SBBJ Loan Against Property
Last Updated : March 5, 2020, 3:08 p.m.
Are you planning foreign education for your child? Want to travel abroad with your family? Or your business needs some finishing touch this year? For all such needs and others where you want a huge amount of money and you do not have ample savings, loan against property for sure gives you relief. SBBJ is one of the most reliable banks in India for its customer-friendly loan schemes and the mortgage loan scheme is one of those. In this mortgage loan, the maximum quantum of finance is up to 75% of the market value of the property for the repayment period up to 10 years.
For more information on the SBBJ mortgage loan aka loan against property, keep reading this post..
SBBJ Mortgage Loan Scheme Details
| Particulars | Details |
|---|---|
| Interest Rate | 11.95% p.a. |
| Loan Amount | Minimum – Rs. 1 lakh Maximum – Rs. 1 Crores EMI/NMI not to exceed 60% OR 75% of the market value/ realizable value/DLC Rate of the Property whichever is the lowest |
| Tenure | 7 years to 10 years |
| Processing Fees | 1.15% of the loan amount |
| Prepayment Charges | NA |
How to Apply
At SBBJ, the process of applying for a loan is quick as you do not have to go through a long lost mechanism of documentation or other steps. Here at State Bank of Bikaner & Jaipur, getting a loan against property (residential or commercial) is hassle-free. So, the applicants who want to save their time and get the loan smoothly must follow these steps:
- Fill up the mandatory details in the loan application form as mentioned in your KYCs
- Attach all KYC documents, property documents and other required documents as asked by the bank
- Submit all the documents at the nearest bank branch
SBBJ Loan Calculator
Since everything is moving towards digitalization, people look forward to getting things in one click. As a result, things that are available online are trusted more. When it comes to taking a mortgage loan, a loan borrower would try to get the minimum interest rates for the loan he/she is taking so the repayment is smoother. For such purposes, online EMI calculator is the tool that takes care of all this.
An EMI calculator is the tool that tells you the monthly installments, total interest outgo, and the total amount that a loan borrower for the loan that he/she has taken. Other than the EMIs, the calculator also shows you the amortization table that shows the details of the payment done and the undue payment for the loan amount at the last year of the tenure.
With an EMI calculator in your reach, you can know calculate the monthly installments on your own by mentioning the below details:
- Loan amount
- Loan tenure
- Rate of interest
Once these details are filled in, a table appears with the detailed monthly EMIs for all the years of the tenure of the loan. Here is an example of the EMI details of the following data:
- Rate of Interest- 11.95% per annum
- Loan tenure- 10 years
- Loan Amount- Rs. 15 lakhs
Table for EMI per month, Total Interest Outgo, and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in Years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 1500000 | 11.95% | 1 | 133238 | 98857 | 1598857 |
| 1500000 | 11.95% | 2 | 70575 | 193805 | 1693805 |
| 1500000 | 11.95% | 3 | 49786 | 292283 | 1792283 |
| 1500000 | 11.95% | 4 | 39464 | 394269 | 1894269 |
| 1500000 | 11.95% | 5 | 33329 | 499727 | 1999727 |
| 1500000 | 11.95% | 6 | 29286 | 608614 | 2108614 |
| 1500000 | 11.95% | 7 | 26439 | 720877 | 2220877 |
| 1500000 | 11.95% | 8 | 24338 | 836455 | 2336455 |
| 1500000 | 11.95% | 9 | 22734 | 955280 | 2455280 |
| 1500000 | 11.95% | 10 | 21477 | 1077277 | 2577277 |
Amortization Table
| Year | Principal (in Rs.) | Interest Outgo (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 82918 | 174806 | 1417082 |
| 2 | 93386 | 164338 | 1323696 |
| 3 | 105179 | 152545 | 1218517 |
| 4 | 118462 | 139262 | 1100055 |
| 5 | 133418 | 124306 | 966637 |
| 6 | 150264 | 107460 | 816373 |
| 7 | 169236 | 88488 | 647137 |
| 8 | 190605 | 67119 | 456532 |
| 9 | 214674 | 43050 | 241858 |
| 10 | 242071 | 15945 | 0 |
Eligibility Criteria for SBBJ Mortgage Loan
The eligibility criteria for a mortgage loan from State Bank of Bikaner and Jaipur is as follows:
- Permanent employees
- Self-employed Professionals
- Net Monthly Income of Rs. 25,000/-
- Businessmen & Agriculturists with Annual Income of Rs. 3,00,000/-
- Maximum age of 60 years (65 in special cases)
Documents Required
Have a look at the documents that you need to have to get a loan from State Bank of Bikaner & Jaipur:
- Loan application form
- Identity Proof (Voter ID Card/Adhaar Card/PAN Card/Driving License,etc.)
- Address Proof (Voter ID Card/Adhaar Card/Driving License/Ration Card,etc.)
- Income Proof
- Profit/Loss Proof in case of Businessmen
- Bank Statements showing salary credit
- Property Documents
- Copy Income Tax Returns for last 2 years
Loan Against Property Interest Rates
The first thing that concerns a loan borrower is the interest that he/she will be offered by the bank. As a matter of fact, one always looks for low-interest rates and here at SBBJ, the rate of interest charged on the loan against property or mortgage loan is 11.95% p.a.
Processing Fees for SBBJ Mortgage Loan
When it comes to taking a loan, banks charge some processing fee on the amount taken. This fee is dependable upon the fund that the borrower needs. For, SBBJ loan against property, the processing fee is 1.15% of the loan amount.
Key features of SBBJ Loan Against Property
Here are some of the benefits and characteristics of SBBJ Mortgage Loan :
- Loan available as Term Loan or Overdraft
- Margin up to 25% on DLC/ realisable value of the property
- Longer repayment period up to 10 years
- Equitable mortgage of immovable property
- Maximum loan up to Rs. 1 Crores
- Low-interest rate of 11.95% per annum