A Mortgage Loan from State Bank of India to meet your financial needs
The right loan against property to consolidate your debts
State Bank of India SBI Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on.
Features of SBI Loan Against Mortgage of Immovable Property (Loan Against Property)
Why this Loan?
- The SBI Loan Against Mortgage of Immovable Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
- There are no prepayment charges for this loan
Loan Amount
- The loan amount to be sanctioned under this loan scheme is decided by the bank on a case-to-case basis
Interest
- The interest rate for this loan is defined as the sum of two factors: External Benchmark based Rate (EBR) and Spread. As of October 2020, the interest rate applicable to this loan may range anywhere from 8.80% to 9.65%
Repayment
- This loan must be repaid within 15 years subject to a maximum age of 70 years, whichever is earlier
Margin Money (Borrower’s Contribution to Total Cost)
- As of October 2020, this information is not mentioned on the bank’s website. Please talk to a representative to get more details
Security Needed
- The bank asks for the first charge of equitable/registered mortgage of property
Processing Charges
- The bank charges 1.00% of the loan amount for processing the loan with a maximum of Rs. 50,000
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
- Property related documents
Reference Facts
- State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800