If you have a major requirement of funds for education, business plans or medical conditions, applying for a loan against property will help you get sufficient funds to manage the situation. The State of Bank is one of the most trusted public banks. It allows you to use your property as a security to receive a loan. SBI loan against property is easy to obtain and the procedure does not take much of your time. You get flexible repayment options and a competitive interest rate which makes it preferable and affordable. SBI offers the loan against a commercial or residential property. A borrower can get funds up to 60% of the property value by applying for this loan.
How to get a loan against property from SBI?
SBI offers loans against property with simple eligibility criteria and application process. Below you will find details about the features, eligibility criteria, documentation procedure, and application procedure for availing of the loan.
Eligibility Criteria
While applying for a loan against property, you should be well aware of the eligibility criteria. Here is a list of criteria for you to look at.
- You should be of Indian nationality and an Indian resident.
- Age should be between of 18 to 70 years to procure the loan.
- You have to be a salaried person or a self-employed, professional, or an income tax assessee. Even NRI with properties in their name or in the name of their spouse and children are eligible for applying for the loan.
- Your minimum monthly income should be at least Rs. 25,000.
Document required
Remember to always keep your documents handy before applying for a loan so that you save time and effort. You will find a list of the documents that are essential for applying for a loan against property.
- You should have a completed application form.
- Require 3 passport size photographs for various procedures of the application.
- You must have your employer ID card.
- As proof of identity, you need to submit copies of your pan card, driver’s license or passport, or voter ID card.
- As proof of address, you can provide your electricity bills, passport, driving license, or Aadhar card.
- You will have to provide a few documents of the property against which you are taking the loan. Property papers like maintenance bills, electricity bills, property tax receipts, registered agreement of the builder, and approved plan copy have to be shown.
- You will have to provide the last 6 month’s account statements of the bank and previous or current loan account statements for the last 1 year.
- Income proof for both salaried and non-salaried have to be provided.
Application process for SBI loan against property
There are two ways to apply for a loan against property – offline mode and online mode. Here are both ways.
Offline mode
You can apply for a loan against property offered by SBI by visiting the nearest SBI branch. You should carry all the necessary documents including property papers so that the application process can be a lot faster. A bank representative will guide you throughout the application process for a loan against property.
Online mode
You can apply online for the loan by visiting the official website of the SBI bank.
- On the website, you will find the ‘Personal Banking’ section, then click on ‘Personal Finance’.
- You will see a ‘Loan against property’, click on that.
- You will be redirected to a new page where you have to click on ‘Apply Now Online’.
- An application form will be generated. Fill out the form and submit the required documents.
- Go through the details once to ensure you haven’t left anything.
After you submit the application, the bank will review your application thoroughly. They will check your property details and contact you for further process.
Features and Benefits
SBI loan against property comes with amazing features. Here is a list of them for you.
- A loan against property is flexible. It can be used for any purpose.
- Rental income is accepted by SBI when applying for a loan.
- SBI offers the best interest rates to its customers. The interest rate differs from customer to customer based on SBI loan against property eligibility.
- The process of applying for a loan against property is straightforward because of the low processing charges.
- SBI is a highly reliable bank. All the charges and fees are mentioned upfront when you apply for a loan.
- You can prepay your loan against property if you have additional funds without paying any fees higher than the interest rate.
- All the operations are handled with complete transparency.
A loan against property has become easier to get because of a hassle-free process of application. With the online application option, availing of a loan against property has become even quicker. This loan is available for all salaried and non-salaried individuals provided they meet the eligibility criteria.
