SBI Loan Against Property Interest Rate
SBI Loan against property interest rates range from 10.10% - 11.65% p.a, basis the required loan amount, your net monthly income and loan to property value. To get the best SBI LAP interest rate, you should have a good credit score and a required loan against property documents. Use the online LAP calculator to check eligible interest rate quotes for SBI loans against property.
SBI Bank Loan Against Property
The proceeds of SBI Mortgage Loan can be consumed for business, as well as personal requirements including medical expenses, higher education, marriage, travelling, home repairs and working capital financing, procuring long-term assets, expansion of business, etc.
Key features of SBI Loan Against Property:
- SBI LAP acts as a secured personal loan where the borrower is not required to specify the end-use of funds
- Quick application-to-disbursal process
- Simplified eligibility conditions
- Repayment tenures extending up to 15 years
SBI offers three types of loans against property:
SBI Loans Against Property
Features of the loan
- Low processing fee (1%) subject to a maximum of Rs 50,000
- Inclusion of rental income for calculating loan eligibility
- Loan can vary from Rs 10 Lakhs to Rs 7.50 Crores
Loan to Value (LTV) ratio
- Loans up to Rs 1 Crore - 65%
- Loans more than Rs 1 Crore - 60%
EMI/NMI ratio
- 50% for net annual income between Rs 3 Lakhs and Rs 5 Lakhs
- 55% for income between Rs 5 Lakhs and Rs 10 Lakhs
- 60% for income above Rs 10 Lakhs
SBI Loans Against Mortgage of Immovable Property
Features of the loan
- Loans can range from Rs 10 Lakhs to maximum limit of Rs 5 Crores.
LTV ratio
- Up to Rs 1 Crore - 65%
- More than Rs 1 Crore - 60%
Income criteria
- Minimum net monthly income for salaried and self-employed should be Rs 25,000 p.m. and Rs 3 Lakhs p.a., respectively.
The income of co-applicant and rental income can be considered for determining loan eligibility
SBI Rent Plus
Features
- Minimum loan is Rs 50,000, while the maximum disbursal can go up to Rs 7.50 Crores in metro cities and Rs 5 Crores in non-metros
LTV ratio
- a) 75% of the realisable value of the property or 75% of the future rental receivables or receivables for the residual lease period.
- Repayment tenure - up to 10 years
- Processing fee - 2.02%.
SBI Loan Against Property (LAP) Interest Rates
Following are the current SBI LAP loan interest rates based on the loan amount applied for:
Where Above 50% of Net Monthly Income (NMI) is Coming from Salary Income
| Loan Amount | Rate of Interest |
|---|---|
| Up to Rs. 1 Crore | 1.45% + 1-year MCLR = 10.10% p.a. |
| Above Rs. 1 Crore up to Rs. 2 Crores | 2.10% + 1-year MCLR = 10.75% p.a. |
| Above Rs. 2 Crores up to Rs. 7.50 Crores | 2.50% + 1-year MCLR = 11.15% p.a. |
Where above 50% of NMI is coming from Business/Profession or Rental Income:
| Loan Amount | Rate of Interest |
|---|---|
| Up to Rs. 1 Crore | 2.10% + 1-year MCLR = 10.75% p.a. |
| Above Rs. 1 Crore up to Rs. 2 Crores | 2.60% + 1-year MCLR = 11.25% p.a. |
| Above Rs. 2 Crores up to Rs. 7.50 Crores | 3% + 1-year MCLR = 11.65% p.a. |
*Current 1-year MCLR of SBI is 8.65% p.a.
You can also compare Loan Against Property Interest Rates from Top Banks And NBFCs
Compare Loan Against Property Interest Rates for Top Banks
Below is the comparison of the SBI Mortgage Loan Interest Rate with LAP interest rates of other lenders. You can compare the rates of interest offered by different lenders to choose the best option:
| Name of the Lender | Interest Rate (% p.a.) |
|---|---|
| HDFC Bank | 9.50% - 11.00% |
| State Bank of India | 10.10% - 11.65% |
| IDFC First Bank | 9.00% - 20.00% |
| Federal Bank | 11.15% - 14.80% |
| Home First | 12.80% - 18.50% |
| Kotak Mahindra Bank | 9.50% - 10.50% |
| PNB Housing Finance | 9.00% |
| Bank of Baroda | 10.85% - 16.50% |
| L&T Housing Finance | {{LANDT_LAP_Interest_Rate}} |
| LIC Housing Finance | 9.70% - 11.55% |
| Godrej Housing Finance | 9.75% onwards |
| ICICI Bank | 10.60% - 12.25% |
| Tata Capital | 9% |
| Bajaj Housing Finance | 9% - 14% |
| Axis Bank | 9.25% - 10.00% |
You can also check the procedure of taking a Loan Against Property Without Income Proof.
SBI Loan Against Property EMI Calculator
You can use the SBI Loan Against Property EMI Calculator available online to calculate how much EMI you would be paying. To use the tool, follow the steps given below:
- Open Loan Against Property EMI Calculator available online.
- Enter the required loan amount, desired repayment tenure, and the applicable secured loan interest rates SBI.
- Click on the Submit/Calculate button.
- You will get the monthly EMI amount to be paid to the bank.
Below is an example of SBI Bank Loan Against Property EMI calculation:
| Loan amount to be availed of | Rs. 50 Lakhs |
| Loan tenure opted | 15 years |
| Applicable interest rate | 10.10% p.a. |
| Monthly EMI | Rs. 54,037 |
How to Apply for SBI Loan Against Property
You can apply for an SBI LAP online by following the steps mentioned below:
- Access the official webpage of SBI Loan Against Property and click on the Apply Now option.
- Select the purpose of the loan from the dropdown box.
- Indicate your relationship with SBI and provide your account number.
- Enter your mobile number and apply.
- Enter the OTP received on your phone and access the Loan Offer Page to complete the application.
- SBI marketing executives will contact you to complete the application process.
You can also check the benefits of taking a Loan Against Agriculture Land.
SBI Loan Against Property Interest Rate FAQs
The SBI LAP interest rate ranges from 10.10% - 11.65% p.a.
Yes, the applicant can obtain SBI LAP if they own residential property or commercial property in their name or the name of spouse/ children/ parents/ siblings.
Currently, HDFC Bank, IDFC First, SBI and Kotak Mahindra Bank offer the lowest interest rates on property loans.
LAP loan interest rate SBI as well as SBI commercial property loan rate of interest vary between 10.10% - 11.65% p.a.
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