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South Indian Bank Home Loan

South Indian Bank Housing Loan 2021

Last Updated 26th Nov 2021

South Indian Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.05% with quick approval and online process. Home Loan in South Indian Bank is quite popular with its special features and attractive rates under various South Indian Bank home loan schemes for different income and occupation groups. Some of the key features of South Indian Bank housing loan are:

  • South Indian Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • South Indian Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your South Indian Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

South Indian Bank Home Loan Details

South Indian Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan South Indian Bank

Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 8.05%
Interest Rate Linked To RLLR
Processing Fee Upto 1.00%, Maximum ₹ 10,000
Lowest EMI Per Lakh ₹ 737
  • Purpose of Loan: South Indian Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of South Indian Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 65 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.05% to 8.05%.
    • South Indian Bank home loan EMI per lakh starts from ₹ 737. However, you can calculate your home loan EMI using South Indian Bank home loan calculator 2021.
  • Special schemes: South Indian Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of South Indian Bank Home Loans

Some of the features and benefits of South Indian Bank Home Loans are listed as follows:-

  • South Indian Bank Home Loan Interest Rate starts from 6.70%.
  • South Indian Bank charges a processing fees of Upto 1.00%, Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from South Indian Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • South Indian Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • South Indian Bank has an average customer rating of 3/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from South Indian Bank?

Getting a home loan from South Indian Bank is fairly easy with an online application process. 5 Steps for South Indian Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of South Indian Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of South Indian Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a South Indian Bank’s representative will visit your home or office to collect your documents.
  • Step 4: South Indian Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from South Indian Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

South Indian Bank Home Loan Documents Required

To apply for a home loan in South Indian Bank, the bank asks you to submit the following South Indian Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or South Indian Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

South Indian Bank Home Loan EMI Calculator

South Indian Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. South Indian Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

South Indian Bank Home Loan Eligibility Calculator

South Indian Bank Home loan eligibility calculator is an online tool that helps the South Indian Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare South Indian Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan South Indian Bank?

To apply for South Indian Bank Home Loan, you will be required to submit South Indian Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from South Indian Bank ?

Below-mentioned is the reason why you must avail a home loan from South Indian Bank

Can I apply for an South Indian Bank home loan online?

Yes, you can apply for a South Indian Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best South Indian Bank home loan scheme?

Choosing the best South Indian Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best South Indian Bank home loan scheme is based on one’s needs.

Is South Indian Bank good for a home loan?

South Indian Bank is one of the best home loan lenders in the country. Currently, South Indian Bank home loan interest rate 2021 starts at 6.50%.

How can I check my South Indian Bank home loan status?

One can check their South Indian Bank home loan status on South Indian Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the South Indian Bank mobile app

What is the eligibility for a Home Loan of South Indian Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is South Indian Bank Home Loan procedure?

There are two methods to complete the application for South Indian Bank Home Loan Process online:

  • Apply online at South Indian Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 loan with the benefit of paying less EMI per month.

Does South Indian Bank check CIBIL for home loan?

Yes, to avail home loan from South Indian Bank, you must fulfill South Indian Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to South Indian Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to South Indian Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in South Indian Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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South Indian Bank Home Loan News - Dec 2021
  • 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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