South Indian Bank gives home loans at a good interest rate starting from 9.84% per year. They offer these loans for different reasons to help customers. Whether you're employed or not, living in India or abroad, you can apply for a home loan with them.
South Indian Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 9.84% - 11.69% p.a. |
| Processing Charges | 0.50% of loan amount + GST (Min. Rs 5,000; Max. Rs 10,000) |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Tenure | Up to 30 years |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
South Indian Bank Home Loan Interest Rates
| Loan Slabs | CIBIL Score Slabs | |||
|---|---|---|---|---|
| >780 | 779-750 | 749-720 | <720 | |
| Up to Rs 15 Lakh | 10.14% | 10.24% | 10.49% | 10.99% |
| Above Rs 15-35 Lakh | 9.84% | 9.94% | 10.19% | 10.69% |
| Above Rs 35-75 Lakh | 9.84% | 9.94% | 10.24% | 10.79% |
| Above Rs 75-150 Lakh | 9.84% | 10.14% | 10.29% | 10.94% |
| Above Rs 150 Lakh | 10.14% | 10.24% | 10.44% | 11.44% |
Interest Rate for Self-employed Non Professionals
| Loan Slabs | CIBIL Score Slabs | |||
|---|---|---|---|---|
| >780 | 779-750 | 749-720 | <720 | |
| Up to Rs 15 Lakh | 10.39% | 10.49% | 10.74% | 11.24% |
| Above Rs 15-35 Lakh | 10.09% | 10.19% | 10.44% | 10.94% |
| Above Rs 35-75 Lakh | 10.09% | 10.19% | 10.49% | 11.04% |
| Above Rs 75-150 Lakh | 10.09% | 10.39% | 10.54% | 11.19% |
| Above Rs 150 Lakh | 10.39% | 10.49% | 10.69% | 11.19% |
Home Loan Interest Rates for NRIs
| Loan Slabs | CIBIL Score Slabs | |||
|---|---|---|---|---|
| >780 | 779-750 | 749-720 | <720 | |
| Up to Rs 15 Lakh | 10.34% | 10.44% | 10.69% | 11.19% |
| Above Rs 15-35 Lakh | 10.04% | 10.14% | 10.39% | 10.89% |
| Above Rs 35-75 Lakh | 10.04% | 10.14% | 10.44% | 10.99% |
| Above Rs 75-150 Lakh | 10.04% | 10.34% | 10.49% | 11.14% |
| Above Rs 150 Lakh | 10.34% | 10.44% | 10.64% | 11.64% |
To suit the different needs of its customers, South Indian Bank provides two types of home loan plans.
SIB Decor: This plan is a top-up scheme accessible to both new and existing home loan customers. It can be used for:
- New HL Borrowers:
This plan can cover expenses such as buying household items, appliances, electronics, computer gear, and furnishings like modular kitchens and furniture, or a mix of these needs in a new home.
- Existing Housing Loan Customers:
This plan can also cover expenses for replacing the items mentioned above.
Here are some important details about the SIB Decor Home Loan:
| Eligibility | Minimum CIBIL Score of 550 |
| Loan Amount |
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| Margin | 25% |
| Repayment Period |
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| Charges |
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SIB Home Loan:
This housing loan scheme is open to both employed and self-employed individuals who qualify. You can use the loan for:
- Buying a ready-to-move-in or previously owned house or flat that's up to 20 years old.
- Buying land and building a house. If you buy land now and plan to build later, you just need to confirm to the bank that you'll use their finance to build on that land.
- Buying a flat or villa that's still under construction, but it must be in a project approved by the bank.
- Expanding your current house or flat.
- Making changes, repairs, or rebuilding your house or flat.
- Getting reimbursed for expenses you've had within the last two years for construction projects or for buying a ready-to-move-in flat or villa.
- Transferring your existing housing loan to this bank.
Also Read : Best Home Loan EMI Calculator
| Particulars* | Applicable Charges |
|---|---|
| Loan Processing Charges | 0.50% of loan amount, subject to a minimum of Rs. 5,000 and a maximum of Rs. 10,000 |
| Charges for late payment of EMI | Additional 2% interest |
| No due Certificate | NIL |
| 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 lakh: Rs.500 | |
| Above Rs.5 lakh to Rs. 10 lakh: Rs.1000 | |
| Above Rs.10 lakh: Rs.100 per lakh and part thereof | |
| Prepayment Charges |
|
Also read: Best Home Loan Fees and Charges
- Age: 21-75 Years
- Minimum Bureau Score of 600
- Loan Amount : Up to Rs. 150 lakh (1.5 crore)
Resident Indians
- Salaried: People who work for the government, public sector undertakings (PSUs), multinational corporations (MNCs), listed companies, and well-known private limited companies.
- SENP (Self-employed non-professionals): Individuals involved in manufacturing, trading, wholesaling, retailing, or providing services.
- SEP (Self-employed professionals): Professionals like doctors, chartered accountants (CA), company secretaries (CS), cost and works accountants (ICWA), architects, and engineers who are self-employed.
- Agriculturists: Individuals involved in agriculture.
- Senior citizens / Pensioners: Older individuals who have retired and receive a pension or retirement benefits.
Also Read : Best Home Loan Eligibility
Salaried Individuals
- Completed and signed application form along with photographs.
- Proof of identity, address, and age.
- Salary slips for the last 3 months.
- Bank statements for the past 6 months.
- Form-16 and details of Income Tax Returns (ITR) for the last two years.
- Title documents of the property.
Self Employed Individuals
- Completed and signed application form with attached photographs.
- Proof of identity, address, and age.
- Income Tax Returns (ITR) and financial statements, which include balance sheet, profit & loss account, and schedules. These documents must be certified by a Chartered Accountant (CA).
- Bank statements for the past 12 months.
- For partnership firms: Latest partnership deed.
- For companies: Latest Memorandum and Articles of Association along with a CA certificate on profit sharing ratio, list of directors, and shareholding partnership.
- For Limited Liability Partnership (LLP): LLP Agreement.
Also Read : Best Home Loan Documents Required
1. What is the security required by the bank for a home loan?
The security needed to obtain a home loan is an equitable or legal mortgage of the property for which the loan is taken.
2. Is there any restriction on the number of properties an NRI can acquire?
There is no limit on the number of properties that an NRI can purchase.
3. What is the minimum loan amount available under the SIB home loan?
The smallest loan amount you can get with the South Indian Bank housing loan is Rs. 2 lakh.
Also read: Best Home Loan Balance Transfer
4. Is it possible for South India Bank to extend tenure of my existing home loan?
While South Indian Bank has not explicitly disclosed whether customers can extend the tenure of their existing home loans, many banks and housing finance companies (HFCs) do offer this option. However, the extension is typically subject to the maximum term offered by the lender or the maximum age allowed at the time of loan maturity.