Property Loan (LAP)

SIB LAP

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SIB OVERDRAFT AGAINST PROPERTY - ODAP – FOR INDIVIDUALS

Purpose // Target Customers // Age // Amount

Purpose

  • To meet the emergency Personal/Family needs of the Resident
  • Individual.
  • To meet the emergency family needs of NRIs.

Target Customers

  • Salaried Individuals
  • Business Class
  • Agriculturist
  • Pensioners

Age

  • Minimum @ 21Years
  • Maximum @ 70 Years

Amount

  • Minimum @ Rs 3.00 lacs 
  • Maximum @ Rs 100.00 lacs

Tenure // Margin // Interest rate // Eligibility

Tenure 

  •  Limit validity for three year

Margin

  •  From 40%-60%

Interest rate

  •  Attractive interest rate from MCLR (1 Year)+ 2.00%

Eligibility

  • Minimum Bureau Score of 500 for applicant/ Co-applicant

Features // Processing fees // Pre closure charges

Features

  • Wide range of properties accepted (Semi urban/Urban/Rural/Panchayat/Municipality/Corporation).
  • Special attractive interest rates and Processing Fees for Government employees
  • Limit validity for 3 years, no hassles and headaches of yearly renewals.
  • Wide range of properties accepted

Processing fees

  • Processing Fees of up to 1%

Pre closure charges

  • 2% on the sanctioned limit to be collected compulsorily if closed out of own funds within 2 year of fresh sanction/renewal.
  • In case of takeover, 3% of sanctioned limit to be collected as pre-closure charges

Documents required Salaried Class

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

Title deeds, Possession Certificate, Tax Paid Receipts

Proof of agricultural land holdings, ITR if any. Assessment will be based on analysis of agriculture profile

Documents required Business Class

  • KYC Docs (PAN Card and Aadhar Card and Photographs)
  • ITR for the two years with computation sheet
  • Recent financials
  • Account Statement for 6 months.
  • Financials of the firm

Title deeds, Possession Certificate, Tax Paid Receipts

Proof of agricultural land holdings, ITR if any. Assessment will be based on analysis of agriculture profile

Documents required Pensioners

  • KYC Docs (PAN Card and Aadhar Card and Photographs)
  • ITR for the two years with computation sheet
  • Salary Slip/Pension Statements for 3 months
  • Account Statement for 6 months

Title deeds, Possession Certificate, Tax Paid Receipts

Proof of agricultural land holdings, ITR if any. Assessment will be based on analysis of agriculture profile

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