Eligibility
Individuals including joint borrowers who have
- Availed the housing loan from SBI
- Satisfactorily serviced the loan for at least one year after the moratorium period
- Taken the possession of the house
- Created valid equitable mortgage and
- Maintained security margin of at least 15% for purchase/construction of plot/house.
- Completed all terms and conditions regarding sanction of housing loan.
Income
- Minimum Net Annual Income of the borrower will be Rs 2.00 Lacs
Loan Amount
- 75% of present market value of the house property less present outstanding in the Home Loan account and Home Equity, if any.
- EMI/NMI ratio will be as per respective car loan scheme.
- Ex-show Room price of the vehicle.
- The permissible loan amount will be the lowest of the above
LTV & Margin
- Maximum up to 100% of Ex-showroom price
- Margin: Nil
Processing Fee
- 0.25% of the loan amount
- Minimum: Rs. 500/- + GST
- Maximum Rs. 5000/- + GST
ROI
- 5 bps concession in interest applicable to SBI Car Loan
CIC Score
- Minimum 650
- 100% finance option will be available only if CIC score (CIBIL) of the applicant is 721 and above.
Security
- In addition to Hypothecation of vehicle, Additionally, the equitable mortgage taken, for the housing loan should be extended to cover the new car loan.
- Fresh Search Report has to be obtained from date of last search report.
- However, in view of high stamp duty in some of the states, extension of mortgage will not be mandatory for car loan up to Rs. 10.00 Lakhs.
- However, letter of lien on title deed needs to be obtained.
- The title of the mortgaged property will be released only after the closure of Car Loan under the scheme irrespective of the quantum of car loan.