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SBI Loan Against Property

SBI Mortgage Loan Interest Rates 2021

Last Updated 07th Jul 2021

State Bank of India is the most popular Loan Against Property lender in the country. SBI Loan Against Property is ideal for all salaried, self-employed, non-professional LAP seekers. Borrowers can avail SBI Bank Loan Against Property for business expansion, child education, expenses such as wedding or travel, or medical emergency with easy documentation, and quick processing. SBI Loan Against property interest rate begins at 8.80%. Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 15 years
Lowest EMI ₹ 1,002 per lakh
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

    Interest calculated on daily reducing method

    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

    SBI Loan Against Property

    SBI offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property. Taking a loan from SBI has the following benefits:

    • Interest calculated on daily reducing method
    • Complete transparency in account operation
    • No hidden fees or administrative charges
    • NIL prepayment charges for floating rate loan

    SBI Loan Against Property Fees and Other Charges

    Along with SBI Loan against Property Rates, SBI also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on SBI LAP Loan is 0.75%. This fee is charged by SBI to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in SBI for Salaried Employees

    The mortgage loan interest rates in SBI for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.80%
    ₹ 25 Lakh - ₹ 1 Cr 8.80%
    ₹ 1 Cr - ₹ 2 Cr 9.30%
    Above ₹ 2 Cr 9.30%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.80%
    ₹ 25 Lakh - ₹ 1 Cr 8.80%
    ₹ 1 Cr - ₹ 2 Cr 9.30%
    Above ₹ 2 Cr 9.30%

    SBI Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.80%
    ₹ 25 Lakh - ₹ 1 Cr 8.80%
    ₹ 1 Cr - ₹ 2 Cr 9.30%
    Above ₹ 2 Cr 9.30%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.90%
    ₹ 25 Lakh - ₹ 1 Cr 8.90%
    ₹ 1 Cr - ₹ 2 Cr 9.40%
    Above ₹ 2 Cr 9.45%

    Steps to Apply for SBI Loan Against Property

    You can apply for SBI Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official SBI bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for SBI Loan against Property online, you need to follow these steps:-

    • Visit the official website of SBI and navigate to Loan Against Property.
    • Before applying, now check your eligibility for SBI Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a SBI Loan against property. Here, you can compare offers SBI with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. SBI Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare SBI Loan Against Property Interest Rate with Top Banks

    SBI offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Interest Rate 8.80% - 9.30% 7.30% - 7.90% 8.75% - 9.90%
    Processing Fees Upto 1.00%
    Max ₹ 50,000
    NIL Upto 0.75%
    Loan Tenure 15 Years 15 Years 15 Years
    Maximum Loan Amount ₹ 7.50 Cr ₹ 5 Cr ₹ 5 Cr
    Age Min 18 and Max 70 years Min 23 and Max 65 years Min 24 and Max 65 years
    Benchmark Rate RLLR TBLR PLR
    Lowest EMI Per Lakh ₹ 1,002 per lakh ₹ 916 per lakh ₹ 999 per lakh
    SBI Floating Rate on Loan Against Property

    As on 27 Jul, 2021, SBI offers the lowest rate starting at 8.80%. SBI Loan against property rates have been dropped by 0.1%, from the earlier rate of 8.90% with effect from 01 Apr, 2021.

    SBI Mortgage Loan Interest Rates
    SBI Loan Against Property Floating Interest Rates 8.80% - 9.30%
    SBI Reverse Mortgage Loan 8.05%
    SBI Loan Against Property Floating Interest Rates
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 8.80%
    ₹ 25 Lakh - ₹ 1 Cr8.80%
    ₹ 1 Cr - ₹ 2 Cr8.80%
    Above ₹ 2 Cr 8.80%

    SBI Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    13 May, 2021 0.00%
    01 Apr, 2021 8.80%
    31 Mar, 2021 8.80%
    12 Sep, 2020 8.80%

    Factors Affecting SBI Loan against Property Interest Rates

    Some of the factors that impact SBI Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in SBI depend upon the loan amount you apply. You can get a minimum loan of ₹ 25 Lakh from SBI.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: SBI offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: SBI may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    SBI Loan Against Property Eligibility Criteria

    SBI has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 18 to 70 years
    Minimum Income ₹ 25,000
    Loan Amount ₹ 25 Lakh to ₹ 0 Cr
    Minimum years of business existence 2 years
    Minimum work experience 5 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    SBI Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online SBI Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The SBI Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in SBI

    SBI offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of SBI at an affordable interest rate, higher loan amount and convenient loan tenure. SBI loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in SBI are 8.80%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property SBI Products

    SBI offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Loan Against Mortgage of Immovable Property

    • SBI offers loan against mortgage of immovable property for a loan amount ranging between Rs. 10 Lakhs to upto Rs. 5 Crore depending on the location and value of the property. You can avail of this loan for personal needs such as a marriage, educational expenses or a medical emergency. However, SBI does not provide this loan for business purposes.
    • You can take this loan for any personal financial needs such as a wedding, travel, health expenses etc.
    • To avail this loan, you should have a monthly income of Rs 25000.
    • You can avail loan against mortgage of immovable property for a minimum loan amount of ₹ 10 Lakhs and can get upto ₹ 5 crores subject to location of the property.
    • Self-employed and salaried professionals who are IT assesses can avail this loan.
    • This loan can also be taken by Non-Resident Indians (NRIs) who owns residential property in his/her name or the name of spouse/children/parents/siblings.

    State Bank Rent Plus

    • Rent Plus is a loan product for property owners who are expecting rental income from their property. To avail of this loan, you should have a residential or commercial property that you have rented out or rent out to banks, MNC etc. SBI offers this loan to fulfil both personal & business needs for loan amount upto Rs. 5 Crores and Rs.7.5 Crores depending on the location of property.
    • The property owners of residential or commercial property can avail a loan for personal or business needs.
    • To avail this loan, individuals should have a residential or commercial property which they have rented out or will rent out to banks, MNC etc.
    • Property must be located in urban/semi-urban/metro/rural areas.
    • You can avail Rent plus loan for a tenure of 10 years.
    • Rent plus loan can be taken by property owners of residential or commercial property.

    Loan against commercial property

    • If you have a residential or commercial property in your name or your spouse or parents, you can avail loan against property from SBI for a loan amount ranging from Rs. 10 Lakhs to upto Rs. 7.5 Crore. SBI offers an LTV( Loan to Value) ratio of upto 65% and 60% if your loan amount is upto Rs. 1 Crore and above, respectively.
    • Loan against commercial property is usually taken for business expansion, machinery purchase or any other business requirement.
    • Salaried, Self employed professional and non professional not more than 70 years of age are eligible to avail loan against commercial property

      SBI Loan Against Property Documents Required

      For Self-Employed

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

      FAQs

      What is SBIs loan against property interest rate?

      SBI offers loan against property at a rate of 8.80% with the lowest EMI of ₹ 1,002. If you are currently paying a higher interest rate than SBI rate, you can opt for a balance transfer of loan to SBI.

      Did SBI Loan against property rates drop?

      Yes, SBI loan against property rates has decreased by 0.1% from the previous rate of 8.90% to 8.80%. The lowest mortgage rates of SBI are effective from 01 Apr, 2021.

      How to increase my eligibility on SBI Mortgage loan?

      If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

      Can I foreclose my Mortgage loan? What are the charges applicable?

      Yes, you can foreclose your SBI loan against property anytime you want with Nil foreclosure charges.

      What is the maximum loan tenure I can opt under SBI Property loan?

      SBI offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

      What is the benchmark rate applicable for Mortgage loan?

      The benchmark rate applicable for property loans in SBI is RLLR

      Can I transfer my LAP from another bank to SBI?

      Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to SBI offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in SBI are 8.80%.

      What is SBI mortgage loan processing fees?

      The loan processing fee charged is 1.00% of the total loan amount.

      What security do I need to provide for SBI Mortgage Loan?

      SBI requires a registered mortgage of the property against which the bank will provide you a loan.

      • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
      • Your total EMIs 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 the 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 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 application
      • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

      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

      SBI Loan Against Property Reviews 3.5/5  by 1 customers
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      SANDEEP KUMAR, Delhi
      Reviewed on 25th Mar 2015
      3.5 / 5 stars
      SBI Loan Against Property Availed in Feb-17

      I wanted to take loan from Government bank only. So I took my loan (This is against my property) frRead more...

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      SBI Loan Against Property News - Jul 2021
      • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
        State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
      • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
        State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
      • 2021-05-21 : SBI net profit rises 81% YoY
        State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
      • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
        With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
      • 2021-03-21 : SBI recorded digital transactions as high as 67%
        State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
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