State Bank of India Loan Against Property - Frequently Asked Questions

Q. What are the maximum and minimum amounts that you can avail as a loan from SBI against your property?
 A. You can avail a property loan ranging from Rs. 5 lakh to Rs. 5 crore depending on the value of your property against which you want to avail the mortgage loan. The assessment of the property is done by SBI before the loan is disbursed. 
Q. What is the repayments option available and how long can it be repaid? 
A. You can repay the loan through electronic clearance system, more popularly known as ECS, by instructing State Bank of India to deduct monthly instalments from the given bank account. Alternatively, you may repay the loan amount through post-dated cheques by using various financing schemes. 
Q. What type of property can be used as collateral to avail this loan? 
A. Self-occupied residential property, commercial properties such as offices and shops and alternate property such as schools, hospitals, residential houses, industrial properties, and all such other properties can be used as collateral for availing a loan against property. 
Q. How does bank determine who is eligible for availing a loan against property? 
A. The following factors are considered to determine loan amount and eligibility for availing a loan: 

  • Valuation of property (fair market value)
  • Age
  • Income
  • Stability / continuity of employment of employment or business
  • Past borrowing track record 

Q. What is the disbursement and sanctioning process of property loan and how long does it take finally for a loan to get processed? 
A. Property loan involves following disbursement and documentation process: 

  • Filling the application form
  • Deciding on the loan amount
  • Submission of property and finance related documents
  • Personal discussion with the banker
  • Investigation verification
  • Sanctioning of the loan by the bank
  • Acceptance of the loan by you
  • Legal / property assessment
  • Disbursement of loan

Q. What are the tax incentives for a loan against property? 
A. There are no tax incentives for a loan against property for salaried individuals. Under the Indian Income Tax Act, 1961, tax exemptions are available under Chapter VI and section 24 for a home loan. However, the same exemptions are not available for a loan against property. The reason for this is that unlike a home loan that you take for building a house, a loan against property can be used for a variety of reasons.
Therefore, it is better to take a loan against property for business reasons. You can show that the loan has been used for capital expenses and show the repayment as business expenses. 
Q. Should I take a loan against property or a personal loan from SBI to meet personal expenses? 
A. A loan against property is a form of secured loan while a personal loan is an unsecured loan. State Bank of India has different terms and conditions for each loan. Experts suggest that a personal loan may be a good idea if you need a small amount that you can pay off within 2-3 years. Alternatively, a loan against property is what you need if you are looking for a substantial sum. Since mortgage loans come at a lower rate of interest, the EMIs are low, and so the outgo for the same sum of money for the same repayment period is considerably less for an SBI loan against property as compared to a home loan.

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