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South Indian Bank Loan Against Property

South Indian Bank Mortgage Loan Interest Rates 2022

Last Updated 13th May 2022

South Indian Bank is one of the largest Private Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 8.50% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of South Indian Bank Loan against property are mentioned below: Check Best Offers

Interest Rates 8.50% to 8.50%
Processing Fee Upto 0.50%
Max Tenure 12 years
Lowest EMI per lakh ₹ 1,110
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 for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Voucher

    South Indian Bank Loan Against Property Fees and Other Charges

    Along with South Indian Bank Loan against Property Rates, South Indian Bank also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on South Indian Bank Loan against Property Loan is 0.50%. This fee is charged by South Indian Bank to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in South Indian Bank for Salaried Employees

    The mortgage loan interest rates in South Indian Bank for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.50%
    ₹ 30 Lakh - ₹ 75 Lakh 8.50%
    ₹ 75 Lakh - ₹ 5 Cr 8.50%
    Above ₹ 5 Cr 8.50%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.50%
    ₹ 30 Lakh - ₹ 75 Lakh 8.50%
    ₹ 75 Lakh - ₹ 5 Cr 8.50%
    Above ₹ 5 Cr 8.50%

    South Indian Bank Property Loan Interest Rate for Business Man or Self-Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.50%
    ₹ 30 Lakh - ₹ 75 Lakh 8.50%
    ₹ 75 Lakh - ₹ 5 Cr 8.50%
    Above ₹ 5 Cr 8.50%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 10.30%
    ₹ 30 Lakh - ₹ 75 Lakh 10.30%
    ₹ 75 Lakh - ₹ 5 Cr 10.30%
    Above ₹ 5 Cr 10.30%

    Steps to Apply for South Indian Bank Loan Against Property

    Apply With MyLoancare

    To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here

    Apply With SBI Website

    • You can also apply for SBI Loan against Property with SBI through online and offline modes.
    • To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a loan against property.
    • The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.
    • To apply online for SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
    • Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Compare South Indian Bank Loan Against Property Interest Rate with Top Banks

    South Indian Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars South Indian Bank SBI HDFC
    Interest Rate 8.50% - 13.50% 8.80% - 13.10% 7.65% - 8.80%
    Processing Fees Upto 0.50%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.50%
    Min ₹ 7,500
    Loan Tenure 12 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 15 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,110 per lakh ₹ 1,256 per lakh ₹ 936 per lakh
    South Indian Bank Floating Rate on Loan Against Property

    As on 17 May, 2022, South Indian Bank offers the lowest rate starting at 8.50%. South Indian Bank Loan against property rates have been dropped by 1.05%, from the earlier rate of 9.55% with effect from 12 May, 2022.

    South Indian Bank Mortgage Loan Interest Rates
    South Indian Bank Loan Against Property Floating 8.50%
    South Indian Bank Loan Against Property Floating
    Loan AmountCurrent Loan against Property Rates
    Upto ₹ 30 Lakh 8.50%
    ₹ 30 Lakh - ₹ 75 Lakh8.50%
    ₹ 75 Lakh - ₹ 5 Cr8.50%
    Above ₹ 5 Cr 8.50%
    with Overdraft Against Property Facility
    Loan Amount Rate
    Upto ₹ 30 Lakh 0%
    Above ₹ 30 Lakh - ₹ 75 Lakh 0%
    Above ₹ 75 Lakh - ₹ 5 Cr 0%

    South Indian Bank Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    12 May, 2022 8.50%
    09 Aug, 2021 10.20%
    12 Jul, 2021 9.60%
    02 Jul, 2021 9.55%
    22 Jun, 2021 9.60%

    Factors Affecting South Indian Bank Loan against Property Interest Rates

    Some of the factors that impact South Indian Bank Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in South Indian Bank depend upon the loan amount you apply. You can get a minimum loan of ₹ 2.50 Lakh from South Indian Bank.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for a higher loan amount.
    • Type of loan opted for: South Indian Bank offers differential rates for customers' different profiles, for fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
    • Your profession: South Indian Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    South Indian Bank Loan Against Property Eligibility Criteria

    South Indian Bank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Minimum Income ₹ 20,000
    Loan Amount ₹ 2.50 Lakh to ₹ 5 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    South Indian Bank Mortgage Loan Interest Rate and EMI Calculator

    You can use an online South Indian Bank Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan.

    Loan Against Property Top up, Transfer in South Indian Bank

    South Indian Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of South Indian Bank at an affordable interest rate, higher loan amount and convenient loan tenure. South Indian Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in South Indian Bank are 8.50%. Along with that, you can also avail of additional top-up on your loan against property.

    South Indian Bank Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 0 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 0 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    Property documents
    • 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

    Check Loan Against Property Interest Rate in Major Banks

    FAQs

    What is South Indian Banks loan against property interest rate?

    South Indian Bank offers loan against property at a rate of 8.50% with the lowest EMI of ₹ 1,110. If you are currently paying a higher interest rate than the South Indian Bank rate, you can opt for a balance transfer of loan to South Indian Bank.

    Did South Indian Bank Loan against property rates drop?

    Yes, South Indian Bank loan against property rates has decreased by 1.05% from the previous rate of 9.55% to 8.50%. The lowest mortgage rates of South Indian Bank are effective from 12 May, 2022.

    How to increase my eligibility on South Indian Bank Mortgage loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your South Indian Bank loan against property anytime you want with Nil foreclosure charges.

    What is the maximum loan tenure I can opt under South Indian Bank Property loan?

    South Indian Bank offers a maximum tenure of 12 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in South Indian Bank is RLLR

    Can I transfer my Loan against Property from another bank to South Indian Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to South Indian Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in South Indian Bank are 8.50%.

    What is South Indian Bank mortgage loan processing fees?

    The loan processing fee charged is 0.50% of the total loan amount.

    What security do I need to provide for South Indian Bank Mortgage Loan?

    South Indian Bank requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take a loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs 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 the 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 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 application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

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

    You can prepay a loan against property 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

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    South Indian Bank Loan Against Property News - May 2022
    • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
      The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
    • 2021-10-22 : South Indian Bank Ltd Posts Loss in Q2 FY2021-22
      For the quarter ended September 30, 2021, the total income of the bank was ₹ 1746.03 crores as against ₹2115.71 crores in the corresponding quarter of the previous year and ₹2081.73 crores in the previous quarter. As a result, the bank has reported a loss of Rs. 187.06 crore for Q2 of FY 2021-22.
    • 2021-06-22 : Revised marginal cost of lending rates for South Indian Bank
      South Indian Bank changed its MCLR. The overnight and one-month MCLR is 7.95% and 8% respectively. MCLR for three months, six months and one year stand at 8.05%, 8.10% and 8.30% respectively. The revised rates are effective from 20 June 2021.
    • 2021-05-21 : South Indian Bank posts net profit of nearly ₹7 crores in Q4
      South Indian Bank reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period. For the whole FY21, the bank has reported a net profit of Rs 61.91 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. The total deposit base at the end of the March quarter is seen higher by 9% y-o-y at Rs 69,827 crore, while advances declined by 9% to Rs 59,418 crore.
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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