SBI Property Loan - a dream comes true! This is an all purpose loan for anything that life throws up at you!! Do you need funds for a Marriage ceremony, want to take your family to a well-deserved holiday or for a sudden medical emergency? you have some property, but would rather not sell it? Then why don't you avail of this all purpose loan from SBI? SBI now makes it very much possible for you to only keep your property but also have liquid funds.
Advantages of SBI Property Loan Scheme for All Purpose
Complete transparency in operations, access this loan from almost all branches, interest rates are levied on a monthly / daily reducing balance method, lowest processing fee, long repayment period of 60 months, upto 120 months for salaried individuals with check-off facility, no hidden charges, no prepayment penalties, and more convenience you can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.
How Property Loan Scheme Works
Avail of an All-Purpose loan against mortgage of any of your property. SBI offers you these loans at all Personal Banking Branches and those branches having Personal Banking Divisions amongst others.
Purpose of SBI Property Loan Scheme
This is an all purpose loan, i.e., the loan can be obtained for any purpose whatsoever. If amount of loan is Rs.25.00 lacs and above then purpose of loan will have to be specified along with an undertaking that loan will not be used for any speculative purpose whatever including speculation on real estate and equity shares.
Eligibility for Availing SBI Property Loan
You are eligible if you are:
- An individual who is an Employee or a Professional, self-employed or an income tax assesse or engaged in agricultural and allied activities.
- Your Net Monthly Income (NMI) (salaried) is in excess of Rs.12,000/- or Net Annual Income (NAI) (others) is in excess of Rs.1,50,000/-. The income of the spouse may be added if he/she is a co-borrower or a guarantor.
- Maximum age limit: 60 years.
Repayment of SBI All Purpose Property Loan
Maximum of 60 equated monthly instalments, up to 120 months for salaried individuals with check-off facility. You could opt to divert any surplus funds towards prepayment of the loan without attracting any penalty.
Salient Features of All Purpose Propety Loan
Loan Amount Minimum: Rs.25,000/-
Loan Amount Maximum: Rs.1 crore. The amount is decided by the following calculation: 24 times the net monthly income of salaried persons (Net of all deductions including TDS) OR 2 times the net annual income of others (income as per latest IT return less taxes payable).
Margin: Not applicable; SBI will finance up to 60% of the market value of your property subject to repayment capacity measured from Net Income.
Interest: Check with SBI website
Processing Fees: 2% of the loan amount [inclusive of the service tax]. Max of Rs. 50,000/-. Please verify with SBI website.
Security: As per banks extant instructions.