20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

South Indian Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator South Indian Bank 2021

Last Updated 26th Nov 2021

Eligibility CriteriaSouth Indian Bank Home Loan
Eligible Age of Borrower21 - 65 years
Home Loan Eligibility Calculator

What is South Indian Bank Home Loan Eligibility?

South Indian Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. South Indian Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a South Indian Bank home loan using the South Indian Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by South Indian Bank?

South Indian Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

South Indian Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum South Indian Bank home loan age limit to get a South Indian Bank home loan is 21 years at the time of loan commencement and maximum age limit is 65 years. South Indian Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 65 of tenure.

South Indian Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much South Indian Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by South Indian Bank, the loan amount that you will be eligible for would be ₹ 33,90,570 to ₹ 44,08,255 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 67,81,141 to ₹ 88,16,510 for the same property at the same rate depending on your age at the time of loan application. However, South Indian Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years44.08 Lakh66.12 Lakh88.17 Lakh
30 years44.08 Lakh66.12 Lakh88.17 Lakh
35 years44.08 Lakh66.12 Lakh88.17 Lakh
40 years41.93 Lakh62.89 Lakh83.86 Lakh
45 years38.71 Lakh58.07 Lakh77.42 Lakh
50 years33.91 Lakh50.86 Lakh67.81 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your South Indian Bank home loan eligibility.

  • Nature of employment: South Indian Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. South Indian Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility South Indian Bank based on Value of Property

  • Value of property: South Indian Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the South Indian Bank's legal team.

The housing loan eligibility calculator of South Indian Bank can be a useful tool to assess your eligibility for the loan.

South Indian Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by South Indian Bank to determine your home loan eligibility. South Indian Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an South Indian Bank home loan is 0.65. Calculate your eligibility with the South Indian Bank home loan calculator and apply for the eligible loan amount hassle-free.

South Indian Bank Home Loan Eligibility for Women

South Indian Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for South Indian Bank Home Loan

South Indian Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from South Indian Bank. However, a low CIBIL score reduces your chances to get a home loan. South Indian Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance South Indian Bank Home Loan Eligibility?

You can enhance the South Indian Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use South Indian Bank’s Home Loan Eligibility Calculator?

To check South Indian Bank home loan eligibility perform the following steps:-

  • Go to the South Indian Bank website
  • Now navigate to the option South Indian Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get South Indian Bank home loan?

The basic criteria to get a home loan from South Indian Bank are as following:

Age21 - 65 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from South Indian Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from South Indian Bank?

The minimum salary required to avail home loan from South Indian Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in South Indian Bank.

Is South Indian Bank good for home loan?

The lowest interest rate provided by South Indian Bank is 8.05% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
South Indian Bank Home Loan News - Dec 2021
  • 2021-10-22 : South Indian Bank Ltd Posts Loss in Q2 FY2021-22
    For the quarter ended September 30, 2021, the total income of the bank was ₹ 1746.03 crores as against ₹2115.71 crores in the corresponding quarter of the previous year and ₹2081.73 crores in the previous quarter. As a result, the bank has reported a loss of Rs. 187.06 crore for Q2 of FY 2021-22.
  • 2021-06-22 : Revised marginal cost of lending rates for South Indian Bank
    South Indian Bank changed its MCLR. The overnight and one-month MCLR is 7.95% and 8% respectively. MCLR for three months, six months and one year stand at 8.05%, 8.10% and 8.30% respectively. The revised rates are effective from 20 June 2021.
  • 2021-05-21 : South Indian Bank posts net profit of nearly ₹7 crores in Q4
    South Indian Bank reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period. For the whole FY21, the bank has reported a net profit of Rs 61.91 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. The total deposit base at the end of the March quarter is seen higher by 9% y-o-y at Rs 69,827 crore, while advances declined by 9% to Rs 59,418 crore.
  • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
    South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
  • 2019-12-23 : South Indian bank cuts MCLR rates
    South Indian Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by up to 10 bps for December month. For 1 year, the MCLR stands at 9.00% as compared to 9.10% earlier. For overnight, the rate has been cut to 8.30% from 8.40% earlier. The revised standards have been in effect from December 20, 2019. The cut in MCLR will impact the interest rate of MCLR linked home loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...