South Indian Bank

South Indian Bank Home Loan

Apply South Indian Bank  Home Loan

About South Indian Bank Home Loan

South Indian Bank was incorporated in the year 1929 at Thrissur. It was formed by a group of 44 ambitious men of Thrissur with an objective to get the merchant community out of the clutches of moneylenders who were literally robbing them with heavy interest rates. The bank took off at a slow pace but added a good number of branches year on year. The bank obtained a license from RBI as per the Banking Regulation Act 1949 and became the first scheduled bank under private sector in Kerala to get such license.

It is the first Bank in Kerala under the private sector to become a scheduled bank, the first bank to open NRI branch in Jhumrithalaya in 1992, and the first scheduled bank in India to open Currency Chest in the year 1992. During the year 1993 it became the first branch in India under the private sector to open an overseas branch and Industrial and Finance branch, the first bank under private sector in Kerala to develop in-house software for bank automation, and the first bank in Kerala to implement Core Banking Service.

It caters to all categories of society and offers an array of products under retail lending and Home Loan is one of them.

South Indian Bank Home Loan

Interest rate


Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents


Up to 4 applicants are allowed as co-applicants

Lowest EMI

723 Per Lakh

Why Apply for a Home Loan at South Indian Bank?

If you are in need of a housing loan, here are some reasons why to apply for South Indian Bank Home Loan:

  • EMI as low as 812 per lakh
  • Processing is fast and documentation is simple
  • Comfortable processing fee
  • No pre-payment or part prepayment charges
  • No hidden charges
  • Interest on the daily outstanding balance. Interest linked to MCLR.
  • Longer tenure
  • High loan amount
  • Loans available to all - salaried, self-employed professionals/non-professionals, pensioners, senior citizens, non-resident Indians (NRIs), and agriculturists.
  • Concessional interest rate for women applicants

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 8.85% for women and 9.15% p.a. for others
  • Quantum of loan: The minimum quantum of loan is 2 Lakhs and maximum is 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 5,000 and a maximum of 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 25 Lakhs is provided for existing customers as well as take over accounts but their track record should be good.

South Indian Bank Home Loan Interest Rate

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

The current MCLw.e.f. 20.06.2019 are as follows:

Tenor Applicable MCLR











The effective rates of interest on housing loans are as follows:

Type of Scheme Effective Rate of Interest

Home Loan Scheme (for Income Program, Repairs, Renovation, and Reimbursement)

1-year MCLR: 9.50%

Home Loan Scheme - new variant (for Income Program, Repairs, Renovation, and Reimbursement)

For women: 6-month MCLR + 0.10% = 9.10%

For others: 6-month MCLR + 0.10% = 9.15%

*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 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

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

Why Apply for South Indian Bank Home Loan at MyMoneyMantra?

At MyMoneyMantra be assured to find a team that does elaborate research to find the most suitable option of Home Loans for you.

  • With MyMoneyMantra documentation, the process is always easy, simplified, and well assisted.
  • Get the most accurate customised solutions at MyMoneyMantra
  • Get all information, duly compiled on just one platform to avoid confusion
  • The MyMoneyMantra finds products based on your eligibility concerning income and other factors.
  • You can easily compare products from different banks and across different parameters such as loan tenure, processing fee, interest rates, and loan amount to come to the best conclusion.
  • Also get personalised expert advice, which is based on your credit score and past investment history.

Get the MyMoneyMantra experts to help you with your Home Loan from the selection of the right product, during the application process and right to the disbursement of the loan.

How to Apply for South Indian Bank Home Loan at MyMoneyMantra?

While one can apply for a Home Loan by getting in touch with the bank, it is always better to apply digitally, through platforms such as MyMoneyMantra. We make sure the loan processing becomes faster and hassle-free. The process is very simple. Follow the simple steps mentioned below and make the whole process of availing Home Loan less complicated.

  • Go to our main menu on the home page and click on Home Loan option
  • Once all the mandatory details are provided, the eligibility will be calculated. On trying different variations, one can get the best deal.
  • Once the details are shared, the team from MyMoneyMantra will get in touch with you to understand your need in detail and help you through the process of getting a Home Loan seamlessly.

Other Products Offered by South Indian Bank

In addition to Home Loans, the bank also offers the following products and services:

Savings Account

Term Deposits

Priority Banking

Unclaimed Deposits/ Inoperative Accounts

Life Insurance

Health Insurance

General Insurance

Online Insurance


PM'S Social Security Schemes

Personal Loans

Car Loans

Gold Loans

Education Loans

OTS Scheme for MSE

SIB Commercial Vehicle Loan


SIB Pharma Plus

SIB Rental Loan Schemes

SIB Travel Delight

NRI Loans

Property Loan

Value Added Services

Mutual Funds

Money Transfers

NRI Banking

Business Banking

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.

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 Levied Amount

Processing fee

0.50% of the loan amount. Minimum 5,000 and maximum 10,000 + applicable taxes.

Penal interest  for late payment of EMI

2% 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 Certificate


Solvency Certificate

  • Up to 0.25 Lakh: 100
  • Above 0.25 Lakh to 1 Lakh: 250
  • Above 1 Lakh to 5  Lakhs: 500
  • Above 5  Lakhs to 10  Lakhs: 1,000
  • Above 10  Lakhs: 100 per  Lakh  and part thereof

Charges for changing from fixed interest rate to floating interest rate or vice versa

This facility is not available

Charges for furnishing a copy of CIBIL or  report from another credit information company, to the borrowers at their request


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)

South Indian Bank Home Loan - FAQs

How to apply for South Indian Bank Home Loan?

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?

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

Who can be co-applicants to the Home Loan?

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

What is the processing fee charged?

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

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

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?

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

Should the property be insured?

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?

South Indian Bank offers Home Loan at an interest as low as 9.10% (for women) and 9.15% (for others) and has flexible EMI option. EMI is as low as 812 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.

South Indian Bank - Latest News and Snippets

29.03.2019: South Indian Bank appoints an additional director

South Indian Bank (SIB) has appointed Pradeep M Godbole as its new additional director. He is a Chartered Accountant with over 30 years of experience in core sectors like auditing, technology, accounting, banking, consulting & management. Earlier he has held senior positions with Ernst & Young, Wipro, and Oracle Financial Services Software among others.

26.03.2019: South Indian Bank will raise 250 crore via issue of Tier 2 bonds

South Indian Bank (SIB) announced that its Capital Planning & Infusion Committee of Directors on 26.03.2019 has approved the allotment of 25,000 Rated, Redeemable, Unsecured, Non- Basel III Compliant, Convertible, Lower Tier 2 Subordinated Bonds in the NCDs bearing a face value of 1 lakh each.

19.01.2019: Q3 profit of South Indian Bank declines by 27% as bad loans rise

South Indian Bank, a private sector lender on Saturday posted a 27% decline in its net profit at 83.85 crores for Q3 ended 31.12. 2018. The bank had recorded a 115 crores net profit in the corresponding quarter of the previous financial year.

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