South Indian Bank Home Loan
Experience the next-gen banking with the South Indian Bank home loan that comes with an affordable interest rate starting at 8.70% per annum. Both salaried and self-employed applicants are free to apply for a housing loan from SIB or South Indian Bank by filling out the application form and paying a processing fee of up to 0.50% of the loan amount + GST. Whether you need financial assistance to buy a home, construct, renovate, or extend a home; all is possible in a hassle-free way with South Indian Bank housing loans.
South Indian Bank Home Loan EMI Calculator
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South Indian Bank Home Loan Highlights
Get the lowest interest rates with South Indian Bank Home Loan
| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.70% - 11.70% p.a. |
| RPLR | |
| Processing Fee |
0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max) |
| Maximum Tenure for Repayment | Up to 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | If closed after 2 years from own sources: Nil | If closed before 2 years from own sources: 1% of the prepaid amount | If closed through taking over by other lenders: 2% of the prepaid amount |
South Indian Bank Home Loan Interest Rates in 2024
South Indian Bank home loan interest rates starting at 8.70% per annum are designed to make home ownership more accessible for borrowers. These rates may vary based on factors such as loan amount, tenure, and the applicant's credit profile.
Have a look at the table below to understand further about SIB home loan interest rate 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| SIB Home Loan | 8.70% - 11.70% p.a. |
| SIB Decor | 8.70% - 11.70% p.a. |
| SIB Balance Transfer Home Loan | 8.70% - 11.70% p.a. |
Interest rates were last updated on 30th September 2024
South Indian Bank Home Loan Eligibility Criteria
The South Indian Bank has established an eligibility criteria for home loans to assess the creditworthiness and financial stability of borrowers, minimizing the risk of default. These criteria help ensure that the borrower can repay the loan, safeguarding both the lender's interests and the borrower's financial well-being.
Feel free to understand the South Indian Bank home loan eligibility through the given table:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 75 | 21 - 75 |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned | 2 years | 3 years |
South Indian Bank Home Loan Processing Fee and Charges
Like other lenders, the South Indian Bank charges a processing fee and other charges to cover the administrative costs associated with evaluating and approving loan applications. These fees help ensure that the lender can efficiently manage the loan origination process, including credit checks, documentation, and underwriting.
The table below will acquaint you with the updated details of South Indian Bank home loan processing fees and charges for 2024:
| Processing Fee | 0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max) |
|---|---|
| Charges for late EMI | Additional 2% interest |
| Solvency Certificate | Up to Rs. 0.25 lakh: Rs. 100 Above Rs. 0.25 lakh - Rs. 1 lakh: Rs. 250 Above 1 lakh - Rs. 5 lakh: Rs. 500 Above Rs. 5 lakh - Rs. 10 lakh: Rs. 1,000 Above Rs. 10 lakh: Rs. 100 per lakh and part thereof |
| Charges for furnishing a copy of CIBIL | Rs. 50 |
| Foreclosure/ Prepayment Charges | If closed after 2 years from own sources: Nil If closed before 2 years from own sources: 1% of the prepaid amount If closed through taking over by other lenders: 2% of the prepaid amount |
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South Indian Bank Home Loan Schemes and Top Plans
Keeping in mind the varied needs of various home loan applicants, the South Indian Bank offers three popular housing loan schemes that are described below:
SIB Home Loan
- Perfect home loan for purchase of ready-to-occupy property, construction of house, repairs, renovation, and improvement of a home
- Affordable rate of interest
- Maximum loan repayment tenure of up to 30 years
SIB Decor Loan
- A flexible top-up scheme
- Available to both new and existing home loan customers
- Maximum loan repayment tenure of up to 30 years
SIB Balance Transfer Loan
- A convenient way to shift outstanding home loan balance from another lender to SIB
- Affordable home loan interest rates
- Maximum loan repayment tenure of up to 30 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of South Indian Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for South Indian Bank Home Loan
The South Indian Bank asks for KYC (Know Your Customer) documents from home loan borrowers to verify their identity and assess their financial credibility. This process helps mitigate risks associated with fraud and ensures compliance with regulatory requirements. Presented below is the complete list of South Indian Bank home loan documents required from salaried and self-employed applicants:
Documents Required for Salaried Applicants
- Latest Income Tax Return/ Form 16
- Recent Salary Slips for the last 3 months
- Bank Statements for the last 6 months
- Duly filled application form
- Latest passport-size photographs
- Address and identity proofs
- Processing fee cheque in favour of South Indian Bank
Documents Required for Self-Employed Applicants
- Income Tax Returns for the last 3 years
- P&L and Balance Sheets for the last 3 years
- Bank Statements for the last 6 months
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of South Indian Bank
- Address and identity proofs
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Aadhaar Card, Passport, Voter ID, PAN Card
|
| Documents Related to Property |
|
Find South Indian Bank Home Loan Offices Near You
Finding a nearby South Indian Bank branch can offer personalized assistance, but you can streamline the process by applying online with the BASIC Home Loan team. The online application provides a convenient and efficient way to manage your loan from the comfort of your home, eliminating the need for multiple in-person visits. Simply complete the Free Consultation Form with the BASIC Home Loan team to receive the support you need for your South Indian Bank home loan application.
We encourage you to visit the official South Indian Bank website for the most up-to-date information regarding home loans, eligibility criteria, interest rates, and the necessary documentation.
FAQs
Yes, you can easily switch your existing home loan from another bank to South Indian Bank under its Balance Transfer Scheme.
There is no minimum credit score required to get a home loan in South Indian Bank. However, a CIBIL score of 700 or above is preferred.
The contact numbers for customer care of South Indian Bank are +91-487-2420020, 2420058, 2420113, and 2436666.
The smallest loan amount that can be obtained through the SIB home loan scheme is Rs. 2 lakhs.
South Indian Bank asks for an equitable or legal mortgage of the property for which the loan is availed as a security for a home loan availed from the bank.