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State Bank of India Loan Against Property
Max Tenure
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Best Rate
13%
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The State Bank of India (SBI) Loan Against Property
For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, The State Bank of India (SBI), one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.
Obtaining a The State Bank of India (SBI) loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.
Key Highlights of The State Bank of India (SBI) Loan Against Property
| Loan Amount | Loans up to Rs.7.5 crore |
| Eligibility | Salaried or Self-employed |
| Loan Tenure | Up to 15 years |
| Interest Rate | Up to 13% |
What is Loan Against Property?
Loan Against Property is taken to meet the financial needs of an individual using mortgage of property. This is also known as ‘Home Equity Loans’ as taken against the security of the house you own. The funds obtained from the mortgage can be used to expand your business, pursuing education in foreign universities, funding medical treatments, for consolidating debts etc.
Introduction to The State Bank of India (SBI) Loan Against Property
The State Bank of India (SBI), one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from The State Bank of India (SBI) loan against property. With customised loan options, The State Bank of India (SBI) provides competitive interest rates and flexible repayment options.The State Bank of India (SBI) loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.
Advantages of The State Bank of India (SBI) Loan Against Property
- Long tenure with small EMIs
- Attractive interest rates
- Hassle-free documentation
- Quick processing
- Loans for both commercial and residential properties
Features of The State Bank of India (SBI) Loan Against Property
Purpose: The main objective of The State Bank of India (SBI) loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.
Loan Amount: The borrowers can get up to Rs.7.5 crores at attractive interest rates.
Repayment Options: The customers can opt for low EMIs and longer tenure or overdraft facility on The State Bank of India (SBI) loan against property.
Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.
Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.
Prepayment charges: Are levied for outstanding loan amount and it can be done only after six months of taking the loan.
Processing Fee: 1% to a maximum of Rs. 50,000 of the loan amount are levied for processing the loan and all the charges are communicated up front
Overdraft Facility: You can avail overdraft facility against property which allows you to use the loan amount up to an approved limit and pay interest only to the amount you have used.
Eligibility Criteria for The State Bank of India (SBI) Loan Against Property
To apply for a The State Bank of India (SBI) loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.
The State Bank of India (SBI) Loan Against Property Interest Rate
The interest rate of State Bank of India (SBI) loan against property ranges between 11% and 13%
The State Bank of India (SBI) Loan Against Property Balance Transfer
The customers can transfer the loan against property from another bank to The State Bank of India (SBI) for Lower interest rate.This can significantly reduce the loan burden and monthly outgo on EMIs.
Documents Required to get The State Bank of India (SBI) Loan Against Property
The documentation is easy and hassle free. The following documents are required to get The State Bank of India (SBI) loan against property along with the application.
For Salaried Individuals
Application form with photograph
Any one of the following as proof of residence
- Aadhar card
- Ration card
- Telephone bill
- Electricity bill
- Voter ID card
Any one of the following as proof of identity
- Voter ID
- Driving Licence
- Aadhar card
- Employer’s ID
Bank statement of last 6 months where you can show your salary or income details
Salary slip of last 6 months
Photocopies of all documents related to the property that you are going to pledge for the loan
From 16 for the past 2 years
For Self-Employed Individuals
Certified financial statement for the previous 3 years
Any one of the following as proof of residence
- Aadhar card
- Ration card
- Telephone bill
- Electricity bill
- Voter ID card
Any one of the following as proof of identity
- Voter ID
- Driving Licence
- Aadhar card
- Employer’s ID
Bank statement of last 6 months where you can show your salary or income details
Salary slip of last 6 months
Photocopies of all documents related to the property that you are going to pledge for the loan
Benefits of The State Bank of India (SBI) Loan Against Property
Using the funds acquired from The State Bank of India (SBI) loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.
How to Apply for The State Bank of India (SBI) Loan Against Property?
Applying for a The State Bank of India (SBI) loan against property is simple. You can either apply online or visit a nearby The State Bank of India (SBI) branch.
Applying Online
You can visit the official website of The State Bank of India (SBI) and select ‘Apply Now’ option under ‘Loan Against Property’ page. It will be directed to another page where you need to fill up the personal and income details. After completing the application form, you can submit it which will be validated by the lender. A representative from the bank will call you for documentation following which it will be sent for approval.
The State Bank of India (SBI) Loan Against Property FAQ
1. What are that properties that can be considered as collateral for The State Bank of India (SBI) loan against property?
Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.
2. What is the maximum loan amount I can get from The State Bank of India (SBI) loan against property?
You can get up to Rs.7.50 crores as the loan amount.
3. Can I pre-close my loan against property account?
Yes, you can. You need to submit a written request to the nearest The State Bank of India (SBI) branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.
4. Can I make part-prepayment on The State Bank of India (SBI) loan against property?
Yes, you can make part-prepayment and no charges are levied on floating interest type.
5. How can apply for The State Bank of India (SBI) loan against property?
You can either apply online or visit the nearby The State Bank of India (SBI) branch or through CreditMantri official website.
6. Will I be charged a penalty for not paying my EMI on The State Bank of India (SBI) loan against property?
Yes, you will be charged as per norms on the EMI amount as penalty.
7. Can I get overdraft facility against my property?Yes, you can avail overdraft facility against your property as a term loan.
8. What is the interest rate range to avail The State Bank of India (SBI) loan against property?
The interest rate of State Bank of India (SBI) loan against property ranges between 11% and 13%
9. What is the processing fee on The State Bank of India (SBI) loan against property?
The processing fee is up to 1% to a maximum of Rs. 50,000 of the loan amount are levied for processing the loan and all the charges are communicated up front
10. Can I top up the The State Bank of India (SBI) loan against property?
Yes, you can top up loans under adjustable rate which is linked to The State Bank of India (SBI)’s retail prime lending rate.
11. Can I get The State Bank of India (SBI) loan against property without any income proof?
No, you cannot get it without showing income proof.
12. In what cities The State Bank of India (SBI) loan against home and land available?
The State Bank of India (SBI) loan against property is available in pune, Chennai, Mumbai, Bangalore, Kolkata etc. The loan can be availed after submitting land or home documents to the bank as collateral.
About The State Bank of India (SBI)
The State Bank of India (SBI), founded in 1806 is one of the oldest commercial banks in Asia. It is a major banking and financial services public sector company with more than 24,000 branches and 59,000 ATMs. It is the largest bank in India which has a 20% market share in deposits and loans among commercial banks, truly being a bank for every Indian.