South Indian Bank Home Loan Interest Rate
Apply for a South Indian Bank home loan online and get up to Rs. 15 Crores loan amount for a tenure of up to 30 years. South Indian Bank home loan interest rate starts from just 8.50% pa. and a processing fee of 0.50% of the loan amount will be applied. The bank offers home loans to both resident Indians as well as non-resident Indians (NRIs).
South Indian Bank Home Loan Interest Rate Key Highlights
The Key highlights of South Indian Bank home loan are:
| Purpose | House/ flat purchase, land purchase for house construction, home renovation/ extension/ repair, and home loan balance transfer from other lenders |
| Loan amount | Rs. 5 Lakhs - Rs. 15 Crores |
| Tenure | 5 - 30 years |
| Interest rate | 8.50% p.a. |
| Processing fee | 0.50% of the loan amount + GST (Minimum Rs. 10,000 + GST |
| Prepayment charges | Ni |
| Target customers | Resident Indian/ Non-Resident Indian salaried, self-employed professionals, self-employed non-professionals, agriculturists, senior citizens, pensioners, & HUF |
| LTV | Up to 90% |
| Top up loan | Available for existing customers with 12 months’ regular repayment track record |
| Age | 21 - 65 years |
| Minimum CIBIL score | 730 & 0/-1 |
South Indian Bank Home Loan Interest Rate & Charges
South Indian Bank home loan interest rates
| CIBIL Score | Salaried | Self-employed |
| >850 | 8.70% | 8.75% |
| 801-850 | 9% | 9.20% |
| 750-800 | 9.25% | 9.45% |
| 720-749 | 9.90% | 10.20% |
| 700-719 | 10.55% | 10.95% |
| 680-699 | 11.20% | 11.70% |
| -1 | 9.25% | 9.85% |
South Indian Bank home loan interest charges
| Types of Charges | Description |
| Processing fees | 0.50% of the loan amount + GST, subject to a minimum of Rs. 10,000 + GST |
| Penal interest | 2% p.a. for the defaulted amount for the defaulted period |
| Part prepayment charges | Nil |
| Foreclosure charges | Nil |
Compare South Indian Home Loan Interest Rate with Top Banks
Below is a comparison of South Indian Bank's home loan interest rates with those of other top banks. You can compare and choose the best home loan interest rate:
| Bank/NBFC | Rate of Interest |
| South Indian Bank | 8.50% |
| State Bank of India | 7.50% - 8.45% |
| Bajaj Finserv | 7.99% - 17.00% |
| PNB Housing Finance | 8.25% |
| Kotak Mahindra Bank | 8.20% |
| HDFC Bank | 8.45% - 9.30% |
| IDFC First Bank | 8.85% |
| Axis Bank | 8.75% to 12.85% p.a. |
| ICICI Bank | 8.75% - 10.05% |
| Tata Capital | {{TATACAPITAL_HL_INTEREST_RATE}} |
| Federal Bank | 9.15% |
South Indian Bank Home Loan Interest Rates for Balance Transfer
Home Loan Balance Transfer or Home Refinancing enables you to shift your remaining home loan amount to a different bank for a lower interest rate and better repayment terms than your current bank. South Indian Bank offers home loans at competitive interest rates starting from just 8.50% p.a. However, South Indian Bank home loan interest rates for balance transfer start from 8.50% p.a.
How to Calculate South Indian Bank Home Loan EMI?
You can easily calculate your South Indian Bank home loan EMI using an online tool called Home Loan EMI Calculator. This South Indian Bank home loan EMI Calculator is also available on our web portal. To calculate your home loan EMI using an EMI calculator, you just need to enter the loan amount, interest rate, and repayment tenure to calculate the EMI. This calculator provides the break-up of interest and principal repayment for the entire tenure of the home loan.
South Indian Bank Home Loan Interest Rate FAQs
Home loan interest rate in South Indian Bank ranges from 8.70% to 11.70% p.a. depending on the type of loan, CIBIL score and borrower’s occupation.
Currently, the Bank of India, Bank of Maharashtra, Central Bank of India UCO Bank, and Union Bank of India offer the lowest home loan interest rates starting from just 8.35% p.a.
The EMI for a 20 lakh home loan may differ depending on the repayment tenure of the loan and the applicable interest rate. For instance, the EMI for a 20 lakh home loan for 8.35% p.a. Interest rate and 20 years tenure is 17,167, whereas the EMI for the same loan amount for 8.70% p.a. interest rate and 30 years tenure is 15,663. Hence, it is important to use a Home Loan EMI Calculator to understand your EMI better.
- Increase your credit score
- Choose a shorter loan term
- Make a larger down payment
- Revise your EMIs
- Consider a floating interest rate
- Consider a joint loan
- Opt for a home loan balance transfer
- Negotiate with your lender
The maximum tenure offered by the South Indian Bank for a home loan is:
- Maximum tenure for salaried: 30 years or date of retirement, whichever is earlier.
- Maximum tenure for business class and agriculturist: 30 years or till the borrower attains 65 years of age, whichever is earlier.
- Maximum tenure for NRI: 20 years or till the borrower attains 65 years of age (whichever is earlier) for businessmen and 20 years or until the date of retirement (whichever is earlier) for salaried class.
- Maximum tenure for senior citizen/ pensioner: 20 years or till the borrower attains 65 years of age, whichever is earlier.
- Maximum tenure for the Surrogate Program: 20 years or till the borrower attains 65 years of age, whichever is earlier.