SBI Personal Loan Against Property (P-LAP) is a type of home loan where you can take a loan against the value of your property to meet personal expenses such as healthcare, education, marriage, etc. other than any speculative expenditures. Note that this home loan is not offered for business purposes.
SBI Loan Aginst Property Interest Rates
Interest rates on this loan depend on several factors including (but not limited to):
Whether you are salaried or self-employed.
Whether it is a residential or commercial property.
Whether the residential property is self-occupied.
At present all interest rates are pegged to the bank’s MCLR which currently stands at 8.15%. The interest rates on Personal Loan Against Property starts from 10% p.a. and goes up to 10.85% p.a.
If you wish to apply for this loan, here are the criteria you need to meet:
Nationality – Resident Indians only.
Minimum: 18 years.
Maximum: 70 years.
Maximum loan tenure – 15 years.
Maximum loan amount – Rs.7.5 crore.
Features and Benefits
Attractive interest rates calculated on the daily reducing balance method.
Low processing fees of 1% of the loan amount.
No hidden fees and charges.
No prepayment charges on closing the loan early.
Here is a list of documents required to successfully apply for this loan:
For all applicants:
Employer’s ID Card.
Completed loan application with three passport size photos affixed.
ID proof document (one of these) – Passport, PAN, Voter’s ID card, Driving License.
Address proof document (one of these) – Latest utility bill copy: telephone/water/electricity/piped gas, Aadhaar card, Passport, Driving License.
Construction permit (wherever applicable).
Stamped Agreement for Sale/Allotment Letter; Maharashtra applicants only - Registered Agreement for Sale.
For ready-to-move properties – Occupancy Certificate.
Approved plan (blueprint) copy/xerox and the builder’s Registered Development Agreement.
For new property - Conveyance Deed.
Bank account statements or payment receipts indicating payments made to the seller or builder.
Bank account documents:
Most recent 6 months’ bank statements for all accounts held.
In case of existing loans from other banks – Latest 1 year’s loan account statements from existing lenders.
For salaried employees/co-borrowers/guarantors:
Latest 3 months’ salary certificate or slip.
Last 2 years’ Form 16/last 2 financial years’ IT returns, with an acknowledgement from the IT department.
For self-employed individuals/co-borrowers/guarantors:
Address proof document for the business.
Latest 3 years’ IT returns.
Latest 3 years’ P&L account and balance sheet.
Business License Details (or an equivalent document).
TDS Certificate with Form 16 A (wherever applicable).
For doctors/C.A./other professionals – Certificate of qualification.
Frequently Asked Questions
Will the loan amount affect the interest rate I am offered for this SBI home loan?
Yes. Your loan amount is one of the determinants for the interest rate you are offered for this loan. However, there are also other factors that will affect the interest rate you are ultimately offered.
What is the maximum processing fee charged for this loan?
The maximum processing fee charged for the SBI Personal Loan Against Property (P-LAP) is Rs.50,000 + service tax.
Are there any pre-sanction charges I have to pay when applying for this loan?
Yes. You will have to pay the property search fee to the advocate and the fee for the title investigation report.
What are the fees I have to pay after the loan is sanctioned?
Once your loan is sanctioned, you will have to pay the stamp duty charges for the loan agreement and mortgage, the CERSAI fee, and the premium for property insurance.
What is the current CERSAI registration fee?
The CERSAI registration fee that you have to pay depends on the amount. For amounts up to Rs.5 lakh, the fee is Rs.50 + GST; for amounts above Rs.5 lakh, the fee is Rs.100 + GST.
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I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
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Reviewed on Oct 17, 2019
SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
I had taken a home loan with SBI bank about 5 years ago. It was processed through bank directly. The charges are nominal in this bank. Since I was holding a savings account process was smooth and done the process on time. The amount given for 23 lakhs not sufficient as per my requirement for the tenure of 15 years.
My Father has taken a home loan with State Bank of India. There was no hassle on the loan process, the manager was clearly explained about the charges. They have processed the loan faster and the rate of interest was reasonable when compared with other banks. We have purchased a residential property.
Taken my home loan from State bank of India. In the year of 2016, they have sanctioned the loan within 15 days to 20 days. Loan amount is near about Rs. 34 lakhs and the interest rate is 8.2%. My salary account is lying with SBI therefore i got the loan from SBI. I have been paying the EMI amount of Rs. 35000 every month and i have selected the tenure period of 18 years.
Chosen my home loan from SBI its a Nationalized bank. They took almost 2 months to sanctioning the loan. The given interest rate is 8%. I have chosen the tenure period of 15 years. They do have a partial payment and pre-closure without any charges.
I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
SBI interest rates are competitive. I have to pay some amount for conversion like whenever they are changing the interest rate. I need to switched to MCRL loan for that i need to pay Rs. 3500 for that i get the current interest rates by bank and 40 paise by MCRL.
Chosen my home loan from State bank of India because its a Government firm and SBI has approved my home loan even though i am working under partnership firm. I took the loan amount of Rs. 42 lakhs and the provided interest rate of 8.95%. Me and brother combine taken this loan and i'm paying the EMI of Rs. 36000 every month.
My home loan experience is good with SBI they gave me lower interest when compared to other bank, I would say home loan cum overdraft loan called SBI max. They have sanctioned 100% of loan with 8.4% of interest and I added co applicant with out any hassles. I got the amount within 15 days.
The rate of interest was higher with the loan. I am using the loan since from last 12 years, the documentation process was done and i got the loan. The loan amount given was 12L, the rate of interest was 13-14approx, and now it is 9%. The duration for repaying the loan was 20 years.
I have taken a home loan in STATE BANK OF INDIA on 6 years before. The loan was applied directly to bank which was sanctioned on time and process was easy. I received with sufficient amount for the tenure of 15 years. The rate of interest and processing fee are 9% bit high.
I have taken my home loan from State bank of India. They are sending the mail regarding the offers. The interest rate is less and i get a quick response hence i have chosen them. Took the loan amount of Rs. 7 lakhs for that they have offered me a interest rate of 9.72%. I am paying the EMI amount of Rs. 6000 for the tenure period of 18 years.
I took a home loan with State Bank of India mainly for the interest rate which is 8.77%. Its almost going to be a year and the loan tenure is 30years. I have purchased a residential property. There is no hassle in processing the loan and it went smoothly.
I took a home loan with SBI and its been 3 years. I have purchased a residential property. There was a delay in the loan process because the bank person is on leave so it took more than 30 days for the approval. The interest rate and processing fee is nominal. I opted the loan for 30 years.
I was taken a home loan in STATE BANK OF INDIA before 10 years ago. At the time they have asked so many documents to submit for a verification purpose and the process was too long faced difficulties to complete the process took 2-3 months to get sanctioned. The loan was low for the tenure of 10 years. The rate of interest and fee are nominal.
My home loan is with State Bank of India. The services are excellent. I got a proper response and the process was smooth and easy. The customer support is good. It was timely and the documentation is also easy. The rate of interest and charges is normal.