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  • SBI Loan Against Property

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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 10.85% and repayment tenure going up to 15 years.

    Reasons to avail SBI loan against property scheme

    • Personal loan is offered to you if you own a residential home, flat and select commercial properties
    • The whole process of applying for a loan is completely transparent
    • You can access this loan from the bank’s wide network of branches
    • Rates of interest levied is on a daily reducing balance method
    • Rental income in select cases will also be considered to check the eligibility for loan
    • Low processing charges
    • No prepayment penalties

    Eligibility criteria

    • You should be a salaried individual
    • Or a professional, self-employed or an income tax assesses, or NRIs with properties or commercial properties in their name or in the name of their parent, spouse, or children
    • Minimum net monthly income of Rs.25,000
    • Loan under the loan against property scheme should be liquidated before the borrower attains the age of 70 years.

    Loan amount

    • Minimum loan amount: Rs.10 lakh
    • Maximum loan amount: Rs.7.5 crore

    Interest rate

    When more than 50% of the Net Monthly Income (NMI) comes from the Salaried income

    Loan amount Interest rate
    Up to Rs.1 crore 9.30%
    Above Rs.1 crore and up to Rs.2 crore 9.95%
    Above Rs.2 crore and up to Rs.7.5 crore 10.35%

    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 9.95%
    Above Rs.1 crore and up to Rs.2 crore 10.45%
    Above Rs.2 crore and up to Rs.7.5 crore 10.85%

    Repayment tenure

    • Minimum repayment tenure: 5 years
    • Maximum repayment tenure: 15 years (conditions apply)

    Other fees and charges

    • Processing fee: 1% of the loan amount plus service tax or maximum of Rs. 50,000/- plus service tax whichever is higher

    How to apply for SBI Loan against Property

    You can apply for SBI Loan against Property scheme by visiting the official website of State Bank of India.

    • Under the ‘Personal Banking’ section click on ‘Personal Finance’.
    • Click on ‘Loan against property’.
    • You will be directed to a new page where you will have to click on ‘Apply Now Online’.
    • Duly fill the application form and upload the necessary documents.
    • Make sure to check the details before submitting the application form.

    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.

    Offline

    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.

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