SBI Loan against property is a multi-purpose loan that can accelerate your plan to fulfil a number of dreams and goals. In this type of SBI home loans, what you do is pledge property as collateral and raise finances from the bank. SBI bank LAP is a wonderful way to ace your finances, be it wedding expenditure or medical emergencies. This loan brings financial ease at attractive interest rates and low processing fees. Besides that, the loan repayment tenure is easy ranging up to 15 years. Want to know more? Let’s jump to the section ahead and dig everything about the SBI bank Mortgage loan.
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Loan Amount |
Ranges up to Rs 7.5Crore |
|
Interest Charges |
9.30% to 10.85% |
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Processing Fees |
Up to 1% of the loan amount plus applicable taxes (Maximum Rs 50,000) |
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Tenure |
Up to 15 years |
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Prepayment/ Foreclosure |
NIL |
Here is what you can expect from an SBI bank loan against property:
SBI loan against property is a loan in which you offer your property as security to the bank and raise funds. This loan is one of the ideal ways to deal with several types of expenses such as medical, education, marriage etc.
The loan amount in the SBI bank LAP ranges from Rs 10 lacs to Rs 7.5 crore. The LTV ratio offered in this loan ranges from 60% to 65%.
Note that the SBI home loans are subject to many crucial factors including especially the location of the property and the applicant’s profile.
Now comes the rate of interest. The SBI loan against property interest rate is calculated on a daily reducing balance. The rate ranges from 9.30% to 10.85%.
The bank allows borrowers an easy time repaying the loan. SBI loan stint property repayment tenure ranges from 5 years to 15 years.
You can reduce the burden of interest charges by making prepayment of an SBI loan against property. The bank allows you to foreclose your loan and prevent interest charges. There are no prepayment fees levied by the bank. However, you can get in touch with the bank for more information.
There is a slew of SBI loan against property eligibility requirements that have to be met by you in order to qualify for the loan. Before you take a step ahead to reach out to the bank for the loan application, it is best that you ensure your eligibility for the same.
This loan can be availed only on commercial and residential property for personal purposes. Apart from that, here is the SBI loan against property eligibility criteria:
You should be mindful of all the documents that are required for the SBI loan against property application. Not performing the documentation correctly can lead to complications in your loan application. Thus, you should make sure every required document is ready.
Here are the State Bank of India loan against property documents that you need to submit:
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Documents |
Salaried Applicants |
Self Employed Applicants |
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Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
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Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
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Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
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Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
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BANKS |
INTEREST RATE |
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Starts at 11.25% |
|
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Starts at 10.85% |
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Starts at 10.50% |
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Starts at 11.25% |
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10.65% to 16.25% |
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Starts at 8.60% |
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Starts at 8.75% |
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9.50% to 13.50% |
SBI loan against property EMI calculator is a basic calculator that shows you the payable SBI loan EMI amount. It only uses the principal amount, interest and tenure to calculate the amount to be paid.
Here is how to use SBI bank home loan calculator:
The payable SBI bank home loan EMI will reflect next to the calculator now.
Alternatively, you can use the BankSathi EMI calculator to know the EMI amount. This tool is super flexible to use and it gives you detailed calculations which make planning your finances easy.
Here are the different ways to apply for an SBI bank loan against property:
To apply for SBI loan against property offline, you have to go to the nearest SBI bank branch with all the documents that are required for the application.
In order to apply for SBI loan against property online, here are the steps that you need to follow:
After you submit the application, the bank will get back to you with the process regarding the SBI home loan.
Here is the SBI bank customer care number which you can dial in case of any further query, complaints/grievances or any assistance related to the SBI loan against property:
Toll-free: 1800 11 2018
The interest rate on SBI loan against property ranges from 8.30% to 10.85%.
The bank charges 1% of the loan amount (subject to the maximum of Rs 50,000) plus applicable taxes for SBI loan against property.
You can track your SBI loan against property application status online or offline. To do it online, you can do the following:
You can check the SBI loan against property application status offline by contacting the State Bank of India customer care.
You can apply for a maximum amount of Rs 7.5 crore on SBI loan against property.
The minimum SBI loan against property repayment tenure is 5 years while the maximum is 15 years.
Last Updated on : 28/Apr/2021Know More About
You're eligible for a Sbi Loan Against Property if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Sbi Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.85% - 0% |
| Processing Fees | 1% of the loan amount plus service tax on maximum Rs.50000 plus service tax whichever is higher |
| Loan Tenure | 5 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator