State Bank of India (SBI) is the largest public sector bank that provides a range of banking and financial products and services to its customers in India and overseas. One of its prominent offerings is its loan against property segment. The bank offers an assortment of loan against property for its customers. SBI offers property loans for cash requirements against the individual’s asset (or property).
SBI Loan against property (LAP) can also be called an all-purpose loan to counter your financial emergency. If you are in cash crunch you can leverage a property and avail this SBI Mortgage loan to meet your needs and requirements
SBI Loan Against Property Interest Rates 2020 | |
Interest Rate | 8.45% onwards |
Max Age Criteria | Before 70 Years loan should be liquidated |
Loan Tenor | Min. 5 Years & Max. 15 Years |
Min. Loan Amount | Rs. 10 lakhs |
Max. Loan Amount | Rs. 7.5 crores |
Lon-to-Value (LTV) Ratio | 65% upto Rs. 1 cr, Above Rs. 1 cr & upto Rs. 7.5 crs. is 60% |
Processing Fees | Upto 1% of loan amount, Max. Rs. 50000 + GST |
Minimum Net Income | Rs. 25000/- per month |
Security | Equitable mortgage of the property |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.
SBI LAP Interest Rates: The tables below represent the loan liability and interest rates:
SBI Mortgage Loan Interest Rate for Salaried | |
Loan Amount | Rate of Interest |
For Loans upto Rs.1 crore | 1.45% + 1 years MCLR = 8.45% |
Loans above Rs.1 crore | 2.10% + 1 year MCLR = 10.65% |
Above Rs. 2 crores & upto Rs. 7.50 crores | 2.50% + 1 year MCLR = 11.05% |
SBI LAP Interest Rate for Self-employed | |
Loan Amount | Rate of Interest |
Loans up to Rs.1 crore | 2.10% + 1 years MCLR = 10.65% |
Loans above Rs.1 crore | 2.60% + 1 year MCLR = 11.15% |
Above Rs. 2 crores & upto Rs. 7.50 crores | 3.00% + 1 year MCLR = 11.55% |