SIB Mortgage Loan

Variants of the Loan
1.Overdraft
2.Dropline Overdraft
3.Term Loan
Purpose
  • Business purposes viz. Expansion, Acquisition of Assets, Working Capital, etc.
  • Personal Needs / Travel/ Business / Marriage etc
  • Higher Education
  • Balance Transfer of Existing LAP
  • Purchase/ Acquisition/ Renovation of Property
Target Customers
  • Individuals
  • Group of Individuals
  • Proprietorship concern & Partnership firm
  • LLP
  • Private & Public Limited Companies
  • Trust & Society
  • HUF
Age
Minimum
21 years
Maximum
  • 60 years or superannuation age (Salaried)
  • 70 years (Self-employed & Pensioners)
  • 75 years (Property owner & Income not considered)
Amount
Minimum
5.00 lacs
Maximum
  • Personal and business segments - Rs.3.00 crore
  • NRIs      Rs.1.00 crores
Tenure
Minimum

For Overdraft: 36 months. Limit to be renewed within 36 months to continue thereafter.

For other variants:

Minimum – 3 years
Maximum
12 years
Interest rate
Eligibility/Minimum Bureau Score
 

Minimum Bureau Score of 730 for applicant.

Features
  • Only residential (residential properties) located in Corporation or Municipality shall be accepted
  • Panchayat residential plot should not be taken for Mortgage Loan.
  • Spouse of property owner is to join as guarantor.
  • Wherever a second signatory is not available, one guarantor is to be obtained from the applicant’s close relatives.
  • In case of NRIs, there should be one resident as co-applicant/guarantor.
Processing fees
From 1.50% to 2.00 % of loan amount (Minimum Rs 10000.00 +GST)
Penal Interest

2.00% p.a. for the defaulted amount for the defaulted period

Prepayment / Pre-closure charges
As per extant guidelines

List Of  Documents Required With Respect To The Purpose Of Loan

Salaried Class
Business Class
Pensioners
KYC Docs (PAN Card and Aadhar Card and Photographs)
KYC Docs (PAN Card and Aadhar Card and Photographs)
KYC Docs (PAN Card and Aadhar Card and Photographs)
ITR for the two years with computation sheet
ITR for the two years with computation sheet
ITR for the two years with computation sheet
Salary Slip/Pension Statements for 3 months deed etc to be taken
Recent financials
Salary Slip/Pension Statements for 3 months
Account Statement for 6 months
Account Statement for 6 months.
Account Statement for 6 months

Title deeds, Possession Certificate, Encumbrance certificate, location certificate and sketch Tax Paid Receipts