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Loan Against Property

The SBM Loan Against Property is a secured loan, which gives you the facility to mortgage your residential, commercial, or special use property to gain access to immediate funds. You can use the funds for any purpose, be it to facilitate business expenses or any other personal needs. You need to provide your property documents as collateral to avail of the loan. With a Loan Against Property from SBM Bank, you can get immediate access to funds of up to 65% the property’s estimated market value.

Loan Against Property

FEATURES & BENEFITS

The SBM Loan Against Property comes with a wide variety of benefits and features:

  • You can take a Loan Against Property to suit your varied financial requirements.
  • Business entities can get an overdraft facility against the property.
  • You can get funding of up to 65% of the current market value of your property.
  • You can avail the loans with a flexible repayment tenure and structure.
  • You can enjoy a swift sanction process for loan balance transfer of an existing loan.
  • We mention all loan-related charges with complete transparency.

SBM Bank processes the loan, quickly and efficiently, giving you rapid access to funds.

Loan Against Property - EMI Calculator

A Loan Against Property (LAP) EMI calculator is an online tool that allows you to calculate the estimated Equated Monthly Instalment (EMI) you need to pay, should your loan be sanctioned. The LAP EMI calculator uses the formula mentioned.

EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]

Where,

  • "P" = Principal Loan Amount,
  • "R" = Rate of Interest (per month)
  • "N" = Loan Tenure (in months).

You may also use LAP eligibility calculators to compute the maximum loan amount you can get. You must enter details like your monthly income, expenses, city of residence, preferred loan tenure, and existing EMI/loan obligations to calculate your loan eligibility.

How to Get a Loan Against Property

The bank assesses whether you are eligible for the Loan Against Property based on specific criteria as below:

  • You can be a self-employed individual or a salaried individual or a professional like Doctor, Architect, CA, etc.
  • You should be at least 23 years old at the time of loan application, while your maximum age at the time of final EMI repayment should not exceed 65 years.
  • You should be able to provide the requisite documents to be deemed eligible for the loan.

At SBM Bank, we also factor in your credit history and score while deciding on your application. Lastly, we also look at your existing debt, if any, in terms of other loans, credit card dues, etc.

Get in touch with your Relationship Manager to know more about Loan Against Property. You can directly visit your nearest SBM Bank with your ID, address, income proof, and property documents. The bank assesses your eligibility, after which an executive will assist you with the loan process - from form filling to documentation.

Mandatory Documents: PAN Card, Completely filled and duly signed application form along with all applicant's latest passport size photo, Upfront initial processing fee cheque, Self-attestation of all borrowers on documents (as applicable)

Proof of Identity

For Individuals: Passport, PAN, Aadhar, Voter ID, Driving License, Govt Issued Photo ID

For Non-Individuals/business entities : - Shops & Establishment Certificate - Trade License Certificate - SSI Registration Certificate - PAN Card/Sales Tax/ VAT Registration Certificate - Partnership Deed/ MOA etc

KYC - Age Proof:

  • Passport
  • PAN Card
  • Driving License
  • Life Insurance Policy
  • Birth Certificate (issued by Govt body)
  • School Leaving certificate (10th)
  • Employee ID (only for PSU/Govt. employees)
  • Aadhaar card with DOB

Proof of Address

For Individuals:- Includes Passport - Driving License - Voters ID card - Aadhaar Card - Letter from a recognized public authority or public servant verifying the identity and residence of the applicant/s. - Utility bill (latest 3 months) etc,

Non-Individuals / Business entities:Includes Shops & Establishment Certificate/ Trade License Certificate /SSI Registration Certificate/Sales Tax/ VAT Registration Certificate/Partnership Deed / MOA etc

KYC - Constitution Documents

Pvt Ltd Company/closely Held Public Ltd Company:

  • Certificate of Incorporation
  • MOA & AOA of the company
  • Form 32
  • Annual return filed with ROC
  • List of Directors & Shareholding pattern duly certified by CA

Partnership firm/ Proprietorship firm:

  • Partnership Deed -certified by all partners that it is the latest deed as on date
  • Dissolution Deed- certified by current partners to be latest deed as on date
  • License issued by the Registering authority like Certificate of Practice etc

Income Documents

Salaried:

  • 2 years Form 16
  • Latest year ITR
  • Min 3 latest salary slips (min 6 payslips ONLY in case variable monthly income to be considered)
  • Salary certificate/ latest increment letter/ offer letter where other income of CTC to be considered- IF APPLICABLE

SENP/SEP:

  • Latest two ITRs and Audited Financials both personal and business along with computation of income
  • 3 years audited financials required for proposals greater than Rs 200 lacs.
  • Advance Tax Challans / VAT returns if available. etc

Property documents like a title deed, no encumbrance certificate, and documents from previous owners of the property, if applicable.

Passport size photos, to be attached on the application form in case of offline applications.

You might be asked to submit more documents if needed. However, at SBM Bank India, we do ensure that our documentation requirement is minimal and that you are not tasked with arranging and submitting excessive paperwork.

The bank assesses whether you are eligible for the Loan Against Property based on specific criteria as below:

  • You can be a self-employed individual or a salaried individual or a professional like Doctor, Architect, CA, etc.
  • You should be at least 23 years old at the time of loan application, while your maximum age at the time of final EMI repayment should not exceed 65 years.
  • You should be able to provide the requisite documents to be deemed eligible for the loan.

At SBM Bank, we also factor in your credit history and score while deciding on your application. Lastly, we also look at your existing debt, if any, in terms of other loans, credit card dues, etc.

Get in touch with your Relationship Manager to know more about Loan Against Property. You can directly visit your nearest SBM Bank with your ID, address, income proof, and property documents. The bank assesses your eligibility, after which an executive will assist you with the loan process - from form filling to documentation.

Mandatory Documents: PAN Card, Completely filled and duly signed application form along with all applicant's latest passport size photo, Upfront initial processing fee cheque, Self-attestation of all borrowers on documents (as applicable)

Proof of Identity

For Individuals: Passport, PAN, Aadhar, Voter ID, Driving License, Govt Issued Photo ID

For Non-Individuals/business entities : - Shops & Establishment Certificate - Trade License Certificate - SSI Registration Certificate - PAN Card/Sales Tax/ VAT Registration Certificate - Partnership Deed/ MOA etc

KYC - Age Proof:

  • Passport
  • PAN Card
  • Driving License
  • Life Insurance Policy
  • Birth Certificate (issued by Govt body)
  • School Leaving certificate (10th)
  • Employee ID (only for PSU/Govt. employees)
  • Aadhaar card with DOB

Proof of Address

For Individuals:- Includes Passport - Driving License - Voters ID card - Aadhaar Card - Letter from a recognized public authority or public servant verifying the identity and residence of the applicant/s. - Utility bill (latest 3 months) etc,

Non-Individuals / Business entities:Includes Shops & Establishment Certificate/ Trade License Certificate /SSI Registration Certificate/Sales Tax/ VAT Registration Certificate/Partnership Deed / MOA etc

KYC - Constitution Documents

Pvt Ltd Company/closely Held Public Ltd Company:

  • Certificate of Incorporation
  • MOA & AOA of the company
  • Form 32
  • Annual return filed with ROC
  • List of Directors & Shareholding pattern duly certified by CA

Partnership firm/ Proprietorship firm:

  • Partnership Deed -certified by all partners that it is the latest deed as on date
  • Dissolution Deed- certified by current partners to be latest deed as on date
  • License issued by the Registering authority like Certificate of Practice etc

Income Documents

Salaried:

  • 2 years Form 16
  • Latest year ITR
  • Min 3 latest salary slips (min 6 payslips ONLY in case variable monthly income to be considered)
  • Salary certificate/ latest increment letter/ offer letter where other income of CTC to be considered- IF APPLICABLE

SENP/SEP:

  • Latest two ITRs and Audited Financials both personal and business along with computation of income
  • 3 years audited financials required for proposals greater than Rs 200 lacs.
  • Advance Tax Challans / VAT returns if available. etc

Property documents like a title deed, no encumbrance certificate, and documents from previous owners of the property, if applicable.

Passport size photos, to be attached on the application form in case of offline applications.

You might be asked to submit more documents if needed. However, at SBM Bank India, we do ensure that our documentation requirement is minimal and that you are not tasked with arranging and submitting excessive paperwork.

FEES & CHARGES

Following are the charges associated with a LAP :

Processing Fees

SBM Bank levies processing fees of up to 1.25%. Upfront processing fee of Rs. 5000 plus GST (non-refundable) is collected at the time of application login. Balance processing fees applicable is collected at the time of loan disbursement

Foreclosure charges

Full Prepayment from own source -2%

Full Prepayment via takeover to another institute - 4%

(Applicable for Non-Individuals entity and any entity availed loan for business purpose)

Part-payment charges

If up to 25% of the principal outstanding amount is repaid in the calendar quarter, no charges are applicable.

If more than 25% of the principal outstanding amount is repaid in a calendar quarter, 2% charges on the excess amount repaid is applicable.

EMI bounce charges

The bank will levy a charge if the EMI bounces due to any reason. The amount is Rs. 500 + applicable taxes for each instance of EMI bounce.

Penal Interest

The charge applied in case of non-payment of EMI by the due date is called Penal interest and is usually levied on the outstanding EMI amount. Penal interest levied by SBM Bank India is up to 24 % per annum.

Loan rescheduling charges

SBM Bank also offers the facility to extend the loan tenure to help customers manage their loan repayment more comfortably. The fee levied against this facility is known as a loan rescheduling fee. SBM Bank’s loan rescheduling fee is Rs. 500 + Applicable Taxes.

FAQs

You can flexibly repay your Loan Against Property in EMIs over tenures ranging up to 15 years.

To avail a Loan Against Property, you can pledge a wide range of commercial, residential, and special use properties. The common types of properties we accept while sanctioning Loans Against Property include flats, apartments, bungalows, villas, office buildings and spaces, commercial shops and stores, etc.

You can avail a Loan Against Property for any of the following reasons: to fund a medical emergency, paying your children's higher education fees, funding a wedding, purchasing a new property, expanding your business, consolidation of debt, etc.

NEVER SHARE your Card Number, CVV, PIN, OTP, Internet Banking User ID, Password, or URN with anyone, as it can lead to unauthorised access to your account. | DIAL 1930 FOR ONLINE FINANCIAL FRAUD. REPORT ANY CYBERCRIME AT WWW.CYBERCRIME.GOV.IN | Dear Customer, in line with RBI regulation, if there are any changes/updates in the KYC documents you previously submitted with the Bank, please provide the updated documents within 30 days of such changes.

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