SBI Earnest Money Deposit (EMD)

• Nationality - Indian residents only.
• Age - Minimum 21 years old.
• Loan amount - Rs.15 lakh for DSP/CSP and Rs.10 lakh for others.
• Loan tenure - Lump sum repayments to be made in the event of successful allotments.
• No minimum income requirement.

Features and Benefits

The SBI Earnest Money Deposit is a short-term home loan offering the following benefits:

1. Apply and receive up to 100% of the money quoted in your application.
2. Attractive interest rate of 10.45% p.a.
3. Low processing fee of 0.50% of the loan amount subject to a minimum of Rs.1,000.
4. No hidden fees and charges.
5. No prepayment penalty for closing the loan tenure early.
6. Maximum repayment tenure of 12 months.

Documents Required

Salaried and self-employed individuals looking to apply for this loan must produce the following documents:

For all applicants:

1. Mandatory Documents - A self-attested copy of PAN card and Aadhaar card.
2. ID proof document (one of the following) - Passport, Voter ID card, PAN card, Driving Licence.
3. Address Proof Document (one of the following) - Aadhaar card, Passport, Driving Licence, a latest utility bill: electricity/telephone/water/piped gas.

Income documents for salaried employees/co-borrowers/guarantors:

1. Latest 2 financial years' IT returns or past 2 years' Form 16, with acknowledgement from the Income Tax department.
2. Salary Certificate or payslip for the past 3 months.

Income documents for self-employed co-borrowers/guarantors:

1. Income Tax returns for the past 2 years.
2. Business License Details (or an equivalent).
3. Latest 3 years' Profit & Loss Account and Balance Sheet.
4. TDS Certificate with Form 16A (wherever applicable).
5. For applicants with professional qualifications such as Doctors/Chartered Accounts, etc. - Certificate of qualification.

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