Apply for SBI Bank Loan Against Property @ 9.50% Interest Rates
SBI LAP Interest Rates
SBI Bank mortgage loan interest rates are among the lowest in India starting at just 9.50% – 10.50% p.a. The bank offers up to Rs. 5 Crores as a loan amount, depending on the property’s value. You can apply for the loan online and get quick approval and disbursal.
| Loan Amount | Up to 65% of the property’s market value |
|---|---|
| Rate of interest | 9.50% – 11.00% p.a. onwards |
| Tenure | Up to 15 Years |
| Age Limit | 18 – 70 Years |
| Processing fee | up to 1% of the loan amount + GST |
- The repayment tenure is long and flexible
- The amount provided is up to 65% of the market value of the pledged property
- Flexible repayment tenure
- Doorstep service
- No hidden charges
SBI LAP Interest Rates
SBI Bank mortgage loan interest rates are among the lowest in India starting at just 9.50% – 10.50% p.a. The bank offers up to Rs. 5 Crores as a loan amount, depending on the property’s value. You can apply for the loan online and get quick approval and disbursal.
| Nature of Employment | Rate of Interest |
|---|---|
| Salaried/Self Employed | Starts @ 9.50% – 10.50% per annum |
Compare Loan Against Property Interest Rates for Top Banks
| Name of the Lender | Interest Rate (% p.a.) |
|---|---|
| Kotak LAP | 9.50% – 10.50% |
| SBI LAP | 10.10% – 11.65% |
| LIC Housing LAP | 9.70% – 11.55% |
| IDFC First Bank LAP | 9.00% – 20.00% |
| Federal Bank LAP | 11.15% – 14.80% |
| Home First LAP | 12.80% – 18.50% |
| HDFC Bank LAP | 9.50% – 11.00% |
| PNB Housing LAP | 9.24% – 12.45% |
| BOB LAP | 10.85% – 16.50% |
| ICICI Bank LAP | 10.85% – 12.50% |
| Tata Capital LAP | 10.10% |
| Bajaj Housing LAP | 9% – 14% |
SBI Loan Against Property Fees & Charges
The charges applicable to the Kotak mortgage loan are as mentioned below:
| Type of charge | Description |
|---|---|
| Processing fee (non-refundable) | 1% of the loan amount + GST & Statutory dues |
| Documentation charges | Rs. 10,000 + GST & statutory dues |
| Charges for issuing copies of documents, List of Documents, Any other documents/letter | Rs. 500 + taxes & statutory dues per event |
| Repayment mode/ account swap charges | Rs. 500 + taxes & statutory dues |
| Cheque/ECS dishonour charges | Rs. 750 plus GST per instance |
| Charges for issuing duplicate NOC | Rs. 500 + taxes & statutory dues per event |
| Switch to lower floating rate | 0.5% of the principal outstanding & undisbursed amount (if any) at the time of conversion with a cap of Rs. 10,000 + taxes & statutory dues |
| Rescheduling of loan tenure | Rs. 500 + taxes & statutory dues |
| Prepayment/ foreclosure charges | NIL for Term Loans given to Individual Borrowers for non-business end-use. Otherwise up to 2%. |
| Instrument dishonor charges | Rs. 500 + taxes & statutory dues |
| Charges for delayed payment | 2% p.m. + taxes & statutory dues |
| Legal charges | As Incidental/ At Actuals |
| Penal interest for noncompliance of sanction terms | 2% incremental pricing over & above existing spread + taxes & other statutory dues |
| Loan cancellation charges | 0.10% of the loan amount or Rs. 25,000 whichever is higher + taxes & other statutory dues |
Features & Benefits of SBI Loan Against Property
The following are the key features and benefits of the Kotak Mahindra loan against property:
- The Kotak mortgage loan can be obtained against residential, commercial, or industrial properties as a term loan or as an overdraft facility.
- The loan can be used for any personal as well as business requirements.
- The quantum of the loan ranges between Rs. 10 Lakhs to Rs. 5 Crores.
- Kotak LAP rate starts from 9.50% – 10.50% per annum, depending on the loan amount and the borrower’s eligibility.
- The tenure of repayment can be extended up to 15 years on a case-by-case basis. For the overdraft facility, the repayment is on demand.
- The bank levies a non-refundable processing fee of 1% plus GST and statutory dues on the loan.
- The bank charges NIL prepayment/foreclosure charges for Term Loans given to Individual Borrowers for non-business end-use.
- Getting a Kotak Mahindra Bank LAP involves easy documentation, quick processing, and sanction.
- There is transparency in the charges collected and no hidden charges are involved.
SBI LAP Eligibility Criteria
The applicant must meet the following Kotak loan against property criteria to be eligible for the loan:
Eligibility criteria for self-employed professionals and non-professionals:
- The minimum annual proof of income should be Rs. 1.80 Lakhs or above.
- The minimum age of the applicant should be 21 years when applying for the loan, and a maximum of 65 years at loan maturity.
- The applicant’s business/organization should be operational for at least the last 3 years.
- The applicant’s business/organization should be making a consistent profit for at least the last 2 years.
Eligibility criteria for salaried individuals:
- The minimum monthly income should be Rs. 40,000 or above.
- The minimum age of the applicant should be 18 years when applying for the loan, and a maximum of 60 years at loan maturity.
- The applicant should hold a graduate degree if they are employed with a private limited company/ partnership firm. No such criterion is there if they are employed with a Public limited company/ MNC/ Government, or Public Sector Company.
SBI Loan Against Property EMI Calculator
You can use the Kotak Mahindra Loan Against Property EMI Calculator to calculate the exact EMI you will have to pay against the borrowed amount. The tool considers a few factors such as the loan tenure, market valuation of the property, rate of interest, etc.
Just follow the steps given below to calculate your Loan Against Property EMI using the calculator instantly:
- Open the EMI Calculator under the Loan Against Property page on Kotak Bank’s official website.
- Enter your loan amount requirement, the interest rate you are looking for, and repayment tenure.
- As soon as you enter all these details, you will get the EMI amount to be paid to the bank along with the total interest payable and the total amount payable.
Documents Required for SBI Loan Against Property
The following documents have to be submitted along with the relevant loan application for the scheme and two passport photographs:
| Type of document | Salaried | Self-Employed |
|---|---|---|
| Address Proof | Voter’s ID Card, Aadhar Card, Passport, Driving Licence, Utility bills | |
| Photo ID Proof | PAN Card, Passport, Voter’s ID Card, Passport | |
| Income Proof |
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| Business Proof | N.A. |
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| Property Documents | Chain of title deeds relating to the property along with the sanctioned plan. | |