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To borrow smartly, one must be able to take out a loan against property with reasonable terms. We are aware of this requirement and have designed our loan to be as affordable as possible. With some of the lowest costs available, SBI Loan Against Property is provided at a competitive rate of interest.
Applicable Fees
Interest rate
Our LAP loan interest rate starting at 9.35 percent would help you control costs and keep your EMIs manageable. Fund all types of personal or professional costs while
assuring the best possible return.
Processing charges
A processing fee is charged when a Loan Against Property is processed. The application fee is a one-time charge imposed during the
submission process. Our fee is 1% of the approved loan value, along with the applicable taxes, maximum of Rs.50,000/- plus service tax.
Security
· The property is mortgaged on an equitable basis.
· If the commercial properties are leased, an equitable mortgage will be established on the property and the assignment of the rental receivable will be made. Additionally, an irrevocable power of attorney and a Tripartite Agreement is required.
LTV Ratio
|
Loan Amount |
LTV Ratio |
|
Up to Rs.1 crore |
65% |
|
Rs.1 crore & up to Rs.7.5 crore |
60% |
There are two kinds of SBI Loan Against Property interest rates: fixed and floating.
Here, the rate of interest charged on the SBI Loan Against Property amount will remain constant throughout the loan repayment period. You know your SBI Loan Against Property EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, SBI Loan Against Property interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating SBI Loan Against Property interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the SBI Loan Against Property will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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