SBI Rent Plus Loan
Rent Plus scheme is a loan product from State Bank of India 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.
Maximum Loan Amount
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.
What is the rate of interest on State Bank of India Rent Plus?
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% |
Eligibility criteria for SBI Rent Plus
To avail the SBI Rent Plus loan,you will need to own a residential or commercial property in urban or semi-urban areas which are rented out or will be ready to be rented out to either MNCs, banks, large and medium sized companies.
What are the documents required for State Bank of India Rent Plus?
- 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.
What are the terms for State Bank of India Rent Plus?
- 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.
How do I apply for this loan?
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.
Can I apply for State Bank of India Rent Plus online?
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.
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