SBI Loan Against Property
Last Updated : Oct. 31, 2016, 5:14 a.m.
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 7.00% - 7.70% p.a. depending on the purpose and eligibility of the applicant.
SBI Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 7.00% - 7.70% |
| Loan amount | Up to ₹ 7.5 Crores |
| Tenure | 5 Years to 15 Years |
| Processing Fees | 1% 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 Against Property Interest Rate
The loan against property of SBI bank has come up with wide range of interest rates from 7.00% - 7.70% 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.
SBI LAP 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 ₹10,00,000 for 15 years at the interest rate of 9.45% p.a., the EMI comes out as ₹10,412. To know the EMIs for all the years, see the below given table.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 31,799 | ₹ 93,146 | ₹ 9,68,200 |
| 2 | ₹ 34,937 | ₹ 90,007 | ₹ 9,33,263 |
| 3 | ₹ 38,386 | ₹ 86,559 | ₹ 8,94,877 |
| 4 | ₹ 42,174 | ₹ 82,770 | ₹ 8,52,702 |
| 5 | ₹ 46,337 | ₹ 78,607 | ₹ 8,06,364 |
| 6 | ₹ 50,911 | ₹ 74,034 | ₹ 7,55,453 |
| 7 | ₹ 55,936 | ₹ 69,009 | ₹ 6,99,516 |
| 8 | ₹ 61,457 | ₹ 63,488 | ₹ 6,38,059 |
| 9 | ₹ 67,523 | ₹ 57,422 | ₹ 5,70,535 |
| 10 | ₹ 74,188 | ₹ 50,757 | ₹ 4,96,347 |
| 11 | ₹ 81,510 | ₹ 43,434 | ₹ 4,14,836 |
| 12 | ₹ 89,556 | ₹ 35,389 | ₹ 3,25,280 |
| 13 | ₹ 98,395 | ₹ 26,550 | ₹ 2,26,885 |
| 14 | ₹ 1,08,107 | ₹ 16,838 | ₹ 1,18,777 |
| 15 | ₹ 1,18,859 | ₹ 6167 | ₹ 0 |
SBI 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 ₹ 25,000/- or annual income is ₹ 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
Documents Required
- Address Proof
- Professional details
- Property details
- Identity proof
SBI LAP Application Form
You must fill in the below given details in the application form:
- Personal details
- Professional details
- Property details
SBI Loan Against Property Benefits & Features
- Interest rates are applicable on a monthly basis by way of reducing balance method
- Loan amount ranges from ₹ 10 Lakhs to ₹ 7.5 Crores
- No prepayment fees
- Long repayment period of up to 15 years
- Apply at your nearest SBI branch
- Multi-purpose loan facility
- 1% processing fee
State Bank of India Moratorium process
You can stop your loan EMIs falling due from March 1, 2020, to May 31, 2020, using the following steps.
- Download the Annexure Form I or II from SBI’s official website
- Fill up the Annexure I with the Term loan or Account number
- Mention the branch name and put your signature over it
- If the loan is co-borrowed then the 2nd applicant’s signature is mandatory
- You can submit the form online without going anywhere to the mentioned email ID on Annexure-II
- If the user avails the Standing Instruction service of SBI for the payment, he/she can submit a handwritten application to their SBI branch