Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • SBI Mortgage Loan is Rated as "Excellent!" by 515 Users

    Fees & Charges

    Promised Interest Rate

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    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 3.5/5 "Pretty good"
      I have taken a personal loan from SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. There are no preclosure charges and the tenure period for this loan is 4 years.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 17, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan from the State bank of India which took around 1 week for approval and documentation . Am satisfied with the rate of interest 10.4% which they have provided . They charged Rs 8000 for processing fees with the tenure period of 5 years .Their customer service and service is not up to the mark as i have to do follow up regarding loan.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 17, 2018
    • SBI Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      My personal loan was taken with SBI 2 years back.The loan amount was 2 lakhs and the interest rate as very high . The EMI period was 5 years .The process was very slow and they have delayed processing it .The documentation was smooth .hey did not sanction the loan within the committed time. Their processing fee was average in the market.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Jul 14, 2018
    • SBI Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      I had chosen to go with them since i was holding my salary account from the same bank. The process in getting the loan had been very easy and smooth. The loan amount which they had given had been okay and the interest rate with them had been nominal. There has not been any processing fee which they have charged. Their customer support and the staff responses had been helpful as well.
      Was this review helpful? 5
      , kochi
      Reviewed on Jul 13, 2018
    • SBI Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with SBI 7 years back. The loan amount was 1.57,000 and the interest rate was bit higher than others .The tenure period was 4 years . The customer service and responses was good. They have sanctioned the loan with the committed time. The processing fee was nominal.
      Was this review helpful? 1
      , lucknow
      Reviewed on Jul 07, 2018
    • SBI Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had took this loan almost 5-6 months back and the process in getting the loan has been easy and smooth. The loan amount had been easy and smooth and the interest rate with them had been very good. There has not been any issues faced with the banking services of them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the sbi which they approved in 1 day and the amount is reflected in next day ,its instant approval process. As am satisfied with the rate of interest which is nominal one of 8.5% They provided the tenure period of 2 year and i make the payment monthly though ECS.. There is no processing fees also,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 26, 2018
    • SBI Personal Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      It had not been a good experience with them and the treatment which they are making to their customers should be improved. I had also been using the banking services of them and i had been drawing my salary with the account of them. I suggest that they should be giving a better service to their customers.
      Was this review helpful? 0
      , ranipettai
      Reviewed on Jun 25, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the STATE BANK OF INDIA around 2years ago. The required loan amount has been given and I am satisfied with the loan amount. The rate of interest and the charges are average with the State bank personal loan process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 20, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The process in getting the loan amount has been a hassle where it has taken almost two months in getting the loan. Even the loan amount has not been satisfactory and the interest rate with them has been high compared with the market rate. It would have been good if they had made the process more easy and smooth.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 14, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from SBI and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. There are no charges on preclosure of loan. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have take personal loan from the sbi which they approved in 1 day and the amount is reflected in next day ,its instant approve process. As am not satisfied with the rate of interest which is quiet high. They provided the tenure period of 4 year and i make the payment monthly though ECS. There are no processing fees also.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 08, 2018
    • SBI Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and my loan experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 06, 2018
    • SBI Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      It has been a good loan experience with them and the process had been very easy and smooth. I have taken this loan almost five years back. The rate of interest was not too high with them. The loan amount which they had provided had been satisfactory. The whole process took almost an hour in getting this loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 06, 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 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , hyderabad
      Reviewed on May 09, 2018
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