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SBI Loan Against Property

SBI Loan Against Property is an all purpose loan offered to self employed, professional, salaried individual or an income tax assesse. State Bank of India provides a maximum repayment period of upto 10 years with their loan programs against mortgage, commercial, or residential properties. SBI Loans against property allows a homeowner to finance upto 60% of the prevailing market value in his property. Sometimes, most of us need urgent funds to plan a marriage ceremony, a holiday trip or to meet certain emergency medical expenses. You can easily meet all such expenses if you have some property with you. SBI make it possible for you to use your property to get an affordable loan term without having to sell your property.

State Bank of India Loan Against Property

SBI bank loan against property comes with a range of beneficial features that are found to be very useful for the borrowers. The bank offers complete transparency with their operations and eligible borrowers can get access to this loan term from the huge network of SBI branches. State Bank offers lowest possible processing charges and there are no hidden costs and administrative fees. The interest rates of loan against property are levied on a daily or monthly reducing balance method. The bank also offers longer repayment tenure of 60 months with this loan option. Moreover, salaried individuals having check-off facility can get upto 120 months of repayment period.

Eligibility Conditions for SBI Loan Against Property

It is mandatory for the borrowers to fulfill certain eligibility conditions in order to get approval for loan against property. To be eligible for the loan amount, the borrower must be an employee or a professional, an income tax assesse or a self employed individual earning a stable income. The borrowers can also be engaged in agriculture or some allied activities. The net monthly income of a salaried applicant should not be less than Rs. 12,000. For borrowers engaged in other activities, a minimum net annual income of Rs. 1,50,000 is essential in order to get approval for the loan term. Spouse income can also be added if he or she is a guarantor or co-borrower. The maximum age limit of this loan term is 60 years.

Eligible applicants can borrow a minimum of Rs. 25,000 upto a maximum of Rs. 1 crore depending on their income status and repaying ability. The total loan amount that can be obtained by a borrower may be calculated as 24 times his net monthly income (in case of salaried person) or 2 times his net annual income (for person involved in other activities. These loan terms are available at all the personal banking branches of SBI Bank. Other than loan against property, State Bank of India also offers loan against Gold, Fixed Deposits, Securities and Loan Against Shares. For further details on these loan terms kindly login to the official SBI website.
SBI Bank Provides a wide variety of loan programs for every income group. Check the beneficial features of the SBI loan against property.



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