Filling the SBI loan forms and supporting documents

[Om Deshmukh]

All,

This thread is to share the details of how to fill the SBI loan forms and what all supporting documents to carry.
One of the earlier emails had the list of documents required.

From Saturday's experience:

(1) One important that is missing from that list is the acknowledgement from DDA that we submitted our documents for verification.

(2) ITR caused a bit of a confusion yesterday. Many of us got only the acknowledgement page of the ITR whereas the actual ITR has several pages which include our income details. SBI officials said that they would prefer Form-16s instead of ITRs as that solves all the problems.

(3) The "statement of assets and liabilities" is a very important document. Although home loan is a secured loan, banks want to know the saving/investment/spending patterns of their potential customers. In assets, "cash" ==> mention the FD amounts, cash in your various accounts; attach photocopies of the bank statements and FDs; "Marketable investment" ==> mention your ULIPs, MFs, Stocks and other such things; attach photocopies. I some cases I just submitted printouts from my online demat account; Provident Fund... ==> Most of us have the PF statement only from the 2008-09 year. You can estimate the annual addition to the account for the 2009-10 and 2010-11 years and add them to the balance in the 2008-09 statement and mention that here. Form-16 also mentions the contributions to PF. "Gold and Jewellery" ==> although there is no proof of this for most of us, I think (and thanks Rajat for pointing this out) it is safe to loosely and a bit conservatively estimate the current worth of the holdings. Life Policies ==> I didn't fill this because my LIC policies have very tiny surrender values. "Cash at Bank" already covers "cash" and so you just mention the bank account details here. In "Any Other Asset", you should mention your vehicle's estimated current re-sale value (no proof needed), any postal savings, any saving certificates and so on. Submit photocopies of these.

(4) In the home loan form, page 2 "Existing assets as on...", most of us wrote "please refer to the attached statement of assets and liabilities". On page 3 total cost in "Cost of Property" should match the total funds in "Source of funds".  It is perfectly legitimate to mention "X lakhs from friends and family" in the "Other (Specify)" row of "Source of Funds".

[Manu Mewari]

thanks for the information. that will surely gonna help us.  please also tell us that do we have to submit photocopies of Form 16? and all the photocopies of have to be attested or not?

--
Manu Mewari
Senior Software Engineer (Java,J2EE)
LinkEdge Software Solutions
Gurgaon, India
HeadOffice : USA , ChatsWorth

[Santanu Haldar]

Self attested Photo copy for all documents

Santanu

[Naveen Kumar]

Hi om,
Thanks of the info.

@ Santanu/Sandeep/Om,

I have few doubt,
1) Are they accepting letter from Software companies as address proof?
2) If allotte is a working spouse, other one will be co-applicant or Guarantor.
Sandeep mentioned me that it should be co-applicant, but I visited a SBI branch this sat in bangalore and manager told me that it should be guarantor.
3) Can I send my application along with photocopies of the document directly to some SBI person or should I ask my father to submit it for me? I have got my office ID & Pan xerox verified by an SBI manager here in bangalore.
4) Do, I need to come there for loan, If yes, when & how many times?
5) I have filled 4 pages of downloaded application form & 2 assets & liabilities statement. Do I need to fill any other form?
6) 1 signature on photo in application form & another at the end of the application form, 1 signature in asset and liability statement, signature on all the photocopies. Apart of these do I need to sign on photo pasted  in assets and liability statement also. Have I missed any other signature?

Thanks in Advance.

On Sun, Sep 11, 2011 at 4:47 PM, Santanu Haldar <santanu....@gmail.com> wrote:

Self attested Photo copy for all documents

Santanu

--
Cheers
Naveen Kumar

[Santanu Haldar]

Dear Naveen,

 

Please find response of your queries:

 

Q1) Are they accepting letter from Software companies as address proof?

 

Ans: Yes, company can provide residence proof certificate and SBI accept the same

 (confirmed from SBI)

Q2) If allotte is a working spouse, other one will be co-applicant or Guarantor.

 

Ans:

Case 1: Allotee non earning and  spouse earning, then allotee 1^st applicant and spouse 2^nd applicant

Case 2: Allotee earning and spouse earning, then allotee 1^st applicant and spouse Guarantor

(confirmed from SBI)

 

Q3) Can I send my application along with photocopies of the document directly to some SBI person or should I ask my father to submit it for me? I have got my office ID & Pan xerox verified by an SBI manager here in bangalore.

 

Ans: Both will work, my advice will be send it to your father and ask him to submit. It does not require to be verified by SBI Blore, self attested photo copy will work.

 
Q4) Do, I need to come there for loan, If yes, when & how many times?

 

Ans: once during loan disbursement to DDA (confirmed from SBI)

Q5) I have filled 4 pages of downloaded application form & 2 assets & liabilities statement. Do I need to fill any other form?

 

Ans: No other form. Based on our experience at first session.

Q6) 1 signature on photo in application form & another at the end of the application form, 1 signature in asset and liability statement, signature on all the photocopies.

 

Ans: Perfect understanding

 

Q. Apart of these do I need to sign on photo pasted  in assets and liability statement also. Have I missed any other signature?

 

Ans: We have given additional two photo of each applicant or guarantor, not signed, not pasted anywhere.

 

Next session at same place, same time on Saturday, 17th Sep 

 

[Harish Goswami]

Dear Santanu,

First of all , kudos for the great effort by you and others..

I was trying to be there since not sure so didn't confirm and as expected couldn't make it even.

Anyway, I would be there in next session.

I got query regarding you response below:

>>>Case 2: Allotee earning and spouse earning, then allotee 1^st applicant and spouse Guarantor

(confirmed from SBI)

Is that true, even in the case when the Allottee earning but not qualifying the amount needed.

I meant that whether spouse being Guarantor would increase the credibility or not ?

Please help to understand so that I fill the form accordingly, as that might be typically my case.

Best Regards

Harish Goswami

[Santanu Haldar]

Dear Harish,

 

Short Answer:

Allotee earning and  spouse earning, then allotee 1st applicant and spouse Guarantor.  The income of guarantor, here earning spouse, will be considered for loan eligibility.

Long Answer:

Fundamental concept is as follows

1.      In an ideal situation allotee( single or joint)  should be applicant(s) others as Guarantor to impact loan eligibility.

2.      Only applicant(s) (either 1, 2 or both) can claim tax benefit not the guarantor.

3.      If allotee  is non earning, they allow spouse to be 2^nd applicant to pass on tax benefit

As per SBI this is the rationale for different treatment in two cases and RBI guideline

Santanu

[Naveen Kumar]

Hi Santanu,

Thanks a lot for answering my queries,
I will courier my document to my father, so that he can attend camp this sat.

What about me becoming a co-allotte?

Suppose I became guarantor and later on become co-allotte in the flat.
I won't be able to take the tax benefits. :(

--
Cheers
Naveen Kumar

[Manu Mewari]

hello,

do we need a guarantor for sbi loan??

[Naveen Kumar]

Only in case of allotte/applicant doesn't qualify for the amount of loan required.

--
Cheers
Naveen Kumar

[Sandeep Kumar]

All,

Apart from the documents already mentioned, people who haven't yet got
allotment letters also need to attach the verification letter and the
DDA result copy showing the details of allotment. People who got the
allotment letter have to submit those.

Regards
Sandeep

[Naveen Kumar]

Hi Sandeep,

I didn't get what do you mean by DDA result copy showing details of allotment.
Do I need to print the page from the result pdf file which shows allotment to us or we can take the printout of DDA site which shows the status as allotted?

--
Cheers
Naveen Kumar

[Santanu Haldar]

Dear Sandeep,

I had attached photo copy of

1. Verfication Request letter from DDA

2. Verification Acknowledgement Slip

 

NO PRINTOUT of ALLOTMENT PDF - Does it Require?

Santanu  

[Sandeep Kumar]

SBI rep called me and asked for these. I haven't even attached the
verification letter with application.

Regards

[shivani singhal]

Hi All,

I submitted my documents to SBI in first session. I had received my DL from DDA so i submitted its copy as well. However, the SBI rep (Mr. Shailendra Shukla) also asked for the NOC from the bank from where I took the 1.5L loan for registration money. Since I was not carrying it with me at that time, so he asked me to either mail it or give it to them some other time. But it would be better for people who will be going in the session on coming saturday if they can carry it along.

 
--
Regards,
Shivani Singhal

[Ramesh Chandra]

Dear Shivani,

 

Thanks for sharing such valuable information. So it will be easy for us to take NOC from concerned bank in advance. I also took a loan from some National Bank.

 

Thanks

 

 

Ramesh Chandra

--

Thanks & Regards

 

 

Ramesh Chandra

Mobile No. 9971775789

[Ashish]

Hello all,

I have 1 query related to loan eligibility.

I had been allotted LIG in dwarka and I need 8.5 lakh loan (total cost
approximate 10 lakh). I have already 20 lakh loan from LICHFL 2 years
back (for 20 years, 17 lakh disbused till now) and 3 lakh car loan
from SBH 1 year back.

I am currently paying total EMI 25000 per month. (18000 home loan +
7000 car loan)
I am a doctor and my salary is 55000 per month.

I have all required documents. How can I be eligible for SBI hoam
loan?
If not then which bank can help me in loan.

Dr Ashish Kumar Mittal
M: 9310953803

[Pankaj Yadav]

Hi Ashish,

 I was in somewhat similar situation, but in the session SBI people were very co-operative and helpful, they solved my problem in minutes, So I sould advise you to go there and meet Shilendra there in next session on saturday, I am sure he should be able to help you out !!!

thanks
-Pankaj

[Sandeep Kumar]

Hi Naveen,

For safe side yes, please do carry a printout of the page from pdf
which shows your result.

Regards
Sandeep

[Sandeep Kumar]

Hi Ashish,

I am not sure but think you can get loan, assuming your EMI would be
somewhere between 7 - 8 K for 20 yr loan which will make your total
EMI's to 33 K / Month. This is purely at the discretion of bank, but
if you come with all of your papers we can discuss this with SBI
people in person in this Saturday session.

Regards
Sandeep

[vikas gupta]

PLEASE SHARE SOMETHING ABOUT SBI LOAN.

HOW TO APPLAY AND WHICH BARANCH FOR DDA 2010

--

take care

VIKAS GUPTA

9350808341

http://tinyurl.com/5v5h52f

http://www.facebook.com/#!/profile.php?id=100000513134664

[Om Deshmukh]

Hi Ashish,

I too would encourage you to visit the session this Saturday and discuss your case with the SBI officials. I am sure they will guide you in the best possible way and more importantly they might be a little lax in case you are just below the eligibility limit.

Hi Vikas,

I hope you went through the other threads on the SBI loan offer that we have for the group and the list of documents that are needed to apply for the loan. The details of location and time of the next session were announced by Santanu Haldar in a separate thread.
 look for the thread titled: "Details for second SBI session for our group". If you haven't sent your loan requirement details to the moderator please do so by writing an email to DDA2010Moderator AT gmail.com. Please mention (a) allotee's name, (b) locality and type (LIG?MIG?HIG?) of apt alloted and (c) loan amount required.

Om

[Santanu Haldar]

Members,

Carry ORIGINAL of Address Proof and Identity Proof along with self attested Photocopy for SBI loan application session. SBI informed us that will be required for comming session onwards for KYC norms.

Santanu

[Manu Mewari]

Hello,

i did not get what is  'SBI loan application session photocopy'?

thanks

[Sandeep Kumar]

Hey Manu,

Just read it backwards, "for SBI loan application session" - Carry

ORIGINAL of Address Proof and Identity Proof along with self attested

Photocopy.

Hope this clarifies.

Regards
Sandeep

On Sep 14, 4:25 pm, Manu Mewari <manumew...@gmail.com> wrote:
> Hello,
>
> i did not get what is  'SBI loan application session photocopy'?
>
> thanks
>
> On Wed, Sep 14, 2011 at 4:30 PM, Santanu Haldar

> <santanu.halda...@gmail.com>wrote:

[Manu Mewari]

aah..... ya right.... sorry :P i was out of my mind i guess :-)