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  • SBI Mortgage Loan is Rated as "Excellent!" by 566 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    SBI Mortgage Loan

    Owning a property is one of the greatest achievements in life today, providing safety and comfort to owners. A property is an asset whose value never diminishes, offering solutions to multiple problems. One way in which a property can be useful is through mortgage loans, which is typically obtained by keeping the property as security. State Bank of India is one of the most popular bank in India when it comes to applying for mortgage loans. A banking history of over 4 decades have earned it the trust and respect of citizens across the country. Adherence to quality and transparency make State Bank of India’s mortgage loans a sought after commodity in the financial market today.

    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 60 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.
    • 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

    Interest rates charged by State Bank of India on its mortgage loans are some of the most competitive rates in the market today. The current interest rate depends on the base rate, which stands at 9.85% per annum (as of 10/04/2015). Present interest rates on mortgage loans stand at 12.50% per annum (as of November 2015).

    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 1.01% of the loan amount, subject to a maximum of Rs 50,933. This fee includes the service tax applicable. The bank does not charge any prepayment charges for this loan.

    SBI Mortgage Loan Reviews

    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It had been a good experience with this loan experience with this loan and the whole process went smooth and simple. Within a short period of time they had given me this loan and there has not been any problem and there has not been any sort of additional charges which they had made.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STATE BANK OF INDIA , and they provide nominal rate of interest and it is nominal in the market . The processing fee is nominal and tenure period is 5year . SO far it has been good experience with this bank . Loan amount is satisfactory .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The personal loan has been taken from the STATE BANK OF INDIA and i am satisfied with the services of this bank as i am using it from many years and the rate of interest what they have given is satisfactory with this bank. The duration to repay this loan is for 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      My sbi loan was closed the overall experience was good, they were taken too much of interest on the principal amount. The SBI service is good they have sanctioned my loan very faster, it would be nice if the bank reduced the interest for the loan. Anyway I got NOC letter at last.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 13, 2018
    • SBI Personal Loan
      "Good loan service"
      0.5 4.0/5 "Great!"
      I had a personal loan with State bank of India. I have never called any other customer care regarding the loan. According to my transaction and eligibility they have offered me a loan amount which is more than my expectation. I applied the loan amount of Rs. 6 lakhs and they have offered me around of Rs. 7.5 lakhs. I closed the loan in May 2016.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 13, 2018
    • SBI Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with State Bank of India. The documentation was too much and they were also offering the same interest rate as the private banks. So I went ahead with another bank where the process was more easy and more sooner.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 12, 2018
    • SBI Personal Loan
      "Good loan experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased a personal loan with State bank of India. 14 months back, i bought this loan. I got the personal loan amount of Rs. 6.40 lakhs. They have offered me a interest rate of 12.5% and I'm not happy about that. Within 2 days i have received the loan. I'm paying the EMI of Rs. 14700 and i have chosen the tenure period of 60 months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • SBI Personal Loan
      "Customer support should be improved"
      0.5 4.0/5 "Great!"
      Since 13 years I am holding my saving account with SBI , but whenever I go the bank, they wont provide proper response to me. They have token system and also too much of crowd. I gave one cheque to close my personal loan its been couple of days now I am not sure about the status.
      Was this review helpful? 0
      , salem
      Reviewed on Dec 10, 2018
    • SBI Personal Loan
      "Process should be simpler"
      0.5 2.0/5 "Expected more"
      I got personal loan from SBI now it going to close, I felt ICICI is best than SBI bank in terms of the process. Because SBI is tough they expecting nine month credit and other documentation. The loan process got delay finally I used to go to bank often for it.
      Was this review helpful? 0
      , salem
      Reviewed on Dec 10, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It has been a good experience i had with this loan and they had provided me with a loan amount of 40,000 and the interest rate with them was around 14% with no additional charges other than the processing fee of 1000. Overall it had been a good experience with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 06, 2018
    • SBI Personal Loan
      "Processing should be simple"
      0.5 3.0/5 "Satisfactory"
      I want to know whether I am eligible for loan products based on my cibile score. Hence I took loan from SBI, they processed very well but they collected too many documents like pay slip, company id, kyc papers. They didn't ask for guarantor to avail loan, however the interest and charges are high.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Disappointed Expereince"
      0.5 1.0/5 "Really Bad"
      The process experience is dis satisfactory, they taken eight days to complete. They collects lots of paper and I keep visiting to the branch often for this loan purpose. I had disappointed experience hence though interest rate is better but still service needs to be improved.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with SBI, the loan amount was for Rs 3 lacs with nominal interest rate in the market. Customer service was good with this bank and they followed up on time. Tenure period for this loan is 5 years and there are no preclosure charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 03, 2018
    • SBI Personal Loan
      "Good personal loan experience"
      0.5 4.0/5 "Great!"
      I have bought the personal loan with SBI. I have got the loan amount of RS. 10 lakhs. I don't remember about the interest and some processing was there. I'm paying the premium amount of Rs. 21000 and I'm making the payment through ECS. I have received the loan on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2018
    • SBI Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Earlier I was taken personal loan with SBI, now I cleared that loan, the process was good they have disbursed the amount on time. Within 1.5 days I got the loan amount to my account, because I am holding salary account with the same bank. I am working as a recovery person so they have approved my loan.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the STATE BANK OF INDIA where the process is easy to get the loan. The process of getting the loan is simple. The rate of interest is nominal with this bank and the duration is for 2 years to repay the loan.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others in the market. Customer support was good and they responded on time. Tenure period for this loan is 5 years .
      Was this review helpful? 10
      , hyderabad
      Reviewed on Nov 29, 2018
    • SBI Personal Loan
      "Customer Response should be improved"
      0.5 4.0/5 "Great!"
      Two times I have taken personal loan from SBI, they gave me 12% of interest rate. The process was good but service wise they need lots of improvement. The documents process was easy within 2 days they disbursement the amount to my account its fine.
      Was this review helpful? 5
      , lucknow
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Looking for less interest rate"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with SBI and my experience was not up to the mark, the loan amount was for Rs 6 lacs with rate of interest of 15% which is very high. Customer support was not good and the tenure period for this loan is 5 years out of which 3 years already completed.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 4 lacs with 14% interest rate which is high in market. Customer support was good and they responded on time. Tenure period for this loan is 5 years but i prelcosed in 2 years with no additional charges.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 20, 2018
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