State Bank of India (SBI), India’s no. 1 lender is now working hard to increase there market share in the home loan segment. To attract new home loan customers, SBI is now coming up with its online home loan portal. SBI has designed this online home loan portal to facilitate its customers to get there home loan approved online i.e without visiting SBI bank branch. Currently this facility is under construction but once it gets activated it will make you apply for SBI home loan online i.e from anywhere anytime.
Using online portal for SBI home loan, all you need to do is visit the official website of SBI and locate for home loan section there you will find a ‘Apply Now Online’ button which will take you to the application form. Fill all the required fields in the home loan application form and submit. On successful submission of home loan application form, you will get a Ticket number for your reference and a list of documents which bank will ask you to submit before disbursing the loan amount. The list of documents required are :-
- Passport size photographs : 3
- Identity proof : Copy of PAN card/ Driving License/ Passport or Election Card.
- Address Proof : Copy of Telephone Bill/ Electricity Bill/ Passport or Election Card.
- Bank account statement for last 6 months.
- Verified signatures from your bank.
- Original salary slip for the last month.
- Form 16 or Copy of I.T return for the last two financial years.
On receiving your online Home loan application, SBI will process your loan request and validate your data in four different stages. The stages for the validation of home loan request includes:-
- Checking CIBIL score. (How To Check CIBIL Transunion Score?)
- Checking home loan eligibility depending on different parameters.
- Verification of PAN
- Evaluation of customer based on different parameters.
On receiving loan application, SBI will verify the details of the customer on all 4 parameters mentioned above and intimate the customer via email. If bank finds the customer is eligible to get the loan, SBI will send the loan sanction letter with digital signatures to the respective customer via email. This sanction letter is like a physical copy of loan sanction letter which you get from bank on applying loan. You can anytime visit your nearest SBI bank branch ( Which you have selected at the time of filling application form) for the disbursement of loan amount approved by the bank.
Other than the home loan portal, SBI is also working to incorporate a property search feature which will help you search the properties which are already approved by SBI for Home Loan.