Home Loan Process with SBI for Ready to Move  Property

Before applying for Loan , following documents needs to be arranged.  Also ensure that Builder has tie up with the Bank , this will enable faster sanction.
Note : Do not consider projects , which do not have tie-ups with Bank

1. Three photographs each.

2. Copy of Pan card , address proof, 3 mth salary slip.

3. 2 yr. latest Form 16 both part A and B, (salary class). Salary Accounts statement for 6 mts (if maintained other than SBI)

4. Proof of assets viz investment in PF, PPF , Life Insurane , Vehicle , share / MF etc.

5. Other loan account statement if any.

Property Document :

1. Copy of Allotment Letter / builder buyer agreements , Copy of receipts.

2. All the documents needs to be self attested.

3. Fill the SBI Home Loan Form and submit the application .

After the loan is santioned , bank will email the sanction letter. E-mail the same to builder , so that they can prepare the TPA agreement. Arrange the below documents and provide the same to RACPC department for loan disbursal.

a. Seven Post dated cheque (for Security).

b. Postal stamp (daak ticket) Rs. 25/

c. Cheque of Rs.118/- for CERSAI.

d. Property Insurance is mandatory, cost to be borne by the customer.

e. Original Flat buyer Agreement & Allotment Letter. Receipts of money deposited to Builder

f. Permission to Mortgage(NOC) from builder on letterhead. TPA duly signed & stamped by the builder to be executed on Non Judicial Stamp Paper of Rs.100/- rupees.

g. Original NOC from Builder Bank & Demand Letter.

h. Stamp Paper of required value as required in your State. For Delhi 7 stamp papers of value 100 and 2 of value 10 Rupees are required. Disuss the same with Notary , they will fill the required details.

Provide the above documents along with demand letter to get the loan disbursed from bank. Bank will not disburse the full amount in one go , they will do the part payment and then they will ask you to provide the offer of possession from builder. After they get the Offer of Possession , they will disburse the final pending payment.

List of activities to be done after the Loan is disbursed.

1. Pay the IFMS and maintenance charges of Builder.

2. Sign the maintenance documents. Builder will then issue the Builder NOC.

3. Get the original Bank NOC , keep a copy of the same and give the same to Builder.

4. Pay the stamp duty charges as required in your state . Builder Lawyer will get the same prepaired after depositing the cheque with SHCIL E - Stamping centre

5. Relevant douments for Sale deed will be prepared by Builder Lawyer and you will be asked to sign the same.

6. Builder employees will verify all the payment details and then the signatory will sign the document.

7. Your appointment will be booked with Authority and then the required registry amount will be paid by you and the document signed.

8. Share the copy of registry receipt with the Builder , they will prepare the possession letter.

9. Builder will share the Sale Deed with the Bank and valid Mortgage will get created. Give the original Possession Letter to Bank.