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  • SBI Mortgage Loan

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  • You can avail a mortgage loan from State Bank of India (SBI) at attractive interest rates starting from 9.75% onwards at flexible repayment tenure. The rate of interest levied on your loan amount will depend on factors such as the loan amount, repayment tenure, credit score, etc.

    Purpose of SBI Mortgage Loan

    State Bank of India mortgage loans are multipurpose loans which can be used to meet any immediate financial requirement. This loan can be used for personal use provided it is not invested in the capital market. Using this loan amount towards speculation on real estate is also not permitted.

    SBI Mortgage Loan Eligibility Criteria

    Individuals who wish to apply for a State Bank of India mortgage loan need to satisfy the following basic criteria.

    • Age - A borrower should not be over the age of 70 years when applying for a loan.
    • Income - An applicant should have a minimum net monthly income of Rs 25,000 if he/she is salaried. A net annual income of Rs 3 lakhs is required for others.
    • Entities who can apply: The individual should either be a salaried or a self-employed individual. Non-Resident Indians (NRIs) who own a property in his/her name or in the name of his/her spouse/parents/children can apply for an SBI Mortgage Loan.
    • Credit score - An applicant should have a decent credit score.
    • Property ownership - An applicant should be the owner of the property he/she intends to mortgage.
    • EMI/NMI Ratio - An applicant should have an EMI/NMI ratio which is less than or equal to 50%.
    • Third party loans - Third party loans can be availed only if the third party agrees to be a guarantor for a loan.

    Documents Required for SBI Mortgage Loan

    Individuals who wish to avail a State Bank of India mortgage loan should provide the following documents.

    • Property documents - Individuals who wish to avail this loan will need to provide the documents of the property they wish to mortgage.
    • Income Tax details - An applicant should provide information about his income, including income tax return details. Proof of income might also be required in certain cases.
    • Bank account details
    • Passport size photographs
    • Valid ID proof

    Features and Benefits of SBI Mortgage Loan

    Some of the features and benefits of State Bank of India mortgage loans are mentioned below.

    • High loan amount - Individuals can get loans ranging from Rs 25,000 to Rs 2 crore, depending on the value of their property.
    • High margin - Loans up to 40% of the property value can be availed.
    • Simple - Obtaining a mortgage loan is simple and hassle free, with minimum documentation.
    • Competitive interest - This loan can be availed at attractive and competitive interest rates.
    • Flexible repayment - A borrower can repay the loan through flexible EMIs, with a maximum repayment period of 120 months.
    • Prepayment - A borrower can choose to prepay the loan and no prepayment fee will be levied.

    State Bank of India (SBI) Mortgage Loan Interest Rate

    The interest rates charged by SBI on the Mortgage Loan are given below:

    Loan Amount Interest Rate
    Up to Rs. 1 crore 9.75%
    Above Rs. 1 crore & up to Rs. 2 crores 10.25%
    Above Rs. 2 crores & up to Rs. 5 crores 10.65%

    Note - Interest rates charged by State Bank of India are subject to change at their sole discretion, without any prior intimation.

    Fees and charges of SBI Mortgage Loan

    State Bank of India charges a processing fee equivalent to 1.0% of the loan amount, subject to a maximum of Rs 50,000. This fee includes the service tax applicable. The bank does not charge any prepayment charges for this loan.

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