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.