South Indian Bank Loan Against Property

A group of persons in Thrissur started a bank with an intention to free the businessmen from the clutches of moneylenders who were looting them with exorbitant interest by funding the business requirements of these individuals at a very reasonable interest rate on loan against property. The bank that was started with a purpose was the South Indian Bank. One another objective of the bank was to provide a safe way of depositing the savings. The bank has worked with the same motive and even until date they have been providing loans at a very competitive rate.

At present, South Indian Bank is one of the leading Private Sector Banks and has 857 branches across the country. The bank provides various products and services to both the retail and corporate sectors.

If you want to unlock the value of your property for any immediate fund requirement, you can approach the bank for a loan against the property. Various categories of property are eligible for the loan. The bank offers loans against residential/commercial/industrial property. Even residential/commercial/industrial plots are eligible for the loan.

There are two variants of South Indian Bank Loan Against Property:

• SIB Mortgage Loan to Resident Individual
• SIB Mortgage Loan to NRI

Following are the features of loans against property available at South Indian Bank:

The following are the benefits of availing the South Indian Bank Loan Against Property:

• The loan is granted against residential/commercial/industrial properties and also against residential/commercial/industrial plots.
• A flexible repayment period up to 10 years
• The loan can be availed either as a Term Loan or a Dropline OD facility
• The rate of interest is competitive with a choice of interest rate linked either to Repo Rate or 1-year MCLR.
• Special concession is given to Government Employees
• The loan is granted to NRIs also
• Processing and pre-payment charges are comfortable
• Speedy sanctions
• No hidden charges

The following are the stipulated eligibility guidelines to avail of South Indian Bank Loan Against Property:

• Both Resident Indians and NRIs are eligible for the loan
• Applicant must have a regular source of income
• Salaried individuals, self-employed individuals/professionals, proprietorship/partnership firms, and companies are eligible for the loan.
• Salaried individuals should be employed with MNCs/PSUs/Public/Private Limited Companies
• Total work experience of 2 years with a minimum work experience of 1 year with the current employer is required for salaried individuals.
• For the self-employed, a minimum business vintage of 3 years is required
• The Income Tax Returns should be filed regularly and should have a regular source of income
• A loan will not be sanctioned against agricultural property, property housing schools or hospitals, disputed property, farmhouse, and auctioned property.

The Loan Against Property at South Indian Bank can be availed at an interest rate linked either to Repo Rate or 1-year MCLR.

• The rate of interest linked to 1-year MCLR is: 1-year MCLR (currently 9%) + 1.25% p.a. to 1-year MCLR + 2.50% p.a. depending on the credit score. Applicable rate of interest is 13.15% - 14.40%.
• The rate of interest linked to Repo Rate is: Repo Rate (currently 5.15%) + 5.10% p.a. to Repo Rate + 6.35% depending on the credit score. Applicable rate of interest is 13.15% - 14.40%.

Apart from interest rate, following charges are also applicable on South Indian Bank Loan Against Property:

The following are the documents required to avail of a South Indian Bank Loan Against Property:

A meticulous person will always plan the budget before going in for any further commitment. For this, it is essential to understand the additional burden by way of the proposed EMI before applying for the loan in order to assess affordability. Calculating the EMI using Loan Against Property EMI Calculator is the best way since it will save a lot of time. You can use the EMI Calculator that is available on MyMoneyMantra. All you have to do is to log in to the website and follow a few simple steps.

• Choose the EMI Calculator from the financial tools tab on the website
• Provide the three variables, i.e., the loan amount, loan tenure, and the rate of interest
• The EMI will be calculated instantly
• You can try various combinations as per the deals listed on a single screen on the home page of the website to get the best EMI.
• You can then choose the best quotes from the list of quotes available, as per your income and requirements.
• After the best deal is decided, you can apply for the loan through MyMoneyMantra.