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SBI BANK LOAN AGAINST PROPERTY

SBI Bank Loan Against Property Details 

SBI is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai. State Bank of India with a 200 year history is the largest commercial bank in India. In terms of assets, deposits, profits, branches, customers and employees SBI is the largest bank. The government of India is the single largest shareholder of this fortune 500 entity with 6158 percent ownership. SBI was ranked 60th in the list of top 1000 banks in the world by “the banker” in July 2012.

Self-occupied residential property, commercial properties such as offices and shops and alternate property such as schools, hospitals, residential houses, industrial properties, and all such other properties can be used as collateral for availing a loan against property from SBI Bank. The main objective of The State Bank of India (SBI) loan against property is to provide finance to individuals who have various financial goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.

Benefits of SBI Bank Loan Against Property

1. You can access this loan from the banks wide network of branches

2. Attractive interest rate starts at 10.85% per annum

3. Provides low processing fee

4. Interest calculated on a daily reducing balance methods

5. No prepayment penalty

6. Loan amount upto Rs.7.5 crore

7. Complete transparency in account operation

8. Hassle free documentation

9. Loans available for both residential and commercial properties

Fee and Charges of SBI Bank Loan Against Property 

To apply for a loan against property you have to pay fees and charges applied by the SBI  Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from SBI Bank i.e processing fee, prepayment / foreclosure charges etc.

1. Processing fee = 1% of the loan amount plus service tax on maximum Rs.50000 plus service tax whichever is higher

2. Prepayment Charges = NIL

3. Loan amount = Rs.10 lakh to Rs.7.5 crore

4. Tenure period = 5 years to 15 years .

Eligibility Criteria for SBI Bank Loan Against Property

Before applying for a loan against property from SBI Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the SBI Bank Loan Against Property application the salaried and self employed are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

ELIGIBLE 

You should be a salaried individuals

Or a professional, self employed or an income tax assess, or NRIs with properties or commercial properties in their

AGE 

18 years to 70 years 

INCOME 

Net monthly income is Rs.25000

Documents Required for SBI Bank Loan Against Property

Any applicant who is going to avail for loan against property from SBI Bank, must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

1. Filled Application Form

2. PAN Card

3. Proof of Identity : Passport, Aadhaar Card, Driving License, Voter ID, Government Employee ID

4. Proof of Address : Aadhaar Card, Driving License, Voter ID, Government Employee ID, Electricity bill, Gas bill, Telephone bill, Property tax receipt

5. Date of Birth Proof : Passport, Driving License, PAN Card, Birth Certificate, Aadhaar Card with DOB, SSC Marksheet

6. Signature Proof : Passport, PAN Card, Bankers verification or Notarized affidavit with ID & Address Proof)

  1. Proof of Income for Salaried:

    1. 3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)

    2. 6 months bank statement showing salary credits

    3. 2 yrs. Form 16 or Employment Continuity Proof

  2. Proof of Income for Salaried NRIs:

    1. 3 month pay slip

    2. Appointment letter/contract letter

    3. Continuous Discharge Certificate for Shipping cases

    4. 6 month Domestic NRE/NRO a/c statement

    5. 6 month international salary a/c statement

    6. Overseas credit report

    7. Valid visa copy/OCI card

    8. Passport copy

    9. POA details

  3. Proof of Income for Self Employed:

    1. 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    2. For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    3. Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)

    4. 6 months bank statements of personal and business accounts

    5. If ITR is filed without digital sign – CPC and tax paid challan

    6. Business continuity proof (3 yrs for HL / 5 yrs for LAP)

  4. Other Important Documents & Checks:

    1. Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants

    2. PAN card is mandatory for all financial applicants

    3. Processing Fee and CERSEI cheques

    4. Self-attestation of borrowers on all documents submitted

Compare other bank loan against property interest rate 

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

AXIS Bank Lease Rental Discounting 

Starts at 11% 

AXIS Bank Overdraft Facility Against Property

Starts at 11%

AXIS Bank Reverse Mortgage Loan

Starts at 11%

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property 

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property 

10.65% to 16.25%

HSBC Bank Loan Against Property 

Starts at 8.60%

HSBC Bank Smart Loan Against Property 

Starts at 8.75%

Indusind Bank Loan Against Property 

9.50% to 13.50%

Other products of SBI Bank 

1. SBI New Car Loan Scheme

2. SBI Loan Against Properties

3. SBI Personal Loan 

4. SBI Skill Loan Scheme

How to Apply for SBI Bank Loan Against Property 

There are two ways to apply for loans against property from SBI Bank :

1. Offline Method : By visiting nearest bank branch

2. Online Method :

  • Firstly visit lenders website from which you want to get a loan

  • Fill the application form and read all the term and conditions

  • Attach all required documents with an application form

  • After submitting form lenders will let you know that you eligible or not for the loan

SBI Bank Loan Against Property Customer Care 

Contact number : 1800112211 / 18004253800

Email id :  customercare@sbi.co.in

How to calculate EMI of SBI Bank Loan Against Property

The following mathematical formula is used to calculate EMI of SBI Bank Loan Against Property is :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,

EMI - Equated Monthly Instalment

P - Principal amount (amount borrowed as loan)

R – Applicable rate of interest (interest rate should be on a monthly basis)

N - Loan tenure or the number of EMIs to be paid (tenure should be in months

Financials products offered by Bank 

 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

SBI Bank Loan Against Property Frequently Asked Questions

1. What is the minimum loan amount of SBI Bank Loan against property?

The minimum loan amount of SBI Bank loan against property  is Rs.10 lakh.

2. What is the maximum loan amount of SBI Bank loan against property?

The maximum loan amount of SBI Bank loan against property is Rs.7.5 crore.

3. How to contact SBI Bank?

You can contact through customer care number and customer care email id for SBI Bank.

4. How can I apply for a loan against property from SBI Bank?

You can apply offline by visiting the nearest bank branch or through online for loan against property from SBI Bank.

5. What is a loan against property?

A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence.

6. How much net monthly income provided in SBI Bank loan against property?

The net monthly income is Rs.25000 provided in SBI Bank loan against property.

7. Is there any processing fee provided in SBI Bank loan against property?

Yes, there is a 1% of the loan amount plus service tax on maximum Rs.50000 plus service tax whichever is higher processing fee is provided in SBI Bank loan against property.

Last Updated on : 30/Aug/2020

Know More About

Sbi Loan Against Property

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

Sbi Loan Against Property Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959