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South Indian Bank Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest8.25% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 751 Per Lakh
Processing fee0.50%
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

You can also Apply for 50 Lakh Home Loan

Features and Benefits of South Indian Bank Home Loans

  • Purpose of loan: Home Loans from South Indian Bank can be used for any of the following purposes:
    • Purchase of ready to occupy or repurchase of house/flat aged up to 20 years
    • Purchase of land for construction of a house on it
    • Purchase of under construction flat/villa in bank approved Housing Projects
    • Addition to the house/ flat
    • Alteration/reconstruction/repair to the house/flat
    • Reimbursement of expenses that are incurred on flat/villa under construction and purchase of ready to occupy flat/villa within 2 years.
    • The takeover of existing housing loan
  • Rate of interest: Starts at as low as 8.25% p.a.
  • Quantum of loan: The minimum quantum of loan is  Rs. 2 Lakhs and maximum is  Rs. 15 Crores.
  • Margin: Minimum 10% of the project cost is stipulated. Eligible quantum of loan is up to 90% of the project cost. However, the income quotient is also considered to arrive at the maximum loan quantum. To increase the loan amount spouse with a stable income can also be added as co-borrower.
  • Repayment tenure: The bank provides a minimum repayment period of 5 years and a maximum repayment period of 30 years. The entire loan should be repaid before the applicant attains 75 years of age. If the applicant gets pension on retirement then the repayment period can be extended beyond retirement.
  • Processing charge: Processing charges at 0.50% of the loan amount with a minimum of  Rs. 5,000 and a maximum of Rs. 10,000 plus taxes.
  • Security: Security by way of mortgage of the property for which the finance has been availed.
  • Assessment is based on the 12 months annual balance in the SB Account if income proof is not available.
  • Top up loan to the extent of 20% of the Home Loan sanctioned or  Rs. 25 Lakhs is provided for existing customers as well as take over accounts but their track record should be good.

Additional Info: Also check DDA Housing Scheme

South Indian Bank Home Loan Interest Rate

The rate of interest on housing loans are linked to the Marginal Cost of Funds Based Lending Rates (MCLR) of the bank.

Type of SchemeEffective Rate of Interest
Home Loan Scheme (for Income Program, Repairs, Renovation, and Reimbursement)1-year MCLR: 8.25%
Home Loan Scheme - new variant (for Income Program, Repairs, Renovation, and Reimbursement)

For women: 6-month MCLR + 0.10% = 8.25%

For others: 6-month MCLR + 0.10% = 8.25%

*0.05% concession to women borrowers

South Indian Bank Home Loan Eligibility

It is always advisable to complete the eligibility check before approaching the bank for Home Loan. This will give an exact idea as to the Home Loan that will be available and the investment to be made from the applicant's end. Once the home loan eligibility check is done it becomes easier for the bank to process the loan. Like every other bank South Indian Bank also has set certain guidelines for eligibility check.

The eligibility criteria are as mentioned below:

  • South Indian Bank offers Home Loan to:
    • Salaried individuals: Employees of PSU, MNC, Government, listed companies, reputed public and private limited companies.
    • Self-employed professionals (SEP): Doctors, Engineer, CA, Architect, CS, ICWA
    • Self-employed non-professionals (SENP): Manufacturers, Wholesalers, Retailers, Traders, Service Providers.
    • Pensioners/ Senior Citizens
    • Agriculturists
    • NRIs
  • The age limit fixed by the bank is 21 years to 75 years
  • To assess the income stability of the applicant different parameters have been set for salaried individuals and self-employed professionals and non-professionals. Salaried individuals should have been confirmed in the service and self- employed professionals and business owners should have been in the business for at least a minimum of 2 years.
  • To avail Home Loan at South Indian Bank the applicant should have an account with the bank.
  • If the plot is purchased and construction is done at a later stage, the borrower will need to provide a declaration that he/she intends to construct a house on the concerned plot with the help of bank finance.
  • The age of the property for repurchase should not be more than 20 years

Additional Info: Also check AnyRoR Gujarat Land Record

Documents for South Indian Bank Home Loan

The documents required for South Indian Bank Loan will be as per the purpose of loan chosen. The list is as given below:

For Construction of a Residential House in Own Land

  • Location sketch issued by Revenue Office/Village Office
  • Possession certificate which is issued by Village Office/Revenue Office
  • Approved building plan
  • Approved building permit
  • Estimate for construction
  • Latest tax paid receipt

For Purchase of Land with Residential House

  • Approved plan
  • Agreement of sale
  • Latest tax paid receipt
  • Location sketch issued by the village office/revenue office
  • Possession certificate which is issued by village office/revenue office

For Purchase of Land and Construction Thereon

  • Agreement of sale
  • Location sketch given by village office/revenue office
  • Self-declaration from the applicant that construction will be done at a later date by availing finance from the bank.
  • An estimate of construction along with the area of the building proposed
  • Possession certificate issued by village office/revenue office
  • Latest land tax paid receipt

For Purchase of Flat

  • If purchased directly from the builder completion/occupancy certificate
  • Mother documents
  • Agreement of Sale
  • Latest tax paid receipt

For Purchase of Flat Under Construction

  • Before disbursal of loan Tripartite Agreement should be obtained
  • Approval from fire, safety, and pollution control board, and aviation clearance
  • Agreement of sale
  • Approved plan and building permit
  • No objection certificate from the project financing bank

For Repairs/Renovation/Extension

  • Approved plan and permit
  • Estimation for repairs/renovation
  • Latest tax paid receipt (land and building)
  • No objection certificate from project financing bank where ever applicable

For Takeover of Account from Other Banks

  • Sanction memorandum of existing housing loan
  • 12 months loan account statement
  • Necessary approvals for projects under construction
  • For completed projects, tax paid receipts

Reimbursement in Case of Construction of New House

  • Certificate from engineer supporting the investment made
  • Approved building plan
  • Occupancy certificate/tax demand notice from local Government Body
  • Location sketch by village office/revenue office
  • Latest tax paid receipt
  • Possession certificate which is issued by village office/revenue office

Reimbursement in Case of Renovation

  • Licensed engineer to certify that the renovation has been done within 1 year
  • Engineer certificate for the investment made
  • Latest tax paid receipt (land and building)
  • Location sketch which is issued by village office/revenue office
  • Possession certificate which is issued by village office/revenue office

Reimbursement in the Case of Purchase of House/Flat

  • Copy of sale deed
  • Tax paid receipt
  • Reimbursement incurred for flats/villas under construction if the expenses incurred is within 2 years.
  • Any other documents as required by the panel advocate of the bank for legal scrutiny

Additional Documents for South Indian Bank Home Loans

  • 2 passport size photographs
  • 6 months bank statement
  • ID proof: PAN Card, Aadhaar Card, Voter's ID, Driving License, etc. (any one)
  • Address proof: Aadhaar Card, Driving License, Telephone Bill, Electricity Bill, Gas Bill, etc. (any one)
  • Income proof for salaried individuals (resident): Last 2 months salary slip and minimum 6 months pay slip if the salary is variable, Form 16 with latest original salary certificate, latest 2 years IT returns with computation, minimum 6 months bank statement with 5 salary credits.
  • Income proof for self-employed professionals (resident): Last 2 years IT returns and last 2 years income computation, proof of business, 6 months bank statement.
  • Income proof of NRI salaried: Salary Certificate and employment contract, latest 1 year NRE account statement with any bank in India or resident account of spouse in which regular remittance is made or salary credit account statement for past 1 year.
  • Income proof of NRI Business: Proof of business and financials, latest 1 year statement of an overseas bank account in personal name or 1 year bank statement of NRI account in any bank in India where regular remittance is made.
  • Income proof of Agriculturists: Latest IT returns with computation, 1 year bank statement, and tax receipt of agricultural lands
  • Income proof of Pensioners: Pension payment order, 6 months statement of account where the pension is credited, and 1 year SB Account statement.
  • Assets and liabilities details of the guarantors
  • Address proof, and Photo ID proof of the guarantors
  • Income proof of the guarantors
  • Passport size photographs of the guarantor

Additional Info: Also check Documents Required For Home Loan

South Indian Bank Home Loan Processing Fee and Charges

Following charges are involved in availing a Home Loan from South Indian Bank:

Fees or Charges LeviedAmount
Processing fee0.50% of the loan amount. Minimum Rs. 5,000 and maximum Rs. 10,000 + applicable taxes.
Penal interest for late payment of EMI2% p.a. for the amount defaulted for the defaulted period
Prepayment charges
  • If closed through own sources after 2 years: Nil
  • If closed through own sources before 2 years: 1% of the prepaid amount
  • If closed by a takeover by other banks: 2% of the pre-paid amount
No Due CertificateNil
Solvency Certificate
  • Up to Rs. 0.25 Lakh: Rs. 100
  • Above Rs. 0.25 Lakh to Rs. 1 Lakh: Rs. 250
  • Above Rs. 1 Lakh to Rs. 5 Lakhs: Rs. 500
  • Above Rs. 5 Lakhs to Rs. 10 Lakhs: Rs. 1,000
  • Above Rs. 10 Lakhs: Rs. 100 per Lakh and part thereof
Charges for changing from fixed interest rate to floating interest rate or vice versaThis facility is not available
Charges for furnishing a copy of CIBIL or report from another credit information company, to the borrowers at their requestRs. 50

Additional Info: Also check Sukanya Samriddhi Yojana

How to Calculate South Indian Bank Home Loan EMI?

Calculating the right amount of EMI that you will be easily able to pay is a very important aspect of taking a Home Loan. To instantly calculate the South Indian Bank Home Loan EMI, use MyMoneyMantra's EMI Calculator.

Click on the 'Financial Tools' on the homepage of our website and select EMI Calculator. Enter the required details like loan amount, tenure, and interest rate. Click on the 'Calculate' button to get the result.

Additional Info: Also check SBI Home Loan EMI Calculator

South Indian Bank Home Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
South Indian BankUp to 90% of property cost30 years8.25%0.50% + GST
ICICI Bank Home LoanUp to 90% of property cost30 years7.60%-8.45%0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
HDFC LtdUp to 90% of property cost30 years7.55%-8.05%Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
Axis Bank Home LoanRs. 5 Crores30 years7.60%-8.05%Up to 1%, minimum Rs.10,000
Kotak Mahindra Home Loan75% to 90 % of property value30 years7.50%-8.10%O.5% to 2.0 % + GST 

Additional Info: You can also avail SBI Home Loan

South Indian Bank Customer Care

For more details on Home Loans, contact the South Indian Bank at the following number:

0487-2420020 (488)

You can also contact them on their toll-free numbers:

1800 425 1809 or 1800 102 9408 or 91-484-2388555 (For NRIs)

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South Indian Bank Home Loan FAQs

✅ How to apply for South Indian Bank Home Loan?

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One can approach any branch of South Indian Bank or can apply for the loan online. Once the loan is applied online and the process initiated a representative from the bank will contact the customer and take it further from there. You can also apply instantly through MyMoneyMantra.

✅ What are the maximum and minimum loan amounts that can be availed?

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The minimum loan amount is Rs. 2 Lakhs and the maximum is Rs. 15 Crores and the margin stipulated is 10% of the project cost.

✅ Who can be co-applicants to the Home Loan?

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Spouse or employed children can be co-applicants but the co-applicants should have a stable income.

✅ What is the processing fee charged?

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A processing charge will 0.50% of the loan amount, minimum Rs. 5,000 and maximum Rs. 10,000 plus applicable taxes.

✅ What are the documents that have to be submitted while applying for a loan?

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The regular documents like completed loan application with an attested photograph, address proof, identity proof, age proof, income proof, a cheque fo ther processing fee, property papers will b required by the bank.

✅ How is interest on loan account charged?

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Interest is charged on reducing balance at monthly intervals. It is linked to 6-months and 1-year MCLR When MCLR increases, the interest will increase and when MCLR decreases the interest rate will decrease.

✅ Should the property be insured?

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The property created out of the loan has to be insured for fire and other natural calamities during the pendency of the loan. The insurance has to be renewed every year and the proof for verification has to be produced to South Indian Bank.

✅ Why should one opt for Home Loan balance transfer to South Indian Bank?

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South Indian Bank offers Home Loan at an interest as low as 8.25% (for women) and 8.25% (for others) and has flexible EMI option. EMI is as low as  Rs. 751 per lakh and they also have different options for payment of EMI. It could be by way of standing instructions to an account maintained at their bank or through ECS for transfer of loan instalment from an account in a bank other than South Indian Bank. The option of PDCs also is available in non-ECS centers, but bunches of Post Dated Cheques have to be submitted to the bank periodically.