Multiple banks. Different interest rates. Call it a "conflict of interest".
  • SBI Mortgage Loan is Rated as "Excellent!" by 628 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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken state bank of India personal loan last four years and I am satisfied with loan amount rs 6Lack above but rate of interested is little high and my tenure is 5 years ; customer service provided is good and response is properly.I am happy with this bank .
      Was this review helpful? 2
      , kokrajhar
      Reviewed on Mar 23, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan directly with State Bank Of India.The rate of interest was nominal and the processing fee was nominal as well .The documents was less as well .I have not yet faced any issues .While submitting the documents i have not faced any issues .I have applied for the loan amount of 2 lakhs for the tenure of 6 years.The loan amount got on time .The Loan amount was sufficient as well.The agent given clearly explained the loan process.The Overall Service is Good .
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 22, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The overall experience in getting this loan was quite good where there was no difficulty which i had faced. The loan amount has satisfied with the requirements and the interest rate with them was nominal when compared with the other banks. The charges which they had made also was less.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Mar 21, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have closed the personal loan what i have previously taken with the STATE BANK OF INDIA before 2 years ago. At the beginning the documentation process also the loan amount dispersal procedure was simple and easy. The rate of interest was higher than other.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 20, 2019
    • SBI Personal Loan
      "Personal loan in 10 Secs !!!!"
      0.5 5.0/5 "Blown Away!"
      SBI approved me a personal loan Within 10 sec of time . It is immediate process and Paperless approval from SBI . Interest rate is within the comfort zone only between 12-13 % and charged me a processing fees of Rs 2000 /- . The loan is for next 3 years of time .
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with STATE BANK OF INDIA and my experience was good, the loan amount was sufficient and the rate of interest was very nominal compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 6 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 18, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I applied for personal loan with State Bank Of India directly through Yono app.It is too fast and amount got credited within 5 minutes. Since have salary account with State Bank Of India .The Rate of interest was good and there was no processing fee as well .I have applied for the loan amount of 1 lakh for 3years.
      Was this review helpful? 3
      , cuddalore
      Reviewed on Mar 18, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The loan amount was good and I took my perosnal loan with SBI by revolving over draft limit. Its been long back and the interest rate is excellent. Its still on going and make the payment time to time. I am really happy with the service. It is a employee loan and it should be repaid within retirement of service.
      Was this review helpful? 5
      , mumbai
      Reviewed on Mar 15, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have taken the personal loan with the STATE BANK OF INDIA the rate of interest with them is higher when compared to the others. The loan amount was 14% with this loan also i am using it from last 3.5 years. The duration for repaying the loan is fro 5 years.
      Was this review helpful? 4
      , kolkata
      Reviewed on Mar 13, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the STATE BANK OF INDIA the loan amount was lesser with this bank also the rate of interest what they have offered is 15-16% which is higher with this bank also added on that the duration for repaying is for 1 year.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 13, 2019
    • SBI Personal Loan
      "Response should be transparent and pro active"
      0.5 4.0/5 "Great!"
      The customer support and response is good in the particular branch in urban area where I am residential is very good but I have dissatisfied experience with other branch. Rural area many people not aware of the available scheme which they are not explaining certainly. They are manipulating the people, any way I got the better interest on my personal loan around 12.95% since I am salary holder of the same bank.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 12, 2019
    • SBI Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It has not been a good experience with State Bank of India. To my knowledge I have only one loan with the bank, but the bank informed me that I have four loan. If I call the customer care, I do not get a proper response and service. My loan amount is of 6.50 Lakh for the tenure of 48 months. My actual EMI is of 13K but I am paying 15K. The rate of interest is high.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 12, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan was excellent where the process in getting this loan has been pretty simple. The loan amount which they had provided was sufficient and the interest rate with them has been nominal as well. There was no other extra charges which they had made so far.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 12, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA and they have done the documentation process as simple and i got the loan delayed. The loan amount was good also the rate of interest was nominal with this personal loan. The service is very good.
      Was this review helpful? 2
      , new delhi
      Reviewed on Mar 09, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with State bank of India,The loan amount which they have given me was sufficient,and the rate of interest they have charged me was nominal , and they have charged me processing fee that too was nominal,still this loan is running.
      Was this review helpful? 5
      , chennai
      Reviewed on Mar 08, 2019
    • SBI Personal Loan
      "Best service"
      0.5 4.5/5 "Excellent!"
      I have been holding my personal loan with State bank of India,Their service is good, they have given me sufficient loan amount , and the rate of interest they have charged me was nominal, and even processing fee they have charged me was nominal,overall service is good.Still this loan is running.
      Was this review helpful? 3
      , chhapra
      Reviewed on Mar 08, 2019
    • SBI Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The experience with this loan was pretty good where the process in getting this loan was really good. The loan amount which they had provided was sufficient and the terms and conditions with them was the best. There was no penalty for finishing the loan as well, the interest rate with them has also been pretty good.
      Was this review helpful? 3
      , guwahati
      Reviewed on Mar 07, 2019
    • SBI Personal Loan
      "GST on processing fees,Interest on EMI need to reduce"
      0.5 2.5/5 "Just OK"
      SBI offers a personal loan with very high ROI including the GST charges , Processing fees to higher . I took for 2 years of tenure . I paid very high amount interest alone for this personal loan . It is big burden for close my personal loan . SBI need to reconsider the loan interest rate .
      Was this review helpful? 13
      , new delhi
      Reviewed on Mar 06, 2019
    • SBI Personal Loan
      "Best interest in the market"
      0.5 5.0/5 "Blown Away!"
      The loan amount is sufficient, I took the amount of Rs. 4.55 lakhs for the loan period five years. From SBI interest rate is good around 9.20% is low compared to other banks. I went to the bank to approach for the loan, the procedure was good within two days it got sanctioned.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Mar 05, 2019
    • SBI Personal Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a personal loan with STATE BANK OF INDIA. They charge 11.99% rate of interest and it is very satisfactory .The interest rate is pretty much same as that of other banks.Overall the whole process was easy and hassle free. I got my loan within 2 days.
      Was this review helpful? 9
      , thiruvananthapuram
      Reviewed on Mar 03, 2019
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