SBI Loan Against Property

1. You should be a salaried individual
2. Or a professional, self-employed or an income tax assesses, or NRIs with properties or commercial properties in their name or in the name of their parent, spouse, or children
3. Minimum net monthly income of Rs.25,000
4. Loan under the loan against property scheme should be liquidated before the borrower attains the age of 70 years.

Loan Amount Details of SBI Loan Against Property

1. Minimum loan amount: Rs.10 lakh
2. Maximum loan amount: Rs.7.5 crore

SBI Loan Against Property Interest Rate

When more than 50% of the Net Monthly Income (NMI) comes from the Salaried income

When more than 50% of the Net Monthly Income (NMI) comes from the Business or rental income

Repayment Tenure Period

1. Minimum repayment tenure: 5 years
2. Maximum repayment tenure: 15 years (conditions apply)

Other fees and charges

1. Processing fee: 1% of the loan amount plus service tax or maximum of Rs. 50,000/- plus service tax whichever is higher

How to Apply for SBI Loan against Property

You can apply for SBI Loan against Property scheme by visiting the official website of State Bank of India.

1. Online mode

1. Under the 'Personal Banking' section click on 'Personal Finance'.
2. Click on 'Loan against property'.
3. You will be directed to a new page where you will have to click on 'Apply Now Online'.
4. Duly fill the application form and upload the necessary documents.
5. Make sure to check the details before submitting the application form.

Once you submit the application form, the bank will review the documents including the application form and if they find all the documents including your property documents, they will disburse the said loan amount to your bank account.

2. Offline

You can also apply for the SBI Loan against property scheme offline by visiting the nearest branch of SBI. You must carry all the relevant documents with you including your property documents speed up the application process. A representative from the bank will help you with the process of applying for a loan against property.

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