South Indian Bank Home Loan Interest Rate
South Indian Bank home loans are designed to make homeownership easier, offering competitive interest rates and flexible repayment options to suit a variety of financial needs. With a simple application process and processing fee of just 0.50% of the loan amount, fast approval, and transparent terms, South Indian Bank ensures a hassle-free borrowing experience. South Indian Bank home loan interest rate starts at 8.70% per annum and comes with a maximum loan repayment tenure of up to 30 years. It offer features like balance transfers and top-up loans for existing customers, helping you manage your finances effectively.
South Indian Bank Home Loan EMI Calculator
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South Indian Bank Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.70% - 11.70% p.a. |
| Processing Fees |
0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max) |
| Max Tenure for Loan Repayment | 30 years |
South Indian Bank Home Loan Interest Rates in 2024
The home loan interest rate South Indian Bank ranging between 8.70% to 11.70% per annum is crafted to offer homebuyers cost-effective financing with flexible terms. Whether you’re purchasing your first home, upgrading, or transferring an existing loan, their competitive rates are designed to make repayments easier on your budget. With a focus on transparency and customer convenience, the bank offers tailored solutions to meet diverse financial goals.
The tables below will help you understand the South Indian Bank home loan interest rate 2024 in detail:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.70% - 11.70% p.a. |
| Self-Employed Applicants | 8.70% - 11.70% p.a. |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.70% - 11.70% p.a. |
South Indian Bank New Home Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.70% - 11.70% p.a. |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Customers | 8.70% - 11.70% p.a. |
Interest rates were last updated on 19th September 2024
South Indian Bank Home Loan Interest Rates for All Schemes in India
South Indian Bank offers various home loan schemes to cater to the diverse needs of borrowers, ensuring flexibility and accessibility for different financial situations. By providing a range of options, the bank addresses varying requirements, from first-time buyers to those looking to upgrade or renovate. These schemes are designed to offer competitive rates, tailored terms, and specialized features, making home financing more achievable. With the following schemes, South Indian Bank ensures that every customer finds a solution that aligns with their unique homeownership goals:
| Rates of Interest for Each Plan | Rates of Interest for Each Plan |
|---|---|
| SIB Home Loan | 8.70% - 11.70% p.a. |
| SIB Decor Loan | 8.70% - 11.70% p.a. |
| SIB Balance Transfer Home Loan | 8.70% - 11.70% p.a. |
South Indian Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
Home loan borrowers can enjoy a host of other convenient financial facilities from South Indian Bank that are mentioned below:
South Indian Bank Home Finance Home Loan Balance Transfer
South Indian Bank offers attractive home loan interest rates for balance transfers, allowing you to switch your existing loan from another lender at lower rates. This can significantly reduce your monthly EMIs and overall interest burden. The process is streamlined to ensure a smooth transition, making it easier to manage your finances. Take advantage of their competitive rates starting at 8.70% per annum to save on interest and improve your loan terms.
South Indian Bank Home Finance Home Loan Top-Up
With South Indian Bank's home loan top-up facility, you can access additional funds at favorable interest rates for purposes like home improvements or personal needs. This top-up is seamlessly integrated with your existing home loan, offering flexibility in repayment and extended loan tenure. The competitive rates starting at 8.70% per annum ensure that your additional borrowing remains affordable. Enjoy the convenience of accessing extra funds without the need for a separate loan.
South Indian Bank Home Finance Home Loan Overdraft Option
South Indian Bank overdraft facility allows you to link an overdraft account to your home loan, enabling you to withdraw funds as needed while only paying interest on the amount utilized. It’s ideal for managing fluctuating financial needs, providing greater control over your cash flow. The overdraft facility combines convenience with cost-effective interest rates. The South Indian Bank overdraft facility begins at 8.70 per annum.
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Compare South Indian Bank Home Loan Interest Rate with Top Banks
Comparing South Indian Bank home loan interest rates with top banks is essential to ensure you’re getting the best deal for your financing needs. It helps you evaluate competitive rates, fees, and terms, potentially saving you money on monthly EMIs and total interest costs. This comparison allows you to make an informed decision and choose the most cost-effective loan option. By assessing rates from multiple banks, you can secure a home loan that aligns perfectly with your financial goals.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| South Indian Bank Home Finance | 8.70% p.a. onwards | 0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max) |
| Standard Chartered | 8.75% p.a. onwards | 0.5% - 1% of the approved loan amount |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| Bandhan Bank Home Finance | 9.16% - 15.00% per annum | Up to 1% of the loan amount |
| Shubham Housing Finance | 9.90% p.a. onwards | Up to 2.0% of the loan amount |
| Motilal Oswal Housing Finance | 11.75% p.a. onwards | Up to Rs. 5,000 |
South Indian Bank Home Loan Balance Transfer Interest Rates
South Indian Bank home loan balance transfer interest rates provide a cost-effective solution for those looking to shift their existing home loan from another lender. By transferring your balance to South Indian Bank, you can benefit from lower interest rates, which can reduce your monthly EMIs and total interest payments. The bank simplifies the transfer process, ensuring minimal paperwork and hassle-free service. The process is streamlined ensuring a smooth transition and potential savings on loan costs.
South Indian Bank Home Finance Balance Transfer interest rate starts at 8.70% per annum. One can shift the existing home loan balance to SIB in the following manner:
- Firstly, visit the BASIC Home Loan website and go to the Repay Right section
- Fill the required details in the online form displayed on the screen
- Click ‘Next’ to proceed to the next page
- You will then be able to see the savings you make with the South Indian Bank Home Loan Balance Transfer option
- Another easier option is to approach the BASIC Home Loan team for help in applying for a South Indian Bank housing loan
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How to Calculate South Indian Bank Home Loan Interest Rates?
To calculate South Indian Bank home loan interest rates, you can use the online EMI calculator available on the BASIC Home Loan website - https://www.basichomeloan.com/emi. Simply enter the loan amount, tenure, and interest rate into the calculator to estimate your monthly EMI and total repayment. This tool provides a clear breakdown of how much you will pay in interest versus the principal over the loan term. The table displayed below will give you an idea of monthly EMI instalments for 10 to 30 years tenures:
South Indian Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.70% p.a. | Rs. 12,506 | Rs. 8,805 | Rs. 7,831 |
| Rs. 20 lakh | 8.70% p.a. | Rs. 25,012 | Rs. 17,610 | Rs. 15,663 |
| Rs. 30 lakh | 8.70% p.a. | Rs. 37,517 | Rs. 26,416 | Rs. 23,494 |
| Rs. 40 lakh | 8.70% p.a. | Rs. 50,023 | Rs. 35,221 | Rs. 31,325 |
| Rs. 50 lakh | 8.70% p.a. | Rs. 62,529 | Rs. 44,026 | Rs. 39,157 |
| Rs. 60 lakh | 8.70% p.a. | Rs. 75,035 | Rs. 52,831 | Rs. 46,988 |
| Rs. 70 lakh | 8.70% p.a. | Rs. 87,541 | Rs. 61,637 | Rs. 54,819 |
| Rs. 80 lakh | 8.70% p.a. | Rs. 1,00,046 | Rs. 70,442 | Rs. 62,651 |
| Rs. 90 lakh | 8.70% p.a. | Rs. 1,12,552 | Rs. 79,247 | Rs. 70,482 |
| Rs. 1 crore | 8.70% p.a. | Rs. 1,25,058 | Rs. 88,052 | Rs. 78,313 |
The table above gave you an idea of EMI payable at an interest rate of 8.70% p.a. offered by South Indian Bank. The figures in this table are likely to change with the change in the rate of interest, tenure, and other factors of a particular lender.
FAQ's
South Indian Bank home loan interest rate ranges between 8.70% to 11.70% per annum.
As such there is no minimum credit score requirement to get a home loan from South Indian Bank, but it is good to have a credit score of 650 - 700.
South Indian Bank offers a maximum loan repayment tenure of 30 years.
The smallest loan amount that can be obtained through the SIB home loan scheme is Rs. 2 lakhs.
The legal mortgage of the property is the security required to avail of a home loan from South Indian Bank.