SBI Loan Against Property
SBI Loan Against Property
SBI Loan Against Property (LAP) is an attractive financial product for those who need substantial funds and possess valuable property to pledge. This type of loan can be used for various personal or business purposes such as funding the child’s education, expanding a business, or managing medical emergencies. SBI bank loan against property can be availed at 10.10% per annum for tenures up to 15 years by eligible borrowers.
SBI Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
SBI Loan Against Property Interest Rate
The interest rate on a LAP plays a pivotal role in determining the overall cost of the loan and the affordability of the monthly repayments. The SBI loan against property interest rate starts around 10.10% per annum but may vary depending on the borrower’s profile and the specifics of the loan. The LAP interest rate for SBI may vary for floater and fixed rate packages, so make sure to understand this difference before applying for one from this bank.
The table below will give you a clue about the LAP SBI interest rate SBI 2024:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.10% - 11.65% per annum |
| Fixed Rate | 10.10% - 11.65% per annum |
SBI Loan Against Property Eligibility Criteria
The loan against property eligibility SBI includes adherence to certain basic requirements set by the bank. These criteria typically encompass several factors including the borrower’s age, income, credit score, and employment status.
For Salaried Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 and above
For Self-Employed Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 and above
SBI Loan Against Property Fees and Charges
A loan against property with SBI comes with a set of fees that potential borrowers need to be aware of. These include processing fees, legal and valuation charges, foreclosure or prepayment charges, and other miscellaneous fees.
Check out the SBI loan against property processing fees and other charges through the table displayed below:
| Processing Fee | 1% of the loan amount (Maximum Rs. 50,000) + applicable taxes |
| CERSAI Registration Fee | Up to Rs. 5 lakh limit: Rs. 50 + GST; Above Rs. 5 lakh limit: Rs. 100 + GST |
| Prepayment Fee | Nil |
| Pre-Sanction Fee | Advocate’s Fee: As applicable for property search and title investigation report; Valuer’s Fee: As applicable for valuation report |
| Stamp Duty | As applicable for the loan agreement |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
When making a financial decision such as borrowing a loan, it is paramount to compare with similar lenders. So, to help you in this, we are now showing a table of comparison between SBI and other competitors in terms of interest rates and processing fees on an LAP scheme:
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 9.50% - 11.55% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 9.00% - 20.00% p.a.
- Processing Fee - Up to 3% of the loan amount
- Rate of Interest - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
Documents Required For SBI Loan Against Property
When applying for a Loan Against Property with the State Bank of India, one of the crucial steps in the process is submitting the necessary documents. These documents are vital for verifying the applicant’s identity, income, and the legal status of the property being pledged. The SBI loan against property documents required list for salaried and self-employed borrowers is given below:
| For Salaried Loan Applicants | Address/ Identity Proof: PAN Card, Aadhaar Card, Electricity Bill. Water Bill, Passport, And So On
Income/ Salary Proof: Latest ITR/ Form 16, Salary Slips For The Last 3 Months, Bank Account Statements For The Last 3-6 Months
Property Documents: Allotment Letter, Occupancy Certificate, Permission For Construction, Payment Receipts To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form Affixed With 3 Latest Passport Size Photographs, Appointment Letter, Employer Identity Card |
| For Self-Employed Loan Applicants | Address/ Identity Proof: Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: ITR/ Form 16 For The Last 3 Years, Profit And Loss Account Statements And Balance Sheets For The Last 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For The Last 3 To 6 Months, Business Profile, Form 26AS
Property Documents: Allotment Letter, Occupancy Certificate, Permission For Construction, Payment Receipts To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form Affixed With 3 Latest Passport Size Photographs, Appointment Letter, Employer Identity Card, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for an SBI Loan Against Property
The SBI loan against property apply online is a simple procedure that can be done by following these steps:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an SBI Home Loan Against Property
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