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SBI Loan Against Property

Apart from the variety of loans offered by the SBI, it realizes that at times all the needs of an individual are not fully met. It becomes difficult to avail a loan from a bank for a variety of personal needs. Though SBI offers personal loans as well but still, there are some expenses for which availing a loan becomes a bit tough. In order to sail comfortably over a cash crunch SBI offers loan against property. If you own a house which has a high market value then you do not have to worry about your loan application process. There is no possibility of it getting rejected. The State bank of India offers LAP commonly called the loan against property which offers you a finance on the property you own.

The best thing about the SBI loan against property is that, it does not set any restrictions on the usage of that particular money. You can put those finances funded by the State bank of India for personal as well as commercial uses. The purpose can be anything ranging from your child's wedding, to a travel plan, or expanding a business, or paying off medical expenses. SBI loan against property can also be used for buying a new house or renovating your present house. Once you avail the SBI LAP the house which you own will go in to a liquid state. You can get loan against your flat or an apartment that is being used by you or rented to out to someone else.

Processing Fee

Processing fee for loan against property is 1% and no need of a guarantor. Finance is offered up to 60% of the market value of property. Base Rate is 8.00 % w.e.f. 03.01.2011. Minimum loan amount is Rs.25,000/- and maximum loan amount is Rs.1 crore.


Eligibility Criteria for availing Loan Against Property


State bank of India some times terms it as SBI loan against mortgage of property to sound more explicit. It sets certain eligibility criteria before giving out a LAP.
  • The first criteria which the applicant must meet is that of age.
  • The applicant must be a minimum of 18 years and maximum of 60 years.
  • He/She must be a self employed professional or a salaried individual working in an organization of repute.
SBI bank also offers loans against property who are engaged in agricultural activities and other allied services. The State bank of India offers minimum of Rs 1 lakh and a maximum of Rs 50 lakhs as loan amount. This again depends on the market value of your property.

To know more on SBI loan against property, you can log on to the link given below: www.statebankofindia.com .

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