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 is a loan provided against mortgage of immovable property. The SBI’s loan against property offers loan against properties that can go from Rs. 25 lakhs to over Rs. 1 crore depending on the features and conditions of the bank. These loans can also be repaid over a comfortable period ranging from 5 years to 10 years.
Loan Against Property is a loan granted by the bank or any financial institute by taking any of the immovable properties into its custody. The more your property values, the more you get the loan amount sanctioned.
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
Minimum Loan Amount : Rs.10 Lacs
Maximum Loan Amount : Rs.7.5 crores. subject to location of property
1% of the loan amount plus service tax, maximum of Rs. 50,000/- plus Service Tax
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 (Loan to Value) Ratio
|Loan Amount||LTV Ratio|
|Upto Rs. 1crs||65%|
|Rs. 1 cr & upto Rs. 7.5 crs.||60%|
Minimum – 5 Years
Maximum – 15 Years
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%|
SBI Loan Against Property 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 required :
- 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 – SBI Loan Against Property
- Original Salary Certificate from employer
- TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Department.
Additional documents required for Professionals/self- employed/ other IT assesses – SBI Loan against property
- Acknowledged copies of three years I.T. returns/ Assessment Orders.
- Photocopies of challans evidencing payment of Advance Income Tax.
How Loanyantra Works With SBI – SBI Loan Against Property
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.
Apart from SBI Loan Against Property, get to know about every bank and every lender in the market. Get the best deal and make the best use of the money. Loanyantra helps you to be aware of the best product that suits your requirement.