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.
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% |
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.
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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