SBI Loan Against Property: Eligibility and Interest Rate 2016

Loan Against Property

SBI bank has come up with all purpose loan against property. Be it your marriage, your child's higher education or your any other dream, SBI loan against property will make everything possible. With attractive interest rates on loan and minimal processing fees, SBI has made it easier for the customers to use their own property for their own benefits. The interest rate of SBI bank loan against property ranges from 10.35% to 11.90% p.a. depending on the purpose and eligibility of the applicant. 

SBI Loan Against Property Details

ParticularsDetails
Interest Rate10.35% - 11.90% p.a.
Loan amountUp to Rs 7.5 Crores
Tenure5 Years to 15 Years
Processing Fees1% of the loan amount

Steps to apply for SBI LAP

  • Fill in the personal details
  • Fill in the professional details
  • Submit the property details
  • Deposit the form along with the KYC

SBI Loan EMI Calculator

The EMI calculator is an easy way to know how much you need to pay each month against the loan amount. If you know the EMI in advance, things get a little practical on how you have to manage your finances. For a loan against the amount of Rs 15,00,000 for 15 years at the interest rate of 10.35% p.a., the EMI comes out as Rs. 16,442/-. To know the EMIs for all the years, see the below given table.  

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Table for EMIs, 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.)
150000010.35%-11.90%11,32,118-1,33,20385,418-98,43615,85,418-15,98,436
150000010.35%-11.90%269,460-70,5401,67,039-1,92,96416,67,039-16,92,964
150000010.35%-11.90%348,648-49,7502,51,315-2,90,99517,51,315-17,90,995
150000010.35%-11.90%438,296-39,4273,38,232-3,92,50318,38,232-18,92,503
150000010.35%-11.90%532,130-33,2914,27,770-4,97,45519,27,770-19,97,455
150000010.35%-11.90%628,054-29,2475,19,905-6,05,80920,19,905-21,05,809
150000010.35%-11.90%725,174-26,3996,14,606-7,17,51221,14,606-22,17,512
150000010.35%-11.90%823,040-24,2977,11,839-8,32,50422,11,839-23,32,504
150000010.35%-11.90%921,403-22,6928,11,564-9,50,71923,11,564-24,50,719
150000010.35%-11.90%1020,114-21,4349,13,737-10,72,08224,13,737-25,72,082
150000010.35%-11.90%1119,078-20,42810,18,310-11,96,51225,18,310-26,96,512
150000010.35%-11.90%1218,231-19,61111,25,231-13,23,92326,25,231-28,23,923
150000010.35%-11.90%1317,528-18,93712,34,446-14,54,22227,34,446-29,54,222
150000010.35%-11.90%1416,940-18,37713,45,895-15,87,31628,45,895-30,87,316
150000010.35%-11.90%1516,442-17,90614,59,518-17,23,10429,59,518-32,23,104

Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
138,422-44,1091,53,195-1,76,45014,55,891-14,61,578
243,253-48,8941,48,410-1,71,61914,06,997-14,18,325
348,690-54,2031,43,101-1,66,18213,52,794-13,69,635
454,812-60,0881,37,216-1,60,06012,92,706-13,14,823
561,700-66,6101,30,694-1,53,17212,26,096-12,53,123
669,456-73,8401,23,464-1,45,41611,52,256-11,83,667
778,189-81,8561,15,448-1,36,68310,70,400-11,05,478
888,018-90,7431,06,561-1,26,8549,79,657-10,17,460
999,083-1,00,59296,712-1,15,7898,79,065-9,18,377
101,11,513-1,11,53985,791-1,03,3337,67,552-8,06,838
111,23,617-1,25,56073,687-89,3126,43,935-6,81,278
121,37,037-1,41,34460,267-73,5285,06,898-5,39,934
131,51,912-1,59,11245,392-55,7603,54,986-3,80,822
141,68,402-1,79,11528,902-35,7571,86,584-2,01,707
151,86,724-2,01,88410,618-13,242

LAP Eligibility Criteria

The individuals as well as self-employed both can avail the benefits of SBI loan against property, please refer the below given list for the other eligibility criteria:

  • Individuals with monthly salary of Rs. 25,000/- or annual income is Rs. 3 lakhs per annum
  • Individuals who are self-employed
  • Individual who is engaged in agricultural and allied activities
  • Individuals with upto 70 years of age

Loan Against Property Documents Required

  • Address Proof
  • Professional details
  • Property details
  • Identity proof
Must Read  IndusInd Bank Loan Against Property: EMI Calculator & Interest Rate 2016

SBI Loan Application Form

You must fill in the below given details in the application form:

  • Personal details
  • Professional details
  • Property details

Loan Against Property Benefits & Features

  • Interest rates are applicable on a monthly basis by way of reducing balance method
  • Loan amount ranges from Rs. 10 lakhs to Rs. 7,50,00,000/-
  • No prepayment fees
  • Long repayment period of up to 15 years 
  • Apply at your nearest SBI branch
  • Multi-purpose loan facility
  • 1% processing fee

SBI Loan Agianst Property Interest Rate

The loan against property of SBI bank has come up with wide range of interest rates from 10.35% to 11.90% per annum and tenure up to 15 years is altogether a good combination. 

Processing Fees

The processing fee of the SBI bank loan against property is maximum of 1% on the loan amount.

                                                                                                                                         (Updated on: 18.11.2016)