You could have requested loan restructuring to ease any ongoing financial burden brought on by the COVID pandemic. It was possible if you had used SBI loans for personal, school, auto, or housing purposes. The bank has taken all necessary steps to help clients by offering this opportunity. Although the loan restructuring ended on September 30, 2021, but since you have asked what is SBI home loan restructuring process, let me share that with you.
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Following steps helped to apply for home loan restructuring SBI:
You as a retail client of SBI had to access the official website, log in, and enter the necessary information, including your account number, to make use of the loan restructuring service.
You had to submit a few extra details after the bank has verified the OTP. Following this stage, you can find out if you qualify and receive a reference number.
The bank's issued reference number is valid for 30 days. You were required to visit the bank branch during this time to complete additional requirements.
Following the inspection of all papers and the performance of the fundamental paperwork presented to the branch/CPC, the loan restructuring process was finished.
After completing the previous processes, the portal will display "provisional eligibility." The bank branch would have then asked you to provide additional documents in order to meet specific needs, for clarification, etc.
The bank branch's decision was regarded as being final regarding the applicant's eligibility.
Now you know how to restructure SBI home loan.
What are the criteria for applying for an SBI restructuring of home loan?
If the following requirements were met, you may be eligible for SBI loan restructuring if you were in financial difficulty as a result of the continuing COVID-19 pandemic:
Your salary or income in August 2020 should have dropped from February 2020.
Salary reduction or suspension due to the COVID-19 lockdown.
If you had lost your employment or had your businesses closed.
Closure of shops because of a lockdown or a decline in commercial activity for professionals, businessmen, and independent contractors.
The SBI home loan restructuring process must be clear to you now.
Read More: How to close SBI maxgain home loan? When does EMI start for home loan SBI? How to convert personal loan to home loan in SBI? How to check home loan balance in SBI?Your Feedback Matters! How was this Answer?
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How to restructure SBI home loan?
Preet
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2023-04-18T08:50:28+00:00 2023-04-25T18:03:57+00:00Comment
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