SBI Earnest Money Deposit (EMD)

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

Features and Benefits

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

• Apply and receive up to 100% of the money quoted in your application.
• Attractive interest rate of 10.45% p.a.
• Low processing fee of 0.50% of the loan amount subject to a minimum of Rs.1,000.
• No hidden fees and charges.
• No prepayment penalty for closing the loan tenure early.
• 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:

• Mandatory Documents - A self-attested copy of PAN card and Aadhaar card.
• ID proof document (one of the following) - Passport, Voter ID card, PAN card, Driving Licence.
• 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:

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

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

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

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score