|Loan Amount||Rs. 10 lakh to Rs. 7.5 Crore|
|Rate of interest||8.80% p.a. onwards|
|Tenure||Up to 15 Years|
|Age Limit||18 - 70 Years|
|Processing fee||1% of loan amount + GST|
Sometimes you have urgent expenses that you need to cater to at very short notice. If you do not have the cash flow to meet these requirements, you can use any residential or commercial property owned by you to generate funds. Of course, the sale of these properties takes several months. What you need is an instant fix like SBI Loan Against Property.
SBI LAP helps you get funding against any commercial or residential property you must provide as security against the loan amount. The final SBI Loan Against Property loan amount sanctioned is based on the value of the property and the eligibility criteria fulfilled by the customers.
SBI offers these loans in no time with a simple application and review process. These loans are also very flexible, allowing you to fix a monthly EMI affordable to you. The funds generated from this SBI Mortgage Loan can be used for different purposes, including:
It is crucial to note that these loans can only be used for personal requirements. These loans cannot be used to fulfil any business expenses.
SBI Loan Against Property is one of the most preferred options for instant funding because it comes with an array of features as well as benefits:
The SBI Loan Against Property Interest Rate depends upon various factors as mentioned below:
The interest on SBI Loan Against Property is linked to MCLR and is revised each year based on the changes in the market lending rate.
The current interest rates offered are as follows:
|Loan Amount||Rate of Interest|
|Up to 1 Cr.||1.45% + 1 year MCLR|
|Rs.1 Cr to Rs.2 Cr||2.10% + 1 year MCLR|
|Rs.2 Cr to Rs.7.5 Cr||2.50% + 1 year MCLR|
|Loan Amount||Rate of Interest|
|Up to 1 Cr.||2.10% + 1 year MCLR|
|Rs.1 Cr to Rs.2 Cr||2.60% + 1 year MCLR|
|Rs.2 Cr to Rs.7.5 Cr||3.00% + 1 year MCLR|
State Bank of India offers three types of loans against property:
There are different factors that are considered to decide the SBI Loan Against Property Eligibility of the applicant.
Here are the different categories and the conditions for eligibility accordingly:
Age is an important parameter as it determines the repayment tenure that you are eligible for.
The repayment tenure for the loan is dependant on the age of the applicant as follows:
|Age of the Applicant||Maximum Tenure for Salaried Applicants||Maximum Tenure for Self-Employed Individuals|
|25 years||15 years||15 years|
|30 years||15 years||15 years|
|40 years||15 years||15 years|
|50 years||15 years||15 years|
|60 years||10 years||10 years|
Your income determines your repayment capacity for a loan. The net monthly income is calculated when it comes to SBI Loan Against Property. Typically, a 60-time multiplier is applied to the net income of the applicant to calculate eligibility for a loan. However, the net monthly income for a borrower to qualify for a loan against property is Rs.70,000. The income of the individual also determines the interest rate offered. The higher the income, the lower the interest rate as the applicant has a higher repayment capacity.
The nature of employment is also an essential factor when it comes to SBI Loan Against Property. You need stability in job and income for at least two years in the case of salaried individuals and five years in the case of self-employed individuals.
The maximum loan amount that you get depends upon the Value of the Property that you pledge. You can get up to 80% of the value of the property as a loan, depending upon the location of your property. This value is usually lower when it comes to commercial properties.
Here are the Loan To Value details based on the type of property and the value of the property.
|Type of Property||LTV|
The SBI Bank Loan Against Property Eligibility varies for each of the three types of loans mentioned above. Here are the details for the same:
|Loan Against Property|
|Net Income / EMI Ratio|
>Rs.3 Lakhs - Rs.5 Lakhs- 50%
>5 Lakhs - Rs.10 Lakhs- 55%
.Rs.10 Lakhs- 60%
|Age||The loan should be liquidated before the oldest borrower turns 70 years old.|
|Income||The minimum income per month should be at least Rs.25000|
|Nature of employment||The individual should be salaried, self employed or a professional with commercial or residential properties under his name or the name of his children/ spouse/parent/ sibling.|
|Loan Against Mortgage of Immovable Property|
The minimum income per month should be at least Rs.25000
Regular income from various sources is considered
You can add a co-applicant whose income will also be considered to calculate the maximum loan amount.
|Age||The loan should be liquidated before the oldest borrower turns 70 years old.|
|Nature of employment||The individual should be salaried, self-employed or a professional with commercial or residential properties under his name or the name of his children/ spouse/parent/ sibling.|
|SBI Rent Plus|
|The applicant should be an owner of commercial or residential properties that have to be rented or have already been leased to Banks/ MNCs or any large or medium corporates. The loan amount is based on the rentals expected on the property.|
The SBI Loan Against Property documents required to help the bank establish the eligibility of the applicant for the loan. Here is a list of documents that you must submit when sending out your application:
SBI Loan Against Property offers the most affordable processing fees and charges. You can be sure that they do not have any hidden costs or charges. You get a list of charges upfront. Here are the expenses that you can expect with your SBI Mortgage Loan Application:
All the applicable fees to be paid at actuals. If you have any queries regarding the fees payable towards the loan against the property, get in touch with the customer care on call or visit the nearest SBI Branch.
State Bank of India offers some useful financial tools that make it easier for you to ensure approval on your loan. One of them is the SBI Loan Against Property EMI Calculator. This tool lets you calculate the EMI payable towards the loan quite accurately.
The EMI Calculator for your Loan Against Property is essential because it helps you plan your loan well. Here are some advantages of using this tool before you send out your application form:
State Bank of India offers multiple channels to reach their customer service desk.
Here are the various options that you can choose from:
Access the 24x7 customer care number 1800-11-2018 for any queries that you have with respect to your SBI Loan Against Property. This number leads you to an IVR system. Just follow these steps to get information about Loans against the property.
You can also access SBI customer care online using the following options:
SBI Bank offers 24x7 customer care services. This includes all public holidays as well. With these efficient services, you get access to any information that you need, including the features of the loan, repayment terms, the interest rates and even the process to send out an application for a Loan Against Property. This ensures that you make an informed decision with respect to your loan application. You can also track your application and disbursement status after the application has been reviewed.
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ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
Both commercial and residential properties can be mortgaged to get an SBI Loan Against Property. However, the property should be registered in your name or the name of your spouse/ child/ parent or sibling. In the case of SBI Rent Plus, the property must be rented or leased out to an MNC/ Corporate or other commercial establishments.
The loan amount that you can get with an SBI Mortgage Loan depends upon the value of the property as proposed by a qualified valuer with SBI. This is also subject to the location of the property. You can get up to 80% LTV with a cap of Rs.7.5 crores. There are several other eligibility criteria like the income and employment status of the individual that determine the maximum loan quantum sanctioned to any customer.
You can get the minimum amount as a loan with SBI Loan Against Property is Rs.10 lakhs. The maximum loan quantum is Rs. 7.5 crores. This is subject to the location of the property and the eligibility criteria fulfilled by the applicant.
SBI Loan Against Property offers floating interest rates to all its customer. This is linked to 1-year MCLR and is revised each year as per the fluctuation in the market lending rates.
The repayment tenure for SBI Loan Against Property is up to 15 years, depending upon the age of the applicant. In the case of older individuals, the age of the applicant should not be more than 70 years when the loan amount matures. In SBI Rent Plus, the maximum tenure offered on loan is 10 years or up to the expiry of the property lease, whichever comes earlier.
There are three simple methods of repayment for SBI Loan Against Property:
In order to be eligible for an SBI Loan Against Property, the applicant must fulfil the following conditions:
For SBI Rent Plus, the applicant should be an owner of commercial or residential properties that have to be rented or have already been leased to Banks/ MNCs or any large or medium corporates. The loan amount is based on the rentals expected on the property.
You can apply for an SBI Loan Against Property online or offline. Here are the steps involved in submitting your loan application.
Once SBI Bank has received the application form, they will conduct a complete review. If any additional documents are required, they will get in touch with you using the contact details provided on the application form. Once the loan application has been reviewed and is considered satisfactory, your loan will be sanctioned. The disbursed amount will be sent to the account whose details you provided along with the loan application.
You can apply for your SBI Loan Against Property through any branch near you. Go to the branch to fill the application form and submit it along with the necessary documents, post which the bank will review the submissions and you will be notified if the loan is approved. If the bank requires any additional documents, you may have to submit them even while the loan application is being processed.
Both Personal Loans Against Property and Unsecured Personal Loans are designed to help you get instant funding to meet unexpected expenses. They have their advantages and disadvantages as mentioned below:
Overall, the SBI Loan Against Property has more advantages when compared to an unsecured personal loan.
The processing fee for SBI Loan Against Property is 1% of the loan amount. In the case of Rent Plus, the processing fee is 2.02% of the loan amount sanctioned.
SBI Loan Against Property takes the income of the individual into account to process the application. You need to show a minimum income of Rs.25000 per month. Therefore, you cannot get an SBI Loan Against Property without any income proof.