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If you are a customer of State Bank of India and wish to avail a loan so that you can meet your personal needs, then one of the loan schemes you can avail is loan against property. You can pledge your property as a collateral and avail a personal loan in order to meet your financial needs. You can avail loan against property with interest rate ranging up to 10.00% and repayment tenure going up to 15 years.
When more than 50% of the Net Monthly Income (NMI) comes from the Salaried income
Loan amount | Interest rate |
---|---|
Up to Rs.1 crore | 8.45% |
Above Rs.1 crore and up to Rs.2 crore | 9.10% |
Above Rs.2 crore and up to Rs.7.5 crore | 9.50% |
When more than 50% of the Net Monthly Income (NMI) comes from the Business or rental income
Loan amount | Interest rate |
---|---|
Up to Rs.1 crore | 9.10% |
Above Rs.1 crore and up to Rs.2 crore | 9.60% |
Above Rs.2 crore and up to Rs.7.5 crore | 10.00% |
You can apply for SBI Loan against Property scheme by visiting the official website of State Bank of India.
Once you submit the application form, the bank will review the documents including the application form and if they find all the documents including your property documents, they will disburse the said loan amount to your bank account.
You can also apply for the SBI Loan against property scheme offline by visiting the nearest branch of SBI. You must carry all the relevant documents with you including your property documents speed up the application process. A representative from the bank will help you with the process of applying for a loan against property.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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