SBI Loan against Property

SBI provides Loans against property @10.60% p.a. onwards for a period of up to 15 years. It is not meant for meeting business requirements. 

State Bank of India Loan Against Property- A Snapshot
Interest Rate	10.60%-11.30% p.a.
Tenure	Up to 15 years
Processing Charges	Flat INR 10,000

Features of SBI Loan against Property

• It gives its applicants full transparency in operations.
• Personal loan to individual owners of residential homes/flats and select commercial properties
• Wide network of branches from where loans can be accessed
• Interest is levied on a daily reducing balance method.
• Low processing charges
• For loan eligibility, rental income is also considered.
• No penalties on prepayments.

Eligibility Criteria

• An individual who is:

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

• Minimum net monthly income of INR 25000/- (or INR 3 lacs per annum)
• Loan under LAP should be liquidated before the eldest borrower attains the age of 70 years.

Fees

• Processing Fee*
  • 1% of the loan amount plus Service Tax, maximum INR 50,000/ plus Service Tax.

*Plus applicable taxes

• Pre-sanction**
  • Advocate’s fee for property search and title investigation report.
  • Valuer’s fee for valuation report.
• Post-sanction**
  • Stamp duty payable for Loan agreement
  • Property insurance premium.
  • CERSAI Registration Fee of INR 50 + GST up to INR 5 Lakh limit and INR 100 + GST for limits above INR 5 Lakh.

** To be paid at actuals.

Documents Required

List of papers/ documents applicable to all applicants:

• Employer Identity Card
• Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
• Proof of Identity (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

• Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready-to-move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statements showing all the payments made to Builder/Seller

Account Statement:

• Last 6 months’ Bank Account Statements for all Bank Accounts held by the applicant/s
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year

Income Proof:

SBI Loan against Property without Income Proof cannot be availed, therefore below mentioned are the income documents required for the same.

1. Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
2. Salary Slip or Salary Certificate of the last 3 months
3. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
4. Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
5. Business address proof
6. IT returns for the last 3 years
7. Balance Sheet & Profit & Loss A/c for last 3 years
8. Business License Details(or equivalent)
9. TDS Certificate (Form 16A, if applicable)
10. Certificate of qualification (for C.A./ Doctor and other professionals)

Interest Rates

Below mentioned are the SBI Loan against Property Interest Rates:

Cibil Score	Regular Home Loans		CRE Home Loans		Top Up Loans		Realty Loan		Tribal Plus	P-Lap
	Term Loan	Max Gain	Term Loan	Max Gain	Term Loan	Overdraft	Term Loan	CRE Term	Term Loan	Term Loan
≥800	9.15%	9.55%	9.35%	9.65%	9.55%	9.85%	9.45%	9.65%	9.25%	10.90%
750-799	9.25%	9.65%	9.45%	9.75%	9.65%	9.95%	9.55%	9.75%	9.35%	11.00%
700-749	9.35%	9.75%	9.55%	9.85%	9.75%	10.05%	9.65%	9.85%	9.45%	11.10%
650-699	9.45%	9.85%	9.65%	9.95%	9.85%	10.15%	9.75%	9.95%	9.55%	11.20%
5540-649	9.65%	10.05%	9.85%	10.15%	10.15%	10.45%	9.85%	10.05%	9.75%	11.30%
NTC/ No Cibil Score/-1	9.35%	9.75%	9.55%	9.85%	9.75%	10.05%	9.65%	9.85%	9.45%	11.10%

Campaign Rates

1. REGULAR HOME LOAN, FLEXIPAY, NRI, NON-SALARIED, PRIVILEGE, APON GHAR:

CARD RATES (Term Loan) (Current EBR: 9.15%)			Rates during the Campaign (Term Loan)
CIBIL	EBR+ Spread	Effective	CIBIL	EBR +Spread	Effective Rate	Concession over Card Rate
SCORE		Rate	SCORE
> = 800	EBR+0 %	9.15%	> = 800	EBR-0.45 %	8.70%*	45 bps
750 – 799	EBR+0.10 %	9.25%	750 – 799	EBR-0.45 %	8.70%*	55 bps
700 -749	EBR+0.20 %	9.35%	700 -749	EBR-0.35 %	8.80%*	55 bps
650 – 699	EBR+0.30 %	9.45%	650 – 699	No Change	9.45%	NIL
550 – 649	EBR+0.50 %	9.65%	550 – 649		9.65%
NTC/NO CIBIL/-1	EBR+0.20 %	9.35%	NTC/NO CIBIL/-1	EBR-0.35 %	8.80%	55 bps
For Shaurya & Shaurya Flexi Product: 10 bps concession over the above-proposed rates (Not applicable for takeover cases/resale / ready-to-move-in cases, wherein, separate concessions are available)
*For HL Takeovers & Resale / Ready to Move Properties: 20 bps concession over the above rates (For CIBIL Score of 700 and above).
The above rates are inclusive of a 5bps concession available to women borrowers and a 5 bps concession available for salary account holders for Privilege and Apon Ghar.
A premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue.

2. TOP-UP LOAN:

CARD RATES (Term Loan)			Rates during the Campaign (Term Loan)
(Current EBR- 9.15%)
CIBIL	EBR + Spread	Effective Rate	CIBIL	EBR + Spread	Effective Rate	Concession over Card Rate
> = 800	EBR+0.40 %	9.55%	> = 800	EBR -0.05 %	9.10%*	45 bps
750 – 799	EBR+0.50 %	9.65%	750 – 799	EBR + 0.05 %	9.20%*
700 -749	EBR+0.60 %	9.75%	700 -749	EBR+0.15 %	9.30%*
650 – 699	EBR+0.70 %	9.85%	650 – 699	No Change	9.85%	NIL
550 – 649	EBR+1 %	10.15%	550 – 649		10.15%
NTC/NO	EBR+0.60 %	9.75%	NTC/NO		9.75%
CIBIL/-1			CIBIL/-1
*20 bps concession over the above rates to be accorded for Top Up Loans associated with Takeover loans. (For CIBIL Score of 700 and above).

3. P-LAP:

CARD RATES (Term Loan)			Rates during the Campaign (Term Loan)
(Current EBR- 9.15%)
CIBIL	EBR+ Spread	Effective Rate	CIBIL	EBR+ Spread	Effective Rate	Concession over Card Rate
> = 800	EBR+1.75%	10.90%	> = 800	EBR + 1.45 %	10.60%	30 bps
750 – 799	EBR+1.85%	11.00%	750 – 799	EBR + 1.55 %	10.70%
700 -749	EBR+1.95%	11.10%	700 -749	EBR+ 1.65 %	10.80%
650 – 699	EBR+2.05%	11.20%	650 – 699	No Change	11.20%	NIL
550 – 649	EBR+ 2.15%	11.30%	550 – 649		11.30%
NTC/NO	EBR+1.95%	11.10%	NTC/NO		11.10%
CIBIL/-1			CIBIL/-1

4. OTHER VARIANTS:
5. 5 bps concession on card rates for MaxGain & Realty loans (except all types of CRE Loans) for borrowers with CIBIL Score greater than or equal to 750.

Processing Fee Waiver:

Particulars	Processing Fee During the Campaign
For HL & Top Up	NIL
For P-LAP	Flat INR 10,000/- plus applicable GST
Advocate & Valuer Fee- Actual expenses, will be collected from the customer and realized separately as being done hitherto.

Processing Fees and Charges for SBI Home Loan

Home Loan	NIL
Top-up Home Loan	NIL