SBI loan against property in Chennai with lowest Interest Rates from SBI. Check out whole details on interest rates, Documents, Eligibility and Process of Property Loan or Mortgage Loan.
Eligibility for SBI Loan Against Property in Chennai
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/-.
The income of the spouse may be added if he/she is a co-borrower or a guarantor.
C. Maximum age limit: 60 years.
Loan against Mortgage of Immovable Property Interest Rates:
(Base Rate 9.75 % w.e.f. 20.09.2012)
|Size of Credit Limit|
|Rate of Interest|
|Upto Rs. 1,00,00,000/-||5.25% above Base Rate Floating, currently 15.00% p.a.|
|Above Rs. 1,00,00,000/-||5.50% above Base Rate Floating, currently 15.25% p.a.|
|*No Overdraft against Mortgage of Property|
Enjoy the SBI Advantage
• 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.
Maximum : Rs.1 crore
2% of the loan amount [inclusive of the service tax]. Max of Rs. 50,000/-