Home loans offered by State Bank of Bikaner and Jaipur have various features, which are mentioned below:
- This loan may be availed by people between the ages of twenty-one years and sixty years. The loan will be sanctioned to those applicants who have been earning a fixed regular income for the previous three years from a reputed company. Self-employed professionals and businesspersons may avail this loan if they can provide proof of their business or work for three years or more in their respective field of activity or business.
- The SBBJ Home loan repayment tenure is up to 30 years. Therefore the borrower has up to 30 years to repay his or her loan. It can be noted that longer repayment tenures equal lower EMIs as the requisite installments are spread out over a longer range of time. Shorter repayment terms equal higher EMIs. The borrower is left to choose the length of the loan tenure that is most convenient and affordable for him or her. Whatever term the borrower chooses he or she has to complete the repayment of the home loan available at SBBJ before reaching 70 years old.
- There is no ceiling limit on the loan amount provided by the SBBJ Home Loans; it is dependent on the income and repayment capabilities of the loan applicant. For a yearly income up to Rs.2 lakhs, the EMI/NMI (Equated Monthly Installments/Net Monthly Income) will not exceed 40%. For loan applicants whose income falls between the Rs.2 lakh to Rs.5 lakhs bracket, the EMI/NMI will not exceed 50%. For loan applicants whose yearly income is Rs.5 lakhs and above, the EMI/NMI will not exceed 55%. The income of two of the following can be clubbed - spouse/son/daughter. For businesspersons, the loan amount will be considered on the basis of sales, if the loan amount is more than Rs.2 lakhs.
- The margin of this loan is as follows – for a loan up to Rs.1 crore it is 20%, for a loan of above Rs.1 crore it is 25%.
- The State Bank of Bikaner and Jaipur will accept the mortgage on the property that the customer wishes to buy, construct or renovate, as a form of security. In the event that the customer is unable to mortgage the property for any reason, the State Bank of Bikaner and Jaipur is willing to accept any other form of tangible security. It is required for the property to be in the loan applicant’s name or held jointly with a spouse who will be considered as the co-applicant. The loan applicant should have a comprehensive insurance on the property that he or she is buying for adequate value. The loan applicants’ spouse/daughter/ son may act as guarantors if their income is clubbed. State Bank of Bikaner and Jaipur may request for additional security while construction of the house is underway. The loan applicant may provide this additional security in the form of some tangible security or guarantees from sound individuals.
- The State Bank of Bikaner and Jaipur may provide an in-principal approval for the home loan based on the loan applicants’ income and his or her capacity for repayment, prior to the loan applicant choosing a flat/house/plot that he or she will purchase. There is a validity of three months for this in-principal approval.
- The SBBJ Home Loan can be sanctioned within a short period of time so long as the loan applicant provides all the necessary documents for home loans.
- The following documents will need to be provided for availing the SBBJ Home Loan
- Xerox of Passport / Voter ID card / Driving License. Any one of these documents serves as a valid Identity Proof because they have the individual’s photograph and the name against it, proving the identity of the applicant.
- Xerox of Ration Card / Rental Agreement /Electricity or Telephone Bill / Passport. Any one of the afore-mentioned documents serves as a valid address proof that is required for the verification process of the bank.
- Latest Salary Slip or current dated Salary Certificate with latest Form 16, used by the bank to legally depict the current net salary of the individual and to check whether it matches the level of minimum net monthly income as laid down in the home loan eligibility criteria checklist.
- Previous 3 months’ bank statement or last 6 months’ bank passbook. These documents provide verification for the applicant’s income status prior to making the application for loan, which also depicts the individual’s financial picture depicting the credit worthiness of the person.
- Agreement for sale of house/flat or the proof of membership (for co-operative societies)
- Estimates for construction and valuation report for acquisition/legal opinion on the property from a bank approved engineer or lawyer.
- A cheque with the loan processing fees amount.
- The State Bank of Bikaner and Jaipur will consider taking over the home loan from another bank on the condition that the loan applicant has taken the possession of the house, the existing repayment of the loan has already commenced and that the account is regular.
- Resident Indians are eligible for tax benefits on the principal and interest components of SBBJ housing loan.
- The benefits of a State Bank of Bikaner and Jaipur Home loan is as follows
- Doorstep Service
- Easy eligibility criteria for businesspersons
- Quick and easy paperwork, with minimal or no harassment
- Interest rates that are cheap and competitive by current market standards
- Faster turnaround period
Checking SBBJ Home Loan Eligibility
An applicant who is desirous of availing a Home Loan from the bank first needs to be eligible for the loan as per the bank’s requirements. Checking the eligibility has been greatly simplified by the bank, where the prospective client can visit the website of Paisabazaar.com and check his eligibility.