SBI Loan Against Property

SBI Loan Against Property 

A dream come true! An ALL PURPOSE LOAN for many thing that life throws up at you!! Do you need funds meeting expenditure on education, marriage, healthcare etc. A simple undertaking in the application itself and no documentary evidence for end use of the fund to be insisted upon. Employees, professionals and Self employed individuals who are IT assesses and NRIs who own residential property or commercial property in his/her own name or in the name of spouse/children/parent/sibling

 

SBI Loan Against Property Advantage
  • Complete transparency in operations
  • Personal loan to individual owners of residential home/flat and select commercial properties
  • Access this loan from wide network of branches all over India.
  • Interest rates are levied on a daily reducing balance method.
  • Lowest processing charges. Also, no processing fee period at times.
  • Rental income in select cases also considered for loan eligibility.
  • No prepayment penalties. You can repay and reduce the interest whenever you have surplus funds.

SBI Loan Against Property Scheme 

A personal purpose loan against mortgage of your residential and/or select commercial property.

SBI Loan Against Property Purpose
Any personal purpose other than speculative purpose.

SBI Loan Against Property Eligibility
You are eligible if you are:

A. An individual who is;

  • An Employee or
  • A Professional, self-employed or an income tax assesses or NRIs (Who has residential property or commercial properties in his own name or in the name of spouse / children/parent/sibling)

B. Minimum net monthly income of Rs. 25000/- (or Rs. 3 lacs per annum)

C. Loan under LAP should be liquidated before eldest borrower attain the age of 70 years.

SBI Loan Against Property Features

Loan Amount

Minimum Loan Amount : Rs.10 Lacs

Maximum Loan Amount : Rs.7.5 crores. subject to location of property

Processing Fees

1% of the loan amount plus service tax, maximum of Rs. 50,000/- plus Service Tax

Security

i) Equitable mortgage of the property

ii) In cases where the commercial properties are rented out on lease, equitable mortgage on the property will be created and assignment of rental receivable will be obtained. In addition a Tripartite Agreement / Irrevocable power of attorney is also required.

LTV Ratio

Loan Amount LTV Ratio
Upto Rs. 1crs 65%
Rs. 1 cr & upto Rs. 7.5 crs. 60%

Loan Tenor

Minimum – 5 Years

Maximum – 15 Years (*) Condition apply

EMI / NMI Ratio-

Maximum permissible EMI/NMI will be as below:

Net Annual Income EMI/NMI ratio
> Rs. 3 lacs<= Rs.5 50%
> Rs. 5 lacs <= Rs.10 lacs 55%
> Rs.10 lacs 60%

Maximum Age

Loan under SBI Loan Against Property should be liquidated before eldest borrower attains the age of 70 years.

 

SBI Loan Against Property Documents applicable :
  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
  • Property tax receipt/ Passport/ Voters ID card)
  • Proof of business address for non-salaried individuals
  • Statement of Bank Account/ Pass Book for last six months
  • Signature identification from present bankers
  • Personal Assets and Liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

Additional documents required for salaried persons :

  • Original Salary Certificate from employer
  • TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.

Additional documents required for Professionals/self- employed/ other IT assesses:

  • Acknowledged copies of three years I.T. returns/ Assessment Orders.
  • Photocopies of challans evidencing payment of Advance Income Tax.
How Loanyantra Works With SBI

Loanyantra, India’s first online home loan management company, works with SBI to bring in a better customer relationship and a perfect interaction to get your work done on time. We are just a missed call away, find out all the details from us about your favourite bank by letting us know your requirement. We let you get the best service from SBI without you stepping out of your cozy home. Call know to get the royal service from SBI via Loanyantra.com 040-71011991.

 

No Processing Fees Period

Post demonetization has left the home loan sector in true benefits!!!

After the decrease of interest rates came subsidy for the home loan for the amount 12 lakh. The nationalized banks reduced the home loan interest rates making really competitive and tough to choose from. SBI stands as a pioneer to reduce the interest rates.

Yet another step by SBI which gave rise to further competition, no processing fees period. LIC Housing, Kotak Mahindra Bank are some of the followers in nullifying the processing fees.

This is the best time to avail the home loan or to opt for a balance transfer. Because, you can skip the charges as they usually go upto a maximum amount of Rs. 10,000.

no-processing-fees_loanyantraHow Does No Processing Fees Work?

Processing fee is charged by the institutes or banks which includes the charges for the document check, legal check and property check.

So, what happens during no processing fees period is, you have to  pay the legal charges separately. Whatever may be the extra cost, it doesn’t reach the usual processing charge limit.

But, always ask for the other additional charges while opting a loan during this season.

How Loanyantra Works on No Processing Fees?

Loanyantra, the first ever online home loan management company, suggests you which option is better. It makes you aware what kind of institute you can opt and what are the hidden charges by them. Be the first to know when there are promotions or offers by your favorite bank or institute.

Know more and avail more cash back offers on home loan. Happy Home loans.