Loan Against Mortgage Of Immovable Property - Personal Banking

Features

• Minimum Loan Amount: Rs. 10 lacs
• Maximum Loan Amount: Rs. 5 crores, subject to location of the property as mentioned hereunder
  • At Non-BPR urban centres: 1 crore
  • Within the Municipal Corporation areas of NCR, Mumbai, Pune, Chennai, Ahmedabad, Bangalore and Hyderabad centres: Rs. 5 crores and
  • At other BPR centres: Rs. 2 cores
• At Rural & Semi-urban Area i.e. places with population upto 1 lac: NIL
• Maximum LTV Ratio based on loan limit will be as under :
  • Loan Amount: Upto Rs. 1crs, LTV Ratio:65%
  • Loan Amount: Rs. 1 crore & upto Rs. 5 crore., LTV Ratio:60%

Income

Minimum Net Monthly Income of Rs. 25,000/ (or Rs. 3 lacs per annum).

• Regular income from all sources may be considered for arriving at loan eligibility provided the Sanctioning Authority is satisfied with the proof of income (extant instructions as applicable to Home Loans in this regard will be followed).
• In addition to the applicant’s income, income of spouse/children/ parents/siblings may also be considered for arriving at maximum loan amount provided they are joining the loan as co-borrower/guarantor. If the property is held jointly with the spouse/children/parents/siblings then all the joint holders of the property should join as co-borrower, but in cases where the property is held in single name of the borrower the spouse/children/parents/ siblings may join as co-borrower or as guarantors
• Maximum age limit: 70 years.

Purpose

• Any personal purpose such as meeting expenditure on education, marriage, healthcare, etc. other than speculative purpose. An undertaking to this effect will be obtained from the customer in the application itself and no documentary evidence for end use of the fund will be insisted upon.
• Loans under SBI LAP will not be permitted for Business Purposes

LTV Ratio will be calculated based on Valuation Report not more than 3 months old. Further, for loans of Rs. 1 crore& above and also for loans below Rs. 1 crore where the Market Value based on Valuation Report is more than 20% of the Guidance Value, two valuation reports should be obtained.

Enjoy the SBI Advantage

• Complete transparency in operations
• Access this loan from our wide network of branches
• Interest rates are levied on a monthly/daily reducing balance method
• Lowest processing charges.
• Long repayment period of 180 months
• No Hidden costs or administrative charges.
• No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.