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Loan Against Property
SBI Loans Against Property up to Rs. 7.5 Crore are available as instant
secured loans. Pledge your residential or commercial property and get fast
approval for up to 65% of property value at attractive interest rate 8.45% p.a.
SBI Loan Against Property Details
Loan AmountRs. 10 lakh to Rs. 7.5 Crore
Rate of interest8.45% p.a. onwards
TenureUp to 15 Years
Age Limit18 – 70 Years
Processing fee1% of loan amount + GST
  • Competitive processing charges
  • Competitive SBI Loan Against Property interest rates charged on daily reducing balance method
  • Rental income is also considered on case to case basis to increase the SBI Loan Against Property eligibility
  • Flexible repayment tenure
  • Doorstep service
  • No hidden charges
SBI Bank Loan Against Property

Sometimes you have urgent expenses that you need to cater to at very short notice. If you do not have the cash flow to meet these requirements, you can use any residential or commercial property owned by you to generate funds. Of course, the sale of these properties takes several months. What you need is an instant fix like SBI Loan Against Property.

Additional Info: You can also avail SBI Home Loan

SBI LAP helps you get funding against any commercial or residential property you must provide as security against the loan amount. The final SBI Loan Against Property loan amount sanctioned is based on the value of the property and the eligibility criteria fulfilled by the customers.

SBI offers these loans in no time with a simple application and review process. These loans are also very flexible, allowing you to fix a monthly EMI affordable to you. The funds generated from this SBI Mortgage Loan can be used for different purposes, including:

  • Higher education
  • Medical needs
  • To repay other debts
  • Wedding expenses
  • Travel expenses

It is crucial to note that these loans can only be used for personal requirements. These loans cannot be used to fulfil any business expenses.

Additional Reading: What is credit score?

Features and Benefits of SBI Loan Against Property

SBI Loan Against Property is one of the most preferred options for instant funding because it comes with an array of features as well as benefits:

  • Competitive Interest Rate: SBI Mortgage Loans offer the best interest rates to their customers. These interest rates differ from one customer to the other based on their SBI Loan Against Property eligibility. However, it is one of the most competitive rates that you can avail of to meet any immediate financial needs.
  • Low Processing Charges: Get the advantage of low processing fees with SBI mortgage loan. This makes the process of applying for the loan hassle-free and straightforward.
  • Complete Transparency: Reliability is one of the essential values of SBI. When you apply for a loan against a property, you can be sure that all the fees and charges are mentioned upfront. No hidden expenses are there and therefore, no unpleasant, last-minute surprises.
  • No penalty for prepayments: If you have access to any additional funds or are expecting any bonus, you can plan to prepay or foreclose your SBI Loan against property without attracting any exuberant fees or charges that are higher than the interest that you will pay towards the loan.

Additional Reading: How to get instant loan for low cibil score?

SBI Loan Against Property Interest Rates

The SBI Loan Against Property Interest Rate depends upon various factors as mentioned below: 

  • Income: If the income of the applicant is higher, then the interest rate is lower. This is because the applicant is more reliable when it comes to repaying the EMI each month.
  • CIBIL scoreA score is provided based on your financial transactions and repayments towards your loans and credits. A higher credit score shows that the customer has better financial health. As a result, he is expected to have better repayment capacity. This attracts a lower rate of interest. 

Additional Reading: What is good cibil score range?

  • Current employment status: Salaried individuals enjoy a lower interest rate when compared to self-employed individuals. This is because the income for salaried individuals is fixed each month. However, with self-employed individuals, fluctuations are expected. There are other factors like the profitability of the business and the experience of the individual in their industry that is five taken into consideration while fixing the interest rate for the loan.

The interest on SBI Loan Against Property is linked to MCLR and is revised each year based on the changes in the market lending rate. 

The current interest rates offered are as follows:

In the case of salaried individuals 

Loan Amount Rate of Interest

Up to 1 Cr.1.45% + 1 year MCLR
Rs.1 Cr to Rs.2 Cr2.10% + 1 year MCLR
Rs.2 Cr to Rs.7.5 Cr2.50% + 1 year MCLR

For Self Employed Individuals

Loan Amount Rate of Interest

Up to 1 Cr.2.10% + 1 year MCLR
Rs.1 Cr to Rs.2 Cr2.60% + 1 year MCLR
Rs.2 Cr to Rs.7.5 Cr3.00% + 1 year MCLR
Types of SBI Loan Against Property

State Bank of India offers three types of loans against property: 

SBI Loan Against Property 

  • The minimum SBI Loan Against Property amount provided is Rs.10 Lakhs
  • The maximum SBI Lap amount offered is Rs.7.5 Crores based on the location of the property that is mortgaged.
  • The minimum loan tenure is five years, while the maximum loan tenure is 15 years based on the eligibility of the applicant.
  • The LTV ratio for loans up to Rs.1 crore is 65%. The LTV ratio for loans between Rs.1 Crore and up to Rs.7.5 Crores is 60%.

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

SBI Loan Against Mortgage of Immovable Property 

  • Rs. 10 Lakhs is the min loan amount in this case.
  • Depending upon the property’s location, the maximum loan amount that is offered is Rs.5 crores. In the case of Non-Urban Centres, the cap on the loan amount is Rs.1 crore. For other BPR centres besides the primary Indian metros, the cap on the loan amount is Rs.2 crores.
  • In the case of semi-urban and rural areas, this scheme is unavailable.
  • The LTV depends upon the loan amount. For loans up to Rs.1 crore, the LTV is 65%. For loans up to Rs. 5 crores and above one crore is 60%.
  • 180 months is the maximum repayment tenure of this loan.

SBI Rent Plus 

  • This loan is provided based on the future rentals that are expected on a commercial property or residential property.
  • You can get up to 75% of the value of the mortgaged property as loan according to the valuation provided by an approved SBI valuer.
  • You can get a loan of 75% of the expected rent for the remaining lease or loan period, whichever is earlier.
  • The maximum loan amount is subject to a cap of Rs.7.5 crores in metros and Rs.5 crores in non-metro cities.
  • The maximum loan repayment period is the residual period of the lease or 10 years, whichever comes earlier.

Additional Info: Also know about LRD Loan.

Eligibility for SBI Loan Against Property

There are different factors that are considered to decide the SBI Loan Against Property Eligibility of the applicant. 

Here are the different categories and the conditions for eligibility accordingly: 

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

Eligibility Based on The Age of the Applicant 

Age is an important parameter as it determines the repayment tenure that you are eligible for. 

  • The applicant should be 18 years old at least in order to be eligible for an SBI Mortgage Loan.
  • At the maturity of the loan, the applicant should not be more than 70 years of age.

The repayment tenure for the loan is dependant on the age of the applicant as follows: 

Age of the Applicant Maximum Tenure for Salaried Applicants Maximum Tenure for Self-Employed Individuals 
25 years15 years15 years
30 years 15 years 15 years
40 years 15 years15 years
50 years15 years 15 years
60 years 10 years 10 years
Eligibility Based on the Income of the Individual 

Your income determines your repayment capacity for a loan. The net monthly income is calculated when it comes to SBI Loan Against Property. Typically, a 60-time multiplier is applied to the net income of the applicant to calculate eligibility for a loan. However, the net monthly income for a borrower to qualify for a loan against property is Rs.70,000. The income of the individual also determines the interest rate offered. The higher the income, the lower the interest rate as the applicant has a higher repayment capacity. 

The nature of employment is also an essential factor when it comes to SBI Loan Against Property. You need stability in job and income for at least two years in the case of salaried individuals and five years in the case of self-employed individuals. 

Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply

Eligibility Based on the Value of Property 

The maximum loan amount that you get depends upon the Value of the Property that you pledge. You can get up to 80% of the value of the property as a loan, depending upon the location of your property. This value is usually lower when it comes to commercial properties. 

Here are the Loan To Value details based on the type of property and the value of the property. 

Type of Property LTV
Commercial property 65%
Residential Property 80%
Other Factors That Determine Eligibility 
Eligibility Criteria For Specific Loan Against Property Products

The SBI Bank Loan Against Property Eligibility varies for each of the three types of loans mentioned above. Here are the details for the same: 

Loan Against Property 

Net Income / EMI Ratio

>Rs.3 Lakhs – Rs.5 Lakhs- 50%

>5 Lakhs – Rs.10 Lakhs- 55%

.Rs.10 Lakhs- 60%

AgeThe loan should be liquidated before the oldest borrower turns 70 years old. 
Income The minimum income per month should be at least Rs.25000
Nature of employment The individual should be salaried, self employed or a professional with commercial or residential properties under his name or the name of his children/ spouse/parent/ sibling. 

Loan Against Mortgage of Immovable Property 

Net Income 

The minimum income per month should be at least Rs.25000

Regular income from various sources is considered 

You can add a co-applicant whose income will also be considered to calculate the maximum loan amount. 

AgeThe loan should be liquidated before the oldest borrower turns 70 years old. 
Nature of employment The individual should be salaried, self-employed or a professional with commercial or residential properties under his name or the name of his children/ spouse/parent/ sibling. 

SBI Rent Plus 

The applicant should be an owner of commercial or residential properties that have to be rented or have already been leased to Banks/ MNCs or any large or medium corporates. The loan amount is based on the rentals expected on the property. 

Additional Reading: What is Transunion cibil?

Documents Required for SBI Loan Against Property

The SBI Loan Against Property documents required to help the bank establish the eligibility of the applicant for the loan. Here is a list of documents that you must submit when sending out your application: 

Common documents for all applicants
  • ID card provided by the employer
  • A filled SBI Mortgage Loan Application form with three passport-sized photos
  • Identity Proof: PAN card/ Driver’s License/ Passport/ Voter ID Card
  • Proof of Address: Telephone Bill Water Bill/ passport/ Adhaar Card/ Driving License.
Property Papers 
  • Construction permission wherever applicable
  • Registered Sale Agreement ( only in Maharashtra)/ Stamped Sale Agreement/ Letter of Allotment
  • Occupancy certificate for the property that is ready for you to move in
  • Share certificate ( Maharashtra only), Electricity Bill, Maintenance Bill. Property Tax Receipts
  • Approved Building Plan and Registered Development Agreement from the builder or a conveyance deed for new properties.
  • Bank account statement and payment receipts showing payments made to the seller or builder.
Account statement 
  • Bank account statements – the last six months for all the accounts that the applicant holds
  • One year loan account statement in case of any existing loan
Income proof for a salaried applicant/ co-applicant/ guarantor  
  • Salary certificate for the last three months or the salary slip
  • Copy of Form 16 over the previous two years or copy IT returns over the last two financial years.
Income proof for non-salaried applicant/ co-applicant/guarantor 
  • Address proof for existing business
  • Three years IT returns
  • Three years profit and loss statement
  • A business license or any other equivalent
  • TDS certificate and Form 16, if applicable
  • Qualification proof for professionals like CA and Doctor
Processing Fee and Other Charges for SBI Loan Against Property

SBI Loan Against Property offers the most affordable processing fees and charges. You can be sure that they do not have any hidden costs or charges. You get a list of charges upfront. Here are the expenses that you can expect with your SBI Mortgage Loan Application: 

Processing fees: 
  • 1% of the final loan amount plus applicable taxes, subject to a maximum amount of Rs.50000.
  • In the case of SBI rent plus, the processing charges are 2.02% of the total loan amount — subject to a maximum of Rs.1.01,865.
  • All the processing charges must be paid upfront.
  • Fees payable to the advocate for title investigation report and property search
  • The fees payable to the valuer to create the valuation report.
Post Sanction
  • The stamp duty that is payable towards the mortgage and the loan agreement
  • The premium is payable towards insuring the property.
  • CERSAI registration fee of Rs.50+ GST with a limit of up to Rs.5 lakhs and Rs.100+ GST for a limit above Rs.5 Lakhs

All the applicable fees to be paid at actuals. If you have any queries regarding the fees payable towards the loan against the property, get in touch with the customer care on call or visit the nearest SBI Branch.

SBI Loan Against Property EMI Calculator

State Bank of India offers some useful financial tools that make it easier for you to ensure approval on your loan. One of them is the SBI Loan Against Property EMI Calculator. This tool lets you calculate the EMI payable towards the loan quite accurately. 

Additional Info: You can also Check Loan Against Property EMI Calculator

How to Use SBI Loan Against Property EMI Calculator?
  • Log on to www.SBI.co.in
  • Choose the EMI Calculator
  • You will see three sliders that ask you to set the loan amount, interest rate and repayment tenure.
  • Once these details have been provided by you, you will estimate the expected monthly EMI towards your loan against the property.
Why is EMI Calculator Beneficial?

The EMI Calculator for your Loan Against Property is essential because it helps you plan your loan well. Here are some advantages of using this tool before you send out your application form: 

  • Plan your budget: Once you get the details of your EMI, you can check if it is affordable for you. This ensures that you do not overburden yourself each month to make repayments towards your loan.
  • Check your eligibility: SBI calculates the EMI to Net Monthly Income Ratio to determine the individual’s eligibility for a loan against property. The expected ratio is between 50-60%. This means that your EMI should not be more than this accepted ratio to make it comfortable for you to make monthly payments on time.
  • Find the most affordable EMI: You can change the repayment terms or the loan amount on the slider to look for the best EMI for you each month. That way, you can be sure that you can make repayments towards the loan quickly.
  • Maintain a good credit score: Knowing your monthly EMI helps you repay the loans on time. Not just that, you only send in applications for a loan that you are most likely to get approval on. This keeps your credit score intact, allowing you to get approvals and sanctions on any other loan or credit facility that you wish to avail.

The table below shows the SBI EMI estimation at the different blends of loan amounts and a longer tenure at the most reduced rate of 8.45%.

 EMI basis the Loan Tenure

Loan Amount (Rs.)10 Years15 Years20 Years
15,00,000/-Rs. 18,558Rs. 14,727Rs. 12,970
25,00,000/-Rs. 30,930Rs. 24,545Rs. 21,617
40,00,000/-Rs. 49,487Rs. 39,272Rs. 34,586
60,00,000/-Rs. 74,231Rs. 58,909Rs. 51,880

Additional Reading: How to calculate credit score?

SBI Loan Against Property Customer Care

State Bank of India offers multiple channels to reach their customer service desk. 

Here are the various options that you can choose from: 

Toll-free number 

Access the 24×7 customer care number 1800-11-2018 for any queries that you have with respect to your SBI Loan Against Property. This number leads you to an IVR system. Just follow these steps to get information about Loans against the property.

  • Choose the preferred language as per the instructions given to you.
  • Dial 3 to enter the Home loans menu.
  • Then follow the instructions to get access to the Loan Against Property section.
  • If you wish to talk to a customer care executive directly, dial 9.

You can also access SBI customer care online using the following options: 

  • Call back request:  Log on to the website and click on the Contact Us option. This leads you to a new page with all details of their customer care services. You can request for a callback. Click on it and fill up a simple form. Once this form has been received by SBI customer care, you will get a call back from an executive.
  • Complaint or Request Form: Under the ‘Contact Us’ section on the SBI website, you will also be able to see a complaint/ request form. Fill up some fields like the product category and the product-related query that you have. In this case, choose Loan Against Property. This sends an email to the customer care desk, who will respond to you via email or call.
  • Email: In case of queries regarding the SBI Bank loan against property, you can send an email to customercare@SBI.co.in. In the subject line, state the issue that you need to be addressed. You will receive an email giving you instructions about resolving the issue or with all the information about the loan product you have enquired about.
  • Social media: SBI Bank is active on all popular social media channels. This includes Facebook, Twitter, Instagram and youtube. You can connect with them on these channels by sending a direct message or by tagging them in any queries or complaints that you may have.

SBI Bank offers 24×7 customer care services. This includes all public holidays as well. With these efficient services, you get access to any information that you need, including the features of the loan, repayment terms, the interest rates and even the process to send out an application for a Loan Against Property. This ensures that you make an informed decision with respect to your loan application. You can also track your application and disbursement status after the application has been reviewed.

Additional Info: SBI Home Loan Customer Care Number

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