South Indian Bank home loan interest rate begins from 9.10% 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 and the Loan-to-Value (LTV) of up to 90% of the property value. 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 Limited (SIB) is a private sector bank headquartered at Thrissur City in Kerala, India. South Indian Bank has 802 branches spread across more than 26 states and union territories in India. It has set up 933 ATMs all over India.SIB providing offer attractively priced Home Loans for you.To know more, follow some simple steps given below to get attractive deals.
At least 21 years old
Less than 75 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 60 times of Net Monthly Income
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
|Loan Tenure||30 years|
|Processing Charges||Maximum Rs.10000|
South Indian Bank offers its clients and customers a range of banking solutions and products of which their home loan schemes are amongst the most popular. Home loans provided by the bank cater to the housing needs and requirements of a wide range of customers from all types of financial backgrounds. These loans can be utilized for the purchase of residential property as well as repairs and renovations on the applicant’s home.
Housing loans offered by South Indian Bank showcase as variety of features and benefits that makes them an attractive proposition for potential borrowers.
South Indian Bank offers attractive interest rates on their home loans to borrowers, depending on the category of individual they fall under. However, the floating rates of interest on offer are as follows:
|Duration of Loan||Rate of Interest||Home Loan Amount|
|Between 5 to 20 years||10.75%||More Than Rs 30 Lakhs|
|Between 1 to 5 years||10.25%||Up To Rs 30 Lakhs|
Home loan interest rates based on type of individual:
|Individual Type||Rate of Interest|
|Non Resident Indians||10.30%|
|Reimbursement applicable to all types of borrowers||11.30%|
South Indian Bank has fixed its home loan Marginal Cost of Funds Based Lending Rate (MCLR) at 9.10% for loans with a one year tenure. These rates are applicable to all loans and credit limits sanctioned or renewed by the bank, and are effective from May 20, 2017
The MCLR Rates set by South Indian Bank are as follows:
|Loan Tenor||MCLR Rate|
Borrowers looking to avail of home loans from South Indian Bank are required to meet the following eligibility criteria:
Applicants who wish to avail of a home loan through South Indian Bank are required to provide the following documentation:
Applicants looking to obtain home loans from South Indian Bank can determine the best deals available to them by making use of an EMI Calculator. BankBazaar offers customers an easy-to-use EMI calculator, which can help applicants find the loans that best suit their financial budgets and requirements. In order to make use of BankBazaar’s EMI calculator, applicants can follow the steps below:
The bank will levy a charge of Rs 50 for every processing fee cheque that bounces
In the event of late or delayed payment, the bank will levy a penalty of 2% of the loan amount
South Indian Bank offers customers the SIB-Shield insurance cover, which will cover the applicant and his or her family should any unforeseen events take place.
An applicant can pledge the house or residential property that he or she has acquired finance for, as a form of security
The following are the charges applicable in the event of prepayment of the home loan:
An applicant can add his or her spouse or parents as co-borrowers, wherein their income will also be taken into consideration when the bank begins the loan approval process. Applicants can also add a relative or family member as a guarantor to the loan, if the income of this particular person is also considered when applying for a loan.
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