South Indian Bank Home Loan EMI Calculator

South Indian Bank Home Loan - Lowest EMI is Rs. 863 per lakh

Last Updated 24th Feb 2017
  • Get monthly EMI as low as Rs. 863 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 9.80%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,062 for a 15 year loan and Rs. 952 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 South Indian Bank

South Indian Bank Home Loan EMI Calculator

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. 863 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 9.80%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,56023,79521,571
    5,000,000 53,12047,59043,141
    7,500,000 79,68071,38664,712
    10,000,000 106,24095,18186,283
  • 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 9.80%, which is linked to South Indian Bank 1 Year MCLR, which is currently 9.10%. Last revised on 20th Feb 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.
South Indian Bank Home Loan EMI Calculator News - Feb 2017
25th Jan 17 Kotak Mahindra sells its 2.1 percent stake in South Indian Bank to Lavender Investments
Kotak Mahindra International offloaded its 2.1 percent stake in South Indian Bank to Lavender Investments in an open market transaction. The shares were purchased by Lavender Investment Limited for Rs. 60 crore.
12th Jan 17 South Indian bank registers a 9.5 percent growth in its net profit in third quarter of FY 17
South Indian Bank has reported an increase in its net profit by 9.5 percent to Rs. 111 crore for October to December quarter as compared to Rs. 101 crore in the corresponding period a year ago. The increase in profitability has been contributed by growth in various loan segments including business loan, loan against property, agriculture loan as well as growth in current and saving accounts.
01st Dec 16 South Indian Bank reduces its MCLR up to 30 basis points
South Indian Bank has reduced its overnight and one month marginal cost of lending rate by 30 basis points to 9 percent and 9.05 percent respectively. The bank has reduced its six month lending rate by 5 basis points to 9.45 percent from 9.50 percent earlier. Revised rates are effective from 1st December, 2016.
12th Jul 16 South Indian Bank reports 46% rise in Q1 net profit
South Indian Bank has reported 46 per cent rise in its net profit at Rs 95.06 crore for first quarter ended June 30, 2016. Total income of the bank has increased by 9.47% at Rs 1620.67 crore. Growth was driven by increased lending to the agriculture, small and medium enterprise (SME), housing and auto sectors, which registered substantial growth year on year. Agriculture and SME advances rose 22 per cent, while home and auto loan portfolios increased by 19 per cent and 28 per cent, respectively.
28th Jan 16 South Indian Bank Q3FY16 net profit up by 16 per cent
SIB net profit for the quarter December 2015 stood at Rs. 101 Cr due to their refocus on business strategies and now the bank has been focusing on various retail sectors for asset growth
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