South Indian Bank Loan Against Property Interest Rate Calculator - Dec 2016

South Indian Bank Loan Against Property Interest Rates

Last Updated 10th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate 13.60% - 13.60%
Check Special Offers
Lowest EMI Rs. 1,412 per lakh
Max Tenure 12 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 





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South Indian Bank Loan Against Property

South Indian Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 0% of the market’s value for tenure of 18 years.

Loan Against Property South Indian Bank

Loan Against Property interest rates offered by South Indian Bank depends upon MCLR
  • Floating rates changes with a single change in South Indian Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
South Indian Bank offers Property Loan based on 1 Year MCLR which is currently 9.80%
South Indian Bank mortgage loan interest rate depends upon
  • Loan amount: South Indian Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: South Indian Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. South Indian Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. South Indian Bank allows prepayment of loan against property with Nil prepayment charges
Processing Fee - South Indian Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

South Indian Bank Loan Against Property EMI Calculator

Loan Against Property EMI of South Indian Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • South Indian Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating South Indian Bank Loan Against Property EMI?
  • South Indian Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • South Indian Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

South Indian Bank Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria South Indian Bank
Eligibility of Loan Against Property in South Indian Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: South Indian Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: South Indian Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. South Indian Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. South Indian Bank gives maximum LTV of 0% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. South Indian Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. South Indian Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, South Indian Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.150,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Estimated eligibility online by using Eligibility Calculator.

South Indian Bank Floating Rate Loan Against Property

South Indian Bank Loan Against Property Floating
Upto Rs. 3,000,000 - 13.60%
Rs. 3,000,001 - 7,500,000 - 13.60%
Rs. 7,500,001 - 50,000,000 - 13.60%
Above Rs. 50,000,000 - 13.60% linked to 1 Year MCLR
with Overdraft Against Property Facility
Upto Rs. 3,000,000 - 11.80%
Above Rs. 3,000,001 - 7,500,000 - 11.80%
Above Rs. 7,500,001 - 50,000,000 - 11.80%
Above Rs. 50,000,000 - 11.80% linked to 1 Year MCLR

South Indian Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to South Indian Bank?
South Indian Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of South Indian Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property South Indian Bank documents required

Loan Against Property for Salaried employee South Indian Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed South Indian Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from South Indian Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of South Indian Bank
Date MCLR
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
11th Nov 15 10.00% decreased by 0.2%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
01st May 15 10.20% decreased by 0.3%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.50% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
04th Jul 11 10.00% increased by 0.4%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 9.60% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
05th Mar 11 9.10% increased by 0.3%
25th Jan 11: 0.25% repo hike by RBI
24th Jan 11 8.80% increased by 0.3%
20th Dec 10 8.50% increased by 0.2%
02nd Nov 10: 0.25% repo hike by RBI
27th Oct 10 8.30% increased by 0.2%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.10%

South Indian Bank MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in South Indian Bank ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from South Indian Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to South Indian Bank and other banks and all EMI's have been paid. Note that South Indian Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to South Indian Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will South Indian Bank mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on South Indian Bank property loan is linked to its 1 Year MCLR, which is currently 9.80%. So, when South Indian Bank offers a loan against property at 13.60%, it applies a 3.8% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of South Indian Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on South Indian Bank loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

South Indian Bank Loan Against Property in India

South Indian Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-843-1800
Ahmedabad 1800-843-1800
Ambala 1800-843-1800
Anand 1800-843-1800
Aurangabad 1800-843-1800
Bangalore 1800-843-1800
Bhilai 1800-843-1800
Bhilwara 1800-843-1800
Bhiwadi 1800-843-1800
Bhopal 1800-843-1800
Bhubaneswar Cuttack 1800-843-1800
Bikaner 1800-843-1800
Chandigarh 1800-843-1800
Chennai 044
Cochin 1800-843-1800
Coimbatore 1800-843-1800
Dehradun 1800-843-1800
Delhi 011-23955010
Durg 1800-843-1800
Faridabad 1800-843-1800
Gandhinagar 1800-843-1800
Ghaziabad 1800-843-1800
Goa 1800-843-1800
Greater Noida 011-23955010
Gurgaon 1800-843-1800
Guwahati 1800-843-1800
Gwalior 1800-843-1800
Hyderabad 022-22611209
Indore 1800-843-1800
Jabalpur 1800-843-1800
Jaipur 1800-843-1800
Jalandhar 1800-843-1800
Jodhpur 1800-843-1800
Kanpur 1800-843-1800
Karnal 1800-843-1800
Kolhapur 1800-843-1800
Kolkata 0484-2365657
Kota 1800-843-1800
Kozhikode 1800-843-1800
Lucknow 1800-843-1800
Ludhiana 1800-843-1800
Madurai 1800-843-1800
Meerut 1800-843-1800
Mehsana 1800-843-1800
Mohali Sas Nagar 1800-843-1800
Mumbai 022-28257418
Mussoorie 1800-843-1800
Nagpur 022-28257418
Nashik 022-28257418
Noida 011-23955010
Noida Extn. 011-23955010
Panipat 1800-843-1800
Patna 1800-843-1800
Pondicherry 1800-843-1800
Pune 1800-843-1800
Raipur 1800-843-1800
Rajkot 1800-843-1800
Ranchi 1800-843-1800
Rohtak 1800-843-1800
Roorkee 1800-843-1800
Salem 044
Shimla 1800-843-1800
Sonepat 1800-843-1800
Surat 1800-843-1800
Trichy 1800-843-1800
Udaipur 1800-843-1800
Vadodara 1800-843-1800
Varanasi 1800-843-1800
Vijaywada 1800-843-1800
Vizag 1800-843-1800
South Indian Bank Loan Against Property News - Dec 2016
01st Dec 16 South Indian Bank reduces its MCLR up to 30 basis points
South Indian Bank has reduced its overnight and one month marginal cost of lending rate by 30 basis points to 9 percent and 9.05 percent respectively. The bank has reduced its six month lending rate by 5 basis points to 9.45 percent from 9.50 percent earlier. Revised rates are effective from 1st December, 2016.
12th Jul 16 South Indian Bank reports 46% rise in Q1 net profit
South Indian Bank has reported 46 per cent rise in its net profit at Rs 95.06 crore for first quarter ended June 30, 2016. Total income of the bank has increased by 9.47% at Rs 1620.67 crore. Growth was driven by increased lending to the agriculture, small and medium enterprise (SME), housing and auto sectors, which registered substantial growth year on year. Agriculture and SME advances rose 22 per cent, while home and auto loan portfolios increased by 19 per cent and 28 per cent, respectively.
28th Jan 16 South Indian Bank Q3FY16 net profit up by 16 per cent
SIB net profit for the quarter December 2015 stood at Rs. 101 Cr due to their refocus on business strategies and now the bank has been focusing on various retail sectors for asset growth
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