With State Bank of India you can avail Property Loan against mortgage. Not only this, but with State Bank of India you can also enjoy advantages, such as
- Complete transparency in operations,
- Personal loan to individual owners of residential home or flat; and selected commercial properties,
- Especially relevant, you can access this loan from our wide network of branches,
- Interest rates are levied on a daily reducing balance method,
- Also, lowest processing charges,
- Rental income in selected cases are also considered for loan eligibility,
- No prepayment penalties. Therefore, you can have surplus funds at any time by conveniently reducing your loan liability and interest burden.
Property Loan is basically a kind of personal purpose loan against mortgage of your residential and/or select commercial property. However, you cannot use money from this loan for any speculative purpose.
Eligibility for Property Loan:
You are eligible if you are:
A. An individual who is;
An Employee or
A Professional, self-employed or an income tax assesses or NRIs (Who has residential property or commercial properties in his own name or in the name of spouse, children, parent or sibling)
B. Minimum net monthly income of Rs. 25000.00 (or Rs. 3 lacs per annum).
C. Maximum age should be of 70 years at the maturity of loan
Minimum loan amount which you may get is Rs.10.00 Lakhs and maximum amount is Rs.7.50 Crores; subject to location of property.
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You will have to pay processing fee – 1% of the loan amount plus service tax, maximum of Rs. 50,000/- plus Service Tax.
i) Equitable mortgage of the property
ii) In cases where the commercial properties are rented out on lease, equitable mortgage on the property will be created and assignment of rental receivable will be obtained. In addition, a Tripartite Agreement or Irrevocable power of attorney is also required.
Rate of Interest:
For rate of interest and any other charges, please contact bank direct.
- All your KYC documents, such as Identity proof and address proof.
- Your income proof such as Salary slips, ITRs and Form 16.
- Bank statements for latest 6 months.
- Your property Title Deeds for mortgage creation.
Recommended Read: Cent Mortgage- A Mortgage Loan from Central bank of India