A home loan generally continues up to 30 years and henceforth is the most expensive commitment in terms of finance. The borrower keeps property papers to the lenders till the time repayment is successful. At Indiabulls, housing loans are offered for a maximum tenure of 30 years only but the rates are subject to change. Similarly, SBI home loans are also available for 30 years and floating rate of interest varies from time to time.
It is quite normal to get confused between the two as each has a lot in common yet there is something that separates them. To understand that, we have compared Indiabulls home loan with SBI home loan on the basis of interest rate which is the first and most important requirement of a borrower. However, to get approval, a borrower must have all the documents as per the requirement of lenders. So, for that, we have given the list of documents required to get the approval for desired Indiabulls home loan interest rate or SBI whichever you want.
Indiabulls Home Loan Interest Rate
The housing loan interest rate at Indiabulls housing finance is subject to change with time. At present, the rate of interest available for home loans ranges from 8.70%-8.95% per annum.
Indiabulls Home Loan Documents
You need to keep all the below-listed documents to get approval for the loan:
- Application form: duly signed
- Processing Fee Cheque
- Age proof
- Address proof
- Signature proof
- Identity proof
- Income documents
- If salaried: Salary slips, Form 16 and bank statement
- If self-employed: ITRs with financial statements, Bank statement
- Property Documents
SBI Home Loan Interest Rate
The bank has recently increased housing loan rates. At present, 8.65% per annum is the lowest rate of interest which is for women. Others can get the minimum rate of 8.70% per annum. The rates are linked to MCLR which is 8.45%.
SBI Home Loan Documents Required
The list of documents required for the loan application are as follows:
For Salaried:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Original salary certificate from employer
- TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department
For Self-employed:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Acknowledged copies of three years IT return/Assessment orders
- Photocopies of challans evidencing payment of Advance Income Tax
Even though almost all the documents are similar, it is better you keep a note of each of these. It will help you analyze your eligibility. Also, different lenders have a fixed location preference for which they offer a loan. So, your property location will also play an important role in deciding whether or not you will get Indiabulls home loan or not.
