Tag Archives: state bank of india

SBI Loan for Land Purchase

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A borrower can purchase a plot of land for construction thanks to this SBI plot loan, also known as a land loan. Nevertheless, construction must begin within five years of the loan approval. The maximum amount available under this SBI land loan is Rs. 15 crore. 

Aspects of an SBI Plot Loan 

  • The interest rate on the SBI plot loan is competitive and reasonable. 
  • Additionally, this land loan has a minimal processing fee. 
  • There are no additional fees when applying for an SBI land loan. 
  • The daily reducing method is to calculate the interest on the SBI plot loan. 
  • The time frame for repayment is up to ten years. 
  • For female employees, SBI Realty Home provides an interest rate discount. 

Interest rates for SBI Plot Loans in 2023 

The following interest is in effect for SBI plot loans as of August 20, 2022: 

CIBIL Rating Land LoanLand Loan 
Time LoanCRE Term Loan 
800 and above 8.35%8.55%
750-7998.45%8.65%
700-7498.55%8.75%
650-6998.65%8.85%
550-6498.75%8.95%
>NTC/No CIBIL Score/-18.55%8.75%

Interest rates for the first five years are as mentioned above. 

  • For those who fall back between Risk Grades 04 and 6, the interest rate will increase by ten basis points. 
  • Individuals without a salary account with SBI will receive an additional 05 bps. 
  • Women will receive a five bps interest rate concession. 

Fee for SBI Land Loan Pre-approval 

  • The investigation and search report will be subject to an advocate’s fee. 
  • The valuation report will also be subject to a valuer’s fee. 

Fee for SBI Land Loan After Approval 

  • The loan agreement will be subject to stamp duty fees. 
  • The borrower will be responsible for paying insurance fees. 
  • The borrower will also be responsible for paying the registration fee. 

SBI Plot Loan Qualifications

  • The SBI plot loan applicant must be a resident of India. 
  • The applicant must be at least 18 years old. 
  • The maximum age of the applicant is 65 years. 
  • The SBI plot loan has a 10-year maximum loan term. 

Required SBI Plot Loan Documents 

  • An identification card from the employer 
  • Complete loan application
  • Three photos in passport size
  • Identity proof includes a passport, voter ID, PAN Card, and a driver’s license. 
  • Telephone bills, voter identification cards, electricity bills, property tax receipts, and passports serve as proof of residence. 
  • Non-salaried applicants must provide proof of their business address. 
  • For the past six months, provide a bank statement or passbook statement. 
  • Signatures of identification from the current bank
  • Personal Assets and Liabilities Statement
  • If the applicant is salaried, the employer must provide a salary statement. 
  • ITRs for the previous two years, from 16
  • In the case of self-employed applicants, receipt of income tax paid
  • In the case of a self-employed applicant, a copy of income tax returns

The submission of additional paperwork (for self-employed and salaried applicants) 

When applying for the SBI plot loan, salaried and self-employed applicants must submit a few extra documents. 

For Salaried applicants: 

  • Original salary certificate issued by the employer
  • Copy of the last two financial years’ IT returns, acknowledgment by the IT department, and Form 16 TDS certificate

Self-employed candidates: 

  • A copy of the challans showing the advance income tax payment
  • Copies of the last three years of I.T. returns or assessment orders

The necessary documentation for the guarantor 

  • Personal Statement of Assets and Liabilities
  • Two photos in passport size 
  • Identification papers
  • Evidence of residency 
  • Evidence of the business 
  • Signatures of Identification from the current bank

PNB reduces home loan above Rs 50 lakh by 0.50% to 6.60%.

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The day after the SBI and Bank of Baroda announced the festival’s seasonal bonanza, the Punjab National Bank on Friday lowered home loan interest rates for above Rs 50 lakhs by 0.50% to 6.60%.

PNB announced in a statement that interest rates on home loans are now offered at 6.60 percent, regardless of the maximum limit. In a series of proposals issued by the Punjab National Bank during the festival season, PNB has lowered the interest rate above Rs 50 lakhs by 50 basis points (0.50%). The rate will be linked to the creditworthiness of the applicant.

The bank said in a statement, “This rate also applies to balance transfer cases and is the lowest among public sector banks.” 

Waiver on Processing fees-

In addition, it will offer additional home loans at a reasonable interest rate for both balance transfer cases and existing ones.

PNB said it is already offering a complete waiver of service / maintenance fees for home, car, private, myProperty and gold loans as part of its Festival Bonanza offering. One of the lender said, home loans will be more affordable for customers due to full exemption from service fees and a low interest rate starting at 6.60 percent.

While the auto/car loans start at 7.15 percent, personal loans start at 8.95 percent, one of the lowest in the industry. Earlier in the day, PNB also reduced its externally attached RLLR by 0.25 percent to 6.55 percent. “The repo-linked lending rate (RLLR) has changed from 6.80 percent to 6.55 percent from September 17, 2021 (Friday).”

RLLR was introduced in October 2019. It is a personal or retail loan based on a variable interest rate that is linked to external benchmarks such as Reserve Bank of India (RBI) repo rate.

Also read:-

Property E-registration begins from October 2, Maharashtra revenue minister

MahaRERA marks 1,824 residential projects as ‘expired’ across the state

Kingfisher Airlines Likely to Lose Its Realty Assets

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A legal notice has been sent to the Kingfisher Airlines Ltd by its lenders, stating that they will snatch the realty assets if the loans are not repaid.

For attaining loans from banks and other lenders, Kingfisher Airlines Ltd has submitted its realty assets as collateral. State Bank of India is the largest lender to the airlines. Continue reading →

Air India Prefers Govt Entities While Leasing Realty Assets

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Air India plans to lease its realty assets in Delhi to government enterprises. The airline does not prefer divesting the realty assets to private companies.

Air India prefers government entities while leasing its properties in Delhi.

Air India prefers government entities while leasing its properties in Delhi.

NEW DELHI: Air India plans to lease out its real estate assets, located on Baba Kharak Singh MargBaba in Delhi. However the airline has expressed that it would not sell its properties to any private entity but will lease them to government entities.

While planning to lease out its real estate assets in Delhi, Air India has said that the preference would be given to government entities. ONGC, LIC and SIB have showed their interest in leasing the property of Air India.

Private sector companies may not get a chance to lease the property of Air India which prefers government entities to private sector companies.

As part of its monetization program, Air India will lease around 1.7 lakh sq. ft. of office space in central Delhi. The property is located on Baba Kharak Singh Marg.

Though many private sector companies have approached the national carrier for leasing, the airline authorities have said that the preference will be given to state-owned entities. Continue reading →

India: ICICI Bank eyes growth after strong Q4

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ICICI Bank, India’s No. 2 lender, posted on Friday a larger-than-expected 31 percent rise in quarterly profit and forecast a higher growth rate for domestic loans and stable asset quality for the coming year.

Loan demand in India is expected to pick up after the central bank last week cut its benchmark lending rate for the first time in three years to help revive sagging economic growth. The Reserve Bank of India has projected loan growth for Indian banks for fiscal year 2013 at 17 percent against 16 percent in the previous year.

ICICI expects its domestic loans to grow 20 percent in the year that began in April from 17 percent last year, driven by demand from companies for working capital, home and car loans, Chief Executive Chanda Kochhar told reporters.

“These numbers may give us comfort to keep what we have (but) we don’t have any particular plans to increase our stakes. We have concerns about the India story in general,” said Olsson Jan-Olov, portfolio manager of Carnegie Emerging Markets at Sweden, which owns ICICI shares.

“We have been a little hesitant towards increasing positions in India due to the overriding political and macro economic situation.” Earlier this week, Standard & Poor’s cut India’s credit rating outlook to negative from stable on hefty fiscal and current account deficits and political paralysis in Asia’s third-largest economy.

The negative outlook jeopardises India’s long-term rating of BBB-, the lowest investment grade rating. Indian banks are actively easing terms on loans for companies, as high interest rates and an economic slowdown has hurt the ability of some to repay loans on time. Power, textile, aviation, construction and real estate are the hardest hit sectors.

ICICI, which is also listed in New York and competes with State Bank of India and HDFC Bank, sees a “very small” and “minimal” pipeline for corporate debt restructurings, Kochhar said.

SBI May Give Reason to Cheer

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Bank to every Indian
Photo by RamNMarch 25, 2010

After the budget 2010, SBI brings a gleam of hope for home loan borrowers as it plans an extension in the home loan relief plan.

SBI, the State Bank of India, one of the largest lenders in India, has indicated that although there would be slight changes, but it may still consider continuing its much-talked-about 8 % home loan scheme. One of the top officials of SBI said that even though they bring modifications in their products, which tune with their liquidity position normally they don’t kill any product. However, the banking major have not yet formally announced the extension of the bid whose tenure gets over on March 31.

The corporations like ICICI Bank and mortgage lender Housing Development Finance Corporation which are the major competitors of SBI also copied this scheme of SBI but later withdrew them because the RBI disapproved such products and drying liquidity.

But according to the officials it is one of the best home-loan plans in the market since it assisted other sectors to grow like cement and steel. It is a very successful offer. It also tremendously contributed to the overall economic growth.

However, the ‘teaser’ schemes were not liked by the Reserve Bank since it was related with the ability of customers to pay the rates of interest when it got back to the usual level after the period of this scheme expires.

RBI Deputy Governors, Usha Thorat and K C Chakrabarty, had openly expressed their concerns about the scheme. “Teaser rates…