Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • SBI Mortgage Loan is Rated as "Excellent!" by 410 Users

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    SBI Mortgage Loan

    State Bank of India 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
      "Its very hard to get the loan"
      0.5 1.0/5 "Really Bad"
      Practically it's nearly impossible to get a loan with State Bank of India. Even if you have a proper document, there would be some issue with the application. I believe instead of trying to get a loan from SBI, we could easily get the same from one of the private banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • SBI Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan with STATE BANK OF INDIA The process for my personal loan was smooth and on time. The rate of interest of STATE BANK was of 14.02%, it was a bit high. and the loan process is very fast. The service part was very good.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 15, 2017
    • SBI Personal Loan
      "Good deal but need improvement on the services"
      0.5 2.5/5 "Just OK"
      I have taken a personal loan from State Bank of India. The experience was not up to the mark as the customer support was not very helpful. The processing charges was waived off as I am a corporate customer and the interest rate was reasonable when compared.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 15, 2017
    • SBI Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      I also have another experience with State Bank of India which was not satisfactory. When I approached them for a personal loan. I was told that I can submit the documents and towards the final stage I was told that I would not get the loan because I do not have a salary account with them and they also wanted a guarantor. So I refused the loan as I am a government employee and I could submit the documents needed but bank had conditions which was not relating for a personal loan.
      Was this review helpful? 0
      , jammu
      Reviewed on Oct 13, 2017
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The loan processing is very fast and quick with STATE BANK OF INDIA. As I had taken loan before 15 years. Its over All is good with Central bank be it service or processing and everything is absolutely fine with them.It was good before now it is not.
      Was this review helpful? 0
      , faridabad
      Reviewed on Oct 13, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      As I'm a long time customer with State Bank of India. I was offered a personal loan 12 years ago and I took the loan from State Bank of India. At that period all banks were providing personal loans for rate of interests around 16% to 18% but even at that period State Bank of India provided me the personal loan at 12% as rate of interest which is considered to be the lowest interest.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 06, 2017
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with SBI.The loan amount was 7 lakhs and the rate of interest was 14.35% before and they have reduced it to 13.6% so satisfactory.The process was very easy and representative was supportive.They have sanctioned the loan with committed time.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 06, 2017
    • SBI Personal Loan
      "Poor Service"
      0.5 2.5/5 "Just OK"
      I had applied another personal loan with State Bank of India earlier before this current ongoing personal loan with AXIS Bank. I have fully repaid this personal loan to State Bank of India. They offered me this loan with a rate of interest of 15.9% which is very high and the processing fees I don't remember exactly. They took so much of time for documentation and processing this loan. They also wanted a guarantor to avail this loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 05, 2017
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have the salaried account and savings account with SBI bank and STATE BANK OF BIKANER AND JAIPUR . I submitted document for the personal loan . Every thing went on smooth Customer service and the responsiveness are good with the bank.Rate of Interest is 13% Iam satisfied. Its been 2 years now for my PL.
      Was this review helpful? 0
      , jhunjhunu
      Reviewed on Oct 04, 2017
    • SBI Personal Loan
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      This is about my SBI personal loan which I had taken against my credit card. The loan amount is 1.35 lakhs, service taxes were amounting to rs 4400. Rate of interest was 0.99% .EMI is 4400 this is for 3 years. Within 2 months my loan process would get completed . I had applied for this personal loan online and in the next 2 to 3 days of time my loan was sanctioned successfully.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 30, 2017
    • SBI Personal Loan
      "Rate of interest to be reduced"
      0.5 5.0/5 "Blown Away!"
      The process for the personal loan is good as they contacted me on time and informed me the details. I have taken it from State Bank of India and the customer services are good. The net banking is very fast. The statements are regular, only I'm not statisfied with the rate of interest. It is high compare to other bankers.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 29, 2017
    • SBI Personal Loan
      "Excellent bank account "
      0.5 5.0/5 "Blown Away!"
      The Sbi has disbursed my personal loan amount within the promised time. The rate of interest is nominal when compared with others. The required loan amount has been disbursed by SBI.This loan has the tenure of 10years. They give good service to the customers.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 29, 2017
    • SBI Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      SBI rate of interest is relatively high when it comes to personal loan. Rate of interest charged was 14.75% on the other side processing fee charged by them was high also there was no hidden cost. SBI is transparent almost we can find everything in paper nothing hidden. I would like to rate them 4 , my only suggestion for them would be they should provide a good interest for the personal loan.
      Was this review helpful? 0
      , delhi
      Reviewed on Sep 26, 2017
    • SBI Personal Loan
      "GOOD "
      0.5 4.0/5 "Great!"
      Over all it was a great service and an exellent service i am receiving from the bank when i applied for the personal loan in STATE BANK OF INDIA . The customer service was really good from the bank side. The only problem i had was the process took too much of exta time rest every thing was real good .
      Was this review helpful? 0
      , patiala
      Reviewed on Sep 26, 2017
    • SBI Personal Loan
      "Very good process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State Bank of India and the banking services are good. I got the loan as promised as the bank is consistent in the details. The process was also done on time and the after loan services are good. There were no hassles.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 25, 2017
    • SBI Personal Loan
      "DISSATISFIED"
      0.5 2.0/5 "Expected more"
      I have an salaried account here at SBI so getting better service and the interest rate I thot it will minimum SBI Bank offered me a personal loan with 14% I would suggest them to reduce that interest part but On the promised time I received the loan amount. I had taken this loan in 2014.
      Was this review helpful? 0
      , patiala
      Reviewed on Sep 24, 2017
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I am a customer of State Bank of India, so they have approved my personal loan within 3days of time. The required loan amount has been disbursed by State Bank. The rate of interest is nominal with SBI . I am happy with the SBI personal loan services.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The experience was good with SBI while taking my personal loan as they disbursed the loan within 1 week after submitting the documents. Interest rate offered was 11.9% . I visited the bank directly and completed the process . And it is for 5 years tenured i have taken this 2 years before.
      Was this review helpful? 0
      , madurai
      Reviewed on Sep 19, 2017
    • SBI Personal Loan
      "Best bank for rates"
      0.5 5.0/5 "Blown Away!"
      SBI is the best bank for the rates. However customer service is not good when it comes to SBI. The bank has offered an amount of 2.5 lakhs also the processing fee charged by them was very good. Even foreclosure and part payment options were good at SBI. Its an ongoing loan also foreclosure charges were very minimal it was amounting to rs 1200 to rs 1300.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2017
    • SBI Personal Loan
      "Good account to use"
      0.5 4.0/5 "Great!"
      I am using the salaried account with State bank of India for more than 3years. The customer service is good with SBI. I don't use SBI net banking or their mobile application. The rate of interest and the processing fee is very low in SBI loan concerns.
      Was this review helpful? 0
      , guntur
      Reviewed on Sep 18, 2017
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