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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 Rate10.60%-11.30% p.a.
TenureUp to 15 years
Processing ChargesFlat 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 ScoreRegular Home LoansCRE Home LoansTop Up LoansRealty LoanTribal PlusP-Lap 
Term LoanMax GainTerm LoanMax GainTerm LoanOverdraftTerm LoanCRE TermTerm LoanTerm Loan
≥8009.15%9.55%9.35%9.65%9.55%9.85%9.45%9.65%9.25%10.90%
750-7999.25%9.65%9.45%9.75%9.65%9.95%9.55%9.75%9.35%11.00%
700-7499.35%9.75%9.55%9.85%9.75%10.05%9.65%9.85%9.45%11.10%
650-6999.45%9.85%9.65%9.95%9.85%10.15%9.75%9.95%9.55%11.20%
5540-6499.65%10.05%9.85%10.15%10.15%10.45%9.85%10.05%9.75%11.30%
NTC/ No Cibil Score/-19.35%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)
CIBILEBR+ SpreadEffectiveCIBILEBR +SpreadEffective RateConcession over Card Rate
SCORERateSCORE
> = 800EBR+0 %9.15%> = 800EBR-0.45 %8.70%*45 bps
750 – 799EBR+0.10 %9.25%750 – 799EBR-0.45 %8.70%*55 bps
700 -749EBR+0.20 %9.35%700 -749EBR-0.35 %8.80%*55 bps
650 – 699EBR+0.30 %9.45%650 – 699No Change9.45%NIL
550 – 649EBR+0.50 %9.65%550 – 6499.65%
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.
  1. TOP-UP LOAN:
CARD RATES (Term Loan)Rates during the Campaign (Term Loan)
(Current EBR- 9.15%)
CIBILEBR + SpreadEffective RateCIBILEBR + SpreadEffective RateConcession over Card Rate
> = 800EBR+0.40 %9.55%> = 800EBR -0.05 %9.10%*  45 bps
750 – 799EBR+0.50 %9.65%750 – 799EBR + 0.05 %9.20%*
700 -749EBR+0.60 %9.75%700 -749EBR+0.15 %9.30%*
650 – 699EBR+0.70 %9.85%650 – 699  No Change9.85%  NIL
550 – 649EBR+1 %10.15%550 – 64910.15%
NTC/NOEBR+0.60 %9.75%NTC/NO9.75%
CIBIL/-1CIBIL/-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).
  1. P-LAP:
CARD RATES (Term Loan)Rates during the Campaign (Term Loan)
(Current EBR- 9.15%)
CIBILEBR+ SpreadEffective RateCIBILEBR+ SpreadEffective RateConcession over Card Rate
  > = 800  EBR+1.75%  10.90%  > = 800  EBR + 1.45 %  10.60%  30 bps
750 – 799EBR+1.85%11.00%750 – 799EBR + 1.55 %10.70%
700 -749EBR+1.95%11.10%700 -749EBR+ 1.65 %10.80%
650 – 699EBR+2.05%11.20%650 – 699  No Change11.20%  NIL
550 – 649EBR+ 2.15%11.30%550 – 64911.30%
NTC/NO  EBR+1.95%  11.10%NTC/NO  11.10%
CIBIL/-1CIBIL/-1
  1. OTHER VARIANTS:
  2. 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:

ParticularsProcessing Fee During the Campaign
For HL & Top UpNIL
For P-LAPFlat 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 LoanNIL
Top-up Home LoanNIL

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