SBI Loan for Earnest Money Deposit addresses the financial requirements towards Earnest Money Deposit to book residential plots / built-up houses / flats being sold by Govt. Housing Agencies, Urban Development Authorities like PUDA, HUDA and Housing Boards.
Features of SBI Earnest Money Deposit Loan
- Scheme featuring easy availability of loan with minimum documentation.
- Option to repay this loan from the proceeds of Housing Loan availed from SBI.
- Interest applied on daily diminishing basis.
- No administrative charges or application fee.
Eligibility for SBI Earnest Money Deposit Loan
- Minimum age 21 years as on the date of sanction.
- Steady source of income.
Maximum Loan Amount
Rs.1,00,000/- OR 90% of application money, OR 10 times Net Monthly Income of the applicant, whichever is the least, subject to the following:
- One person can be financed only for one application at any point of time
- In case of applications in more than one name, incomes of all the applicants may be taken into account
Security for SBI Earnest Money Deposit Loan
- Third party guarantee good for the loan amount.
- Tangible security in the form of NSC / IVP / TDR / LIC policy / SBI Life policy etc. covering atleast 50% of the loan amount.
- Tangible security clause waiver considered in respect of permanent employees of reputed public / private sector organisations, where check-off is available.
Repayment of SBI Earnest Money Deposit Loan
- In case of unsuccessful applicants on receipt of refund from the Housing Board / Urban Development Authority.
- In case of successful applicants lump sum repayment of the loan out of Housing Loan availed from SBI for purchase of house allotted to customer or for construction of house on the plot allotted.
- No penalty for prepayment.
Processing Fee for SBI Earnest Money Deposit Loan
0.5% of the loan amount (minimum Rs.100/-)
Disbursement of SBI Earnest Money Deposit Loan
The loan would be disbursed by issuance of draft / banker's cheque favouring the concerned Government Agency.
Documents Required for SBI Earnest Money Deposit Loan
- Letter of allotment from the concerned Housing Agency, Urban Development Authority or Housing Board.
- Proof of Identity (Voter's I-card / Passport / Driving License / PAN Card etc.).
- Proof of residence (Passport / Driving License / PAN Card / Ration Card or any other satisfactory proof of residence).
- Proof of Income: not required if the applicant is maintaining an account with SBI.