Kuchh Baat Aapke Interest Ki

South Indian Bank Home Loan EMI Calculator

Last Updated 26th May 2017

South Indian Bank Home Loan - Lowest EMI is Rs. 0 per lakh

  • Get monthly EMI as low as Rs. 0 per lakh with South Indian Bank now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by South Indian Bank is %, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 0 for a 15 year loan and Rs. 0 for a 20 year loan.
  • Check the EMI for other tenures using the South Indian Bank home loan EMI calculator on this page.
Home Loan EMI Calculator
Rs.

Home Loan EMI Calculator South Indian Bank

South Indian Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to South Indian Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With South Indian Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 0 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by South Indian Bank on Home Loan is %.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 0
    5,000,000 0
    7,500,000 0
    10,000,000 0
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

South Indian Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how South Indian Bank Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000

r = Rate of interest per month. Current rate is %, which is linked to South Indian Bank 1 Year MCLR, which is currently 9.10%. Last revised on 20th May 17

n = tenure in month. For South Indian Bank, this can be 360 months

Will the South Indian Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by South Indian Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, South Indian Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by South Indian Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • South Indian Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
MyLoanCare

Check
Lowest EMI
Check
Home Loan Eligibility
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
;