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    South Indian Bank Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.85% Fixed
    Up to ₹10,000 One time fee
    -
    30 Years
    Response Time Within 30 minutes

    South Indian Bank Home Loan is Rated as "Pretty good" by 4 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    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.


     

    You’re probably eligible for an South Indian Bank Home Loan if you are

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    South Indian Bank Home Loan Minimum Age

    At least 21 years old

    South Indian Bank Home Loan Maximum Age

    Less than 75 years old

    South Indian Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    South Indian Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your South Indian Bank Home Loan amount eligibility is based on these factors

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    South Indian Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    South Indian Bank Home Loan Maximum Loan to property value

    Loan capped @ 60 times of Net Monthly Income

    South Indian Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible South Indian Bank Home Loan amount by these steps

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    South Indian Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    South Indian Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 20 years

    South Indian Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an South Indian Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    South Indian Bank Home Loan Interest RatesUpdated on 05 Dec 2016

    South Indian Bank Home Loan Details
    Interest Rate 9.85%
    Loan Tenure 30 years
    Processing Charges Maximum Rs.10000
    Guarantor Requirement Required

     

    Overview:

    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.

    Features and Benefits of South Indian Bank Home Loan:

    Housing loans offered by South Indian Bank showcase as variety of features and benefits that makes them an attractive proposition for potential borrowers.

    • These loans can be acquired for the following purposes:
      • The purchase of a house or residential property that is already constructed
      • The purchase of a house or residential property that is currently undergoing construction
      • The purchase of a plot of land for the purpose of construction of a residential property
      • The construction of a residential property on a plot of land already owned by the borrower
      • The reparation, renovation or enhancement of an already existing residential property
      • The addition or extension of an already existing residential property
      • The complete takeover of any other home loans that the borrower possesses
      • The reimbursement of any expenditure that the borrower may incur during the construction of a residential property
    • Affordable rates of interest ranging from 10.25% to 10.75%
    • No maximum limit on the amount of loan that can be acquired
    • Repayments can be made as per the convenience of the borrower through Equated Monthly Installments with a minimum repayment period of 5 years and a maximum of 30 years
    • Post-retirement repayment options are also available
    • The loans can also be acquired to purchase a plot of land or construct a house at any point in the future should the need arise.
    • Margins offered range from 10% to 25%
    • Applicants can avail of a moratorium period that can range from 3 months to 36 months
    • A limit of Rs 10,000 on any charges that may be levied upfront

    South Indian Bank Home Loan Interest Rate:

    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
    Salaried Individuals 10.30%
    Business Persons 10.30%
    Next Generation 10.30%
    Non Resident Indians 10.30%
    Agriculturists 10.30%
    Senior Citizens 10.30%
    Reimbursement applicable to all types of borrowers 11.30%
    Priority Sector 10.00%

    South Indian Bank Home Loan MCLR Rates:

    South Indian Bank has fixed its home loan Marginal Cost of Funds Based Lending Rate (MCLR) at 10.00% 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 April 1st 2016

    The MCLR Rates set by South Indian Bank are as follows:

    Loan Tenor MCLR Rate
    Overnight 9.35%
    1 Month 9.40%
    3 Months 9.45%
    6 Months 9.55%
    1 Year 9.85%

    Eligibility Criteria for South Indian Bank Home Loan:

    Borrowers looking to avail of home loans from South Indian Bank are required to meet the following eligibility criteria:

    • For Salaried Individuals:
      • Applicants must be employed with a company or with the state or central government
      • Eligible for a loan amount equivalent to 60 times their total monthly earnings
      • The applicant must be a minimum age of 21 years and a maximum age of 75 years
      • Maximum repayment period allowed is 30 years
    • For Business Persons:
      • Applicants must be either carrying on some business or must be self-employed
      • Eligible for a loan amount equivalent to 5 times the average gross income in accordance with the income tax returns
      • The applicant must be a minimum age of 21 years and a maximum age of 75 years
      • Maximum repayment period allowed is 30 years
    • For Next Generation:
      • Applicants must be professionals with a total monthly earning of at least Rs 60,000
      • Eligible for a loan amount equivalent to 75 times their total monthly earnings
      • The applicant must be a minimum age of 21 years and a maximum age of 60 years
      • Maximum repayment period allowed is 30 years
    • For Agriculturists:
      • Applicants must be those who earn the majority of their income through agricultural means
      • Eligible for a loan amount equivalent to 5 times the average gross income
      • The applicant must be a minimum age of 21 years and a maximum age of 60 years
      • Maximum repayment period allowed is 30 years
    • For Non-Resident Indians:
      • Applicants must either be individuals with NRI status, or jointly with a spouse with NRI status
      • Eligible for a loan amount equivalent to 50 times the average monthly earnings
      • The applicant must be a minimum age of 21 years and a maximum age of 70 years
      • Maximum repayment period allowed is 20 years
    • For Senior Citizens:
      • Applicants must be retired individuals earning pension or high net worth individuals
      • Eligible for a loan amount equivalent to 60 times the monthly pension or 5 times the gross total earnings
      • The applicant must be a minimum age of 21 years and a maximum age of 75 years
      • Maximum repayment period allowed is 20 years

    Documentation Required To Apply for a Home Loan through South Indian Bank:

    Applicants who wish to avail of a home loan through South Indian Bank are required to provide the following documentation:

    • Completed loan application form duly signed
    • Recent passport sized photographs
    • Any proof of identity such as:
      • PAN Card
      • Valid Passport
      • Voter ID Card
      • Driving License
    • Any proof of residence such as:
      • Electricity Bill
      • Valid Passport
      • Latest Telephone Bill
      • Voter ID Card
    • A cheque for the processing fee
    • Most recent bank statements
    • For salaried individuals:
      • Previous three years income tax returns along with income computation
      • Previous three years balance sheets and profit and loss account certified by a Chartered Accountant
    • For self-employed individuals:
      • Most recent income tax returns
      • Most recent income computation

    South Indian Bank Home Loan EMI Calculator:

    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:

    • Head to the BankBazaar.com website and choose the ‘Finance Tools’ option at the top
    • Choose the ‘Home Loan EMI Calculator’ option
    • Using the slider on the web page, enter the following information :
      • Loan Amount
      • Duration of Loan
      • Rate of Interest
      • Processing Fee
    • Click on ‘Calculate’
    • The EMI calculator will then show the following results:
      • The monthly EMIs required to repay the loan
      • The amount of interest due in total
      • An amortization schedule
    • The slider can be moved around to choose different loan parameters until the applicant is satisfied with the results

    FAQs:

    1. What are the charges levied in case a cheque for the processing fee bounces?

      The bank will levy a charge of Rs 50 for every processing fee cheque that bounces

    2. What is the amount of penalty that will be levied in the event of a late payment?

      In the event of late or delayed payment, the bank will levy a penalty of 2% of the loan amount

    3. Does South Indian Bank offer any kind of insurance cover with their home loans?

      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.

    4. What is the security that an applicant must provide when applying for a home loan?

      An applicant can pledge the house or residential property that he or she has acquired finance for, as a form of security

    5. What are the fees or charges levied in the event of prepayment of the home loan?

      The following are the charges applicable in the event of prepayment of the home loan:

      1. If the applicant closes the loan on his or her own after the expiration of a two year period then no charge will be levied
      2. If the applicant closes the loan on his or her own before the expiration of a two year period then a fee equivalent to 1% of the prepayment amount will be levied
      3. If the applicant closes the loan by paying it off through a loan from another bank then a fee equivalent to 2% of the prepayment amount will be levied
    6. How can an applicant increase his or her eligibility for a 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.

    South Indian Bank Home Loan Reviews

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