SBBJ Loan Against Property Interest Rate Calculator - Oct 2016

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SBBJ Loan Against Property Interest Rates

Last Updated 21st Oct 16

SBBJ Loan Against Property Interest Rate 12.05%
Check Special Offers
Lowest EMI Rs. 1,438 per lakh
Max Tenure 10 years
Processing Fee Upto 1.15%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 60 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 

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SBBJ Loan Against Property

SBBJ offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 75% of the market’s value for tenure of 18 years.

Loan Against Property SBBJ

SBBJ Loan Against Property interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Loan Against Property interest rates offered by SBBJ depends upon MCLR
  • Floating rates changes with a single change in SBBJ MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
SBBJ offers Property Loan based on 1 Year MCLR which is currently 9.55%
SBBJ mortgage loan interest rate depends upon
  • SBBJ Loan Against Property amount: SBBJ mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: SBBJ has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. SBBJ interest rate varies with your monthly income. Higher the income, less will the rate of interest

SBBJ Loan Against Property Charges

SBBJ Loan Against Property foreclosure charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBBJ allows prepayment of loan against property with Nil prepayment charges
Processing Fee - SBBJ asks for a processing fee of 1.15% of loan amount with applicable service tax

SBBJ Loan Against Property EMI Calculator

Loan Against Property EMI of SBBJ is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • SBBJ Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating SBBJ Loan Against Property EMI?
  • SBBJ Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • SBBJ EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

SBBJ Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria SBBJ
Eligibility of Loan Against Property in SBBJ relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: SBBJ offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 60 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: SBBJ decides your loan amount based on the market value of the property which you place as your collateral for the loan. SBBJ lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. SBBJ gives maximum LTV of 75% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. SBBJ checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. SBBJ does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, SBBJ gives you a maximum tenure of 18 years for a maximum loan amount of Rs.10,000,000 with a minimum spread of 2.50% over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Estimated eligibility online by using SBBJ Loan Against Property Eligibility Calculator.

SBBJ Floating Rate Home Loans

SBBJ Loan Against Property Floating
Upto Rs. 2,000,000 - 12.05%
Rs. 2,000,001 - 5,000,000 - 12.05%
Rs. 5,000,001 - 7,500,000 - 12.05%
Above Rs. 7,500,000 - 12.05% linked to 1 Year MCLR

SBBJ Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to SBBJ?
SBBJ offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of SBBJ
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property SBBJ documents required

Loan Against Property for Salaried employee SBBJ documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed SBBJ documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from SBBJ

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of SBBJ
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.70% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
18th Jun 15 9.95% decreased by 0.15%
02nd Jun 15: 0.25% repo cut by RBI
06th May 15 10.10% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
03rd Oct 13 10.25% increased by 0.1%
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
04th Mar 13 10.15% decreased by 0.1%
29th Jan 13: 0.25% repo cut by RBI
01st Oct 12 10.25% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
14th Nov 11 10.50% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
10th Aug 11 10.25% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
11th Jul 11 9.75% increased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 9.25% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
21st Feb 11 8.75% increased by 0.25%
25th Jan 11: 0.25% repo hike by RBI
16th Jan 11 8.50% increased by 0.25%
24th Dec 10 8.25% increased by 0.25%
02nd Nov 10: 0.25% repo hike by RBI
29th Oct 10 8.00% increased by 0.25%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.75%

SBBJ MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions – SBBJ Loan Against Property

What are the five things to check before applying for loan against property in SBBJ ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from SBBJ and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to SBBJ and other banks and all EMI's have been paid. Note that SBBJ can see record of your EMI defaults to all banks and NBFC’s in India and not just to SBBJ in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will SBBJ loan against property interest rate remain fixed or will it change in future?

  • Floating interest rate on SBBJ property loan is linked to its MCLR, which is currently 9.55%. So, when SBBJ offers a loan against property at 12.05%, it applies a 2.5% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of SBBJ, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on SBBJ loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or in case you need any assistance or clarification on this subject.

SBBJ Loan Against Property Customer Care Number, Email, Application Status

Contact Details of SBBJ Loan Against Property Branches
City Customer Care Number
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SBBJ Loan Against Property News - Oct 2016