Key things to know about State Bank of India (SBI)’s loans against property:
1. Loan against property (LAP) is a purpose loan available against mortgage of residential and/or select commercial property. (Also read: Five Home Loan Products Offered By SBI. Details Here)
2. The minimum loan amount that can be taken is Rs. 10 lakh and maximum limit is Rs. 7.5 crore, subject to location of property, said SBI.
3. Any individual who is an employee or a professional, self-employed or an income tax assesses or NRIs (who has residential property or commercial properties in his own name or in the name of spouse / children/parent/sibling) is eligible to avail SBI’s loan against property. Also an individual with at least a minimum net monthly income of Rs. 25,000 (or Rs. 3 lakh per annum) can apply for this type of loan. Loan under LAP should be liquidated before eldest borrower attain the age of 70 years, mentioned SBI. (Also read: SBI Vs HDFC Bank Vs ICICI Bank: Car Loan Interest Rates, Features Compared)