SBI Property Loan: Check your eligibility ✓ interest rates ✓ documents ✓ best property loan with SBI ✓ Apply Online. Online sbi calculator for emi calculation.
SBI property loan details:
|Interest rates||10.80% – 11.80%|
|Processing fees||2.00% or Rs.50000/- Maximum|
|Repayment options||Upto 10 years|
|Maximum loan amount||Rs.1 Crore|
|Min. Income||Rs.12000 per month|
SBI Property loan interest rates – 01 May 2016
Loan against Mortgage of Immovable Property
|MCLR (one year)||Spread over MCLR||Effective Rate (1 year reset)|
|Loan Against Property (LAP)||Upto Rs. 1crs||9.20%||1.60%||10.80%|
|Above Rs. 1 cr & upto Rs. 2 crs.||9.20%||2.10%||11.30%|
|Above Rs. 2 crs to Rs. 5 crs||9.20%||2.60%||11.80%|
Property Loan Scheme
Avail of an All-Purpose loan against mortgage of any of your property. you can get sbi property loan at any branch of state bank of India all over the country.
This is an all purpose loan, the loan can be obtained for any purpose whatsoever.If amount of loan is Rs.25 lacs and above then purpose of loan will have to be specified along with an undertaking that loan will not be used for any speculative purpose whatever including speculation on real estate and equity shares.
Eligibility criteria for SBI property loan in India
You are eligible if you are:
- A. An individual who is;
a. An Employee or
b. A Professional, self-employed or an income tax assesse or
c. Engaged in agricultural and allied activities.
- B. Your Net Monthly Income (salaried) is in excess of Rs.12,000/- or Net Annual Income (others) is in excess of Rs.1,50,000/-.
a.The income of the spouse may be added if he/she is a co-borrower or a guarantor
- C. Maximum age limit: 60 years.
Maximum : Rs.1 crore. The amount is decided by the following calculation:
- 24 times the net monthly income of salaried persons (Net of all deductions including TDS) OR
- 2 times the net annual income of others (income as per latest IT return less taxes payable)
Margin – SBI will finance up to 60% of the market value of your property.
Repayment: Maximum of 60 equated monthly installments, up to 120 months for salaried individuals with check-off facility. You could opt to divert any surplus funds towards prepayment of the loan without attracting any penalty.
Processing Fees: 2% of the loan amount [inclusive of the service tax]. Max of Rs. 50,000/-
Security As per banks extant instructions.
SBI Property Loan EMI Calculator
Enter the following information in the below EMI calculator:
✓ Principal loan amount you wish to avail (rupees)
✓ Loan term (months or years)
✓ Rate of interest (percentage)
EMI Calculation for SBI property Loan as per Loan Tenure Period
|Loan Amount||Repayment Time||Interest Rate||EMI Per Month|
|Rs.1,00,000||1 Year||10.80% – 11.80%||Rs.8828.84 – Rs.8875.53|
|Rs.1,00,000||2 year||10.80% – 11.80%||Rs.4651.5 – Rs.4698.01|
|Rs.1,00,000||5 Year||10.80% – 11.80%||Rs.2164.28 – Rs.2214.35|
|Rs.1,00,000||7 Year||10.80% – 11.80%||Rs.1701.75 – Rs.1754.6|
|Rs.1,00,000||10 Year||10.80% – 11.80%||Rs.1366.2 – Rs.1423.17|
Now you have to just multiply your loan amount with EMI per Month
Example – You opt 10 Lakh Loan amount for 7 Year so your emi calculation will be 10 x Rs.1701.75 = Rs.17017.46.00
What is the best way to apply for an SBI property Loan?
You can applying for a education Loan in any of the following ways:
Online by clicking here.
In person at any SBI Bank Loan Center or via Branch directly.
Other Products of State Bank of India:
Source: State Bank of India Website