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South Indian Bank Home Loan Interest Rates 2022

South Indian Bank Housing Loan Interest Rate -Today

Last Updated 27th Dec 2021

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%
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South Indian Bank Home Loan Rate

South Indian Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 8.05% up to 8.05%. Apart from the interest rate, the bank also has various other charges such as South Indian Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

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
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on South Indian Bank Home Loans Schemes

South Indian Bank offers a housing loan interest rate at 8.05%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, South Indian Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

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 Rate for Salaried and Self-Employed

The home loan interest rates in South Indian Bank for salaried and self-employed 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 Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount South Indian Bank Home Loan Rate For Women South Indian Bank Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 8.05% 8.05%
₹ 25 Lakh - ₹ 75 Lakh 8.05% 8.05%
₹ 75 Lakh - 3.50 Cr 8.05% 8.05%
Above ₹ 3.50 Cr 8.05% 8.05%

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 loan balance transfer rate of 6.50%.

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

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. If 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. Current South Indian Bank balance transfer rate is 6.50%.

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. Apart from the home loan rates, you can also negotiate over the processing fee.

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

Yes, South Indian Bank offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised 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?

For home loan upto ₹ 25 Lakh, South Indian Bank provides home loan interest rate starting at 8.05%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

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 rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the South Indian Bank home loan rate today ?

South Indian Bank home loan rate today is in the range of 8.05% to 8.05%.The bank also charges a processing fee of upto Upto 1.00%, Maximum ₹ 10,000 of the home loan amount.

How much interest does South Indian Bank take on home loans?

The rate of interest on South Indian Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, South Indian Bank home loan current interest rate 2021 are in the range of 8.05% to 8.05%.


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South Indian Bank Home Loan Availed in Sep-17

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South Indian Bank Home Loan News - Jan 2022
  • 2021-10-22 : South Indian Bank Ltd Posts Loss in Q2 FY2021-22
    For the quarter ended September 30, 2021, the total income of the bank was ₹ 1746.03 crores as against ₹2115.71 crores in the corresponding quarter of the previous year and ₹2081.73 crores in the previous quarter. As a result, the bank has reported a loss of Rs. 187.06 crore for Q2 of FY 2021-22.
  • 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.
*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
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