South Indian Bank Home Loan Interest Rate Calculator - Dec 2016

South Indian Bank Home Loan Interest Rates

Last Updated 07th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate 9.80% - 9.80%
Check Special Offers
Lowest EMI Rs. 863 per lakh
Max Tenure 30 years
Processing Fee Upto 1.00%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan Online
 Salaried   Self Employed - Professional   Self Employed - Business 





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South Indian Bank Home Loan

South Indian Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan South Indian Bank

Home loan interest rates offered by South Indian Bank depends upon MCLR.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
South Indian Bank offers home loan based on 1 Year MCLR rates which is currently 9.80%.
South Indian Bank home loan interest rate depends upon
  • Loan amount: Home loan rate in South Indian Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: South Indian Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. South Indian Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. South Indian Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - South Indian Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

South Indian Bank Home Loan EMI Calculator

    Home Loan EMI of South Indian Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Home Loan EMI calculator of South Indian Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating South Indian Bank Home Loan EMI?
  • EMI calculator of South Indian Bank helps you to calculate your monthly EMI at different rate of interest
  • South Indian Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

South Indian Bank Home Loan Eligibility Calculator

Home Loan eligibility criteria South Indian Bank
Eligibility of House loan in South Indian Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. South Indian Bank offers Home loan to salaried at the age of 21 to 65 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, South Indian Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from South Indian Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your South Indian Bank eligibility. If you are working with a reputed company, probability of getting home loan from South Indian Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: South Indian Bank gives you Home loan depending upon your income. South Indian Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Eligibility Calculator.

    South Indian Bank Floating Rate Home Loans

    South Indian Bank Home Loan Floating
    Upto Rs. 2,500,000 - 9.80%
    Rs. 2,500,001 - 7,500,000 - 9.80%
    Rs. 7,500,001 - 35,000,000 - 9.80%
    Above Rs. 35,000,000 - 9.80% linked to 1 Year MCLR

    South Indian Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to South Indian Bank?
    South Indian Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of South Indian Bank
    You can avail additional top-up home loan from South Indian Bank, subject to your eligibility

    Housing Loan South Indian Bank documents required

    Home Loan for Salaried employee South Indian Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed South Indian Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    Why to take home loan from South Indian Bank?
    South Indian Bank offers home loan at lower rate of interest i.e. at 9.80% with the lowest EMI of Rs. 863 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to South Indian Bank.
    What is the maximum loan tenure I can opt under South Indian Bank house loan?
    South Indian Bank offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from South Indian Bank?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with Nil charges.
    Can I transfer my home loan from another bank to South Indian Bank?
    Yes, South Indian Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to South Indian Bank offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in South Indian Bank?
    The benchmark applicable for home loan in South Indian Bank is 1 Year MCLR.
    What is the effect of part payments on South Indian Bank housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on South Indian Bank housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on South Indian Bank housing loan change in future?
    • Floating interest rate on South Indian Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 9.80%. So, when South Indian Bank offers a home loan at 9.80%, it applies a premium of 0% to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

    South Indian Bank Home Loan in India

    South Indian Bank Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 1800-843-1800
    Ahmedabad 1800-843-1800
    Ambala 1800-843-1800
    Anand 1800-843-1800
    Aurangabad 1800-843-1800
    Bangalore 1800-843-1800
    Bhilai 1800-843-1800
    Bhilwara 1800-843-1800
    Bhiwadi 1800-843-1800
    Bhopal 1800-843-1800
    Bhubaneswar Cuttack 1800-843-1800
    Bikaner 1800-843-1800
    Chandigarh 1800-843-1800
    Chennai 044
    Cochin 1800-843-1800
    Coimbatore 1800-843-1800
    Dehradun 1800-843-1800
    Delhi 011-23955010
    Durg 1800-843-1800
    Faridabad 1800-843-1800
    Gandhinagar 1800-843-1800
    Ghaziabad 1800-843-1800
    Goa 1800-843-1800
    Greater Noida 011-23955010
    Gurgaon 1800-843-1800
    Guwahati 1800-843-1800
    Gwalior 1800-843-1800
    Hyderabad 022-22611209
    Indore 1800-843-1800
    Jabalpur 1800-843-1800
    Jaipur 1800-843-1800
    Jalandhar 1800-843-1800
    Jodhpur 1800-843-1800
    Kanpur 1800-843-1800
    Karnal 1800-843-1800
    Kolhapur 1800-843-1800
    Kolkata 0484-2365657
    Kota 1800-843-1800
    Kozhikode 1800-843-1800
    Lucknow 1800-843-1800
    Ludhiana 1800-843-1800
    Madurai 1800-843-1800
    Meerut 1800-843-1800
    Mehsana 1800-843-1800
    Mohali Sas Nagar 1800-843-1800
    Mumbai 022-28257418
    Mussoorie 1800-843-1800
    Nagpur 022-28257418
    Nashik 022-28257418
    Noida 011-23955010
    Noida Extn. 011-23955010
    Panipat 1800-843-1800
    Patna 1800-843-1800
    Pondicherry 1800-843-1800
    Pune 1800-843-1800
    Raipur 1800-843-1800
    Rajkot 1800-843-1800
    Ranchi 1800-843-1800
    Rohtak 1800-843-1800
    Roorkee 1800-843-1800
    Salem 044
    Shimla 1800-843-1800
    Sonepat 1800-843-1800
    Surat 1800-843-1800
    Trichy 1800-843-1800
    Udaipur 1800-843-1800
    Vadodara 1800-843-1800
    Varanasi 1800-843-1800
    Vijaywada 1800-843-1800
    Vizag 1800-843-1800
South Indian Bank Home Loan Interest Rate News - Dec 2016
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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