The State Bank of India Rent Plus a loan product from State Bank of India is for those individuals who are expecting cash flows from rental incomes. The loan can be used to fulfill a requirement of personal nature, or get into a new business, get more funds for your current account. The loan will be involve documentation that is extremely simple and also the bank provides you with the loan in a quick turnaround time.
The State Bank of India (SBI) Rent Plus loan can be used to fulfill a requirement of personal nature, or get into a new business, get more funds for your current account. The loan will be involve documentation that is extremely simple and also the bank provides you with the loan in a quick turnaround time.
The State Bank of India Rent Plus loan you will need to own a residential or commercial property in urban or semi-urban areas, metro areas which are rented out or will be ready to be rented out to either MNCs, Banks, Large and medium sized companies.
The amount of loan can be applied for a maximum Rs. 5 crores for properties at Non-Metro cities, and for Metro cities are Rs. 7.50 crores.
The interest rate provided by State Bank of India is 9.70% (Base Rate) per annum
|
Amount |
Rate of interest |
|
Up to Rs. 7.5 crore in Metro cities And upto Rs. 5 crores in Non-Metro cities |
Base Rate + 3.25% = 12.95% |
|
In all other cases |
Base Rate + 3.40% = 13.10% |
Documents required for this product will be:
Bank Statement of the last 6 months in which rents have been deposited
Property documents
Proof of identity and address as well, documents accepted will be voter’s id, passport, aadhar card, driver’s license.
Agreement of property copy
3 passport photographs.
The tenure of this loan maximum of 10 years
A margin of 25% of the loan amount.
The processing charges for the loan will 2.02% of the loan amount. The maximum amount shall not cross Rs. 1,01,865/-
There will no prepayment charges.
Application process for this loan is very simple, all you need to do is fill in a loan application form with supporting documents and submit it to the nearest State Bank branch. You can also apply for this loan via the State Bank website by submitting an online application form with a few mandatory details.
Online application is available for the State Bank of India (SBI) Rent Plus, all you need to do is login to the State Bank website by submitting an online application form with a few mandatory details.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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