If you are considering purchasing a home or flat in the coming days, then you should start getting ready for it right now, obviously, you have not searched your house yet. To purchase a house you may require a home loan. In such circumstances, if you already have a home loan ready before buying a new home, you won't need to run the bank at the hour of purchasing a home. Once you will find your home and the home loan will be approved already. The country's biggest bank, State Bank of India (SBI Home Loan) provides the loan for the same. For this, you need to go through few processes first.


Advantages of SBI Pre Approved Home Loan


SBI offers its clients a low-financing cost on pre-approved home loans. As per the instruction on the official site of SBI, handling charges are less. There is no concealed charge. You don't need to take care of a prepayment penalty. Additionally, the charges you get as interest are fixed by the decreasing balance consistently. You can repay the home credits for a very long time. Home advances are accessible as an overdraft. Ladies' clients additionally get a discount on the financing cost.

The advantage of a pre-approved loan is that the bank evaluates already by the criteria. When approved, it turns out to be simple for you to purchase a home. It requires some investment to move the advance sum once the house is fixed and you have already gone through the documentation.


Who can apply?


For this, the client must be an Indian resident. For this, citizens from 18 years to 70 years can apply. The loan term can be as long as 30 years.

Financing cost and expenses

In SBI pre-approved home credit, the financing cost depends upon the risk score of the client. As an expense, you are charged 0.40% of the total home loan (SBI home advance) sum and qualified GST which goes from 10 thousand to 30 thousand and GST. But, because of a tie-up with the builder's bank commonly, slight changes in expenses can be seen.


Necessary documents required for loan:


- ID card of the organization where you work

- Loan application structure loaded up with complete data with three passport size photographs

- PAN card/Passport/Driving License/Voter ID card as Identity Proof

- Duplicate of telephone bill/light bill/water bill/ gas pipeline bill or passport/driving permit/Aadhaar card as address or home proof.

- A half-year account statement of all ledgers you have  

- In the event that you have taken a loan previously, it’s the most recent one-year statement.

- Three-month payslip or certificate.

- Most recent two years Form-16 or Income Tax Return Paper.

- Business address confirmation.

- Income tax return papers of the last three years.

- Profit/loss and balance sheet in the last three years.

- Business license details.

- TDS certificate.

- If you are in CA, Doctor, or another profession, then certificate qualification will be required for that.


So don’t wait for the time when you will buy the home, just be prepared for the home loan already by applying at the SBI pre-approved home loan scheme.