SBI Loan Against Property
SBI Loan against Property
SBI, an abbreviation of the State Bank of India, is the most widespread bank in the country. Being India’s largest Bank in terms of branches, the State Bank of India, serves the purpose of true commitment to the nation building. The bank, which features in the Fortune 500 Company, serves the purpose of providing huge help to the people by allocating various types of loans for the various purposes. Among the most availed Loans, Loan against Property is one which is the most loved by the people. And when it comes to the banks, the State Bank of India is the most availed bank for the loan against Property.
SBI, the best Bank for Loan against Property
When a loan against property comes into the play, quite clearly the brand name ‘State Bank of India’ comes into the minds. Without much confusion, it is the most loved bank for loan against property.
Reasons for SBI, being the best
State Bank of India has many features, which makes the bank the best as the choice in the category of loan against property. The reasons as explained as below:
Rates of Interest
When it comes to the rate of interest, the State Bank of India features among the lowest rate of interest by any bank for Mortgage Loans! Generally, the rate of interest of the Mortgage loan by State Bank of India is around 12.5%, which is in fact, quite a low rate, when it comes to Mortgage loans.
When it comes to the Prepayment Penalty, State Bank of India encourages in doing so by not charging any amount or fees. While with other banks, the prepayment of loans makes the person to pay some fees as a penalty charge.
Interest Rate of Loan against Property
The rate of interest on a loan against property is quite low in case of State Bank of India and the rate of 12.5% is quite an affordable one and comes among the lowest rate of interest in the country.
Low Processing charges
Low processing charges by State Bank of India is one of the lowest by any bank. The processing fees of just 1.01% of the loan amount, which when counted in amount comes at a maximum of Rs. 50933, is what State Bank of India charges to the people availing Loan against Property!
Some other additional features
Besides these above mentioned features of the SBI, the features in the form of calculation of interest based on daily reducing balance is one of them. 30 years of loan tenure are the one, which motivates a person to think in quite a relaxed way over Loan against Property. With the minimum age of just 18 years and maximum of 60 years, the State Bank of India offers the wide age limit for the loan.
With around 16000 branches in the whole country, a person can get a loan against property quite easily. The State Bank of India is the trust, which people have shown for ages and the bank’s best practices will continue to make it happen in the near future too!