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Property loans |
A dream come true! 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 not 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.
Enjoy the SBI Advantage
- Complete transparency in operations.
- Access this loan from our wide network of branches.
- Interest rates are levied on a monthly/daily reducing balance method.
- Lowest processing charges.
- Long repayment period of 60 months, upto 120 months for salaried individuals with check-off facility.
- No Hidden costs or administrative charges.
- No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.
Property Loan Scheme
Avail of an All-Purpose loan against mortgage of any of your property. We offer you these loans at all our Personal Banking Branches and those branches having Personal Banking Divisions amongst others.
Purpose
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 alongwith an undertaking that loan will not be used for any speculative purpose whatever including speculation on real estate and equity shares.
Eligibility
You are eligible if you are:
A). An individual who is;
a. An Employee or
b. A Professional, self-employed or an income tax assesse or
c. Engaged in agricultural and allied activities.
B). Your Net Monthly Income (salaried) is in excess of Rs.12,000/- or Net Annual Income (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.
C). Maximum age limit: 60 years.
Salient Features
Loan Amount
Minimum : Rs.25,000/-
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
We will finance upto 75% of the market value of your property.
Interest
Term Loan 0.75% above SBAR. i.e.13.50% p.a. Floating
Repayment
Maximum of 60 equated monthly instalments, upto 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.
Security
As per banks extant instructions.
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