The State Bank of India Loan against Mortgage of Immovable Property provides you with the option of taking a loan against your house, or other immovable properties that are in your name. This loan can be applied by both salaried and self-employed individuals. The application can be done with minimal documentation, and will be approved and disbursed quickly.
Loan amount meant for and targeted to those individuals, who own immovable properties, and would like to get finance for renovation, construction, marriage requirements, even as working capital for self-employed individuals.
Any of the below mentioned individuals can apply for this loan, as long as they have Immovable Property in their names or name of another if he/she decides to be a guarantor for the applicant.
Salaried employees or Professionals such as Doctors, Chartered Accountants, Architects
Self-employed and IT assesses
Agriculturists and other who are in related activities as well
The minimum net monthly income should be Rs. 25,000 for a salaried employee, and a Net annual income of Rs. 3, 00, 000 for the others.
The applicant cannot be over the age of 60 years
This will be a term loan used for renovation, construction, marriage requirements, even as working capital for self-employed individuals.
The loan amount can range between a minimum of Rs. 25, 000 or a maximum of 60% of the market value of the property, if it doesn’t exceed 50% of the EMI or NMI. Tier 1 and 2 cities will have a maximum loan amount of Rs. 2 crore and the Rest of India will be Rs. 1 crore. The maximum amount for these cities will be Rs: 50 lakhs for the State of Orissa, West Bengal, Meghalaya, Mizoram, Arunachal Pradesh, Assam, Tripura, Manipur and Nagaland
The interest rate provided by State Bank of India is 9.70% (Base Rate) per annum
Rate of interest
Up to Rs. 1 crore
Base Rate + 2.90% = 12.60%
Above Rs. 1 crore
Base Rate + 3.15% = 12.85%
The documents required to be submitted along with the form will be:
Proof of identity - like pan card, driver’s license, voter’s id
Proof of address - like recent telephone bill/electricity bill, driver’s license, voter’s id
Date of Birth proof - 10th class certificate/DOB Certificate
Financial Documents like bank statements for the last 3 months or latest salary slip
No processing fees.
There will not be service charges charged
There will not be prepayment charges as well
The tenure of the loan maximum of 10 years
Processing fees will be 1.01% of the loan amount. Maximum Rs. 50,933/-
There will be a margin of 40% of the market value of property.
Application for State Bank of India loan against Mortgage of Immovable Property is simple and easy you can fill in the application form and submit the same at the nearest branch, or alternately you could also apply online on the State Bank of India’s website.
Online application process is available for this loan, all you need to do is fill in an online form and submit it on the State Bank of India’s website.
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