity bill, property tax receipt, share certificate (Maharashtra)
• Proof of payments made to the seller

SBI Home Loan for Resale Flat Processing Fees and Other Charges

SBI home loans for resale flats are available at affordable charges. The interest rate starts at 8.25% per annum and is calculated using the reducing balance method. The bank charges a processing fee of Rs. 2,500 (plus taxes) on its resale flats home loans. Additionally, the bank provides 100% processing fee waivers for loan takeovers. With competitive rates, affordable charges, and fee waivers, SBI home loans for resale flats provide a smooth home-buying journey.