A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • 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 9.10% p.a. with extended loan tenures up to 30 years. The EMI per lakh stands at Rs.812. 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 9.10% 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 600 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‚Äôs 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 9.10% 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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