Personal BankingLoansProperty loan

1. What is Loan Against Property?

When a client pledges their property as collateral to secure a loan, we classify this financial transaction as a 'Loan Against Property' (LAP). The property acts as security for the loan, and the borrower retains ownership and possession of the property while repaying the loan. Residential, commercial, or industrial properties, specialized real estate, and plot of land are usually the accepted securities for a loan against property.

2. What is the eligibility criteria for applying for a Loan Against Property?

For SIB LAP Plus, age eligibility is a minimum of 21 years, with a maximum of 60 years for salaried individuals, 70 for self-employed, and 75 for property owners where income isn't considered.

3. What are the documents required for a Loan Against Property?

The required documents for a loan against property include KYC documents (PAN Card, Aadhar Card, photographs), two years' ITR with computation sheet, 3 months' salary slip/pension statements, and 6 months' account statement. These are vital for application processing.

4. What are the various types of Property Loans offered by South Indian Bank? 

South Indian Bank offers Property Loan for a host of requirements including personal consumption, debt consolidation, balance transfers from other banks, and the acquisition of residential or commercial properties, as well as discounting lease rentals.