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South Indian Bank Home Loan Interest Rate Calculator - May 2017

Last Updated 20th May 2017

South Indian Bank Home Loan Interest Rates

Interest Rate 9.10% - 9.10%
Check Best Offers
Lowest EMI Rs. 812 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 @ 8.35%*
Rs.
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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.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • 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 9.10%.

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

South Indian Bank Floating Rate Home Loans

South Indian Bank Home Loan Floating
Upto Rs. 2,500,000 - 9.10%
Rs. 2,500,001 - 7,500,000 - 9.10%
Rs. 7,500,001 - 35,000,000 - 9.10%
Above Rs. 35,000,000 - 9.10% 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 9.10% with the lowest EMI of Rs. 812 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 9.10%. So, when South Indian Bank offers a home loan at 9.10%, 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 Interest Rate 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 44
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 44
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
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