South Indian Bank NRI Home loan

South Indian Bank offers eligible NRI customers home loans up to Rs.15 crore at competitive interest rates starting from 7.25% p.a. with extended loan tenures up to 30 years. The EMI per lakh stands at Rs.682. The processing associated with the NRI home loans is 0.50% of the loan amount (Min. Rs.5,000; Max. Rs.10,000) plus applicable taxes.

Interest rates

NRI Home Loan Interest Rates	7.25% p.a. to 9.50% p.a.
Loan Tenure	5 to 30 years
Loan Amount	Rs.2 lakh to Rs.15 core
Processing Fees	0.50% of the loan amount (min. Rs.5,000; max. Rs.10,000) plus applicable taxes

Additional Charges and Fees

Penal Interest Defaulters will be charged a penal interest of 2% p.a. of the defaulted amount in case he/she delays his monthly payments.

Eligibility

Age	21-75 years of age
Loan Tenure	5 - 30 years or until the attainment of 75 years, whichever is earlier
Employment Type	Salaried Self-employed/businessmen
Credit Score	Minimum credit score of 730 obtained from a recognised credit bureau

Documentation

List of Documents Required from all applicants:

Identity Proof	Valid Passport Voter ID Card Driving Licence PAN Card Aadhar Card
Address Proof	Aadhar Card PAN Card Driving Licence Voter ID Card Valid Passport
Income Proof for Salaried NRI Applicants	Salary Slips or Latest Salary Certificate Employment Contract NRE account statement of your account in India and/or your spouse’s resident account statement into which funds are being remitted regularly Salary account statement indicating salary credits for the last 12 months
Income Proof for Self-Employed Applicants	Business Proof Balance Sheet and Profit & Loss account statements of the business entity Overseas bank account statements of the individual indicating regular income credits for the last 12 months NRI account statements of the account in India into which funds are being remitted regularly for the last 1 year
Other Documents	Photocopy of the valid Visa Copy of the Passport Work Permit Employer ID Card Two passport size photographs of all the applicants/co-applicants and the guarantor along with the duly filled loan application form

Property Documents to be Submitted Depending on the Purpose of the Loan

For purchase of a residential plot with a ready to move-in property	Sale Agreement Copy of Approved Plan Building Tax Receipt Location Sketch (issued by the Revenue Office or the Village Office) Possession Certificate (issued by the Revenue Office or the Village Office) Land Tax Receipt
For purchase of a new house/apartment	Sale Agreement Building Tax Receipt Occupancy Certificate or Completion Certificate (if the property is being bought from the developer/builder directly)
For purchase of an under-construction property	Agreement for Sale and Construction Copy of the Approved Plan and Building Permit Tripartite Agreement which is to be obtained prior to loan disbursement Statutory approval from local bodies No Objection Certificate (NOC) from the bank financing the project, if applicable
For Construction of a Residential Property	Photocopy of the approved building plan Construction estimate obtained from a civil engineer/architect Possession Certificate (issued by the Revenue Office or the Village Office) Location Sketch (issued by the Revenue Office or the Village Office Land Tax Receipt
For purchase of a residential plot and construction of a house on it	Sale Agreement Location Sketch (issued by the Revenue Office or the Village Office) Possession Certificate (issued by the Revenue Office or the Village Office) Land Tax Receipt Self-Declaration by the individual stating the estimated construction cost and the estimated area of the property being constructed
For Extension/Renovation/Repairs	Estimate for Repairs/Renovation Copy of Approved Plan and Permit, if required Building Tax Receipt Land Tax Receipt

Features of the Loan

South Indian Bank offers Loan to Value ratio up to 90% of the property value depending on the loan amount being availed.
Attractive interest rates ranging from 7.25% p.a. to 9.50% p.a.
Individuals can avail reimbursement of expenses incurred in the case of loans availed for purchase of new house/flat and properties under construction within two years.
Top up loan facility available for takeover of housing loans.
Extended loan repayment options through Equated Monthly Instalments (EMIs) on tenures ranging between 5 and 30 years.

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