Mortgage Loan In South Indian Bank

I want to take mortgage loan from South Indian Bank so tell me the interest rate on this loan? Provide me the process to apply for this loan? Tell me the eligibility criteria and the documents required to take mortgage loan from this bank?

Hi can you provide me some details about the Mortgage Loan/ Flexi loan of South Indian bank?

[Raman Vij]

South Indian Bank is a private sector bank of India. It’s headquarter is located in Thrissur, Kerala, India. It was established in 1929.
Its products include

Loans
Savings
Investment vehicles
Insurance
South Indian Bank has about 897 branches across India.

Mortgage Loan or flexi Loan:

The major of loan will be based on the annual income and repayment capacity of the borrower, security offered

Quantum of loan : Minimum : Rs.2.50 lacs
Maximum Against prime urban property - Rs.1500.00 lacs
Against non-urban residential property : Rs.1500.00 lacs
Loans above Rs 1500.00 lacs will not be considered under Flexi loan Scheme
The yearly repayment obligation shall not exceed 75% of the total annual income from all sources for business people. For salaried borrowers the lowest net take home pay as follows must will be ensured to ensure rapid repayment.

Gross Salary Min Net take home after EMI
a) Upto 20000 50%
b) 20000 - 30000 40%
c) Above 30000 30%

Value of security:
Prime urban property (residential/non-residential) or Non- urban residential property : value at least 200% of the loan amount.

Upfront Fee: one-time Upfront fee 0.50% of the loan amount irrespective of the quantum of loan .

Mode of payment: by credit to the borrowers SB/CD/NRO account
Repayment Period: Minimum 6 months; Max. 120 Months through EMIs. If the loan is to be closed before 6 months, interest relevant for full 6 months to be collected. For loans up to & including Rs.100 Lacs with maturity period up to12 months, bullet repayment can be fixed.
Penal Interest: 2% p.a. for the defaulted amount for the defaulted period.
Other terms & circumstances: a) In the case of married persons, spouse also should join the documents.