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SBI Loan Against Property

Home State Bank of India Loan Against Property

State Bank of India offers Personal Loan Against Property (P-LAP) @ 10.60% p.a. onwards for tenures of up to 15 years. This loan cannot be availed for meeting business requirements.

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Updated: 26-05-2023 07:04:35 AM

State Bank of India Loan Against Property Highlights 
Interest Rate 10.60%-11.30% p.a.
Tenure Up to 15 years
Processing Charges Flat Rs 10,000
Note: Rates as of 26th May 2023

SBI Loan Against Property (LAP) Interest Rates

Campaign Rates (Term Loan- valid up to 30th June 2023)

CIBIL Score Interest Rate (p.a.)
>=800 10.60%
750-799 10.60%
700-749 10.80%
650-699 11.20%
550-649 11.30%
NTC/No CIBIL/-1 11.10%

Card Rates (Term Loan)

CIBIL Score Interest Rate (p.a.)
>=800 10.90%
750-799 10.90%
700-749 11.10%
650-699 11.20%
550-649 11.30%
NTC/No CIBIL/-1 11.10%

While SBI has not specified differential interest rates based on the tenure and credit score of its applicants, lenders may also consider these factors while evaluating their Loan Against Property interest rates.

 

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Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the LenderInterest Rate (% p.a.)
State Bank of India10.60-11.30
Bank of Baroda10.85-16.50
PNB Housing Finance9.65-13.00
IDFC First Bank9.00-16.50
HDFC8.95-10.25
L&T Housing Finance9.50 onwards
LIC Housing Finance9.50-11.55
Godrej Housing Finance9.75 onwards
ICICI Bank10.85-12.50
Tata Capital10.10 onwards
Bajaj Housing Finance8.50-18.00
Axis Bank9.90-10.35
Kotak Mahindra Bank9.15 onwards
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Eligibility Criteria for SBI Loan Against Property

  • Resident Indian
  • Age: 18-70 year
  • Minimum monthly income: Rs 25,000
  • Applicant should be an employee, professional, self-employed, income tax assesse, NRI

In addition to the above-mentioned eligibility criteria, SBI may also consider the credit score, employer’s profile, etc. of its applicants while evaluating their Loan Against Property eligibility.

Documents Required for SBI Loan Against Property

Here is the list of loan against property documents required by State Bank of India for availing LAP:

  • Employer ID card
  • Duly filled application form
  • ID proof: Aadhaar card/PAN card/driving license/passport/voter ID
  • Residence/Address proof

Property Documents

  • Construction permit
  • Registered sale agreement (only for Maharashtra)/Stamped sale agreement/Allotment letter
  • Occupancy certificate
  • Share certificate (only Maharashtra)/electricity bill/maintenance bill/property tax receipt
  • Bank account statements or payment receipt showing the payments made to the builder
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Account Statement

  • Bank account statement for past 6 months
  • Loan repayment history for 1 year if any previous loans from other lenders

Income Proofs

For Salaried:

  • Last 3 months’ salary slip/salary certificate
  • Last 2 years’ Form 16/ITR

For Non-Salaried:

  • Proof of Business proof
  • Last 3 years’ ITR
  • Details of Business license
  • Balance sheet/profit and loss account statement for past 3 years
  • TDS certificate

 

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