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State Bank Of Indore Home Loans

State Bank of Indore home loans are innovative housing finance schemes launched by State Bank of Indore, one of the subsidiaries of State Bank of India. All the home loans from State Bank of Indore have been designed to suit the needs of the borrowers.

About State Bank of Indore Home Loans

State Bank of Indore home loans come with a number of attractive benefits and features. These loans are gaining more and more popularity because of their flexible terms and conditions. Given below are important information related to State Bank of Indore home loans:

Purpose of State Bank of Indore home loans

You can use a State Bank of Indore home loan for any of the following purposes:

  • For constructing/purchasing a new flat/house.
  • For purchasing an old flat/house.
  • For purchasing a plot of land for constructing a residential unit.
  • For maintaining, extending, renovating or modifying an existing flat/house.
  • For taking over of home loans from other Banks/Financial Institutions.
  • Two home loans might be offered subject to your repayment ability.

Eligibility Criteria for State Bank of Indore home loans

Individuals with more than 18 years of age with a stable source of income can qualify for these loans. Individuals involved in agricultural and associated businesses are also eligible.

Documents necessary to apply for a State Bank of Indore home loan

You need to furnish the following documents while you’re applying for a State Bank of Indore home loan:

  • Copy of sanctioned plans of future purchase/construction/extension.
  • Contract of sale/sale deed
  • Non-Encumbrance Certificate for a period of 13 years.
  • Comprehensive cost appraisal/assessment report from Architect/Chartered Engineer.
  • Salary Certificate and Form 16 of previous year.
  • No objection certificate from contractor/society.
  • Original copy of allotment letter from Housing Board/Co-operative Society (If applicable)
  • Address/residential and identification proof.

Margin for State Bank of Indore home loans

  • In case of loan amount upto Rs. 1 crore – the margin is 20%.
  • In case of loan amount more than Rs. 1 Crore – the margin is 25%.

Processing Fee for State Bank of Indore home loans

  • For loans up to Rs.25000, there is no processing fee.
  • For loans more than Rs.25000, 0.50% of amount of loan will be charged as processing fee.

(Exempted if loan is approved under Plus schemes).

Is Insurance Necessary?

Insurance is mandatory. It will cover every risk.

The borrower can also avail life insurance at discounted premium.

Maximum repayment period

The maximum permissible repayment period is 25 years and the loan has to be repaid through EMIs. The maximum repayment period comprises an 18 month moratorium period from the payment of first installment of the loan or finishing of construction, whichever comes at the first place.

You can also available flexible monthly installments under State Bank of Indore customized housing loan schemes.

Security for State Bank of Indore home loans

Mortgage of property and Check-off facility or third party assurance or post dated cheques.

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The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities.
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