Mortgage Loan - Resident Individual

Mortgage Loan- Resident Individual

Mortgage loan enables you to unlock the value of your property for various needs. You may use mortgage loans to meet family needs, marriage, medical expense, education, expanding your business or for loan consolidation. SIB Mortgage Loan accepts wide range of properties and enables you to get the maximum loan amount.

Variants of SIB Mortgage Loan for Personal Segment

• Drop Line Overdraft
• Term Loan 

Features

• Attractive Rate of Interest, 1 year Marginal Cost of Funds Based Lending Rate (MCLR) onwards. 
• Flexible Tenure of upto 180 months
• Special Concession for Government Employees
• Wide variety of properties accepted.

Quantum of Loan

• Minimum of Rs 5.00 lacs & Maximum of Rs 1000.00 lacs

Tenure of Loan

• Minimum of 36 months and Maximum of 180 months
• For Salaried, tenure is allowed up to retirement date or maximum age of 60 whichever is earlier.
• For Self Employed, tenure is allowed up to 70 years.

Eligibility criteria 

• Salaried
  • Employed with MNC/PSU/Public/Private
  • Minimum Two Years of total employment with minimum 1 year of current employment
• Self Employed
  • Regularly filed Income Tax Returns and regular source of income
  • Minimum 3 years of business experience

Types of Property

• Residential Property
• Commercial Property
• Residential Plot, Commercial Plot, Industrial

Loan to value (LTV) Range from 40% to 70%. Depending on type of property and internal assessment.

Restricted Property List

• Agriculture Property
• Schools, Hostels, Hospitals, Farm House, Auctioned Property, Disputed Property etc.

Charges

• Processing Fee:- Upto 1.50%
• Preclosure Charges:- Nil for term loan
• Preclosure charges:- 2% fo the Drawing power for Drop Line OD using own funds and 3% of the drawing power for takeover of loan.
• Commitment charges at 0.025% of the unutilized portion per quarter for Drop Line OD above Rs 1.00cr.
• Other charges (Documentation, Property valuation, CIBIL, Cersai etc)

Documents Required

• Salaried
  • Salary Slips for 3 months
  • Salary account credit statement for latest 6 months
  • Form 16 or Income Tax Returns for latest two year
  • KYC of the applicant
  • Property documents( Title Deeds, Land Tax, Property Tax, Possession Certificate, Encumbrance Certificate, Location Sketch etc)
• Self Employed /Self Employed Professional
  • KYC documents
  • PAN Card
  • Income Tax Returns for last two years.
  • Business Proof- Business License from local body, GST Registration etc for Self Employed
  • For surrogate 12 month account statement of the applicant with customer initiated transactions every month.
  • Property documents( Title Deeds, Land Tax, Property Tax, Possession Certificate, Encumbrance Certificate)

*The above documents are indicative and not exhaustive, Bank reserves right to demand for additional documents at the time of processing application.