Interest rates on home loans and car loans may go up in the near future in order to safeguard their margins. This change can be expected to occur as soon as the coming month since the cost the bank incurs on borrowing has risen and they are constantly looking for deposits at a higher rate.
The Reserve Bank of India (RBI) had also demanded that banks to link base rates to MCLR from the 1st of April. This too has an impact on the rise in lending rates, experts believe.
Banking giant, HDFC bank had also increased their MCLR by 10 basis points recently, indicating that several other banks may follow this move. Other banks like IndusInd, Kotak Mahindra, Yes bank, and Axis bank have also spiked their MCLR by 5 – 10 basis points.
The hike in lending rates could have been speculated when banks began to increase the bulk deposit rates earlier. With the State Bank of India (SBI) being the first to do so, all other lenders followed their path not long after this move. The interest rates on one-year deposits that amounted to over Rs.1 crore rose to 6.25% by 200 basis points in a few months.
However, the country’s largest lender hasn’t yet increased their MCLR yet and now offers home loans on several different types of properties. From under-construction, fully built, pre-owned, renovation, repair, etc., the bank has all areas covered in terms of home loans. Furthermore, they also offer home loans as overdraft for customers to adequately use the funds provided by the bank.
The Reserve Bank of India (RBI) had also demanded that banks to link base rates to MCLR from the 1st of April. This too has an impact on the rise in lending rates, experts believe.
Banking giant, HDFC bank had also increased their MCLR by 10 basis points recently, indicating that several other banks may follow this move. Other banks like IndusInd, Kotak Mahindra, Yes bank, and Axis bank have also spiked their MCLR by 5 – 10 basis points.
The hike in lending rates could have been speculated when banks began to increase the bulk deposit rates earlier. With the State Bank of India (SBI) being the first to do so, all other lenders followed their path not long after this move. The interest rates on one-year deposits that amounted to over Rs.1 crore rose to 6.25% by 200 basis points in a few months.
However, the country’s largest lender hasn’t yet increased their MCLR yet and now offers home loans on several different types of properties. From under-construction, fully built, pre-owned, renovation, repair, etc., the bank has all areas covered in terms of home loans. Furthermore, they also offer home loans as overdraft for customers to adequately use the funds provided by the bank.
Eligibility criteria for a SBI home loan
In order to avail a home loan from SBI, one must meet the following eligibility criteria:
- The individual must be an Indian resident
- The applicant must be at least 18 years of age
- The applicant cannot be over the age of 70
- The maximum tenure of a SBI home loan is 30 years
Documents required
Account statement
- Bank account statement for the last 6 months
Property documents
- No objection certificate (NOC) from society or builder
- Maintenance bill, utility bill, electricity bill, property tax receipt
- Sale deed
- Certificate of occupancy
Identification documents
- ID card from employer
- Duly filled loan application form
- Passport size photographs
- ID proof : PAN card, driver’s license, passport, Aadhaar card, voter ID (Any one)
For non-salaried individuals
- Qualification certificate in case of a self-employed borrower
- Tax deducted at source certificate
- Business certificate, if applicable
- Balance sheet and profit and loss statement
- Income tax returns for the last 3 years
- Business address proof
For salaried individuals
- Last 2 year’s copy of form 16
- Income tax returns copy for the last 2 years
- Pay slip for the last 3 months
- Address proof : Driver’s license, passport, Aadhaar card, electricity bill, telephone bill, gas bill, water bill (Any one)
No comments:
Post a Comment