Categories: Banking

State Bank of India – Current Loan Against Property Interest Rates

State Bank of India has decreased its loan against property interest rates by 0.25%, or 25 basis points with effect from Wednesday, January 01, 2020. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their immovable property.

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State Bank of India – Current Interest Rates for Loan Against Mortgage of Immovable Property

New Delhi (Delhi, India), February 07, 2020

State Bank of India Cuts Loan Against Property Interest Rate to 9.65% Per Annum

The State Bank of India (SBI) has decreased its loan against property interest rates by 0.25 percent, or 25 basis points with effect from Wednesday, January 01, 2020.

State Bank of India has revised its minimum interest rate for loan against property from 9.90 percent to 9.65 percent per annum (EBR + 1.85%) for the loan amount up to ₹10,000,000.

State Bank of India’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their immovable property.

State Bank of India’s loan against property interest rate is based on fixed rate of interest with reset period of 1 year and the interest amount is computed on a monthly reducing method.

The loan against property interest rate of State Bank of India is benchmarked or linked to its External Benchmark Based Rate (EBR). State Bank of India’s current External Benchmark Based Rate, which is called EBR, is 7.80 percent per annum with effect from Wednesday, January 01, 2020.

The minimum borrowing amount for State Bank of India’s loan against property is ₹50,000 and maximum property loan amount is ₹75,000,000.

The minimum age limit for getting State Bank of India’s loan against property sanctioned is 21 years for salaried and self-employed applicants at the time of property loan commencement.

The maximum age limit for receiving State Bank of India’s loan against property approval is 60 years for salaried applicants and 65 years for self-employed applicants at the time of property loan maturity.

The minimum loan tenure for State Bank of India’s loan against property is 3 years (36 months), while maximum loan period for State Bank of India’s loan against property is 10 years (120 months).

State Bank of India’s loan against mortgage of immovable property processing fee is 1.01% of the property loan amount approved. The maximum processing fee for State Bank of India’s loan against property is ₹50,933 in addition to applicable GST.

EMI late payment charge for State Bank of India’s loan against property is minimum 2% penal interest per year over and above the applicable interest rate on the EMI outstanding amount for the period of default.

A foreclosure or pre closure charge for State Bank of India’s loan against property is 2.25% of the foreclosed amount plus GST.

State Bank of India’s part payment or prepayment penalty for loan against mortgage of immovable property is 2.25% of the part payment amount plus applicable GST.

There are three options to pay State Bank of India’s loan against mortgage of immovable property EMI: (1) Standing Instruction (SI), (2) Electronic Clearing Service (ECS), or (3) Post-Dated Cheques (PDCs).

The bounce charges for State Bank of India’s loan against property EMI cheque, SI, or ECS default is Rs. 500 plus applicable GST per instance.

For State Bank of India’s loan against mortgage of immovable property, no guarantor is required. However, for availing State Bank of India’s loan against property, hypothecation of the property is compulsory as loan security.

State Bank of India Property Finance – Current Loan Against Property Interest Rates for Various Category of Properties

State Bank of India Loan Against Mortgage of Self-Occupied Residential Property Interest Rate:

For Property Loan Amount up to ₹10,000,000: 9.65% Per Annum (EBR 7.80% + 1.85%)

For Property Loan Amount ₹10,000,001 to ₹20,000,000: 10.15% Per Annum (EBR 7.80% + 2.35%)

For Property Loan Amount ₹20,000,001 to ₹75,000,000: 10.50% Per Annum (EBR 7.80% + 2.70%)

State Bank of India Loan Against Mortgage of Non Self-Occupied Residential Property Interest Rate:

For Property Loan Amount up to ₹10,000,000: 9.75% Per Annum (EBR 7.80% + 1.95%)

For Property Loan Amount ₹10,000,001 to ₹20,000,000: 10.25% Per Annum (EBR 7.80% + 2.45%)

For Property Loan Amount ₹20,000,001 to ₹75,000,000: 10.50% Per Annum (EBR 7.80% + 2.70%)

State Bank of India Loan Against Mortgage of Commercial Property Interest Rate:

For Property Loan Amount up to ₹10,000,000: 9.75% Per Annum (EBR 7.80% + 1.95%)

For Property Loan Amount ₹10,000,001 to ₹20,000,000: 10.25% Per Annum (EBR 7.80% + 2.45%)

For Property Loan Amount ₹20,000,001 to ₹75,000,000: 10.50% Per Annum (EBR 7.80% + 2.70%)

Current Deposits and Loans Interest Rates of State Bank of India

State Bank of India – Deposits and Loans Interest Rates