State Bank of India Canada
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
State Bank of India Canada: Partnering with RateShop Mortgages for Exceptional Mortgage Solutions
History as a Mortgage Lender in Canada
State Bank of India (SBI) Canada, a subsidiary of the State Bank of India—one of the world’s largest financial institutions—has been serving Canadian clients since 1982. With a global reputation for reliability, SBI Canada offers tailored mortgage solutions, particularly catering to Canadian residents and newcomers from South Asia. SBI Canada focuses on residential and commercial mortgages, leveraging its deep-rooted banking expertise to deliver competitive financing solutions.
Types of Mortgage Products & Programs
SBI Canada offers a range of mortgage products to meet diverse needs:
Residential Mortgages:
Fixed-Rate Mortgages: Terms ranging from 1 to 5 years, ensuring payment stability.
Variable-Rate Mortgages: Tied to the prime rate for potential savings.
High-Ratio Mortgages: For buyers with as little as a 5% down payment.
First-Time Home Buyer Program: Special financing for new buyers, including incentives.
Commercial Mortgages:
Financing for various commercial properties, including retail, industrial, and multi-residential buildings.
Construction Financing: For both residential and commercial development projects.
SBI Canada maintains flexible criteria, making homeownership accessible to various borrower profiles:
Credit Score: Minimum 650 for standard loans; options available for lower scores with higher down payments.
Income Requirements:
Salaried Employees: Proof of employment (T4s, pay stubs).
Contract Employees: Documented contract history.
Self-Employed Borrowers: Two years of tax returns or financial statements.
First-Time Home Buyers: Minimum 5% down payment with mortgage insurance.
Mortgage Underwriting Criteria for Approval
Minimum Credit & Income Requirements
SBI Canada assesses applicants based on:
Debt-to-Income (DTI) Ratio: Typically, DTI should not exceed 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages; 80% for conventional loans.
Stress Test: Compliance with Canadian regulatory requirements.
Property Valuation: Independent appraisal required.
We'll find great rates like this one from one or our several lending partners across Canada.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
SBI Canada primarily operates in major urban centers, with branches in:
Toronto
Mississauga
Vancouver
Brampton
Scarborough
Digital banking services extend their reach to clients across Canada.
Mortgage Application Checklist
Prepare the following to apply for an SBI Canada mortgage:
Government-issued ID
Proof of income: Recent pay stubs, T4s, or business financials
Credit history: SBI Canada pulls this directly
Property details: Purchase agreement or MLS listing
Down payment proof: Bank statements or investment records
How to Start a Mortgage Pre-Approval
Contact a RateShop Broker: Discuss your mortgage needs and explore SBI Canada’s rates.
Submit Documentation: Provide income, credit, and property details.
Get Pre-Approved: Receive a pre-approval letter valid for 90 to 120 days.
How to Get Mortgage Rates
Online: Check RateShop’s website for the latest SBI Canada mortgage rates.
Consult a Broker: RateShop brokers negotiate personalized rates.
In-Branch: Visit an SBI Canada branch for direct assistance.
Mortgage Pre-Payment Options
SBI Canada offers flexible pre-payment options:
Annual Lump-Sum Payments: Pay up to 15% of the original principal each year.
Increased Payments: Increase regular payments by up to 10%
annually.
Double-Up Payments: Make extra payments equivalent to your regular installment.
State Bank of India Canada, in collaboration with RateShop Mortgages, provides reliable and flexible mortgage solutions tailored to your unique financial needs. With competitive rates and a commitment to customer satisfaction, SBI Canada helps you achieve your homeownership dreams with confidence.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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