My friend told me that SBI home loan borrowers can get car loan with 100% on-road price loan. Is this correct?
SBI Home Loan borrowers can avail the SBI Loyalty Car Loan scheme. The maximum loan amount will be
A) 75% of present market value of the house property less present outstanding in the Home Loan account and Home Equity, if any. The present market value of the property will be decided as per fresh valuation report obtained from empanelled valuer.However, in cases where adequate cushion is available based on the original value of the property, fresh valuation need not be obtained.
B) EMI/NMI ratio will be as per respective scheme.
C) On-road price of the vehicle.
The permissible loan amount will be the lowest of A), B) and C).
The minimum income criteria is Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000.
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