SBI Loan Against Property
SBI offers loans against property with interest rates ranging from 10% to 11.30% per year. While they don't have specific rates based on loan terms or credit scores, other factors might be considered when determining your final interest rate.
Eligibility Criteria for SBI Loan Against Property
To be eligible for a Loan Against Property, you must be:
- A resident of India aged 18 to 70.
- Employed, self-employed, or a professional with a minimum monthly income of Rs 25,000.
- An income tax assessee or a Non-Resident Indian (NRI).
- When evaluating your application, we may also consider your credit score and employer's profile.
Documents Required
- Employer ID card
- Duly filled application form
- ID proof: Aadhaar card/PAN card/driving license/passport/voter ID
- Residence/Address proof
- Construction permit
- Registered sale agreement (only for Maharashtra)/Stamped sale agreement/Allotment letter
- Occupancy certificate
- Share certificate (only Maharashtra)/electricity bill/maintenance bill/property tax receipt
- Bank account statements or payment receipts showing the payments made to the builder
To apply for a Loan Against Property (LAP) from The State Bank of India (SBI), simply visit their official website. Look for the 'Loan Against Property' section and click on 'Apply Now.' You'll be guided through an online application process where you'll provide personal and income details. Once you submit your application, an SBI representative will contact you to discuss the next steps, which typically involve gathering necessary documents for review and approval.