A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • South Indian Bank Home Loan

    South Indian Bank offers home loans at attractive interest rate (starting Repo Rate + 3.35% p.a.) with loan tenures of up to 30 years and a loan amount of up to Rs.15 crore. The bank charges processing fees of 0.50% of the loan amount (minimum and maximum of Rs.5,000 plus service and Rs.10,000 plus service tax) and the Loan-to-Value (LTV) of up to 90% of the property value.

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    We found 1 South Indian Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    7.95% - 9.60% Floating
    0.50%(Max ₹10,000) One time fee
    -
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Think about

    The repayment option may be extended beyond your retirement, if pensionable. You can also take advantage of the top-up home loan offered by the bank. Also, the bank offers a takeover of your existing home loan with attractive features and benefits.

    South Indian Bank Home Loan Scheme

    • Loans of up to Rs.15 crore
    • Maximum tenure of 30 years
    • Financing of up to 90% of the total cost of the property
    • The Bureau Score must be at least 730.
    Interest Rate Repo Rate + 3.35% p.a. to Repo Rate + 6.10% p.a.
    Processing Fee 0.50% of the loan amount or a minimum of Rs.5,000 + GST

    Compare: Home Loan Interest Rate all Banks

    South Indian Bank Home Loan EMI Calculator

    Your monthly instalment amount depends on multiple parameters, including the loan amount, tenure, and interest rate. It’s always advised to calculate your EMI (Equated Monthly Instalment) and processing fee (paid upfront) beforehand so that you can plan your financial life in a better way. Prior calculation can also help you compare different home loan schemes offered by various financial institutions.

    In order to do that, you can use BankBazaar Home Loan EMI Calculator. The entire process is easy with a quick turnaround time. All you need to do is enter the relevant details pertaining to your loan, including the loan amount, tenure, interest rate, and processing fee. Hit the button “calculate” to check your EMI and processing fee.

    This will be followed by an pre payment table giving you a complete breakdown of your repayment schedule.

    SIB Home Loan Eligibility Criteria

    • Age limit: 21 years to 75 years
    • Type of Employment: Salaried or self employed
    • Nationality: Indian or Non-Resident Indian (NRI)
    • Credit Report should be at least 730

    SIB Home Loan Documents Required

    Salaried

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Latest 6 months’ salary slips
    • Latest 2 years’ Income Tax Returns along with computation of income
    • Last 6 months’ bank statements
    • Property-related documents

    Self-employed

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Last 2 year’s ITRs along with computation of income
    • Business proof
    • Last 6 months’ bank statements
    • Property-related documents

    NRI (salaried)

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Copy of Visa, work permit, passport, or ID card
    • Salary certificate along with employment contract
    • Latest 1-year NRE account statement

    NRI (self-employed)

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Copy of Visa, work permit, passport, or ID card
    • Business and financial proof
    • Latest 1-year overseas bank account statements

    Agriculturalists

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Latest 2 years’ ITRs along with computation of income
    • Last 1 year’s savings account statements
    • Latest tax receipts for agricultural land

    Senior citizens/pensioners

    • Two passport size photographs
    • Identity proof
    • Address proof
    • Copy of pension order
    • Last 6 months’ pension credit account statements
    • Last 1 year’s savings account statements

    Others Documents Required

    For purchase of land with residential building

    • Recent land tax receipt
    • Possession certificate provided by Revenue Office/Village Office
    • Location sketch provided by Revenue Office/Village Office
    • Approved plan
    • Sale agreement

    For construction of house in already owned land

    • Recent land tax receipt
    • Possession certificate provided by Revenue Office/Village Office
    • Location sketch provided by Revenue Office/Village Office
    • Construction estimate
    • Approved building plan and permit

    For purchase of ready to occupy flat

    • Occupancy or completion certificate of purchase from builder
    • Recent house tax receipt
    • Sale agreement

    For purchase of flat under construction

    • No Objection Certificate (NOC) from Project Financing Bank
    • Statutory Approval
    • Tripartite Agreement
    • Approved plan and permit of building
    • Sale and Construction Agreement

    For purchase of house and construction of house later

    • Recent land tax receipt
    • Possession certificate issued by revenue office or village office
    • Location sketch provided by revenue office or village office
    • Sale agreement

    For takeover

    • Receipt of tax paid for all the completed projects
    • Valid approvals for under construction building
    • Latest 12 months loan account details
    • Sanction order of existing housing loan

    Reimbursement for the construction of New House

    • Recent land tax slip
    • Approved building plan
    • Engineer certificate that shows investment support
    • Occupancy Certificate
    • Possession certificate provided by revenue office or village office

    Reimbursement for the purchase of house

    • Recent land tax receipt
    • Recent house tax receipt
    • Sale deed copy

    South Indian Bank Home Loan FAQs

    1. What are the property documents that I have to submit in case I take a loan for construction of residential house in my own land?

      The documents you need to provide for construction of residential house in my own land are as follows:

      • Approved building plan
      • Approved building permit
      • Construction estimate
      • Sketch of the location issued by village or revenue office
      • Possession certificate
      • Land tax receipt (latest)
    2. What’s the minimum amount that I can borrow?

      You can borrow a minimum of Rs.2 lakh.

    3. Is there any penalty fee that I have to pay in case I default?

      Yes, a penalty fee of 2% p.a. would be levied in case you default.

    4. What’s the minimum credit score that I have to maintain to get a loan?

      You need to have a minimum credit score of 600 to be eligible for a home loan from South Indian Bank.

    5. What’s the maximum margin of financing that I can get?

      The maximum financing you can get is 90% of the total property cost. However, it also depends on the loan amount and the type of property. The final amount offered is at the bank’s sole discretion.

      

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    South Indian Bank Home Loan Reviews

    • South Indian Bank
      "best home loan "
      0.5 4.5/5 "Excellent!"
      The bank is very supportive when i approach them for home loan. They have charged me a interest rate of 8% to 9% and there is no processing fee. I have applied the loan amount of Rs. 12 lakhs. They have sanctioned the loan in 25 days. Total tenure period of the loan is 8 years. I have been paying the EMI of Rs. 21000 and it will get automatically deducted from my account
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 04, 2019
    • South Indian Bank
      South Indian Bank
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I was having this loan with another bank which has been transferred to South Indian Bank four years back. The interest rate which they where offering has been nominal when compared with the market rate and there has not been any additional charges which they had made so far.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 24, 2018
    • South Indian Bank
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this home loan where the loan amount which they had given me has been sufficient and satisfactory. I had taken this loan in the year of 2008 and the interest rate during that time has been nominal when compared with the market rate. There has not been any additional charges which they had made so far.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 24, 2018
    • South Indian Bank
      "Good"
      0.5 3.5/5 "Pretty good"
      My home loan was taken with SOUTH INDIAN BANK 2 years back. The loan amount was 45 lakhs and the interest rate was satisfactory . The EMI perdition was 15 years . Their customer service and responses was very good. There is no inconvenience faced at all . The documentation was quite smooth and hassle free.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 18, 2018
    • South Indian Bank
      "Staff are cooperative..."
      0.5 4.0/5 "Great!"
      The managers and staff of South Indian bank is too good and the process was very fast. I did not get the expected amount as got only 70% because of some reasons and no issues on that as banks have their own norms. South Indian is best for home loan. 9.25% is the rate, I guess.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 07, 2016
    • South Indian Bank
      "High Charges"
      0.5 2.0/5 "Expected more"
      South Indian bank took about a month for the disbursing the home loan . They are charging higher interest rate of 10.05% so planning to transfer the loan . The process was very difficult every time they use ask different documents. I visited the bank for the loan the response was good.
      Was this review helpful? 2
      , lucknow
      Reviewed on Nov 14, 2015
    • South Indian Bank
      "Good"
      0.5 4.0/5 "Great!"
      I got a home loan with South Indian Bank. The services has been good from them. They have offered me a floating rate of interest. The process for the loan was smooth. And most of all they are providing me the loan as per my requirement.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 04, 2015
    • South Indian Bank
      ""
      0.5 4.0/5 "Great!"
      In that particular location, my property is village panchayat and this bank is offering loan. There was lot of documentation asked, i went to Coimbatore for documentation which is hassle. Interest rate is 10.5% is quite high compared with other banks. Pre payment option is there and they told me there is pre closure and fore closure charges.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 02, 2014
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