Loan Details

Interest Rate

9.30% onwards

Processing Fee

Up to 1% of the loan amount

Prepayment

Charges

2% of the outstanding loan amount

Tenure

Up to 12 years

  • Eligibility Factors
  • Documents Required
  • Loan Verification Process
  • Rate of Interest
South Indian Bank Loan Against Property Loan
 
  • Age
  • For Salaried: 21 - 60 years

For Self-employed: 21 - 65 years

  • Credit Score
  •  
  • 730 or more.
  •  
  • Employment type
  •  
  • 1. Salaried class
  • 2. Business class
  •  
  • Minimum net income (monthly)
  •  
  • Rs. 25,000
  •  
  • Work experience
  •  
  • Salaried class: Minimum of 2 years as a salaried employee,
    with at least one year in the current organization.
  • Business class: Minimum 2 years of business stability.
  •  
  •  

 

All the applicants are required to submit the below-listed documents with South Indian Bank:

  • Filled up South Indian Bank Loan against Property application form
  • Recent Photographs
  • ITR of previous 2 years
  • Proof of Identity
  • Proof of Residency
  • Proof of Signature Authenticity


Self-employed candidates are required to submit the documents listed below along with the ones mentioned above:

  • Proof of business establishment
  • Address proof of Business
  • Income Tax Returns
  • Proof of Business continuity of past 3 years
  • Copy of bank statement of past 180 days
  • Proof of earnings of last 6 months


Salaried applicants are required to submit a copy of the following documents besides along with the ones mentioned above:

  • Last 6 months of bank statement showing your income or salary details
  • Copy of salary slip of past 180 days
  • Copy of all relevant documents showing ownership of property that is to be mortgage
  • Previous 2 years Form 16
  • Employer’s ID
  • Proof of work experience

Identity Proof (for all borrowers)

  • Driving License
  • Aadhar Card
  • Valid Passport
  • PAN Card
  • Voter ID

Proof of Residential Address (for all borrowers)

  • Utility Bill
  • Receipt of Property Tax
  • Approved Building Plan
  • Valid Passport
  • Voter ID
  • Registered Rent Agreement


Birth Date Proof (for all borrowers)

  • Driving License
  • Valid Passport
  • Voter ID
  • Aadhar Card

Property documents (for all borrowers)

  • Registered Sale Deed
  • Lease Deed
  • Conveyance
  • Past Sale Deeds
  • Receipt of House Tax Return
  • Building Plan approved by Municipal Corporation


Income documents (for salaried borrowers)

  • Last 6 months Pay Slip
  • Form 16 of past 2 years
  • Bank statement of past 6 months showcasing EMI debit/ salary credit


The loan verification process at Apnapaisa is straightforward and simple:

  • Fill in the application form and submit it along with the other required documents.
    It can be quickly done by signing up on apnapaisa.com.
  • You will receive a call from one of our representatives within 24 hours to schedule
    a pickup of the documents in case you opt for offline submission of the
    documents.
  • The concerned department representatives at South Indian Bank will verify the
    documents and the details. They may visit the property if necessary.
  • After the completion of the verification process and approval of the loan, the
    lender will call you with the loan offer and ask for your consent for disbursal.
  • Once you have accepted the loan offer, the amount gets credited to your accounts
    within 48 hours.
  • You will get a copy of the duly signed loan agreement containing details of loan
    interest, tenure, loan amount, charges, and penalties.
  •  
  •  

 

The applicable rate of interest on loans against property usually ranges between 9.3 - 10.3%.

There are two reference rate systems linked to South Indian Bank Loan against Property interest rate:

  • Interest Rate Linked To REPO Rate
  • The interest rate varies from Repo Rate + 6.05% to Repo Rate + 6.30%.
  • Interest Rate Linked To MCLR
  • The interest rate = 1 year of MCLR + 2.00%