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South Indian Bank Home Loan Balance Transfer

Home Loan Transfer to South Indian Bank: Details

Last Updated 26th Nov 2021

Interest Rate8.05%
Processing FeeNil
Lowest EMI per lakh₹ 737
Loan Tenure30 years
  • South Indian Bank offers a home loan balance transfer facility at low interest rates starting at 8.05% for a tenure of upto 30 years.
  • You can transfer your home loan to South Indian Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from South Indian Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

South Indian Bank Home Loan Transfer

South Indian Bank, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to South Indian Bank at the lowest interest rates. To transfer your housing loan to South Indian Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of South Indian Bank.

South Indian Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to South Indian Bank, compare and calculate all the costs of loan transfer. The table below mentions South Indian Bank home loan transfer interest rate and other home loan transfer charges of South Indian Bank.

South Indian Bank Home Loan Transfer Rates 8.05%
Processing Fees Upto 1.00% and Maximum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of South Indian Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: South Indian Bank offers lower home loan rates starting at 8.05% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to South Indian Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of South Indian Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this South Indian Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for South Indian Bank Home Loan Transfer

To transfer your home loan to South Indian Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for South Indian Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to South Indian Bank.
  • You must be an Indian resident within the age criteria of South Indian Bank. The minimum & maximum age to avail a South Indian Bank home loan takeover is 21 and 65 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use South Indian Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to South Indian Bank

The home loan balance transfer process to South Indian Bank is smooth and quick. To transfer your existing home loan to South Indian Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to South Indian Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to South Indian Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • South Indian Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to South Indian Bank will be completed.

Document Required for South Indian Bank Home Loan Transfer

To avail of home loan balance transfer from South Indian Bank, you need to submit the following documents to South Indian Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to South Indian Bank?

Yes, transferring your home loan to South Indian Bank is a good idea for home loan borrowers as South Indian Bank provides lower home loan rates starting at 8.05%, and minimal processing fee is Nil.

How can I transfer my South Indian Bank home loan from one branch to another?

To transfer your South Indian Bank home loan from one branch to another, you can request through net banking/mobile banking. South Indian Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for South Indian Bank home loan balance transfer?

Yes, South Indian Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a South Indian Bank home loan balance transfer?

If you apply for a home loan transfer to South Indian Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my South Indian Bank home loan balance transfer?

To know your South Indian Bank home loan status, you can call South Indian Bank home loan customer care number or visit South Indian Bank official website to check the status.


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South Indian Bank Home Loan News - Nov 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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