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  • SBI Mortgage Loan is Rated as "Excellent!" by 501 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 4.0/5 "Great!"
      My personal loan experience was good with SBI, the loan amount was for Rs 6 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2018
    • SBI Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State Bank of India and they were very transparent in the process. All the details were clearly explained and there were no hidden charges. The customer services and response is good and the process is also quick.
      Was this review helpful? 0
      , darbhanga
      Reviewed on May 22, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      Within a week time I have got the loan amount with the State bank of India. I have got the personal loan from SBI around a year ago. The customer support service and the response is good from the State bank of India. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 22, 2018
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have got better service from the STATE BANK OF INDIA in concern to my personal loan application. The customer support service and the response is average with the SBI. The rate of inters an the charges are low but the service need to be improved with the STATE BANK OF INDIA.
      Was this review helpful? 0
      , hassan
      Reviewed on May 11, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India has approved my personal loan within a day time. The customer support service and the response is quite good from the State bank and I am satisfied with the loan amount, they have disbursed the loan amount with in a day time.
      Was this review helpful? 0
      , pune
      Reviewed on May 10, 2018
    • SBI Personal Loan
      "AVERAGE SERVICE"
      0.5 3.0/5 "Satisfactory"
      Got my personal loan form Sbi bank , they took long time for documentation and approval process . Rate of interest is also high compared to other banks, their customer service and response is good.Made payments through ECS .the tenure period is 4 years
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 09, 2018
    • SBI Personal Loan
      "NOT GOOD"
      0.5 1.0/5 "Really Bad"
      To say truth about this loan is that i am having this loan for since 2.5 years. The payment i cant do it directly in bank, the thing is that i can be able to do only through cheque. Before 6 months only i have topped my loan and i am using it also. Probably i am not sure about the rate of interest in my bank it may be like 10.5-11.5% i am having my interest
      Was this review helpful? 0
      , chennai
      Reviewed on May 06, 2018
    • SBI Personal Loan
      "Personal loan with SBI"
      0.5 4.5/5 "Excellent!"
      I have taken personal loan from SBI and the approved loan amount was 6.5 lakhs. I took this loan on 2015 and i closed by January 2018. The rate of interest was 9.7%. The EMI was flexible and the service was really good.The process was also very quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • SBI Personal Loan
      "slow process"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from the top most public sector bank STATE BANK OF INDIA. The rate of interest is very reasonable by comparing with other loan partners which is 12.50%. They sanctioned my promised principle loan amount and credited in my savings account. But they taken nearly one month to process my loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 18, 2018
    • SBI Personal Loan
      "better experience"
      0.5 4.0/5 "Great!"
      I had taken a personal loan from the top most public sector bank STATE BANK OF INDIA. The rate of interest is very reasonable by comparing with other loan partners. They sanctioned my promised principle loan amount with in 7 working days. My monthly emi would be deducted from my savings account.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • SBI Personal Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      The SBI has offered me a personal loan based on my requirement. The customer support service is good with the SBI. The net banking service is average here. The rate of interest and the charges levied by SBI is the best and I am satisfied with the loan amount too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 16, 2018
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with SBI 2 months back. The loan amount was 2 lakhs ans the interest rate was 11.5% which is high . They have sanctioned the loan with the committed time . The customer service and responses was up to the mark. My experience was very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount within 3-4 days. Customer service was good and the tenure of this loan is 3 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 02, 2018
    • SBI Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      It is a long process and documentation for State Bank of India. The customer services and response is on the average side. I have taken my personal loan and the rate of interest and processing charges is normal. The process can be improved in all.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 23, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State bank of India.The loan amount is three lakhs.The rate of interest is low as compared to others,There is no processing fess for the same.The EMI amount registered by an ECS payments.I am happy with process.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 23, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from SBI and my experience was very good. The loan amount was for Rs 4 lakhs with 13.15% interest rate is nominal when compared to other banks. The process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The tenure of this loan is 5 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 22, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken person loan with State bank of India.The loan amount is two lakhs,rate of interest is nominal as compared to others.The tenure is for two years.I had to submit physical documents to process the loan and it was done in a weeks time.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 20, 2018
    • SBI Personal Loan
      "Personal loan with SBI"
      0.5 3.0/5 "Satisfactory"
      From State bank of India i have taken a personal loan and the approved loan amount is 7 lakhs. The rate of interest is 13% and the interest was bit high. The monthly EMI comes around 36000 for 5 years. There was no processing fee with them.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Personal Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the State bank of India and the rate of interest was not aware from my end. The loan amount got disbursed within an hour of time. Everything is good one with the State bank of India.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • SBI Personal Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      It was a easy process with State Bank of India. I have taken a personal loan and the documentation was also normal and they collected it on time. I received the loan within ten days. The rate of interest is normal and charges is low. The bank also has a option of pre payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 27, 2018
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