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SBI Loan Against Property Interest Rate Calculator - Sep 2017

Last Updated 22nd Sep 2017

SBI Loan Against Property Interest Rates

Interest Rate 9.85% - 10.80%
Check Best Offers
Lowest EMI Rs. 1,065 per lakh
Max Tenure 15 years
Processing Fee Upto 1.00%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed
Apply Loan Against Property @ 8.50%*
Rs.
Rs.
+91

SBI Loan Against Property

SBI 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 65% of the market’s value for tenure of 15 years.

Loan Against Property SBI

Loan Against Property interest rates offered by SBI depends upon MCLR

  • Floating rates changes with a single change in SBI MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates

SBI offers Property Loan based on 1 Year MCLR which is currently 8.00%

SBI mortgage loan interest rate depends upon
  • Loan amount: SBI 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: SBI 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. SBI interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of loan against property with Nil prepayment charges

Processing Fee - SBI asks for a processing fee of 1.00% of loan amount with applicable service tax

SBI Loan Against Property EMI Calculator

Loan Against Property EMI of SBI is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure

  • SBI 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 SBI Loan Against Property EMI?
  • SBI Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • SBI 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

SBI Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria SBI

Eligibility of Loan Against Property in SBI 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: SBI offers loan against property for a maximum tenure of 15 years if the borrower’s age does not exceed above 70 years for salaried and 70 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: SBI decides your loan amount based on the market value of the property which you place as your collateral for the loan. SBI 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. SBI gives maximum LTV of 65% 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. SBI 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. SBI 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, SBI gives you a maximum tenure of 15 years for a maximum loan amount of Rs.75,000,000 with a minimum spread of % 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

    Business person should be in business from the past 2 years and minimum ITR of last 2years is required as proof to SBI

Popular Products:

  • Loan Against Mortgage of Immovable Property
  • State Bank Rent Plus
  • Property Loan Scheme

SBI Floating Rate Loan Against Property

SBI Loan Against Property Floating
Upto Rs. 2,500,000 - 9.85%
Rs. 2,500,001 - 10,000,000 - 9.85%
Rs. 10,000,001 - 20,000,000 - 10.35%
Above Rs. 20,000,000 - 10.80% linked to 1 Year MCLR

SBI Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to SBI?

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

Loan Against Property SBI documents required

Loan Against Property for Salaried employee SBI documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • 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 SBI documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 2 years
  • 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 SBI

  • 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

Frequently Asked Questions

What are the five things to check before applying for loan against property in SBI ?
  • 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 SBI 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 SBI and other banks and all EMI's have been paid. Note that SBI can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to SBI 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 SBI mortgage loan interest rate remain fixed or will it change in future?
  • Floating interest rate on SBI property loan is linked to its 1 Year MCLR, which is currently 8.00%. So, when SBI offers a loan against property at 9.85%, it applies a 1.85% 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 SBI, its past trend and comparison with RBI repo rate are given here for your reference
Are prepayment or foreclosure charges applicable on SBI 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 banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

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 0124-4603660 or care@myloancare.in in case you need any assistance or clarification on this subject.

SBI Loan Against Property in India

SBI Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Madurai 979-191-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonepat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211
Sbi Loan Against Property

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