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South Indian Bank Home Loan Eligibility Calculator

South Indian Bank Home Loan Eligibility in India 2021

Last Updated 21st May 2021

Eligibility CriteriaSouth Indian Bank Home Loan
Eligible Age of Borrower21 - 65 years
  • South Indian Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • South Indian Bank calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from South Indian Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

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 housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

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 age limit to get 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 interest rate of 6.75% 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 in order 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.

Minimum CIBIL Score for South Indian Bank Home Loan

  • CIBIL Score: South Indian Bank considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from South Indian Bank However, 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.

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. Minimum FOIR required to be eligible for South Indian Bank home loan is 0.65. Calculate your eligibility with South Indian Bank home loan calculator and apply for eligible loan amount hassle free.

South Indian Bank Home Loan for Women Eligibility

South Indian Bank offers the same rates to women borrowers starting at 6.75% with similar eligibility criteria for home loan. In 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.

How can I Check my South Indian Bank Home Loan Eligibility ?

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 .

Other Loan Calculators

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.

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South Indian Bank Home Loan News - Jun 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.
  • 2019-07-15 : South Indian Bank plans to grow its retail and MSME Book, targets to raise Rs. 300 crore
    South Indian Bank is planning to grow its retail loans, including home loans, mortgage loans, and MSME loan portfolios during FY19-20. For this purpose, the lender is looking to raise funds of up to Rs. 300 crore through the private equity route. The lender had already raised Rs. 250 crore during the month of March.
  • 2019-06-20 : South Indian Bank revises MCLR rates across loan tenures
    South Indian Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenor loan by 5 basis points to 8.85%. The move is supposed to make customer loans like home, auto, and personal loans cheaper. For overnight and one-month, the MCLR stands at 8.60% and 8.65% respectively. While for one-year and the rate has been changed to 9.50%. The revised rates are effective from June 20, 2019.
*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
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