You can avail a mortgage loan from State Bank of India (SBI) at attractive interest rates starting from 9.75% onwards at flexible repayment tenure. The rate of interest levied on your loan amount will depend on factors such as the loan amount, repayment tenure, credit score, etc.
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.
Individuals who wish to apply for a State Bank of India mortgage loan need to satisfy the following basic criteria.
Individuals who wish to avail a State Bank of India mortgage loan should provide the following documents.
Some of the features and benefits of State Bank of India mortgage loans are mentioned below.
The interest rates charged by SBI on the Mortgage Loan are given below:
|Loan Amount||Interest Rate|
|Up to Rs. 1 crore||9.75%|
|Above Rs. 1 crore & up to Rs. 2 crores||10.25%|
|Above Rs. 2 crores & up to Rs. 5 crores||10.65%|
Note - Interest rates charged by State Bank of India are subject to change at their sole discretion, without any prior intimation.
State Bank of India charges a processing fee equivalent to 1.0% of the loan amount, subject to a maximum of Rs 50,000. This fee includes the service tax applicable. The bank does not charge any prepayment charges for this loan.
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