south-indian-bank-lap

• Age
• For Salaried: 21 - 60 years
• For Self-employed: 21 - 65 years

Credit Score

• 730 or more.

Employment type

• Salaried class
• 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.
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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%