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Fincash » SBI Home Loan » SBI Property Loan

A Guide to SBI Property Loan

Updated on June 13, 2024 , 14276 views

Who doesn’t wish to have a comforting yet luxurious space that they can proudly Call theirs? Of course, for a middle-class Indian, buying or constructing a house is a dream that cannot be fulfilled without taking a property loan.

SBI Property Loan

Considering the rise in the prices of Real Estate, the need to avail has become more undeniable now more than ever. Thus, keeping these requirements in mind, the State Bank of India has come up with a specific property loan.

Let’s check out more about the SBI property loan in this post.

Features of SBI Property Loan:

Acquiring an SBI property loan has immense advantages, especially if you are somebody who is taking a loan for the very first time. Thus, in this type, you can expect the following features making your journey even more seamless:

  • Available for both self-employed and salaried individuals

  • Special rates for women applications

  • Low and affordable interest rate

  • No hidden charges; absolutely transparent process

  • Up to 60% of the Market value of the property

  • Maximum of 120 months of instalments for salaried individuals and 60 months for others

  • 1% of the loan amount is charged as the processing fees

  • A minimum amount of Rs. 25,000 and the maximum amount is Rs. 1 crore; this is calculated on the following Basis:

    • For a salaried person, the net monthly Income is calculated 24 times
    • For others, the net annual income is calculated 2 times

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SBI Housing Loan Interest 2024

SBI property loan interest rate begins from as lesser as 8.45 p.a%. However, these rates vary as per the certain criteria, like loan nature, income quantum, occupation, and more.

If 50% of the monthly net income is from salary:

Loan Amount Interest Rate
Up to Rs. 1 crore 8.45%
More than Rs. 1 crore and up to Rs. 2 crores 9.10%
More than Rs. 2 crores and up to Rs. 7.50 crores 9.50%

If 50% of the net monthly income is from a profession, business, or rental property:

Loan Amount Interest Rate
Up to Rs. 1 crore 9.10%
More than Rs. 1 crore and up to Rs. 2 crores 9.60%
More than Rs. 2 crores and up to Rs. 7.50 crores 10.00%

Eligibility Required for SBI Loan Against Property

For those who are willing to take this loan, a certain guideline that outlines the eligibility criteria is available to refer. In a way, you must:

  • Be an individual who is:

    • Engaged in allied and agricultural activities
    • income tax assessee
    • Self-employed
    • Professional
  • Salaried employee:

    • Have a net monthly income that is more than Rs. 12000 (for salaried employee)
    • Have a net annual income of more than Rs. 150000 (for others)
    • Add the income of the spouse if they are a guarantor or a co-borrower
    • Are not more than 60 years of age

Furthermore, there could be other factors to be assessed. However, these are dependent upon the property’s value that you are putting forward.

How to Apply for SBI Property Loan?

When it comes to providing a Home Loan, SBI offers an amazing network across the country. Along with that, you can also find specific branches to cater to customers looking forward to taking this loan.

Here is a list of documents that would have to be submitted:

For Salaried Employee

  • Completely and carefully filled loan application form
  • 2 passport size pictures
  • Last 2 years’ of ITR
  • Identity proof (PAN/ Voter ID/ Driving Licence/ Passport)
  • Residential address proof
  • Income documents

For Self-Employed

  • Filled up the loan application form
  • 2 passport size pictures
  • Identity proof
  • Residential address proof

Penalties and Other Charges

Along with the interest rate mentioned above, this property loan comes with other charges as well, such as stamp duty, title investigation report, property search fee, valuation fee, and more. Here are a few other things that you must be wary of:

Processing Fee

SBI would charge a processing fee of 0.25% of the entire loan amount. Thus, if you are taking Rs. 25 lakhs, you would have to pay Rs. 1000 as the processing fee and so on.

Foreclosure Charges

They say, sooner you clear the loan, the better it is. Thus, if you wish to repay your complete loan before the closure period, fortunately, SBI doesn’t pose any extra charges. Hence, you can rest assured of being completely transparent.

Additional Charges

Along with the charges mentioned above, the bank may also bring with legal and technical charges, which will be explained to you during the process of taking the loan.

Customer Care Service Number

  • 1800-112-211 (Toll-Free)
  • 1800-425-3800 (Toll-Free)
  • 080-26599990

An Alternative of the Home Loan- Invest in SIP!

Well, home loan comes with higher interest rates and long tenure. The best way to accomplish your dream home is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream home from which you can invest a fixed amount in SIP.

SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!

Speed-up your Savings to Buy Dream House

If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.

SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.

Know Your SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579
Invest Now

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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