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 Interest Rates 2021

South Indian Bank Housing Loan Interest Rate -Today

Last Updated 25th Jun 2021

Current South Indian Bank Home Loan interest rates Jul 2021 starts at 8.05% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 1.00%, Maximum ₹ 10,000.

Loan AmountSouth Indian Bank Repo Rate Home Loan Rate
Upto ₹ 25 Lakh8.05%
₹ 25 Lakh - ₹ 75 Lakh8.05%
₹ 75 Lakh - ₹ 3.50 Cr8.05%
Above ₹ 3.50 Cr8.05%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current South Indian Bank Home Loan Rate

Today South Indian Bank home loan interest rates are in the range of 8.05% to 8.05%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.05%.

Below-mentioned are South Indian Bank home loan rates for multiple housing schemes.

South Indian Bank Home Loan Scheme Interest Rates
South Indian Bank Repo Rate Home Loan8.05%

South Indian Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in South Indian Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 8.05%
₹ 25 Lakh - ₹ 75 Lakh 8.05%
₹ 75 Lakh - 3.50 Cr 8.05%
Above ₹ 3.50 Cr 8.05%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 8.05%
₹ 25 Lakh - ₹ 75 Lakh 8.05%
₹ 75 Lakh - 3.50 Cr 8.05%
Above ₹ 3.50 Cr 8.05%

South Indian Bank Home Loan Processing Fee and Other Charges

South Indian Bank home loan processing charges are upto 1.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. South Indian Bank charges the maximum processing fees at ₹ 10,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 1.00% of the loan amount; maximum fee of ₹ 10,000
Foreclosure Charges Nil for floating rate home loans

South Indian Bank Home Loan Balance Transfer Interest Rates

South Indian Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to South Indian Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, South Indian Bank offers the lowest home loan balance transfer rate of 8.05%.

Illustration on Home Loan Interest Rate South Indian Bank
Maximum Annual Percentage Rate (APR) 8.08% to 8.08%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • South Indian Bank Home Loan Interest Rate: 8.05% to 8.05%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 737 for 30 Years ₹ 1,00,000 loan at 8.05% (lowest rate, longest time period) to ₹ 2,030 for 5 Years ₹ 1,00,000 loan at 8.05% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 8.08% to 8.08%
  • Total cost payable over loan tenure: ₹ 1,22,802 for 5 Years loan to ₹ 2,66,410 for 30 Years loan

FAQs

What is South Indian Bank Home Loan Interest Rate?

South Indian Bank Home Loan interest rate ranges between 8.05% to 8.05%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has South Indian Bank reduced home loan rates?

Presently, South Indian Bank offers personal loans at an interest rate starting at 8.05%. There has been no change in personal loan rates of South Indian Bank for a long time and continue to stand at 8.05%.

Why should I opt for balance transfer to South Indian Bank?

South Indian Bank offers lowest Home Loan EMI of ₹ 737 per lakh availed at the lowest interest rate 8.05% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 737 per lakh, you should consider the option for a loan transfer to South Indian Bank from your existing bank.

  • South Indian Bank offers RBI Repo Rate linked Home Loan which starts at 8.05%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called South Indian Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 4.05% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the South Indian Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then South Indian Bank Repo Rate linked Home Loan rate will cut from 8.05% to 7.9%.

What is the current South Indian Bank Home Loan rate?

The current South Indian Bank Home Loan rate starts from 8.05% with a processing fee of Upto 1.00%, and Maximum ₹ 10,000.South Indian Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. South Indian Bank offers different home loan rates for different home loan products.

Can South Indian Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with South Indian Bank to lower the home loan rates.

What are the interest rates of home improvement loans in South Indian Bank?

You can avail of South Indian Bank home loans for home improvement at regular home loan rates starting at 6.65%.

Can South Indian Bank revise the home loan interest rates for their existing customers?

South Indian Bank home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does South Indian Bank offer a concessional home loan interest rate for women?

Yes, South Indian Bank offers special home loan interest rates for women. As against South Indian Bank home loan rates for male which is 8.05%, the home loan interest rate for women starts at %.

What is the South Indian Bank home loan rate of ₹ 25 Lakh for 15 years?

South Indian Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, South Indian Bank provides home loan interest rate starting at 6.65%.

At what interest rate does an South Indian Bank employee get a home loan?

South Indian Bank offers concessional home loan rates of about 1% than the current home loan rates to South Indian Bank employees.

Is South Indian Bank home loan a floating rate loan or fixed-rate loan?

South Indian Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


South Indian Bank Home Loan Reviews 3/5  by 1 customers
MyLoanCare Service
3/5.0
Banks Service
3/5.0
Venkatesan, Coimbatore
Reviewed on 27th Nov 2014
3 / 5 stars
South Indian Bank Home Loan Availed in Sep-17

Took a home loan last year. Got a good rate, but higher than other banks. But my property was in graRead more...

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 8.05%. 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 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 9.60%. 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 6.95%.

    Invest Now
South Indian Bank Home Loan News - Jul 2021
  • 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.
  • 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.
*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...