1,30,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Property Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Menu

South Indian Bank Loan Against Property EMI Calculator

South Indian Bank Mortgage Loan EMI

Last Updated 24th Feb 2021

Get monthly EMI as low as ₹ 1,212 per lakh on South Indian Bank loan against property. Mortgage loan EMI in South Indian Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan12 Year loan
₹ 20 Lakh₹ 42,790₹ 33,513₹ 24,249
₹ 30 Lakh₹ 64,185₹ 50,270₹ 36,374
₹ 50 Lakh₹ 1,06,975₹ 83,783₹ 60,624
    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback
    Best Offers on Loan Against Property offerOffers
    Bank/NBFCs Rate* EMI per Lakh* Action

    * Starting From

    Loan Against Property EMI Calculator South Indian Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on South Indian Bank Loan Against Property.

    South Indian Bank Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from South Indian Bank for 15 years at an interest rate of 10.30%, the EMI calculated for this loan amount would be ₹ 16,395 and the total annual EMIs to be paid annually is ₹ 1,96,746. The South Indian Bank Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,14,765 ₹ 32,794 ₹ 1,47,559 ₹ 14,67,206
    2022 ₹ 1,48,906 ₹ 47,840 ₹ 1,96,746 ₹ 14,19,365
    2023 ₹ 1,43,739 ₹ 53,007 ₹ 1,96,746 ₹ 13,66,358
    2024 ₹ 1,38,014 ₹ 58,732 ₹ 1,96,746 ₹ 13,07,626
    2025 ₹ 1,31,670 ₹ 65,076 ₹ 1,96,746 ₹ 12,42,550
    2026 ₹ 1,24,642 ₹ 72,104 ₹ 1,96,746 ₹ 11,70,446
    2027 ₹ 1,16,854 ₹ 79,892 ₹ 1,96,746 ₹ 10,90,555
    2028 ₹ 1,08,226 ₹ 88,520 ₹ 1,96,746 ₹ 10,02,035
    2029 ₹ 98,665 ₹ 98,081 ₹ 1,96,746 ₹ 9,03,954
    2030 ₹ 88,072 ₹ 1,08,674 ₹ 1,96,746 ₹ 7,95,280
    2031 ₹ 76,335 ₹ 1,20,411 ₹ 1,96,746 ₹ 6,74,869
    2032 ₹ 63,330 ₹ 1,33,416 ₹ 1,96,746 ₹ 5,41,453
    2033 ₹ 48,920 ₹ 1,47,826 ₹ 1,96,746 ₹ 3,93,627
    2034 ₹ 32,954 ₹ 1,63,791 ₹ 1,96,746 ₹ 2,29,836
    2035 ₹ 15,264 ₹ 1,81,482 ₹ 1,96,746 ₹ 48,354
    2036 ₹ 832 ₹ 48,354 ₹ 49,186 ₹ 0

    Each South Indian Bank Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 22.52% of your EMI has been used to repay the principal amount. This means that the remaining 77.48% of the EMI went into interest payment. Thus, you end up paying only 2.95% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to South Indian Bank.

    In year 15, the interest component of South Indian Bank EMI is around 5.36%, while the principal component is around 94.64%. Upto 15 years, you have cumulatively repaid 100% of your total South Indian Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in South Indian Bank?

    After the announcement of RBI on 22nd May 2020, South Indian Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing South Indian Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact South Indian Bank customer care or its nearest branch.

    FAQs

    Will the South Indian Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    South Indian Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by South Indian Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, South Indian Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by South Indian Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that South Indian Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • South Indian Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from South Indian Bank?

    You can avail of a maximum loan of ₹ 15 Cr, depending on the value of the property. However, the loan amount cannot be more than 70% of the property value. South Indian Bank assesses the property before approving your mortgage loan application.


    South Indian Bank Loan Against Property News - Apr 2021
    • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
      South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
    • 2019-07-15 : South Indian Bank plans to grow its retail and MSME Book, targets to raise Rs. 300 crore
      South Indian Bank is planning to grow its retail loans, including home loans, mortgage loans, and MSME loan portfolios during FY19-20. For this purpose, the lender is looking to raise funds of up to Rs. 300 crore through the private equity route. The lender had already raised Rs. 250 crore during the month of March.
    • 2019-06-20 : South Indian Bank revises MCLR rates across loan tenures
      South Indian Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenor loan by 5 basis points to 8.85%. The move is supposed to make customer loans like home, auto, and personal loans cheaper. For overnight and one-month, the MCLR stands at 8.60% and 8.65% respectively. While for one-year and the rate has been changed to 9.50%. The revised rates are effective from June 20, 2019.
    • 2018-11-21 : South Indian Bank hikes MCLR by 10bps across all tenure
      South Indian Bank has revised its MCLR for the month of November. The new rates stand in the range of 8.55% and 9.45%. Six-month MCLR is 9.00% and that of one year is 9.45%. The revised rates are effective from November 20, 2018.
    • 2018-10-20 : South Indian Bank maintains MCLR for October
      South Indian Bank has maintained its MCLR for the month of October. The rates continue to be in the range of 8.45% to 9.35%. Six-month MCLR is at 8.90% and that of one year is 9.35%. The rates are effective from October 20, 2018.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
    Loader
    Please wait while your information is being processed...