SBI Property Loan | Eligibility | Interest Rates | Documents | Information

SBI Property Loan 2014: Check Eligibility, interest rates, Documents and best property loan with SBI.

Enjoy the SBI Advantage

  • Complete transparency in operations
  • Access this loan from our wide network of branches
  • Interest rates are levied on a monthly/daily reducing balance method
  • Lowest processing charges.
  • Long repayment period of 60 months, upto 120 months for salaried individuals with check-off facility
  • No Hidden costs or administrative charges.
  • No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.
Get Free Instant Quotes on Rates, EMI & Eligibility on Loan Against Property
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Property Loan Scheme

Avail of an All-Purpose loan against mortgage of any of your property. We offer you these loans at all our Personal Banking Branches and those branches having Personal Banking Divisions amongst others.

SBI Property loan interest rates – 2014


Loan against Mortgage of Immovable Property

Size of Credit Limit (Term Loan) Rate of Interest
Upto Rs. 1,00,00,000/- 2.75% above Base Rate Floating, currently 12.75% p.a.
Above Rs. 1,00,00,000/- 3.00% above Base Rate Floating, currently 13.00% p.a.
*No Overdraft against Mortgage of Property

Purpose


This is an all purpose loan, i.e., the loan can be obtained for any purpose whatsoever.If amount of loan is Rs.25.00 lacs and above then purpose of loan will have to be specified alongwith an undertaking that loan will not be used for any speculative purpose whatever including speculation on real estate and equity shares.

Eligibility
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.

Salient Features

Loan Amount

Minimum: Rs.25,000/-
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.

For Apply and Know More About SBI Loan Products Click on links :-

SBI Home Loan SBI Property Loan SBI Car Loan
SBI Personal Loan SBI Educational Loan SBI Loan to Pensioners
SBI Card SBI Easy Travel Loan SBI Festival Loans
SBI Teachers-Plus Scheme Loan Against Shares/Debentures SBI Loan For ESOPS

Source: State Bank of India Website

 

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