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South Indian Bank Home Loan
Max Tenure
nil*
Best Rate
9.10%
Processing Fee
nil*
Currently not available! for similar products
About South Indian Bank
One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community. They now operate with 851 branches, 52 extension counters, 4 service branches and 1313 branches across India.
How to Apply for South Indian Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to South Indian Bank Home Loans
Being one of the largest bank in India, South Indian Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, South Indian Bank Home Loans are tailor made catering to the needs of various customers.
Advantages of South Indian Bank Home Loans
- Low interest rate
- No hidden costs and administrative charges
- Low processing fees
- No security needed
- Less paperwork
- No prepayment penalties
Features of South Indian Bank Home Loans
Key Highlights
| Interest Rate | 9.10% |
| Processing Charges | Maximum Rs.10000 |
| Loan Tenure | 30 years |
| Guarantor Requirement | Required |
Objective
- Purchase of ready to occupy house, flat/villas. Flat/ villas under construction.
- Residential plot and construction of house
- Construction of house in own land.
- Improvement /Repair/Renovation of own residential house
- Additions/ Enlargement of own residential house
- Takeover of existing Housing Loans
- Reimbursement of Expenses incurred for residential house.
Eligibility Criteria
To avail the personal loan from South Indian Bank, you need to have the following eligibility criteria.
- You should be 21 years old or above
- Steady income
- Salary slip of last 3 months
- Proper Address Proof and Identity proof
Loan Amount and Tenure
1.Salaried Class
| Target Group | Employees of MNCs, State/Central Govt, IT Companies etc |
| Eligible Loan Amount | 60 times of Net Monthly Income |
| Period of Repayment | 30 years/Till 75 years of age |
2.Business Class
| Target Group | Self Employed, Business people |
| Eligible Loan Amount | 5 times of average gross income as per IT returns. |
| Period of Repayment | 30 years/Till 75 years of age |
3. Next Gen
| Target Group | Professionals with net monthly income of Rs 60000/- |
| Eligible Loan Amount | 75 times of Net Monthly Income |
| Period of Repayment | 30 years/Till 60 years of age |
4. Agriculturists
| Target Group | Persons whose main source of income is Agriculture. |
| Eligible Loan Amount | 5 times of average gross income |
| Period of Repayment | 30 years/Till 75 years of age |
5. NRIs
| Target Group | NRI individual/jointly with NRI or resident spouse. |
| Eligible Loan Amount | 50 times of average monthly remittance. |
| Period of Repayment | 20 years/Till 70 years of age |
6. Senior Citizens
| Target Group | Pensioners/HNIs without pension |
| Eligible Loan Amount | 60 times of Monthly pension/5 times of Gross total income. |
| Period of Repayment | 20 years/Till 75 years of age |
Prepayment Charges: Nil
Processing Fees: Maximum Rs 10000/-
Interest Rates: 9.10%
Documents Required to Apply for South Indian Bank Home Loans
Important documents to be submitted while applying for personal loans with South Indian Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
EMI Payment Methods
Your South Indian Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with South Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the South Indian Bank account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-South Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-South Indian Bank account at your nearest South Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for South Indian Bank Home Loan?
You can either apply online or visit a nearby South Indian Bank branch for the application. You can also download the home loan application form from the South Indian Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of South Indian Bank Home Loans
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
South Indian Bank Home Loan FAQs
1. What are processing fees on South Indian Bank Home Loans?
Maximum of Rs. 10000
2. Is there penalty for prepaying the South Indian Bank Home Loan?
No penalty is levied for prepaying the South Indian Bank Home Loan?
3. Can I get South Indian Bank Home Loan without a Guarantor?
Guarantor is required in some cases
4. What is the maximum loan repayment period for South Indian Bank home loans?
The maximum repayment period is 30 years
5. How Can I apply for an South Indian Bank home loan?
You can either apply online or visit a nearest South Indian Bank branch and take the help of the bank’s representative.